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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

☒	ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to ________

Commission File Number 000-32141

NUTRA PHARMA CORP.

(Exact name of registrant as specified in its charter)

California		91-2021600
(State or Other Jurisdiction of Incorporation or organization)		(IRS Employer Identification Number)

6400 Park of Commerce Blvd, Suite 1B, Boca Raton, FL		33487
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (954) 509-0911

Securities registered under Section 12(b) of the Exchange Act:

Title of each class		Name of each exchange on which registered
None		None

Securities registered pursuant to section 12(g) of the Act:

Common stock, $0.001 par value

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

	Large accelerated filer ☐		Accelerated filer ☐
	Non-accelerated filer ☐ (Do not check if a smaller reporting company)		Smaller reporting company ☒
	Emerging Growth Company ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the registrant’s most recently completed second quarter: $6702,~~762,239~~697.

As of ~~February~~May 1720, 2026, there were 7,159,727,214 shares of common stock and 12,000,000 shares of Series B preferred stock issued and outstanding.

INDEX

Part I		3
Item 1.	Business	3
Item 1A.	Risk Factors	21
Item 1B.	Unresolved Staff Comments	26
Item 2.	Properties	26
Item 3.	Legal Proceedings	26
Item 4.	Mine Safety Disclosures	27
Part II		28
Item 5.	Market for Registrant’s Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities	28
Item 6.	[Reserved]	30
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	36
Item 8.	Financial Statements and Supplementary Data	36
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	36
Item 9A.	Controls and Procedures	36
Item 9B.	Other Information	37
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	37
Part III		38
Item 10.	Directors, Executive Officers and Corporate Governance	38
Item 11.	Executive Compensation	41
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	42
Item 13.	Certain Relationships and Related Transactions, and Director Independence	43
Item 14.	Principal Accountant Fees and Services	4544
Part IV		4645
Item 15.	Exhibits and Financial Statement Schedules	4645
	Signatures	4746

Nutra Pharma Corp (“Nutra Pharma”) and its wholly owned subsidiaries, ReceptoPharm, Inc. (“ReceptoPharm”) and Designer Diagnostics Inc. are referred to herein as “we”, “our” or “us” (Designer Diagnostics Inc. has been inactive since June 2011, ReceptoPharm is ~~also~~ individually referred to herein).

Forward Looking Statements

This Annual Report on Form 10-K for the ~~period~~year ending December 31, ~~2024~~2025 contains forward-looking statements that involve risks and uncertainties, most significantly, Item 7 (Management’s Discussion and Analysis of Financial Condition and Results of Operation), as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The words or phrases “would be,” “will allow, “intends to,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” or similar expressions are intended to identify “forward-looking statements.” All statements other than statements of historical fact, are statements that could be deemed forward-looking statements, including any projections of revenue, gross margin, expenses, earnings or losses from operations, synergies or other financial items; any statements of the plans, strategies and objectives of management for future operations; and any statement concerning developments, plans, or performance. Unless otherwise required by applicable law, we do not undertake and we specifically disclaim any obligation to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.

PART I

Item 1. Business

Introduction

Nutra Pharma is a biopharmaceutical company with intellectual property for drugs that treat autoimmune disorders, viral diseases and pain. Nutra Pharma was incorporated under the laws of the state of California on February 1, 2000, under the original name of Exotic-Bird.com.

Nutra Pharma conducts drug discovery research and development (R&D) activities. In October 2009, Nutra Pharma launched its first consumer product called Cobroxin, an over-the-counter pain reliever designed to treat moderate to severe chronic pain. In May 2010, Nutra Pharma launched its second consumer product called Nyloxin, an over-the-counter pain reliever that is a stronger version of Cobroxin and is designed to treat severe chronic pain. In December 2014, we launched Pet Pain-Away, an over-the-counter pain reliever designed to treat pain in cats and dogs. In October 2019, we launched Equine Pain-Away, an over-the-counter topical pain reliever designed to treat pain in horses. In March of 2021, we launched Luxury Feet, an over-the-counter pain reliever and anti-inflammatory product that is designed for women who experience pain or discomfort due to high heels and stilettos. In October of 2021 we began manufacturing private labelled products for third party distributors.

We have conducted our operations since October 2003. We are a biopharmaceutical company that engages in the acquisition, licensing and commercialization of pharmaceutical products and technologies as well as homeopathic and ethical drugs for the management of pain, neurological disorders, cancer, autoimmune and infectious diseases. Homeopathic drugs are natural products that contain ingredients listed in the HPUS (Homeopathic Pharmacopoeia of the United States). An ethical drug is a licensed drug that has obtained Federal Drug Administration (“FDA”) approval after extensive pre-clinical and clinical testing. We seek strategic licensing partnerships to reduce the risks associated with the drug development process.

We have carried out our homeopathic and drug discovery research and clinical development and fully developed four homeopathic drugs for the relief of pain:

	●	Nyloxin and Nyloxin Extra Strength
	●	Pet Pain-Away: an over-the-counter pain reliever designed to relieve pain in cats and dogs
	●	Equine Pain-Away: an over-the-counter topical pain reliever designed to relieve pain in horses
	●	Luxury Feet: an over-the-counter pain reliever designed to relieve foot pain from high heels and stilettos

Our business plan will continue its efforts to produce, market and distribute our Nyloxin, Pet Pain-Away, Equine Pain-Away™ and Luxury Feet™ branded products both domestically and internationally.

From October 2009 until December 31, ~~2024~~2025, our operations centered on the marketing of Cobroxin, ~~(our~~which was discontinued ~~product)~~in 2013 and is expected to be reintroduced later in 2026, as well as Nyloxin and Nyloxin Extra Strength. In December of 2014, we launched Pet Pain-Away and began actively marketing the product. In October of 2021, we began manufacturing a Zeolite detoxification product and conducted some online sales. We launched Equine Pain-Away in October of 2019 and Luxury Feet officially launched distribution in March of 2021.

On March 17, 2022, we announced that we had completed the process of bringing all of our manufacturing in-house. Previously, we had utilized contract manufactures to make our products. We announced that expanding our in-house manufacturing capabilities has put Nutra Pharma in a very good position as far as reduced product costs, higher margins, faster product upgrades and an increased ability to launch new and innovative products.

On March 23, 2022, we announced that we had our first agreement to act as a formulator and contract manufacturer for the dietary supplement company, Avini Health, a related party.

Additionally, the Company has developed two drug candidates:

	●	RPI-78M, to treat neurological diseases and autoimmune diseases, including; Multiple Sclerosis (MS), Adrenomyeloneuropathy (AMN), Amyotrophic Lateral Sclerosis (ALS or Lou Gehrig’s disease), Rheumatoid Arthritis (RA) and Myasthenia Gravis; and
	●	RPI-MN, to treat viral diseases, including HIV/AIDS and Herpes.

The Company has developed proprietary therapeutic protein products primarily for the prevention and treatment of viral and neurological diseases, including Multiple Sclerosis (MS), Adrenomyeloneuropathy (AMN), Human Immunodeficiency Virus (HIV) and pain in humans. These potential products are subject to FDA approval. In September of 2015 we were granted Orphan Designation by the US-FDA for the treatment of Pediatric Multiple Sclerosis. The Orphan designation may greatly reduce the costs of clinical trials and shorten the timeline to potential drug approval.

The Company is also pursuing the use of our technology as a potential nerve agent countermeasure that may protect war fighters from chemical weapon attacks on the battlefield.

We continue to identify biotechnology related intellectual property and companies with which we may potentially be able to enter into arrangements, agreements or to potentially acquire.

Industry Overview of the Pain Market

Pain is the most common symptom for patients seeking medical attention. Acute and chronic pain affects large numbers of Americans. According to the US Pain Foundation (www.uspainfoundation.org) ~~Almost~~almost 21% of the U.S. population—51.6 million adults—lives with chronic pain, defined as pain lasting more than three months. Of those, 17.1 million live with high-impact chronic pain that substantially restricts their ability to work or participate in daily activities. This costs as much as $635 billion yearly in direct healthcare costs, lost productivity and disability payments.

According to The Business Research Company, ~~The~~the global market for chronic pain intervention reached $78.79 billion in 2024. This is expected to exceed $117 billion by 2029. This includes prescription and over-the-counter (OTC) drugs as well as medical devices like portable nerve stimulators.

Our Products

Nyloxin/Nyloxin Extra Strength

We offer Nyloxin/Nyloxin Extra Strength as our over-the-counter (OTC) pain reliever that has been clinically proven to treat moderate to severe (Stage 2) chronic pain.

Nyloxin and Nyloxin Extra Strength are available as a two-ounce topical gel for treating joint pain and pain associated with arthritis and repetitive stress, and as a one ounce oral spray for treating lower back pain, migraines, neck aches, shoulder pain, cramps, and neuropathic pain. Both the topical gel and oral spray are packaged and sold as a one-month supply.

Nyloxin and Nyloxin Extra Strength offer several benefits as a pain reliever. With increasing concern about consumers using opioid and acetaminophen-based pain relievers, the Nyloxin products provide an alternative that does not rely on opiates or non-steroidal anti-inflammatory drugs, otherwise known as NSAIDs, for their pain-relieving effects. Nyloxin also has a well-defined safety profile. Since the early 1930s, the active pharmaceutical ingredient (API) of Nyloxin, Asian cobra venom, has been studied in more than 46 human clinical studies. The data from these studies provide clinical evidence that cobra venom provides an effective treatment for pain with few side effects and has the following benefits:

	●	safe and effective;
	●	all natural;
	●	long-acting;
	●	easy to use;
	●	non-narcotic;
	●	non-addictive; and
	●	analgesic and anti-inflammatory.

Potential side effects from the use of Nyloxin are rare, but may include headache, nausea, vomiting, sore throat, allergic rhinitis and coughing.

The primary difference between Nyloxin and Nyloxin Extra Strength is the dilution level of the venom. The approximate dilution levels for Nyloxin and Nyloxin Extra Strength are as follows:

Nyloxin

	●	Topical Gel: 30 mcg/mL
	●	Oral Spray: 70 mcg/mL

Nyloxin Extra Strength

	●	Topical Gel: 60 mcg/mL
	●	Oral Spray: 140 mcg/mL

In December 2011, we began marketing Nyloxin and Nyloxin Extra Strength at www.nyloxin.com. Both Nyloxin and Nyloxin Extra Strength are packaged in a roll-on container, squeeze bottle and as an oral spray. Additionally, Nyloxin topical gel is available in an 8 ounce pump bottle.

We are currently marketing Nyloxin and Nyloxin Extra Strength as treatments for moderate to severe chronic pain. Nyloxin is available as an oral spray for treating back pain, neck pain, headaches, joint pain, migraines, and neuralgia and as a topical gel for treating joint pain, neck pain, arthritis pain, and pain associated with repetitive stress. Nyloxin Extra Strength is available as an oral spray and gel application for treating the same physical indications but is aimed at treating the most severe (Stage 3) pain that inhibits one’s ability to function fully.

The Nyloxin products are available for sale on the www.Nyloxin.com website, the Nyloxin Amazon storefront at www.Amazon.com/nyloxin and on the Walmart Marketplace. Nyloxin is also sold in physician offices, clinics and small-chain pharmacies.

Nyloxin Military Strength

In December 2012, we announced the availability of Nyloxin Military Strength for sale to the United States Military and Veteran’s Administration. Over the past few years, the U.S. Department of Defense has been reporting an increase in the use and abuse of prescription medications, particularly opiates. In 2009, close to 3.8 million prescriptions for pain relievers were written in the military. This staggering number was more than a 400% increase from the number of prescriptions written in the military in 2001. But prescription drugs are not the only issue. The most common and seemingly harmless way to treat pain is with non–steroidal, anti–inflammatory drugs (NSAIDS). But there are risks. Overuse can cause nausea, vomiting, diarrhea, heartburn, ulcers and internal bleeding. In severe cases chest pain, heart failure, kidney dysfunction and life–threatening allergic reactions can occur. It is reported that approximately 7,600 people in America die from NSAID use and some 78,000 are hospitalized. Ibuprofen, also an NSAID has been of particular concern in the military. The terms “Ranger Candy” and “Military Candy” refer to the service men and women who are said to use 800mg doses of Ibuprofen to control their pain. But when taking anti–inflammatory Ibuprofen in high doses for chronic pain, there is potential for critical health risks; abuse can lead to serious stomach problems, internal bleeding and even kidney failure. There are significantly greater health risks when abuse of this drug is combined with alcohol intake. Our goal is that with Nyloxin, we can greatly reduce the instances of opiate abuse and overuse of NSAIDS in high risk groups like the US military. The Nyloxin Military Strength represents the strongest version of Nyloxin available and is approximately twice as strong as Nyloxin Extra Strength. We are working with outside consultants to register Nyloxin Military Strength and the other Nyloxin products for sale to the US government and the various arms of the military as well as the Veteran’s Administration. In February of 2018, Nyloxin was added to the Federal Supply Schedule but was subsequently removed the following week without an adequate explanation. We have continued to work with our consultants to understand why our products were improperly removed the Federal Supply Schedule and when we may be able to get re-listed on the Federal Supply Schedule for eventual sales to governmental agencies or to the US Military.

International Sales

We are pursuing international drug registrations in Canada, Mexico, India, Australia, New Zealand, Central and South America and Europe. Since European rules for homeopathic drugs are different than the rules in the US, we cannot estimate when this process will be completed. On March 25, 2013 we announced the publication of our patent and trademark for Nyloxin in India. We are actively seeking new distribution partners in India. In December 2025, the Company entered into a business collaboration agreement with a third-party service provider to support its expansion into the Indian market. Under the agreement, the service provider will assist with business development activities, including identifying potential customers, facilitating negotiations, and supporting market entry efforts.

On May 14, 2015 we announced that we had engaged the Nature’s Clinic to begin the process of regulatory approval of our Company’s Over–the–Counter pain drug, Nyloxin for marketing and distribution in Canada. ~~The Nature’s Clinic has already begun setting up their Chatham, Ontario warehouse.~~ Due to lack of funding and then the subsequent COVID crisis, we have waited to complete the approval process to begin distributing Nyloxin and expect to re-engage in the process in 2026.

Additionally, we plan to complete several human clinical studies aimed at comparing the ability of Nyloxin Extra Strength to replace prescription pain relievers. We have provided protocols to several hospitals and will provide details and timelines when those protocols have been accepted. We cannot provide any timeline for these studies until adequate financing is available.

To date, our marketing efforts have been limited due to lack of funding. As sales increase, we plan to begin marketing more aggressively to increase the sales and awareness of our products.

Pet Pain–Away

During June of 2013, we announced the launch of our new homeopathic formula for the treatment of chronic pain in companion animals, Pet Pain–Away. Pet Pain–Away is a homeopathic, non–narcotic, non–addictive, over–the–counter pain reliever, primarily aimed at treating moderate to severe chronic pain in companion animals. It is specifically indicated to treat pain from hip dysplasia, arthritis pain, joint pain, and general chronic pain in dogs and cats. The initial product run was completed in December of 2014 and launched through Lumaxa Distributors on December 19, 2014.

In May of 2016, we signed a license agreement to begin the process of creating an infomercial (Direct Response) campaign for Pet Pain–Away. In November of 2016, we announced the license agreement with DEG Productions for the marketing and distribution of Pet Pain–Away globally. DEG created their own website (www.getpetpainaway.com) and began airing commercials in December of 2016.

In February of 2020, we took back the marketing of Pet Pain-Away and are currently selling the product on Amazon.com, Chewy.com and through www.petpainaway.com.

Luxury Feet

In June of 2017, we announced the creation of Luxury Feet; an over–the–counter pain reliever and anti–inflammatory product that is designed for women who experience pain or discomfort due to high heels and stilettos. We announced the official marketing launch of Luxury Feet in March of 2021. The product is currently available through www.luxuryfeet.com and on Amazon.

Equine Pain-Away (Formerly Equine Nyloxin)

In October of 2013, we announced that we were in the process of launching the newest addition to our line of homeopathic treatments for chronic pain, Equine Nyloxin. We had been working with trainers and veterinarians in the equine industry and have already identified distributors for the product. The Equine Nyloxin represents the Company’s first topical solution for the animal market. Equine Nyloxin was rebranded as Equine Pain-Away™ and officially rolled into the market in October of 2019. Equine Pain-Away is being marketed through several retailers and online at www.EquinePainAway.com and on Amazon.

Regulation

The active pharmaceutical ingredient (API) in our over the counter products, Asian cobra venom, has an approved United States monograph under the Homeopathic Pharmacopoeia of the United States (HPUS), which allowed us to register them with the United States Food and Drug Administration (FDA) as homeopathic drugs. A United States monograph is a prescribed formulation for the production of any drug or product that is recognized by law for a specific application and that may be introduced into commerce. The FDA requires this registration process to maintain full compliance of companies marketing and selling medicines classified as homeopathic. In August 2009, we successfully completed submission of final packaging and labeling to the FDA to begin selling our over-the-counter pain reliever, Cobroxin. In December 2009, we completed our submission of final packaging and labeling to the FDA of Nyloxin and Nyloxin Extra Strength. In December 2016 we completed our submission of final packaging and labeling to the FDA of Pet Pain-Away.

On March 11, 2019, the ~~United States Food and Drug Administration (~~FDA) sent us a warning letter regarding the claims and marketing materials of our Nyloxin line of products. On April 10, 2019 we responded to the warning letter; addressing their concerns and outlining the actions that we have taken and will take to comply with their requests for changes. The response goes on to commit to the FDA that the company will make the changes necessary to properly and legally continue to market and distribute our products. As of this date, we have made all of the committed changes to our website, social media pages and marketing material. There has been no further communication regarding this from the FDA.

Manufacturing

We oversee Nyloxin’s and Pet Pain-Away’s manufacturing activities at our Good Manufacturing Practice (“GMP”) certified facility. We are also responsible for acquiring appropriate amounts of Asian cobra venom required to manufacture Nyloxin and Pet Pain-Away.

Subject to availability of funds, we plan to begin additional clinical studies for our pain relievers. These studies will be designed to compare the efficacy of Nyloxin Extra Strength to other prescription strength pain relievers. Our study published in Toxicon, which is the journal of the International Society of Toxinology, showed that our leading drug product for the treatment of pain (RPI-78) had pain-reducing effects that lasted four times as long as morphine without the negative side effects associated with opioid-based pain relievers. Another study published in the journal Neuropharmacology showed a new mechanism on the use of Alpha-Cobratoxin as a treatment for pain. Alpha-Cobratoxin is the main component of the cobra venom used in Nyloxin and Pet Pain-Away.

The FDA requires those companies manufacturing homeopathic medicines to have their facilities certified as GMP. As of October 2005, our manufacturing and laboratory facility has been fully compliant with its GMP certification. In March 2009, we received an ISO Class 5 certification for our clean room facility. An ISO Class 5 certification is a type of classification granted for a clean room facility according to the number and size of particles permitted per volume of air. An ISO Class 5 clean room has at most, 3,500 particles per square meter. In 2023, we moved to our new facility in Boca Raton and have certified our lab for production.

Manufacturing Nyloxin and Pet Pain-Away entails a two-step process, the first of which consists of manufacturing the bulk raw materials and completing the dilution levels of the active pharmaceutical ingredient (“API”) as provided for in the Homeopathic Pharmacopeia of the United States, which is a compilation of continuously updated statements of Homeopathic Pharmacopoeia standards and monographs as recognized by that organization. Once this process is completed, the second step entails batching the ingredients into the final mixing, bottling and shipping processes.

We began limited manufacturing of Nyloxin in November 2010. We scaled up manufacturing in the first quarter of 2011. Our production level is contingent upon product demand level and we can scale up as sales demand increases. We began manufacturing Pet Pain-Away in late 2014 and completed the first run of products for distribution on December 19, 2014. We are currently expanding production capacity in our facility to allow spot production of our products and private label brands.

In March of 2022 we announced that we had expanded our manufacturing capabilities to include liquid filling, tube filling as well as capsule production. We also announced that we had begun scaling up in-house production of dietary supplements for third-party marketers in acting as a contract manufacturer; Our first such contract was with Avini Health, a related party. In early 2025, we moved all Avini Health manufacturing over to Avini Health. Nutra Pharma retains unlimited rights to the use of the production facilities and access to the Avini production crew for the manufacturing of all of the Nutra Pharma products. Throughout ~~2024~~2025, we also produced products under private labels for other third party customers. This included a variety of dietary supplements, aswhich ~~well~~were astransitioned ~~our~~to Avini Health beginning in the fourth quarter of 2025, while the Company retained ownership of its cobra venom technology under individual brands.

Marketing and Distribution

In August 2009, we completed an agreement with XenaCare granting them the exclusive license to market and distribute Cobroxin within the United States. To maintain this market exclusivity, XenaCare was required to meet certain minimum performance requirements. On April 1, 2011, we notified our Cobroxin Distributor, XenaCare Holdings that they were in breach of our agreement. As a result of this, the distribution agreement was terminated effective April 10, 2011. XenaCare had a large stock of the product that they had ordered from us and we have allowed them to continue to market their existing inventory of Cobroxin. In October 2011 we discontinued their website at www.Cobroxin.com. All current traffic to that website is now redirected to www.Nyloxin.com. It is our plan to eventually re-launch Cobroxin with an eventual return to retail stores.

In December of 2013, we announced an agreement with MyNyloxin.com for the exclusive rights to market and distribute Nyloxin in the Network Marketing channel. InThe ~~November~~arrangement ofis ~~2014,~~no ~~MyNyloxin.com~~longer ~~changed~~material ~~their name~~ to ~~Lumaxa. They provide a business opportunity to their Distributors to earn commissions on~~ the ~~sale~~Company’s ofcurrent ~~our products through their Distributor groups~~operations. In January of 2014, we announced the first product shipments to the MyNyloxin Independent Entrepreneurs (MIEs). Lumaxa conducts webinars, conference calls and live meetings to support recruitment of new distributors as well as to provide product and business education.

In May of 2016, we signed a license agreement to begin the process of creating an infomercial (Direct Response) campaign for Pet Pain-Away. In November of 2016, we announced the license agreement with DEG Productions for the marketing and distribution of Pet Pain-Away globally. DEG created their own website (www.getpetpainaway.com) and began airing commercials in December of 2016. In February of 2020, we took back the marketing of Pet Pain-Away and are currently selling the product on Amazon.com, Chewy.com, and through www.petpainaway.com.

In late 2019 we created our own storefront on Amazon at www.Amazon.com/nyloxin. In August of 2020, we added Pet Pain-Away to the Amazon site. In March of 2021, we added Luxury Feet and Equine Pain-Away to our Amazon storefront. In November of 2020, our Nyloxin line of products was added to the Walmart Marketplace and sold online at www.Walmart.com. In March of 2022, we announced that Avini Health would market our products on a non-exclusive basis while we will act as their contract manufacturer for the rest of their product line. Avini Health currently markets our products to their Distributors under the brand “Plus Relief”. In October of 2023, we launched Plus Relief for Pets through Avini Health as a private label of Pet Pain-Away. We continue to work with Avini to market these products.

In addition to our own brands, we have several private label customers that market our pain relievers under their own brands. We are continuing our efforts to find strategic partnerships for the promotion, marketing, registration, licensing and sales of our products domestically and internationally.

Dependence on one or a Few Major Customers

With respect to Nyloxin, Nyloxin Extra Strength and Pet Pain-Away, we have been distributing the products online and to various retailers. We are seeking both domestic and international distributors for these products. It may be that a larger distributor may require exclusivity in the US or any particular foreign market. If so, we would be dependent on that distributor for those Nyloxin sales.

International Drug Registrations

We are continuing our efforts to complete the registration process internationally. OnAt ~~March 25~~present, ~~2013 we announced~~ the ~~publication~~Company’s ofinternational ~~our~~efforts ~~patent and trademark for Nyloxin in India. We~~ are ~~currently~~primarily ~~working~~focused ~~with~~on ~~potential Distributors in~~ India~~. In February~~, ~~2015~~where ~~we completed~~ the ~~first~~Company ~~test~~previously ~~shipments~~obtained topatent India through our importer, S.Zhaveri Pharmakem. We are actively seeking new distribution partners in India. In April of 2015 we announced the engagement of the Vancouver Commodity Group to identify potential distribution partners in China. Later that month, we announced the acceptance of Nyloxin by the China International Exchange and ~~Promotive~~trademark ~~Association~~protections for Medical and Healthcare (CPAM). With this approval, we have been working with several groups to find a large distributor for our products in the People’s Republic of China. On May 14, 2015 we announced that we had engaged the Nature’s Clinic to begin the process of regulatory approval of our Company’s Over-the-Counter pain drug, Nyloxin ~~for marketing~~ and ~~distribution~~continues ~~in Canada. The Nature’s Clinic has already begun setting up their Chatham, Ontario warehouse. Due~~ to ~~lack of funding, we have waited to complete the approval process to begin distributing~~evaluate ~~Nyloxin~~potential and expect to re-engage in the process as soon as feasible. On February 1, 2018 we announced a Distribution Agreement with the Australian company, Pharmachal PTY LTD to market and distribute Nyloxin in Australia and New Zealand. Pharmachal has begun the registration process with the TGA (Therapeutic Goods Administration). We will continue to work with them through the registration process but have no current timetable for distribution ~~in Australia~~opportunities.

While many countries adopt similar regulation to the United States for registering homeopathic drugs, the international application process is more complex and may be lengthier. We will continue to seek qualified, well-funded distributors for the international distribution of Cobroxin, Nyloxin and Pet Pain-Away. At this time, we have no way of knowing when we may begin the process of marketing and distributing our products internationally as we navigate the regulatory process and seek qualified distributors.

Homeopathic Drug Pain Relief Studies

Pending adequate financing or revenues, we will continue our research and development into this area, with the ultimate goal of improving product claims for Nyloxin Extra Strength, which is a treatment for stage 3 pain. We have planned the following three studies and will pursue these pending adequate financing:

MS Neuropathic Pain Phase IV

This is a planned 10-week patient trial period. We have thus far incurred costs of $5,000 with a total estimated budget of $130,000. We plan to reinitiate this trial pending adequate funding.

Chronic Back Pain Phase I

We will continue our research and development in this area, with the ultimate goal of completing development of our future product, Recet, which is an injectable version of Cobratoxin. This is a planned 4-week patient trial period. We have thus far incurred costs of $25,000 in prior years with a total estimated budget of $250,000. We plan to reinitiate this trial pending adequate funding.

Chronic Back Pain Phase IV

We will continue our research and development, with this ultimate goal of improving product claims for Nyloxin Extra Strength, which is a treatment for stage 3 pain. This is a planned 4-week patient trial period. We have an estimated budget of $250,000. We have not yet incurred any costs associated with the Chronic Back Pain Phase IV project. We plan to reinitiate this trial pending adequate funding.

All of these studies have been delayed due to our lack of revenues and funding. We will reassess our start and completion dates upon generating a sufficient amount of revenues, if ever.

Research and Development

We have conducted research and development of novel anticholinergic therapeutic protein products for the treatment of autoimmune and neurologic disorders, including Human Immunodeficiency Virus (HIV), Multiple Sclerosis (MS) Adrenomyeloneuropathy (AMN), Rheumatoid Arthritis (RA) and pain.

Drug Applications

We have set forth below a summary of our proposed drugs and their potential applications.

	Drug		Potential Applications
	RPI-78M		MS, AMN, Rheumatoid Arthritis (RA), Myasthenia Gravis (MG) and Amyotrophic Lateral Sclerosis (ALS)
	RPI-MN		HIV, Herpes, general anti-viral applications
	RPI-78		Pain, Arthritis
	RPI-70		Pain

We believe that our pharmaceutical products have a wide range of applications in a number of chronic, inherited and/or life-threatening viral, autoimmune and neuromuscular degenerative diseases, even though none of these products have FDA or other approval for the treatment of such diseases. These disorders target nerve cells, especially one specific type of cell receptor that is sensitive to the neurotransmitter, acetylcholine, which plays an important role in the transmission of nerve impulses at synapses and myoneural (muscle-nerve) junctions.

Primary Disease Targets

Through our research program, our goal is to obtain required regulatory approvals of our HIV, MS, and AMN products, so that they can be marketed. In September of 2015 we were granted Orphan Designation by the US-FDA for the treatment of Pediatric Multiple Sclerosis. The Orphan designation may greatly reduce the costs of clinical trials and shorten the timeline to potential drug approval. We secure confidentiality agreements prior to initiating contract research in order to protect any patentable opportunities.

Multiple Sclerosis (MS)

Multiple Sclerosis (MS) is thought to be an autoimmune disease that primarily causes central nervous system problems. In MS, the insulating fatty material surrounding the nerve fibers, also known as myelin, which functions to speed signaling from one end of the nerve cell to the other, is attacked by cells of the immune system causing problems in signal transduction. MS is the most common of demyelinating disorders, having a prevalence of approximately 1 per 1,000 persons in most of the United States and Europe. According to the American Multiple Sclerosis Society, 1,000,000 people in the US are affected by MS and another 2.8 million globally, with 10,000 new cases diagnosed in the US every year. Although MS occurs most commonly in adults, it is also diagnosed in children and adolescents. A study published by Emory University School of Medicine analyzed data from 53 countries that submitted pediatric data to the Atlas of MS during 2020-2022, and estimated that there are over 31,000 children and adolescents living with MS worldwide.

People with MS may experience diverse signs and symptoms. MS symptoms may include pain, fatigue, cognitive impairment, tremors, loss of coordination and muscle control, loss of touch sensation, slurred speech and vision impairment. The course of the disease is unpredictable and for most MS patients, the disease initially manifests a “relapsing-remitting” pattern. Periods of apparent stability are punctuated by acute exacerbations that are sudden unpredictable episodes that might involve impaired vision, diminished ability to control a limb, loss of bladder control, or a great variety of other possible neurologic deficits. In relapsing-remitting MS, some or all of the lost function returns, however, the patient sustains an unceasing, often insidious, accumulation of neuronal damage. As the burden of neural damage grows, new lesions are more likely to produce irreversible impairment of function. Typically, about eight to fifteen years after onset, MS patients enter the secondary-progressive phase. Eventually, progressive MS sufferers become wheelchair-bound, and may become blind and even incapable of speech. There is currently no FDA approved drug that reverses the course of the progressive form of MS.

RPI-78M has shown efficacy in animal models (EAE) for MS and we are planning new animal studies to gain more insight into the levels of protection that the drugs afford. In one study conducted in August 2007, all members of an untreated animal control group developed signs of disease with different levels of paralysis/muscle weakness. A similar group in the August 2007 study treated with RPI-78M showed no disease in 90% of the animals in both acute and chronic applications of the test. Moreover, there were no toxicities reported though the animals which received doses the equivalent of 280 times a human dose.

Furthermore, we believe that the ability to modulate the host immunostimulatory environment could form the basis of an effective strategy for the long-term control of autoimmunity in diseases like MS and Myasthenia gravis (MG) and is being studied as a therapeutic model for other neuromuscular diseases. Also, we believe our data suggest that it is possible that our novel therapeutic proteins could have a general application in autoimmune diseases based on human studies in Rheumatoid Arthritis and anecdotal reports from patients with Multiple Sclerosis.

In August of 1984, Biogenix applied for and received an Intrastate Investigational Drug (FSDHRS Protocol RA-1 (002)) from the Department of Health and Rehabilitation (HRS) in Florida that permitted the 4-week study of RPI-MN in 13 patients with Rheumatoid arthritis ranging in age from 49 to 81. Patients were enrolled for a period of 4 weeks; the results showed 30% to 49% improvement in range of joint motion, early morning stiffness and stamina (this data, along with other supporting intellectual property was acquired by our wholly-owned subsidiary ReceptoPharm from Biogenix). We believe that the data obtained from the examination of clinical efficacy in these three diseases can augment information from prior clinical studies and lead to the future investigation of treatments for other chronic conditions.

We are currently planning two studies in Multiple Sclerosis:

	-	Study of 30 adults utilizing RPI-78M with monthly MRIs and disability testing. The goal of this small Phase IIa study would be to see if the disease modification and reversal that was seen in the rat model is replicated in humans. If sclerosing lesions in the brains of MS patients are reduced in any way, this would be a first for any MS therapy.
	-	Study in 30-50 children diagnosed with Pediatric MS under our Orphan Designation. The goal of this study would be to utilize the benefits of our Orphan Designation to prove efficacy in a pediatric population of MS patients.

Adrenomyeloneuropathy (AMN), Pediatric MS and other Orphan Indications

Adrenoleukodystrophy, or ALD, is a genetically determined neurological disorder that, according to the Adrenoleukodystrophy Foundation, affects 1 in every 17,900 boys worldwide. The presentation of symptoms occurs between the ages of 4 and 10, and affects the brain with demyelination, which is the stripping away of the fatty coating that keeps nerve pulses confined and maintains the integrity of nerve signals. This process inhibits the nerves’ ability to conduct properly, which causes neurological deficits, including visual disturbances, auditory discrimination, impaired coordination, dementia and seizures. Demyelination is an inflammatory response and nerve cells throughout the brain are destroyed.

Adrenomyeloneuropathy (AMN) is the most common form of X-ALD, a maternally inherited type of ALD. AMN affects about 40-45% of X-ALD patients and usually presents itself in adolescence or adult life and may be preceded by hypoadrenalism. It is characterized by spastic paraplegia and a peripheral neuropathy, often being diagnosed as Multiple Sclerosis (MS). Nerve conduction studies in AMN show a predominant axonal neuropathy and show a loss of all axons. Lorenzo’s oil, a mixture of glyceryltrioleate and glyceryltrierucate, has been used for over a decade in an open, unblinded fashion with mixed results.

RPI-78M has been utilized in two clinical studies, which were completed at the Charles Dent Metabolic Unit located in London, England. The last trial was classified as a Phase IIb/IIIa study. These studies provided important safety data, showing RPI-78M to be well tolerated by the patients. Further study is warranted to provide data on the potential efficacy of RPI-78M to treat the symptoms of AMN.

In September of 2015, we were granted Orphan Designation by the US-FDA for the treatment of Pediatric Multiple Sclerosis. We are currently working with potential sites of care to conduct a Phase I/II in Pediatric MS. The designation of RPI-78M as an Orphan Drug provides Nutra Pharma with a 7-year period of market exclusivity in the U.S. once the drug is approved. Additional benefits over conventional drug applications include: tax credits for clinical research costs, the ability to apply for grant funding, clinical trial design assistance, plus assistance from the FDA in the drug development process and the waiver of Prescription Drug User Fee Act (PDUFA) filing fees which could be in excess of $2.5 million. The granting of Orphan Drug Designation allows the Company to move forward with their preparation of an Investigative New Drug Application and proposal of clinical trials. The FDA grants Orphan Drug Designation status to products that treat rare diseases, providing incentives to sponsors developing drugs or biologics. According to the FDA, the Orphan Drug program has successfully enabled the development and marketing of more than 400 drugs and biologic products for rare diseases since 1983. Evaluate Ltd., in its 2025 EvaluatePharma Orphan Drug Report, estimated that orphan drug sales will constitute more than 20% of the total share of prescription drug sales by 2030, totaling $320bn.

In December of 2015, we announced that we had applied for an Orphan Drug designation from the US-FDA for the Company’s RPI-78M drug candidate for the treatment of Myasthenia Gravis (MG). The application was subsequently rejected with an offer to re-file in the future as more data becomes available.

Pain and Arthritis

Protein or peptide-based drugs are penetrating the pain market with neurotoxins taking the lead. Botox (Allergan) and Prialt (Elan) have the potential to substitute over the long-term for morphine and other opiates in chronic pain indications. Opiates, though potent painkillers, suffer from drawbacks because they are addictive, short acting, and drug-resistance inducing. We plan to assess the effects of several peptides in animal models of pain in association with Soochow University in China. Several peptides have demonstrated positive effects and the research and development continues.

August 2007 studies at Soochow University proved the potential of our drug candidates, RPI-78 and RPI-70. When compared to Dolantin, an opiate-based drug subordinate to morphine, the effects were very encouraging. While Dolantin provided immediate pain relief it began wearing off just as RPI-70 began to take effect. The effects of RPI-70 do not seem dramatic in contrast to Dolantin, considering the quantity of drug employed in this animal model. The concentration of RPI-70 was approximately 100 times less than the opiate product. Also, RPI-70 showed real potential for combining with other pain killing medications. RPI-78 was calculated to be 150,000 times more potent than aspirin. This product can be injected systemically providing evidence of a more practical application than Prialt, which must be administered intrathecally (into the spinal cord). Opiate drugs induce tolerance and dependence. This problem is not encountered with RPI-70 and RPI-78.

In February 2009, we filed a patent application with the United States Patent and Trademark Office for the use of RPI-78 as a novel method for treating arthritis in humans. Also in February 2009, in collaboration with Soochow University in China, we published positive data from its recent animal studies on the use of RPI-78 (Cobratoxin) as a method for treating arthritis. In March of 2011, we were issued a patent for the use of cobratoxin as an analgesic (US patent #7,902,152). In February of 2012, in collaboration with Soochow University, we published another study that demonstrated a novel mechanism of action for the use of RPI-78 as a treatment for pain.

Nerve Agent Countermeasures

In February of 2018, we announced that we had filed a new provisional patent to protect our intellectual property surrounding the development of nerve agent counter measures. In much the same way that our therapies protect the nerves of patients with disease, our findings indicate that we may protect against – or at least mitigate the damage caused by - nerve agents that are utilized as chemical weapons; such as sarin gas and VX. We will be working with experts in the field to have our products in testing ~~shortly~~in later 2026.

Nerve agents are identified as a class of phosphorus-containing organic chemicals (organophosphates) that may disrupt the transfer of messages to organs through the nerves. This disruption is caused by the over-stimulation of certain receptors on the surface of the neurons. These same receptors are the target of Nutra Pharma’s drugs, which may block the action of the nerve agents or minimize the damage that they may cause.

The company has very encouraging preclinical data, a demonstrated molecular mechanism of action and a robust scientific rational for the continued commercial development of its nerve agent counter measure. Organophosphate nerve agents such as VX and Sarin remain a troubling threat to American service people and civilians as evidenced by the recent attacks in Syria, Malaysia and London. Supply chain issues with existing counter measures and the safety and effectiveness of these drugs is a great concern. Based on our pre-clinical studies and experience in neurobiology products, we believe that we have a superior product ready for testing in the near term.

On September 22, 2020, Dr. Dale VanderPutten, our Chief Scientific Officer was invited by the Defense Threat Reduction Agency (DTRA) to present our nerve agent countermeasure technology in a Tech Watch talk to an audience of military and civilian experts in chem/bio defense. The talk titled “A Nicotinic Acetylcholine Receptor (nAChR) Directed Organophosphate Countermeasure” was presented in a virtual internet meeting to a select expert audience invited by DTRA. The consensus of the comments and questions on the presentation supported the idea that despite past efforts, there remains an unmet need for nAChR directed defenses and that our demonstration of human safety in the clinic and pre-clinical proof of concept deserves aggressive follow up.

According to a BBC report, chemical weapons remain a real threat to the West. During the Syrian conflict there were over a thousand documented uses of chemical weapons; making this issue a major topic of concern in the US department of Defense and the United Nations. We have engaged a third-party agency to assist in identifying and pursuing potential funding opportunities and will continue working with the Department of Defense and DTRA on potential funding for these applications.

Market Values

Multiple Sclerosis (MS)

As of 2023, MS affects an estimated 2.9 million people globally with approximately 1,000,000 sufferers in the United States. There are 15 approved drugs for the treatment of this disease. According to Precedence Research, the U.S. multiple sclerosis drugs market size accounted for $7.81 billion in 2024 and is predicted to increase from $8.44 billion in 2025 to approximately $17.15 billion by 2034, expanding at a CAGR of 8.18% from 2025 to 2034. The global multiple sclerosis drugs market size accounted for $21.26 billion in 2024 and is predicted to increase from $22.96 billion in 2025 to approximately $45.90 billion by 2034, expanding at a CAGR of 8.00% from 2025 to 2034. The growth of the market is driven by ongoing clinical trials, increasing approvals from regulatory agencies, and rising investments in R&D activities for developing new therapies. According to an April 2015 article published in the journal Neurology, the average annual cost of these drugs has increased to over $60,000 per person. According to the National Multiple Sclerosis Society, as of February 2022, the median annual price of a brand-name disease-modifying therapy was close to $94,000.

Adrenomyeloneuropathy (AMN)

AMN/ALD affects an estimated 30,000 people in the US with some estimates exceeding this number.

Pediatric Multiple Sclerosis (pediatric-MS)

According to the National Multiple Sclerosis Society, although MS occurs most commonly in adults, it is also diagnosed in children and adolescents. Estimates suggest that 8,000-10,000 children (up to 18 years old) in the United States have MS, and another 10,000-15,000 have experienced at least one symptom suggestive of MS. Studies suggest that two to five percent of all people with MS have a history of symptom onset before age 18.

Myasthenia Gravis (MG)

According to the Myasthenia Gravis Foundation of America, the prevalence of MG in the United States is estimated to be about 64,000 patients. However, MG is probably under diagnosed and the prevalence may be higher.

Business Strategy

Pending adequate financing or revenues, we seek to develop proprietary pharmaceutical products for human illnesses that qualify for “Fast-Track” or “Orphan Drug” status under FDA regulations, which can expedite regulatory review. For some conditions, the FDA has created the “two animal rule” which permits us to collect data from ongoing animal research for human treatment applications.

We believe the results from our research will assist in getting our applications processed through the FDA’s “Fast-Track” approval process and enable us to plan the commercialization of each product independently and/or through joint ventures, partnerships and licensing arrangements. “Fast-Track” denotes life-threatening illnesses, while “Orphan” status refers to serious ailments affecting less than 200,000 individuals nationwide. AMN qualifies under both labels because it is considered an orphan disease and has no known cure. Pediatric MS and Myasthenia Gravis are also considered “Orphan” diseases because of the disease prevalence as well as the lack of effective therapies.

We believe that our proposed unique pharmaceutical products can be used alone or licensed for use in combination with other therapeutic products and may be of interest to other established pharmaceutical companies as a means of extending the patent life of their proprietary products.

Short-term Goal

Although we focused our drug development efforts from 2006 to 2008 on clinical trials for ReceptoPharm’s HIV drug, RPI-MN, our primary focus now is on RPI-78M for the treatment of MS and MG. With the Orphan designation for Pediatric MS, we expect to move into Phase I/II clinical studies in later 2026.

Mid-term Goal

Our midterm strategy is to license our AMN, MS and HIV technologies in our attempt to bring these technologies to market within 5 years, should we obtain adequate financing.

Long-Term Goal

Our long-term goal is the use of our drugs in the field of neurological diseases, infectious diseases and autoimmune disorders. Due to our limited financial and operational resources, this goal will require us to establish strategic partners or alliances with pharmaceutical companies, academic institutions, biotechnology companies, and clinical diagnostic laboratories, which will: (a) complement our research and development efforts; (b) reduce the risks associated with undertaking the entire process of drug development and marketing; and (c) generate licensing based revenue streams. Additionally, we plan to continue identifying intellectual property and companies in the biotechnology arena as potential acquisition candidates.

Compassionate Release Programs

Certain countries, such as Canada and the United Kingdom, permit their citizens to have access to investigational medications without being approved for any applications by their respective “FDA type” agencies, and permit physicians to prescribe drugs they believe are of possible benefits to the patients. Through these “Compassionate Release Programs”, we have supplied RPI-78M, our drug under investigation for MS and AMN, to physicians in the United Kingdom. The FDA does not offer this program.

Clinical Trial Applications

We have developed Common Technical Documents (CTD) for both RPI-78M and RPI-MN that are used to support any clinical trial application. The CTD is a complete history of the individual drug, including all of the in-vitro and in-vivo work accomplished to date, as well as pre-clinical development work on the drug. Having these completed documents allows for expedited due diligence from regulatory bodies reviewing our applications for trials and approvals. With these documents, we successfully applied for approval to conduct a clinical investigation in the United Kingdom under the regulation of the Medicines Health and Regulatory Agency (MHRA), which is the British equivalent of the US-FDA.

Current Research and Development Projects

Neurological Studies

Pain Studies

In an effort to further support Nyloxin Extra Strength, we had planned to complete two human clinical studies aimed at comparing the ability of Nyloxin Extra Strength to replace prescription pain relievers. We originally estimated that these studies would begin during the second quarter of 2010; however, these studies have been delayed because of lack of funding. We have no way of knowing at this time, if or when we will have adequate funding to reinitiate these trials.

AMN Phase II

We have been conducting research and development in this area since February 2006 with an original expected completion date of September 2010, which includes a 12-month patient trial period that has already been completed. We have thus far expended approximately $400,000, because we have completed our AMN Phase II project, there is no further budget for this project.

AMN Phase III

We had planned to continue research and development, with the ultimate goal of completing development of our future drug, RPI-78M. Our originally estimated start and completion dates were July 2010 and December 2011, respectively, which includes a 12-month patient trial period. We have thus far incurred costs of $5,000. We have an estimated budget of $500,000. We have no way of knowing at this time, if or when we will have adequate funding to reinitiate these trials.

MS Phase II (Pediatric MS Phase I/II)

We are working with our Chief Scientific Officer, Dale Vanderputten, PhD; along with consultants to begin our Phase I/Phase II studies in pediatric Multiple Sclerosis. Pending adequate financing or revenues, we will continue our research and development, with the ultimate goal of commencing these trials with RPI-78M under our Orphan Designation. We have thus far incurred costs of $40,000. We have an estimated budget of $2,000,000. Our goal is to initiate these trials in later 2026.

Currently, our total estimated costs for all of the above projects is approximately $3,000,000.

Since receiving Orphan designation for the treatment of Pediatric MS, our plans have changed. We are now working with potential sites of care to initiate a Phase I/II clinical trial in Pediatric MS. Our next step is to have a pre-IND meeting with the FDA to go over the proposed trial protocols. It is our goal to begin these trials in 2026.

Dependence on one or a Few Major Customers

We have no customers with respect to our research and development projects since we have not received FDA approval for our drug candidates and have not licensed any of our technologies.

Marketing

We currently do not have a marketing program for our drug candidates because none of our products have received FDA approval. Our lack of financing has hampered our efforts to navigate the regulatory process in a timely fashion; however, if and when we have FDA-approved drug treatments, we plan to develop a marketing strategy to market our products through pharmaceutical companies, other biotechnology companies, and diagnostic laboratories. Our ~~Chief~~Operations ~~Executive~~Manager ~~Officer~~ will market the treatments to licensing and development officers of those companies and will otherwise direct our marketing program. Additionally, we will attempt to secure consulting agreements with ~~marketing~~ marketing consultants who will actively market our products to such companies and/or provide our Chief Executive Officer with marketing guidance.

Potential Revenue Segments

Our potential revenue segments are composed of our attempt to generate revenues from license agreements, joint ventures in foreign countries and drug sales.

To date, we have not earned any revenues regarding any FDA drug candidate.

Product Liability

We maintain product liability insurance for our commercial products. Even so, product liability claims may result in significant legal costs related to our defense of such actions if damage amounts exceed our product liability insurance coverage. The design, development, and manufacture of drug products or diagnostic tests involves an inherent risk of product liability claims and corresponding damage to our brand name reputation, including claims of product failure or harm caused by the drug product.

Sources and Availability of Raw Materials

We use the raw material, cobra venom, for the drugs that we study and in the production of all of our over-the-counter products. We currently have two US suppliers of cobra venom that we use according to product demand. In addition, there are other suppliers in China, Thailand and India. Our management is responsible for locating cobra venom suppliers on an as-needed basis, which involves obtaining a small test amount from a supplier for scientific validation of that raw material prior to purchase. Apart from cobra venom, there are no availability issues with any of the other components, excipients or compounds that we use in our products.

Compliance with Government Regulations and Need for Government Approval

The production and marketing of potential drug products as well as research and development activities generally are subject to regulation by numerous governmental authorities in the United States and other countries. In the United States, vaccines, drugs and certain diagnostic products are subject to FDA review of safety and efficacy. The Federal Food, Drug and Cosmetic Act, the Public Health Service Act and other federal statutes and regulations govern or influence the testing, manufacture, safety, labeling, storage, record keeping, approval, advertising and promotion of such products. Noncompliance with applicable requirements can result in criminal prosecution and fines, recall or seizure of products, total or partial suspension of production, or refusal of the government to approve Biological License Applications (“BLAs”), Product License Applications (“PLAs”), New Drug Applications (“NDAs”) or refusal to allow a company to enter into supply contracts. The FDA also has the authority to revoke product licenses and establishment licenses previously granted.

In order to obtain FDA approval to market a new biological or pharmaceutical product, proof of product safety, purity, potency and efficacy, and reliable manufacturing capability must be submitted. This requires companies to conduct extensive laboratory, pre-clinical and clinical tests. This testing, as well as preparation and processing of necessary applications, is expensive, time-consuming and often takes several years to complete. There is no assurance that the FDA will act favorably in making such reviews. Our potential partners, or we, may encounter significant difficulties or costs in their efforts to obtain FDA approvals, which could delay or preclude from marketing any products that may be developed. The FDA may also require post-marketing testing and surveillance to monitor the effects of marketed products or place conditions on any approvals that could restrict the commercial applications of such products. Product approvals may be withdrawn if problems occur following initial marketing, such as, compliance with regulatory standards is not maintained. Delays imposed by governmental marketing approval processes may materially reduce the period during which a company will have the exclusive right to exploit patented products or technologies. Refusals or delays in the regulatory process in one country may make it more difficult and time consuming to obtain marketing approvals in other countries.

The FDA approval process for a new biological or pharmaceutical drug involves completion of preclinical studies and the submission of the results of these studies to the FDA in an Initial New Drug application, which must be approved before human clinical trials may be conducted. The results of preclinical and clinical studies on biological or pharmaceutical drugs are submitted to the FDA in the form of a BLA, PLA or NDA for product approval to commence commercial sales. In responding to a BLA, PLA or NDA, the FDA may require additional testing or information, or may deny the application. In addition to obtaining FDA approval for each biological or chemical product, an Establishment License Application (“ELA”) must be filed and the FDA must inspect and license the manufacturing facilities for each product. Product sales may commence only when both BLA/ PLA/ NDA and ELA are approved. In certain instances in which a treatment for a rare disease or condition is concerned, the manufacturer may request the FDA to grant the drug product Orphan Drug status for a particular use. “Orphan Drug” status refers to serious ailments affecting less than 250,000 individuals. In this event, the developer of the drug may request grants from the government to defray the costs of certain expenses related to the clinical testing of such drug and be entitled to marketing exclusivity and certain tax credits.

In order to gain broad acceptance in the marketplace of a medical device, our partners or we will need to receive approval from the FDA and other equivalent regulatory bodies outside of the United States. This approval will be based upon clinical testing programs at major medical centers. Data obtained from these institutions will enable us, or our partners, to apply to the FDA for acceptance of its technology as a “device” through a 510(k) application or exemption process. Once the data ~~have~~has been fully gleaned, it is expected that this process would take ninety days.

According to the FDA, a “device” is: “an instrument, apparatus, implement, machine, contrivance, implant, in vitro reagent, or other similar or related article, including a component part, or accessory which is recognized in the official National Formulary, or the United States Pharmacopoeia, or any supplement to them, intended for use in the diagnosis of disease or other conditions, or in the cure, mitigation, treatment, or prevention of disease, in man or other animals, or intended to affect the structure or any function of the body of man or other animals, and which does not achieve any of its primary intended purposes through chemical action within or on the body of man or other animals and which is not dependent upon being metabolized for the achievement of any of its primary intended purposes.”

The FDA classifies devices as either Class I/II-exempt, Class II, or Class III.

Class III: Pre-Marketing Approval, or PMA: A Pre-Marketing Approval or PMA is the most stringent type of device marketing application required by FDA. A PMA is an application submitted to FDA to request clearance to market, or to continue marketing of a Class III medical device. A PMA is usually required for products with which FDA has little previous experience and in such cases where the safety and efficacy must be fully demonstrated on the product. The level of documentation is more extensive than for a 510(k) application and the review timeline is usually longer. Under this level of FDA approval, the manufacturing facility will be inspected as well as the clinical sites where the clinical trials are being or have been conducted. All the appropriate documents have to be compiled and available on demand by the FDA. The manufacturing facility is registered with the FDA and the product or device is registered with the FDA.

Class II: 510(k). This is one level down from the PMA and it is applied to devices with which the FDA has had previous experience. A 510(k) is a pre-marketing submission made to FDA to demonstrate that the device to be marketed is as safe and effective, that is, substantially equivalent, to a legally marketed device that is not subject to pre-market approval. Applicants must compare their 510(k) device to one or more similar devices currently on the U.S. market and make and support their substantial equivalency claims. The legally marketed device to which equivalence is drawn is known as the “predicate” device. Applicants must submit descriptive data and, when necessary, performance data to establish that their device is SE to a predicate device. Again, the data in a 510(k) is to show comparability, that is, substantial equivalency (SE) of a new device to a predicate device. Under this level of approval, the manufacturing facility is registered with the FDA and the product or device is registered with the FDA. Inspections under this classification are possible. All the appropriate cGMP and clinical data backing the claims made must be on file and available on demand by the FDA.

Class I/II Exemption: This is the lowest level of scrutiny. Most Class I devices and a few Class II devices are exempt from the pre-marketing notification requirements subject to the limitations on exemptions. However, these devices are not exempt from other general controls. All medical devices must be manufactured under a quality assurance program, be suitable for the intended use, be adequately packaged and properly labeled, and have establishment registration and device listing forms on file with the FDA. However, as described above, all the appropriate documentation including cGMP and clinical data supporting the claims being made has to be on hand and available on demand by the FDA. The data must be available to support all the product claims.

Sales of biological and pharmaceutical products and medical devices outside the United States are subject to foreign regulatory requirements that vary widely from country to country. Whether or not FDA approval has been obtained, approval of a product or a device by a comparable regulatory authority of a foreign country must generally be obtained prior to the commencement of marketing in that country.

Effect of Compliance with Federal, State, and Local Provisions for the Protection of the Environment

We have no present or anticipated direct future costs associated with environmental compliance, since we are not and will not be directly involved in manufacturing drug products as a result of our research and development; however, we may be affected in the percentage licensing fees we receive, since a company may consider the environmental expense as an offset to a determination of the percentage amount we receive. We produce a drug that has limited waste issues and related costs, but handles environmentally related matters through the FDA’s Good Manufacturing Practices, the FDA mandated guidelines pertaining to the production of drugs in the United States.

Ability to Compete

The biotechnology research and development field is extremely competitive and is characterized by rapid change. Our competitors have substantially greater financial, scientific, and human resources, and as a result greater research and product development capabilities. Our competitors have competitive advantages with greater potential to develop revenue streams. Our competitors are located in the United States as well as around the world. We will attempt to compete by establishing strategic partners or alliances with pharmaceutical companies, academic institutions, biotechnology companies, and clinical diagnostic laboratories, which will enter into joint ventures, emphasizing that the drugs RPI-MN and RPI-78M possess the following properties:

	●	They lack measurable toxicity but are still capable of attaching to and affecting the target site on the nerve cells. This means that patients cannot overdose.
	●	They display no significant adverse side effects following years of investigations in humans and animals.
	●	The products are stable and resistant to heat, which gives the drug a long shelf life. The drugs’ stability has been determined to be over 4 years at room temperature.

RPI-78M can be administered orally; however, we have not yet developed an orally administered RPI-78M. RPI-78M has been routinely delivered by injection in a manner similar to insulin, but research over the past two years has given rise to administration by mouth. Oral delivery presents patients with additional “quality of life” benefits by eliminating or decreasing the requirements for routine injections. Should we receive adequate funding, we plan to develop an orally administered RPI-78M by initiating new trials with an oral version of that drug.

Main Competitors (Biologics)

Competition is intense among companies that develop and market products based on advanced cellular and molecular biology. Our competitors, including Amgen, Sanofi-Aventis, Biogen-Idec, Cephalon, Genetech, Genzyme, Novartis, Regeneron, Roche and Bayer, which have far superior financial, technological and operational resources. We face significant competition from these and other biotechnology and pharmaceutical firms in the United States, Europe and elsewhere. Certain specialized biotechnology firms have also entered into cooperative arrangements with major companies for development and commercialization of products, creating an additional source of competition.

Any products or technologies that successfully address viral or neurological indications could negatively impact the market potential for RPI-78M or RPI-MN. These include products that could receive approval for indications similar to those for which RPI-78M or RPI-MN seeks approval, development of biologic or pharmaceutical treatments that are more effective than existing treatments and the development of other modalities with reduced toxicity and side effects.

~~Interferon-based~~The ~~drugs~~global ~~and~~sales ~~their~~of ~~indications~~drugs ~~represent target markets~~ for ~~us.~~the ~~Sales~~treatment of ~~interferon-based~~Multiple ~~drugs~~Sclerosis ~~annually~~reached ~~exceed~~over $830 billion in 2025 and ~~have~~is ~~attracted the~~expected ~~participation~~to ofgrow ~~several~~to ~~major~~over ~~drug~~$46 ~~companies,~~billion by ~~including~~2033 ~~Bayer~~according ~~and~~to ~~Roche~~Nova Advisor. ~~Currently,~~The ~~there~~main category are ~~eight~~ interferon-based drugs, ~~licensed in~~which ~~Canada~~account ~~and the U.S.; five~~ for ~~the~~over ~~treatment~~90% of ~~the~~sales. ~~milder~~Ocrevus ~~Relapsing-Remitting~~leads ~~form~~the category ofwith ~~MS,~~over ~~one~~$7 ~~for~~billion ~~Hepatitis~~in Csales, ~~one~~followed ~~for~~by ~~granulomatous disease~~Kesimpta ~~and~~with ~~one for genital warts~~$2.7 ~~These~~billion ~~interferons are also used~~ in ~~the~~sales. ~~treatment~~The ofmain ~~other~~attraction ~~conditions~~for ~~where~~Ocrevus ~~treatment~~is ~~options~~dosing ~~are limited.~~by ~~The~~infusion ~~interferons~~of ~~for~~only MStwice ~~are Betaseron (Bayer), Avonex (Biogen), Plegridy (Biogen), Extavia (Novartis) and Rebif (EMD Serono)~~annually.There ~~Since~~has ~~the launch~~been oflittle ~~these~~innovation ~~drugs,~~in the ~~number~~treatment of ~~patients~~MS ~~undergoing~~in ~~treatment~~over ~~has~~30 ~~stabilized~~years. atMore ~~current levels~~recently, ~~indicating~~BTK ~~that~~inhibitors have ~~there~~been isstudied aas ~~high turnover~~an ~~rate~~alternative ofto ~~patients in~~ the ~~administration~~interferon-type ~~of these individual~~ drugs. ~~due~~This toclass ~~cost~~of ~~and~~drug ~~side~~still ~~effects.~~faces ~~Biogen~~challenges ~~developed~~that ~~Avonex~~include inside ~~the~~effects ~~early~~– ~~1990’s~~some ~~and~~severe; ~~has~~including ~~been~~liver ~~shipping~~failure ~~the~~in ~~drug~~some ~~since late 1996~~patients. InSanofi’s ~~the~~drug, ~~United Kingdom~~tolebrutinib, ~~the~~failed ~~National~~late ~~Institute~~stage ~~for~~trials ~~Clinical~~in ~~Efficiency~~2025; placing ~~(NICE)~~doubt ~~has~~on ~~called~~future ~~for~~drugs ~~the withdrawal~~ of ~~Betaseron~~this ~~and another unrelated drug, Copaxone (Teva), from the market based on poor cost/effectiveness~~mechanism.

Gilead Sciences markets Harvoni as a ‘cure’ for Hepatitis C. It combines two drugs: Sovaldi (sofosbuvir) and ledipasvir. Harvoni is taking over the market as Gilead has turned Hepatitis C into a curable illness and has generated over $25B in sales.

Main Competitors (Venom-Based Drugs)

We view our main competitors as those who also engage in the development of protein-based neurotoxins as therapeutics. Employing venoms as therapeutics is not new. A large number of well-known pharmaceutical companies are developing novel therapies derived from snake venoms and other reptiles. Most of those using snake venoms employ the anticoagulant enzymes usually from viperids (adders and rattlesnakes) though elapids (cobra family) are also being investigated.

We have set forth below a summary of venom-based drugs and their potential applications.

Company	Drug	Application
Pentapharm	Batroxobin (Defibrase)	Anticoagulant from Lancehead viper
Knoll Pharmaceutical	Ancrod (Viprinex)	Anticoagulant from ~~rattlesnakes~~Malayan pit viper
Bristol-Myers Squibb	Capoten (Captopril)	Antihypertensive from Brazilian Pit Viper
Medicure	Tirofiban (Aggrastat)	Antiplatelet drug from ~~vipers~~Saw-scaled viper
Millennium Pharmaceutical	Eptifibatide (Integrilin)	Antiplatelet drug from ~~rattlesnakes~~Pygmy rattlesnake
Amylin Pharmaceuticals	Exanatidfe (Byetta)	Treatment for type 2 diabetes and obesity from Gila Monster venom
Elan Pharmaceuticals	Ziconotide (Prialt)	Intrathecal drug from cone snails for intractable pain

Current cobra venom-based therapies include Keluoqu, a pain-killing drug on the market in China since 1978. Keluoque contains cobrotoxin as its primary ingredient and is used to control severe pain in advanced cancer patients and for post-operative pain.

Bio-Therapeutics, Inc.

On October 3, 2003, we entered into a non-assignable license agreement between Bio-Therapeutics, Inc. (“ Bio-Therapeutics”) and us, which was then amended to make the license agreement assignable. This agreement was in settlement of a lawsuit that we filed against Bio-Therapeutics alleging that Bio-Therapeutics owed us $850,000 in connection with a merger agreement between Bio-Therapeutics and us that was cancelled.

The 2003 license agreement provides that for a non-exclusive license to certain intellectual property of Bio-Therapeutics, which consists of the following two distinct technology platforms:

	●	Alteration of Proteins and Peptides - These include patented methods for altering the 3-Dimensional structure of certain proteins and peptides. The natural peptides bind to receptors in the body with toxic effects. This technology allows us to alter the structure of these peptides, preserving their receptor-binding characteristics, while making them non-toxic and therapeutic. Different receptors have various functions in many disease states. By the peptides binding to these receptors in a controlled fashion, certain disease symptoms may be treated. In connection with MS, binding to the acetylcholine receptor on the nerves allows for more efficient nerve conduction. With HIV, binding to chemokine receptors may prevent the virus from entering and infecting new cells.

	●	Non- Exclusive License for “Buccal Delivery System” (“Buccal”) – An innovative aerosolized drug delivery system that is patent pending. Many therapeutic agents cannot be effectively delivered by aerosol formulation due to their large size and/or irregular shapes. Since these therapeutic agents cannot be ingested orally without being degraded by the digestive system, patients have no alternative but to directly inject these drugs. We have a non-exclusive license to the Buccal patent pending proprietary aerosol formulation, which greatly enhances the permeability of the mucous membranes found on the roof of the mouth and the back of the throat. This allows for the easy and efficient systemic delivery into the bloodstream of a much wider variety of proteins and peptides. This non-exclusive license for “Buccal Delivery System” and patent pending application includes claims that identify the active mucosal enhancer, its combination with therapeutic agents and the mode of delivery through aerosol. This may allow for the effective and pain-free delivery of peptide and protein therapeutics for the treatment of HIV and MS.

Patents, Trademarks, Licenses and Intellectual Property

In July of 2021, we announced that we had filed a new provisional patent to protect our intellectual property surrounding our development of nerve agent counter measures. We will continue to prosecute that patent as well as several other patent applications.

We have the following patents expiring at various dates indicated below:

ReceptoPharm Patents

ReceptoPharm has three issued and several patents pending with the United States Patent and Trademark Office. These patents include:

U.S. Patent No. 8,034,777, Modified Anticholinergic Neurotoxins as Modulators of the Autoimmune Reaction was granted in October 2011with 7 claims. The patent describes a method of treatment of a human patient suffering from Multiple Sclerosis comprising the administration of a disease-mitigating amount of a composition consisting of detoxified and modified alpha-cobratoxin in a saline solution. This patent is meant to protect and support our work in the production of drugs for the treatment of auto-immune diseases. This patent expired on November 22, 2025. We have filed new patents in protection of our clinical platform for the treatment of autoimmune diseases based on manufacturing improvements.

U.S. Patent No. 7,902,152, Use of cobratoxin as an analgesic was granted in March 2011 with 16 claims. The patent describes a composition of matter for an analgesic and its method of use is disclosed. The method of use is for the treatment of chronic pain, especially to the treatment of heretofore intractable pain as associated with advanced cancer. The pain associated with neurological conditions, rheumatoid arthritis, viral infections and lesions is also contemplated. The method includes administering to a host an alpha-neurotoxin that is characterized by its ability to blocking of the action of acetylcholine at nicotinic acetylcholine receptors. Currently, this would be applied to the Company’s current and future drugs for the treatment of pain. This patent will expire on October 13, 2028. We will file additional patents in protection of our clinical platform for the treatment of pain and inflammation.

U.S. Patent No. 7,758,894, Modified elapid venoms as stimulators of the immune reaction was granted in July, 2010 with 14 claims. The patent describes a method of protection from infections by administering a detoxified and neurotropically active modified venom containing alpha-cobratoxin. Protection includes bacterial, viral and parasitic infections. This patent is meant to protect and support our work in our production of anti-infective treatments. Currently, this would be applied to RPI-MN and RPI-78. This patent will expire on September 11, 2027. We will file additional patents in protection of our clinical platform for the treatment of viral infection.

Our business is dependent upon our ability to protect our proprietary technologies and processes. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to obtain and use proprietary information. We will rely on patent and trade secret law and nondisclosure and other contractual arrangements to protect such proprietary information. We will file patent applications for our proprietary methods and devices for patient treatments. Our efforts to protect our proprietary technologies and processes are subject to significant risks, including that others may independently develop equivalent proprietary information and techniques, gain access to our proprietary information, our proprietary information being improperly disclosed, or that we may ineffectively protect our rights to unpatented trade secrets or other proprietary information.

Employees

We employ a total of 67 employees, consisting of: (a) our Chief Executive Officer (b) Our Director of Marketing (c) our Chief Scientific Officer (d) our VP of Operations (e) our Operations Manager, (f) our Quality Systems Manager and (fg) our Warehouse Manager. We utilize outside consultants, legal and accounting personnel as necessary and as funding permits.

Report to Security Holders

We are subject to the informational requirements of the Securities Exchange Act of 1934. Accordingly, we file annual, quarterly and other reports and information with the Securities and Exchange Commission. You may read and obtain a copy of these reports in Washington, D.C. Our filings are also available to the public from commercial document retrieval services and the Internet world wide website maintained by the Securities and Exchange Commission at www.sec.gov.

Item 1A. Risk Factors

You should carefully consider the risks described below regarding our operations, financial condition, financing, our common stock and other matters. If any of the following or other material risks actually occur, our business, financial condition, or results or operations could be materially adversely affected.

We have identified material weaknesses in our internal control over financial reporting, which could adversely affect our financial condition, access to capital, and the market price of our common stock

We have identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. These control deficiencies increase the risk that errors in our financial reporting may occur and remain undetected.

The existence of material weaknesses may also negatively affect our business in other ways. Investors and potential financing sources may view the presence of material weaknesses as increasing the risk of inaccurate financial reporting, which can reduce their willingness to invest in our securities or extend credit on favorable terms. As a result, our ability to raise capital, obtain debt financing, or maintain existing financing arrangements could be adversely affected. In addition, the perception of weak internal controls may negatively impact the market price of our common stock and investor confidence in our Company.

Our ability to continue as a going concern is in doubt absent obtaining adequate new debt or equity financing and achieving sufficient sales levels.

We incurred net losses of $12,~~285~~047,~~663~~392 and $1,~~393~~285,~~356~~663 for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. We incurred net operating losses of $~~878~~1,~~421~~462,338 and $~~886~~878,~~979~~421 for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. We anticipate that these operating losses will continue for the foreseeable future. We have a significant working capital deficiency, and have not reached a profitable level of operations, which raises substantial doubt about our ability to continue as a going concern. Our continued existence is dependent upon our achieving sufficient sales levels of our Nyloxin and Pet Pain Away products and obtaining adequate financing. Unless we can begin to generate material revenue, we may not be able to remain in business. We cannot assure you that we will raise enough money or generate sufficient sales to meet our future working capital needs.

We have a limited revenue producing history with significant losses and expect losses to continue for the foreseeable future.

We incurred net losses of $12,~~285~~047,~~663~~392 and $1,~~393~~285,~~356~~663 for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. We incurred net operating losses of $~~878~~1,~~421~~462,338 and $~~886~~878,~~979~~421 for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. As a result, at December 31, ~~2024~~2025, we ~~had~~ had an accumulated deficit of $7678,~~231~~278,~~137~~529. Our revenues have been insufficient to sustain our operations and we expect our revenues will be insufficient to sustain our operations for the foreseeable future. Our potential profitability will require the successful commercialization of our Nyloxin and Pet Pain-Away products; or a potential licensing of our therapies under development.

We will require additional financing to sustain our operations and without it will be unable to continue operations.

At December 31, ~~2024~~2025, we had a working capital deficit of $1416,~~892~~813,~~355~~637. Our recurring losses from operations and working capital deficiency raise substantial doubt about our ability to continue as a going concern. We have a negative cash flow from operations of approximately $01.4216 million and $0.5542 million for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. We have insufficient financial resources to fund our operations.

We have a history of failed distributors, which has negatively affected our revenues and may continue to do so if we fail to locate a successful distributor.

Due to poor performance, we cancelled our distribution agreement with our Cobroxin distributor, XenaCare in April 2011. We plan to re-launch Cobroxin, but we have not yet ordered product or provided planned sales. To date, we have only limited sales of Nyloxin and Pet Pain-Away through outside distributors. If we fail to improve our own marketing and distribution or fail to find a competent outside distributor our operations and financial condition will be negatively affected.

If we cannot sell a sufficient volume of our products, we will be unable to continue in business.

From October 2009 until December 31, ~~2024~~2025, our operations centered on the marketing of Cobroxin (our discontinued product), Nyloxin and Nyloxin Extra Strength. In December of 2014, we launched Pet Pain-Away and began actively marketing the product. In May of 2022, we began producing products for Avini Health Corporation. Avini Health distributes wellness and nutritional products through their network of independent distributors in the United States, Canada and the US Virgin Islands. The products that we provide for Avini Health include private label versions of our Nyloxin products and are sold as: Avini Plus Relief oral spray, Avini Plus Relief topical gel, ~~and~~ Avini Plus Relief roll-on., and Avini Plus Relief for Pets. We also ~~provide~~provided the following products: a dietary fiber blend sold as Avini Plus Fiber, a micronized and activated colloidal suspension of zeolite that is sold as Cell Defender, a mushroom and zeolite blend sold in capsules as ZMUNITY, and a caffeine adaptogenic 2oz energy shot sold as Avini Plus Energy. During fiscal year ~~2023~~2024, we earned revenues of $~~594~~392,~~880~~150, $9977,~~379~~ 217 of it was from sales of Nyloxin and $6752,~~720~~750 of it was from sales of Pet Pain-Away, $38116,~~465~~342 of it was from sales of private label clients, and $~~389~~145,~~316~~841 of it was from sales to Avini of products manufactured by the Company, including both Nutra-branded products and Avini-branded products. If we cannot achieve sufficient sales levels of our Nyloxin and Pet Pain-Away products, or if we are unable to secure financing, our operations will be negatively affected. During fiscal year ~~2024~~2025, we earned revenues of $~~392~~385,~~150~~307, $7758,~~217~~309 of it was from sales of Nyloxin and $5255,~~750~~185 of it was from sales of Pet Pain-Away, $~~116~~144,~~342~~118 of it was from sales of private label clients, and $~~145~~127,~~841~~695 of it was from sales to Avini of products manufactured by the Company, including both Nutra-branded products and Avini-branded products. If we cannot achieve sufficient sales levels of our Nyloxin and Pet Pain-Away products, or if we are unable to secure financing, our operations will be negatively affected.

We have a limited history of generating revenues on which to evaluate our potential for future success and to determine if we will be able to execute our business plan; accordingly, it is difficult to evaluate our future prospects and the risk of success or failure of our business.

You must consider our business and prospects in light of the risks and difficulties we will encounter as an early-stage revenue producing company. These risks include:

	●	our ability to effectively and efficiently market and distribute our products;
	●	our ability to obtain market acceptance of our current products and future products that may be developed by us; and
	●	our ability to sell our products at competitive prices which exceed our per unit costs.

We may be unable to address these risks and difficulties, which could materially and adversely affect our revenue, operating results and our ability to continue to operate our business.

Our growth strategy reflected in our business plan may be unachievable or may not result in profitability.

We may be unable to implement our growth strategy reflected in our business plan rapidly enough for us to achieve profitability. Our growth strategy is dependent on a number of factors, including market acceptance of our Nyloxin and Pet Pain-Away products and the acceptance by the public of using these products as pain relievers. We cannot assure you that our products will be purchased in amounts sufficient to attain profitability.

Among other things, our efforts to expand our sales of Nyloxin and Pet Pain-Away will be adversely affected if:

	●	we are unable to attract sufficient customers to the products we offer in light of the price and other terms required in order for us to attain the level of profitability that will enable us to continue to pursue our growth strategy;
	●	adequate penetration of new markets at reasonable cost becomes impossible limiting the future demand for our products below the level assumed by our business plan;
	●	we are unable to scale up manufacturing to meet product demand, which would negatively affect our revenues and brand name recognition;
	●	we are unable to meet regulatory requirements in the intellectual marketplace that would otherwise allow us for wider distribution; and
	●	we are unable to meet FDA regulatory requirements that would potentially expand our product base and potential revenues.

If we cannot manage our growth effectively, we may not become profitable.

Businesses, which grow rapidly often, have difficulty managing their growth. If we grow rapidly, we will need to expand our management by recruiting and employing experienced executives and key employees capable of providing the necessary support. We cannot assure you that our management will be able to manage our growth effectively or successfully.

Among other things, implementation of our growth strategy would be adversely affected if we were not able to attract sufficient customers to the products and services we offer or plan to offer in light of the price and other terms required in order for us to attain the necessary profitability.

If we are unable to protect our proprietary technology, our business could be harmed.

Our intellectual property, including patents, is our key asset. We currently have 3 active patents and several more in the application process. Competitors may be able to design around our patents for our Cobroxin, Nyloxin and Pet Pain-Away products and compete effectively with us. The cost to prosecute infringements of our intellectual property or the cost to defend our products against patent infringement or other intellectual property litigation by others could be substantial. We cannot assure you that:

	●	pending and future patent applications will result in issued patents,
	●	patents licensed by us will not be challenged by competitors,
	●	our patents, licensed and other proprietary rights from third parties will not result in costly litigation;
	●	pending and future patent applications will result in issued patents,
	●	the patents or our other intellectual property will be found to be valid or sufficiently broad to protect these technologies or provide us with a competitive advantage,
	●	if we are sued for patent infringement, whether we will have sufficient funds to defend our patents, and
	●	we will be successful in defending against future patent infringement claims asserted against our products.

Should any risks pertaining to the foregoing occur, our brand name reputation, results of operation and revenues will be negatively affected.

We are subject to substantial FDA regulations pertaining to Nyloxin and Pet Pain-Away, which may increase our costs or otherwise adversely affect our operations.

Our Nyloxin and Pet Pain-Away products are subject to FDA regulations, including manufacturing and labeling, approval of ingredients, advertising and other claims made regarding Nyloxin and Pet Pain-Away, and product ingredients disclosure. If we fail to comply with current or future regulations, the FDA could force us to stop selling Nyloxin and Pet Pain-Away or require us to incur substantial costs from adopting measures to maintain FDA compliance.

The inability to provide scientific proof for product claims may adversely affect our sales.

The marketing of Nyloxin and Pet Pain-Away involves claims that they assist in reducing Stage 2 chronic pain, while Nyloxin Extra Strength and Nyloxin Military Strength involves claims that they assist in reducing Stage 3 chronic pain. The marketing of Pet Pain-Away involves claims that they assist in relieving pain in dogs and cats. Under FDA and Federal Trade Commission (“FTC”) rules, we are required to have adequate data to support any claims we make concerning Nyloxin and Pet Pain-Away. We have scientific data for our Nyloxin and Pet Pain-Away product claims; however, we cannot be certain that these scientific data will be deemed acceptable to the FDA or FTC. If the FDA or FTC requests supporting information and we are unable to provide support that it finds acceptable, the FDA or FTC could force us to stop making the claims in question or restrict us from selling the products.

None of our ethical drug candidates have received FDA approval.

Our non-homeopathic or ethical products require a complex and costly FDA regulation process that takes several years for drug approval, if ever. None of the drug applications we have submitted to the FDA have received FDA approval. If we do not receive FDA approval for our drug applications, our operations and financial condition will be negatively affected.

If we are unable to secure sufficient cobra venom from available suppliers, our operating results will be negatively affected.

We secure cobra venom on an as-needed basis. If we do not have an available supplier to fill customer orders, there will be distribution delays and/or our failure to fulfill purchase orders, either of which will negatively affect our brand name reputation and operating results.

Our Nyloxin and Pet Pain-Away products may be unable to compete against our competitors in the pain relief market.

The pain relief market is highly competitive. We compete with companies that have already achieved product acceptance and brand recognition, including multi-billion dollar private label manufacturers and more established pharmaceutical and health products companies, or low cost generic drug manufacturers. As a result, many of our competitors have significantly greater financial strength, technical expertise, production capacity, and marketing reach than we do. Additionally, if consumers prefer our competitors’ products, or if these products have better safety, efficacy, or pricing characteristics, our results could be negatively impacted. If we fail to develop and actualize strategies to compete against our competitors we may fail to compete effectively, which will negatively affect our operations and operating results.

If we incur costs resulting from product liability claims, our operating results will be negatively affected.

If we become subject to product liability claims for Nyloxin and Pet Pain-Away that exceed our product liability policy limits, we may be subject to substantial litigation costs or judgments against us, which will negatively impact upon our financial and operating results.

Loss of any of our key personnel could have a material adverse effect on our operations and financial results.

We are dependent upon a limited number of our employees: (a) our Chief Executive Officer; (b) our Operations Manager who directs our operations and (c) our Chief Scientific Officer who conducts our research and development activities. Our success depends on the continued services of our senior management and key research and development employees as well as our ability to attract additional members to our management and research and development teams. The unexpected loss of the services of any of our management or other key personnel could have a material adverse effect upon our operations and financial results.

We may be unable to maintain and expand our business if we are not able to retain, hire and integrate key management and operating personnel.

Our success depends in large part on the continued services and efforts of key management personnel. Competition for such employees is intense and the process of locating key personnel with the combination of skills and attributes required to execute our business strategies may be lengthy. The loss of key personnel could have a material adverse impact on our ability to execute our business objectives. We do not have any key man life insurance on the lives of any of our executive officers.

Cybersecurity Risk Management, Strategy, and Governance

The Company maintains processes designed to assess, identify, and manage material risks from cybersecurity threats, including routine system monitoring, access controls, data backup procedures, and periodic evaluation of system vulnerabilities. Cybersecurity risks are considered as part of the Company’s overall risk management framework, including risks associated with third-party service providers. Management is responsible for the day-to-day oversight of cybersecurity risk management, and the Board of Directors provides oversight as part of its general risk oversight responsibilities. To date, the Company has not experienced any cybersecurity incidents that have materially affected the Company’s business, results of operations, or financial condition; however, no assurance can be provided that such incidents will not occur in the future.

Risks Related to Our Common Stock

Because the market for our common stock is limited, persons who purchase our common stock may not be able to resell their shares at or above the purchase price paid by them.

Our common stock is presently on the OTC Market Group’s Expert Market, which means that the Company’s common stock is not eligible for proprietary broker-dealer quotes. There is currently only a limited public market for our common stock. We cannot assure you that an active public market for our common stock will develop or be sustained in the future. If an active market for our common stock does not develop or is not sustained, the price may decline.

Because we are subject to the “penny stock” rules, brokers cannot generally solicit the purchase of our common stock, which adversely affects its liquidity and market price.

The SEC has adopted regulations, which generally define “penny stock” to be an equity security that has a market price of less than $5.00 per share, subject to specific exemptions. The market price of our common stock on the OTC has been substantially less than $5.00 per share and therefore we are currently considered a “penny stock” according to SEC rules. This designation requires any broker-dealer selling these securities to disclose certain information concerning the transaction, obtain a written agreement from the purchaser and determine that the purchaser is reasonably suitable to purchase the securities. These rules limit the ability of broker-dealers to solicit purchases of our common stock and therefore reduce the liquidity of the public market for our shares.

Because the majority of our outstanding shares are freely tradable, sales of these shares could cause the market price of our common stock to drop significantly, even if our business is performing well.

As of December 31, ~~2024~~2025, we had 109,150,000 outstanding shares that were subject to the limitations of Rule 144 under the Securities Act of 1933. In general, Rule 144 provides that any non-affiliates, who have held restricted common stock for at least six-months, are entitled to sell their restricted stock freely, provided that we stay current in our SEC filings. After one year, a non-affiliate may sell without any restrictions.

An affiliate may sell after one year with the following restrictions: (i) we are current in our filings, (ii) certain manner of sale provisions, (iii) filing of Form 144, and (iv) volume limitations limiting the sale of shares within any three-month period to a number of shares that does not exceed 1% of the total number of outstanding shares. A person who has ceased to be an affiliate at least three months immediately preceding the sale and who has owned such shares of common stock for at least one year is entitled to sell the shares under Rule 144 without regard to any of the limitations described above.

An investment in our common stock may be diluted in the future as a result of the issuance of additional securities or the exercise of options or warrants.

In order to raise additional capital to fund our strategic plan, we may issue additional shares of common stock or securities convertible, exchangeable or exercisable into common stock from time to time, which could result in substantial dilution to any person who purchases our common stock. Because we have a negative net tangible book value, purchasers will suffer substantial dilution. We cannot assure you that we will be successful in raising funds from the sale of common stock or other equity securities.

Since we intend to retain any earnings for development of our business for the foreseeable future, you will likely not receive any dividends for the foreseeable future.

We have not and do not intend to pay any dividends in the foreseeable future, as we intend to retain any earnings for development and expansion of our business operations. As a result, you will not receive any dividends on your investment for an indefinite period of time.

Due to factors beyond our control, our stock price may continue to be volatile.

The market price of our common stock has been and is expected to be highly volatile. Any of the following factors could affect the market price of our common stock:

	●	our failure to generate revenue,
	●	our failure to achieve and maintain profitability,
	●	short selling activities,
	●	the sale of a large amount of common stock by our shareholders including those who invested prior to commencement of trading,
	●	actual or anticipated variations in our quarterly results of operations,
	●	announcements by us or our competitors of significant contracts, new products, acquisitions, commercial relationships, joint ventures or capital commitments,
	●	the loss of major customers or product or component suppliers,
	●	the loss of significant business relationships,
	●	our failure to meet financial analysts’ performance expectations,
	●	changes in earnings estimates and recommendations by financial analysts, or
	●	changes in market valuations of similar companies.

In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been instituted. A securities class action suit against us could result in substantial costs and divert our management’s time and attention, which would otherwise be used to benefit our business.

Item 1B. Unresolved Staff Comments

None

Item 2. Properties

We ~~lease~~leased an aggregate of 5,500 square feet of office, laboratory, and warehouse space at 1537 NW 65th Avenue, Plantation, Florida. The lease with Shelter Developers of America (“Shelter”) ~~has~~was ~~been~~ renewed through December 31, 2025, with no further renewal. The lease ~~calls~~called for ~~current~~ monthly payments of approximately $8,500, which ~~includes~~included base rent, common area expenses, real estate taxes ~~and~~ and insurance. In September of 2023, we moved our operations to 6400 Park of Commerce Blvd, Suite 1B, Boca Raton, Florida. We share 18,504 square feet with Avini Health, a private dietary supplement company. We have use of a laboratory, conference room, production suites and 3 offices. Avini Health grants us the use of the facilities as part of our contract manufacturing agreements without further payments.

Item 3. Legal Proceedings

Marc Weller v. Nutra Pharma Corporation, Case No. CACE-24-018346

In January 2026, the Company entered into a settlement agreement with Marc Weller resolving litigation in Broward County, Florida. Pursuant to the settlement, the Company agreed to cancel and extinguish outstanding notes with an aggregate carrying value of approximately $175,000 in exchange for $20,000 in cash (payable in installments through April 2026) and the issuance of 60 million shares of common stock.

CSA 8411, LLC v. Nutra Pharma Corp., Case No. CACE 18-023150

~~Defendant~~On ~~also~~May ~~filed~~19, ~~affirmative~~2025, ~~claims~~the ~~against~~parties settled the ~~Plaintiff~~case; fully resolving all existing disputes and conflicts between the parties. We agreed to pay $35,000 ~~its~~to ~~owner~~the ~~Dan~~plaintiff(s) ~~Oran~~on or before May 19, 2025 and ~~several~~make ~~related~~nine ~~entities~~(9) monthly payments of $10,000 each, beginning on June 19, 2025. The case was dismissed on May 20, 2025 and all payments have been made as agreed.

On May 19, 2025, the parties settled the case; fully resolving all existing disputes and conflicts between the parties. We agreed to pay $35,000 to the plaintiff(s) on or before May 19, 2025 and make nine (9) monthly payments of $10,000 each, beginning on June 19, 2025. The case was dismissed on May 20, 2025 and all payments to date have been made as agreed.

Securities and Exchange Commission v. Nutra Pharma Corporation, Erik Deitsch, and Sean Peter McManus

On September 28, 2018, the United States Securities and Exchange Commission (the “SEC”) filed a lawsuit (the “SEC Action”) in the United States District Court for the Eastern District of New York (Case No. 2:18-cv-05459) against the Company, Mr. Deitsch, and Mr. McManus. After various motions to dismiss directed to the original Complaint and the First Amended Complaint filed May 29, 2019 were disposed of in the SEC Action, the SEC filed the Second Amended Complaint against the Company and Messrs. Deitsch and McManus on April 30, 2020 which became the operative pleading seeking permanent injunctive relief, disgorgement of ill-gotten gains and prejudgment interest thereon, civil monetary penalties, a permanent officer and director bar, and a permanent penny stock bar for alleged violations between August 2013 and June 2018 of the registration, broker-dealer registration, periodic reporting, insider reporting, anti-fraud, and anti-manipulation provisions of the federal securities laws. After approximately four years of litigating the Second Amended Complaint, the Company and Messrs. Deitsch and McManus agreed to settle the case by entering into consents, without admitting or denying the allegations of the Second Amended Complaint except as to personal and subject matter jurisdiction, to entry of Final Judgments.

On March 19, 2024, the United States District Court for the Eastern District of New York in the SEC Action, approved bifurcated settlements in the form of consent judgments (the “Consent Judgments”) entered by the District Court wherein the Company and Messrs. Deitsch and McManus, without admitting or denying the allegations of the Complaint except as to personal and subject matter jurisdiction, resolved all liability issues and certain remedies as to each Defendant and left open other issues relating to remedies regarding the appropriateness and amount of disgorgement, prejudgment interest, and/or civil penalties to be paid as to all Defendants, and whether a penny stock bar shall be imposed against Defendant McManus, and if so, the length of any such bar, for later resolution by the District Court upon motion or further settlement. The Consent Judgments, among other things:

(1) Permanently enjoin Defendant Nutra Pharma from committing violations of the federal securities laws that the SEC has alleged in this case, including violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 (the “Securities Act”), Sections 10(b) and 13(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rules 10b-5, 13a-11, and 13a-13 thereunder;

(2) Permanently enjoin Defendant Deitsch from committing violations of the federal securities laws that the SEC has alleged in this case, including violations of Sections 5(a), 5(c), and 17(a) of the Securities Act, Sections 9(a)(2), 10(b), 13(a), 13(d), and 16(d) of the Securities Exchange Act, and Rules 10b-5, 13a-14, 13d-2, and 16a-3 thereunder; impose a three-year officer-and-director bar on Deitsch, pursuant to 15 U.S.C. §§ 77t(e) and 78u(d)(2); and impose a three-year penny-stock bar on Deitsch, pursuant to 15 U.S.C. § 78u(d)(6); and

(3) Permanently enjoin Defendant McManus from committing violations of the federal securities laws that the SEC has alleged in this case, including violations of Section 17(a) of the Securities Act and Sections 10(b) and 15(a) of the Exchange Act and Rule 10b-5 thereunder.

On May 13, 2024, the remaining remedies regarding disgorgement, prejudgment interest, and civil penalties as to Defendant Deitsch and disgorgement, prejudgment interest, civil penalties, and a penny stock bar as to Defendant McManus were resolved by respective consents from each, without admitting or denying the allegations of the Complaint except as to jurisdiction and Section XIII of their respective Final Judgments that restated the permanent injunctive relief, three-year officer-and-director bar on Deitsch, the three-year penny- stock bar on Deitsch for the alleged violations described above from the Consent Judgments and imposed disgorgement of $44,046, prejudgment interest of $5,013, and a civil money penalty of $30,000 against Deitsch (a total of $79,060); and that restated the permanent injunctive relief and imposed two-year penny-stock bar against McManus, and imposed disgorgement of $5,500, prejudgment interest of $626, and a civil money penalty of $5,500 against McManus (a total of $11,626).

On August 28, 2024, the remaining remedies regarding disgorgement, prejudgment interest, and civil penalties as to the Company were resolved by consent by the Company, without admitting or denying the allegations of the Complaint except as to jurisdiction, in its Final Judgment that restated the permanent injunctive relief against the Company for the alleged violations described above from the Consent Judgment and imposed disgorgement of $520,940, prejudgment interest of $59,295, and a civil money penalty of $100,000 against Nutra Pharma (a total of $680,235).

Item 4. Mine Safety Disclosures

None

PART II

Item 5. Market for Registrant’s Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our common stock is quoted on the over-the-counter (“OTC-Market”) under the trading symbol “NPHC.” The following table sets forth the high and low bid prices for each quarter within the last two fiscal years.

	2023 Fiscal Year
	High Bid		Low Bid
First Quarter	$	0.0004	$	0.0001
Second Quarter	$	0.0002	$	0.0001
Third Quarter	$	0.0002	$	0.0001
Fourth Quarter	$	0.0010	$	0.0001

	2024 Fiscal Year
	High Bid		Low Bid

First Quarter	$	0.0017	$	0.0001
Second Quarter	$	0.0001	$	0.0001
Third Quarter	$	0.0001	$	0.0001
Fourth Quarter	$	0.0001	$	0.0001

	2025 Fiscal Year
	High Bid		Low Bid

First Quarter	$	0.0002	$	0.0001
Second Quarter	$	0.0003	$	0.0001
Third Quarter	$	0.0002	$	0.0001
Fourth Quarter	$	0.0050	$	0.0001

The above quotations reflect inter-dealer prices, without retail mark-up, markdown or commission and may not represent actual transactions.

Penny Stock Considerations

Our shares of common stock are “penny stocks” as that term is generally defined in the Securities Exchange Act of 1934 as equity securities with a price of less than $5.00. Our shares are subject to rules that impose sales practice and disclosure requirements on broker-dealers who engage in certain transactions involving a penny stock.

Under the penny stock regulations, a broker-dealer selling a penny stock to anyone other than an established customer or “accredited investor” must make a special suitability determination regarding the purchaser and must receive the purchaser’s written consent to the transaction prior to the sale, unless the broker-dealer is otherwise exempt. Generally, an individual with a net worth in excess of $1,000,000 or annual income exceeding $200,000 individually or $300,000 together with his or her spouse is considered an accredited investor.

In addition, under the penny stock regulations the broker-dealer is required to:

	●	Deliver, prior to any transaction involving a penny stock, a disclosure schedule prepared by the Securities and Exchange Commission relating to the penny stock market, unless the broker-dealer or the transaction is otherwise exempt;
	●	Disclose commission payable to the broker-dealer and its registered representatives and current bid and offer quotations for the securities;
	●	Send monthly statements disclosing recent price information pertaining to the penny stock held in a customer’s account, the account’s value and information regarding the limited market in penny stocks; and
	●	Make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser’s written agreement to the transaction, prior to conducting any penny stock transaction in the customer’s account.

Because of these regulations, broker-dealers may encounter difficulties in their attempt to sell shares of our common stock, which may affect the ability of shareholders to sell their shares in the secondary market and have the effect of reducing the level of trading activity in the secondary market. These additional sales practice and disclosure requirements could impede the sale of our securities. In addition, the liquidity for our securities may be adversely affected, with a corresponding decrease in the price of our securities. Our shares are subject to such penny stock rules and our shareholders will, in all likelihood, find it difficult to sell their securities.

Holders

As of ~~February~~May 1720, 2026, based upon records obtained from our transfer agent, there were 397 holders of record of our common stock. Our ~~transfer~~ transfer agent records do not account for other holders of our common stock that are held in street name or by broker dealers as custodian for individual holders of our stock. We have one class of common stock outstanding.

Dividends

We have not declared any cash dividends on our common stock since our inception and do not anticipate paying such dividends in the foreseeable future. We plan to retain any future earnings for use in our business. Any decisions as to future payment of dividends will depend on our earnings and financial position and such other factors as our Board of Directors deems relevant. There are no restrictions contained in our bylaws or otherwise pertaining to our issuing dividends.

Equity Compensation Plans

Securities authorized per issuance under Equity Compensation Plans as of December 31, ~~2024~~2025 and ~~2023~~2024 are as follows:

Equity Compensation Plan Information

	Number of Securities to be issued upon exercise of outstanding options, warrants and rights		Weighted- average exercise price of outstanding options, warrants and rights		Number of Securities Remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a))
Plan category		(a)		(b)		(c)
Equity compensation plans approved by security holders		0		N/A		N/A
Equity compensation plans not approved by security holders		0	$	4.00		6,375
Total		0	$	4.00		6,375

The figures contained in the above chart are composed of our 2003 and 2007 Employee /Consultant Stock Compensation Plans and two (2) option agreements we have with a corporate entity and our former Chairman of the Board/Executive Chairman, as follows. The figures above reflect historical stock compensation plans and option agreements that are no longer active. These disclosures are provided for contextual completeness and do not represent ongoing obligations or current equity arrangements:

2003 Plan

On December 3, 2003, our Board of Directors approved the Employee/Consultant Stock Compensation Plan (the “2003 Plan”). The purpose of the 2003 Plan is to further our growth by allowing us to compensate employees and consultants who have provided bona fide services to us through the award of our common stock. The maximum number of shares of common stock that may be issued under the 2003 Plan is 62,500. As of December 31, ~~2024~~2025 and ~~2023~~2024, we had issued a total of 62,375 shares under the 2003 Plan.

2007 Plan

On June 6, 2007, our Board of Directors approved the 2007 Employee/Consultant Stock Compensation Plan (the “2007 Plan”). The purpose of the 2007 Plan is to further our growth by allowing us to compensate employees and consultants who have provided bona fide services to us through the award of our common stock. The maximum number of shares of common stock that may be issued under the 2007 Plan is 625,000. As of December 31, ~~2024~~2025 and ~~2023~~2024, we had issued a total of 618,750 shares under the 2007 Plan.

Our Board of Directors is responsible for the administration of the 2003 and 2007 Plans and has full authority to grant awards under the Plans. Awards may take the form of stock grants, options or warrants to purchase common stock. The Board of Directors has the authority to determine: (a) the employees and consultants that will receive awards under the Plan, (b) the number of shares, options or warrants to be granted to each employee or consultant, (c) the exercise price, term and vesting periods, if any, in connection with an option grant, and (d) the purchase price and vesting period, if any, in connection with the granting of a warrant to purchase shares of our common stock.

Recent Sales of Unregistered Securities

With respect to the securities issuances described below, no solicitations were made and no underwriting discounts were given or paid in connection with these transactions. The Company believes that the issuance of these securities as described below were exempt from registration with the Securities and Exchange Commission pursuant to Section 4(2) of the Securities Act of 1933.

During ~~February~~May ~~2024~~2025 through December 2025, wethe Company issued 35220,000,000 ~~restricted~~ shares of its common stock to a ~~Note~~service ~~holder~~provider ~~due~~pursuant to ~~the~~a ~~default~~consulting agreement. on220,000,000 ~~repayments~~shares ofhave ~~the~~been ~~promissory~~recorded ~~note~~as common stock to be issued as of ~~$183~~December 31,~~619~~ 2025, as the transfer agent had not ~~amended~~yet incompleted ~~February~~the ~~2022~~issuance process. The shares were valued atbased aon the Company’s trading price on the issuance date, resulting in an aggregate fair value of approximately $330,~~500~~000.

~~During~~In ~~December~~January ~~2024~~2026, the Company ~~entered~~issued ~~into~~60,000,000 ashares ~~settlement~~of ~~agreement~~its ~~with~~common astock ~~vendor~~in toconnection ~~extinguish~~with ~~outstanding~~a ~~accounts~~settlement ~~payable~~agreement. ~~totaling~~The ~~$20,000. Pursuant~~shares towere ~~the~~valued based ~~agreement,~~on the Company’s istrading toprice ~~issue~~on ~~20,000,000~~the ~~shares~~issuance ofdate, ~~its~~resulting ~~common~~in ~~stock~~an inaggregate ~~full~~fair ~~satisfaction~~value of ~~the~~approximately ~~obligation~~$12,000.

In January 2026, the Company issued 60,000,000 shares of its common stock in connection with a settlement agreement. The shares were valued based on the Company’s trading price of $0.0002 per share on the issuance date, resulting in an aggregate fair value of approximately $12,000.

Item 6. Reserved

Not applicable.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation

Critical Accounting Policies and Estimates

In preparing the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), we have adopted various accounting policies. Our most significant accounting policies are disclosed in Note 1 to the consolidated financial statements.

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Our estimates and assumptions, including those related to the ability to continue as a going concern, the recoverability of inventory and long-lived assets, the fair value of stock-based compensation, the fair value of debt, the fair value of derivative liabilities, recognition of loss contingencies and deferred tax valuation allowances are updated as appropriate, which in most cases is at least quarterly. We base our estimates on historical experience, or various assumptions that are believed to be reasonable under the circumstances and the results form the basis for making judgments about the reported values of assets, liabilities, revenues and expenses. Actual results may materially differ from these estimates.

We believe that our critical accounting policies and estimates include our ability to continue as a going concern, revenue recognition, accounts receivable and allowance for doubtful accounts, inventory obsolescence, accounting for long–lived assets and accounting for stock based compensation.

Ability to Continue as a Going Concern: Our ability to continue as a going concern is contingent upon our ability to secure additional financing, increase ownership equity, and attain profitable operations. In addition, our ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered in established markets and the competitive environment in which we operate.

Revenue Recognition: The Company accounts for revenue from contracts with customers in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC Topic 606, revenue recognition has a five-step process: a) Determine whether a contract exists; b) Identify the performance obligations; c) Determine the transaction price; d) Allocate the transaction price; and e) Recognize revenue when (or as) performance obligations are satisfied.

Our revenues are primarily derived from customer orders for the purchase of our products. We recognize revenues as performance obligations are fulfilled upon shipment of products. We record revenues net of promotions and discounts. For certain product sales to a distributor, we record revenue including a portion of the cash proceeds that is remitted back to the distributor.

Accounts Receivable and Allowance for Credit Losses: We grant credit without collateral to our customers based on our evaluation of a particular customer’s credit worthiness. Accounts receivable are due 30 days after the issuance of the invoice. In addition, the Company maintains an allowance for credit losses to reflect the current expected credit losses (“CECL”) over the contractual life of the receivables. Accounts receivable are written off after collection efforts have been deemed to be unsuccessful. Accounts written off as uncollectible are deducted from the allowance for doubtful accounts, while subsequent recoveries are netted against the provision for doubtful accounts expense. We generally do not charge interest on accounts receivable. We use third party payment processors and are required to maintain reserve balances, which are included in accounts receivable.

Our accounts receivable are stated at estimated net realizable value. Accounts receivable are comprised of balances due from customers and third party payment processors, net of estimated allowances for uncollectible accounts. In determining collectability, historical trends are evaluated and specific customer issues are reviewed to arrive at appropriate allowances.

Inventory Obsolescence: Inventories are valued at the lower of cost or net realizable value. We periodically perform an evaluation of inventory for excess, impairments and obsolete items. At December 31, ~~2024~~2025, our inventory consisted entirely of raw materials and finished goods that are utilized in the manufacturing of finished goods. These raw materials generally have expiration dates in excess of 10 years. Commencing on October 1, 2019, we classify inventory as short-term or long-term inventory based on timing of when it is expected to be consumed.

Long-Lived Assets: The carrying value of long-lived assets is reviewed annually and when events or changes in circumstances may suggest impairment has occurred. If indicators of impairment are present, we determine whether the sum of the estimated undiscounted future cash flows attributable to the long-lived asset in question is less than its carrying amount. If less, we measure the amount of the impairment based on the amount that the carrying value of the impaired asset exceeds the discounted cash flows expected to result from the use and eventual disposal of the impaired assets.

Derivative Financial Instrument: Management evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income. For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.

We do not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks.

Convertible Debt: The Company adheres to ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). The update eliminates certain separation models, including the beneficial conversion feature and cash conversion models, so convertible instruments issued after adoption are generally accounted for as a single liability or equity instrument, unless a conversion feature requires separate derivative accounting under ASC 815. ASU 2020-06 also amends diluted EPS guidance.

The Fair Value Measurement Option: We have elected the fair value measurement option for convertible debt with embedded derivatives that require bifurcation, and record the entire hybrid financing instrument at fair value under the guidance of ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”). The Company reports interest expense, including accrued interest, related to this convertible debt under the fair value option, within the change in fair value of convertible notes and derivatives in the accompanying consolidated statements of operations.

Derivative Accounting for Convertible Debt ~~and Options and Warrants~~: The Company evaluated the terms and conditions of the convertible debt under the guidance of ASC 815, Derivatives and Hedging. The conversion terms of some of the convertible notes are variable based on certain factors, such as the future price of the Company’s common stock. The number of shares of common stock to be issued is based on the future price of the Company’s common stock. The number of shares of common stock issuable upon conversion of the debt is indeterminate. Due to the fact that the number of shares of common stock issuable could exceed the Company’s authorized share limit, the equity environment is tainted, and all additional convertible debt ~~and~~is ~~options and warrants are~~ included in the value of the derivative liabilities. Pursuant to ASC 815-15, Embedded Derivatives, the fair ~~values~~value of the convertible debt, ~~options~~ and ~~warrants and~~ shares to be issued were recorded as derivative liabilities on the issuance date and revalued at each reporting period.

Share-Based Compensation: We record share-based compensation in accordance with FASB ASC 718, Stock Compensation. FASB ASC 718 requires that the cost resulting from all share-based transactions are recorded in the financial statements over the respective service periods. It establishes fair value as the measurement objective in accounting for share-based payment arrangements and requires all entities to apply a fair-value-based measurement in accounting for share-based payment transactions with employees. FASB ASC 718 also establishes fair value as the measurement objective for transactions in which an entity acquires goods or services from non-employees in share-based payment transactions.

Accomplishments during ~~2024~~2025 & Subsequent Accomplishments

OnIn ~~March~~October ~~22,~~of ~~2024~~2025, we ~~announced~~expanded ~~that~~our weonline ~~had~~efforts ~~reached~~to include marketing and social media consultants to expand sales of Nyloxin and Pet Pain-Away. This has led to a ~~settlement~~bigger infootprint on Amazon as well as the ~~civil~~placement ~~lawsuit~~of ~~brought~~Pet byPain-Away on Chewy, the ~~SEC~~largest online pet site.

Throughout 2025, we have worked with our auditors and consultants to bring the Company’s financial reporting up to date. That allowed us to file seven reports in 2025 (The annual report for 2022, all reports for 2023 as well as the first two quarters of 2024. To date, we have filed an additional five reports in 2026 (3^rd quarter and annual report for 2024 as well as the first three quarters of 2025).

Results of Operations

Status of Operations

In November 2014, we announced the recertification of our laboratory facility as the first step in re-engaging our drug development activities. In September 2015, we received Orphan designation from the FDA for our lead drug candidate, RPI-78M for the treatment of Pediatric Multiple Sclerosis. This will allow us to shorten the timeline on clinical studies and may allow an eventual Fast Track through the approval process. We are currently working with our consultants to prepare a pre-IND meeting with the FDA in order to gain approval of a protocol for a Phase I/II clinical study in Pediatric MS. Our goal is to begin the study in ~~early~~late 2026.

We estimate that we will require approximately $~~900~~1,500,000 to fund our existing operations over the next twelve months. These costs include: (i) compensation for ~~six~~seven (67) full-time employees; (ii) compensation for various consultants who we deem critical to our business; (iii) product liability insurance; and (iv) outside legal and accounting services. These costs reflected in (i) – (iv) do not include research and development costs or other costs associated with clinical studies.

We began generating revenues from the sale of Cobroxin in the fourth quarter of 2009 and from the sale of Nyloxin and Nyloxin Extra Strength in January of 2011. We began sales of Pet Pain-Away in December 2014. We began selling private label versions of our OTC products in 2021. While sales have increased year over year, they have been limited and inconsistent. Our ability to meet our future operating expenses is highly dependent on the amount of such future revenues. If future revenues from the sale of our private label products, Nyloxin and Pet Pain-Away are insufficient to cover our operating expenses we may need to raise additional equity capital, which could result in substantial dilution to existing shareholders. There can be no assurance that we will be able to raise sufficient equity capital to fund our working capital requirements on terms acceptable to us, or at all. We may also seek additional loans from our officers and directors; however, there can be no assurance that we will be successful in securing such additional loans.

Comparison of Years Ended December 31, ~~2024~~2025 and ~~2023~~2024

Net sales to unrelated customers were $~~246~~257,~~309~~612 for the year ended December 31, ~~2024~~2025, compared to $~~205~~246,~~564~~309 for the year ended December 31, ~~2023—~~2024, representing an increase of $4011,~~745~~303, or approximately 194.8259%. The increase was primarily driven by ~~higher~~growth in private label ~~customer~~customers and higher order volumes ~~and the timing of orders~~ during ~~2024~~2025.

Net sales to a related party were $~~145~~127,~~841~~695 for the year ended December 31, ~~2024~~2025, compared to $~~389~~145,~~316~~841 for the year ended December 31, ~~2023—a~~2024, representing a decrease of $~~243~~18,~~475~~146, or approximately 6212.5444%. ~~There~~The isdecrease awas ~~decline~~primarily inattributable to reduced sales tovolume ~~Avini,~~and aspricing during ~~Avini~~the ~~has~~current ~~begun~~year ~~manufacturing~~compared ~~its~~to ~~own~~the ~~products~~prior-year period.

Cost of sales for the year ended December 31, ~~2024~~2025 is $84183,~~827~~679 compared to $~~177~~84,~~525~~827 for the year ended December 31, ~~2023~~2024. Our cost of sales includes the direct costs associated with manufacturing, shipping, ~~and~~ handling costs, and inventory quality control personnel salaries. Our ~~Gross~~gross profit margin for the year ended December 31, ~~2024 was~~2025 is $~~247~~196,~~323,~~628 ~~representing~~or ~~a gross margin of 63~~51.0703%, compared to $~~396~~247,~~455,~~323 or 6663.6407%, for the year ended December 31, ~~2023~~2024. ~~The~~This ~~year-over-year decline in~~ gross margin ~~was~~includes ~~primarily~~reserves ~~attributable~~of to$5,000 in the ~~recognition~~current ofyear aand $60,000 ~~reserve~~in the prior-year quarter for undelivered venom and slow-moving inventory ~~during~~. ~~2024~~Excluding the reserve, ~~compared~~gross tomargin afor ~~$20,900~~the ~~reserve~~current ~~recorded~~year inwould ~~2023~~be 52.36% ~~Excluding~~compared ~~the~~to ~~impact~~78.37% offor ~~these~~the prior-year ~~reserves~~period, ~~gross~~with ~~margin~~the ~~would~~variance ~~have~~primarily ~~increased~~ attributable to ~~78.37%~~the inaddition ~~2024~~of ~~from~~inventory ~~70.16%~~quality incontrol ~~2023~~personnel costs, ~~reflecting~~higher ~~lower~~ manufacturing costs ~~associated~~related ~~with~~to ~~reduced~~private ~~sales~~label ~~volumes~~product sales to aunrelated ~~related~~parties, ~~party beginning~~as inwell ~~the~~as ~~third~~pricing ~~quarter~~changes ofin ~~the~~related ~~prior~~party ~~year~~sales.

~~Selling,~~Operating ~~general and administrative~~ expenses ~~decreased~~increased by $52533,~~225~~222, or 447.4337%, from $1,~~177~~125,~~969~~744 for the year ended December 31, ~~2023~~2024 to $1,~~125~~658,~~744~~966 for the year ended December 31, ~~2024~~2025. The ~~decrease~~increase iswas primarily ~~due~~attributable to ~~reductions~~a in$52,800 ~~certain~~increase ~~payroll~~in ~~and~~the ~~office-related~~allowance ~~costs~~for ~~under~~credit ~~the~~losses ~~new~~recorded during ~~arrangement~~2025, ~~with~~higher ~~Avini~~consulting fees related to general business advisory services, asincreased ~~well~~payroll asand ancompensation-related ~~overall~~expenses associated ~~decline~~with inexpanded ~~legal~~operational activities, and professional fees ~~following~~incurred ~~the~~in ~~settlement~~connection ofwith the Company’s ~~major~~resumption ~~lawsuit in~~of ~~late~~SEC ~~March~~filing ~~2024.~~activities, ~~These decreases were~~ partially offset by ~~increased~~a ~~compensation~~decrease ~~related~~in tolegal ~~newly~~fees ~~appointed~~following ~~officers.~~the Insettlement ~~addition,~~of ~~we incurred~~the ~~bad~~SEC ~~debt~~lawsuit. ~~expense~~Consulting offees increased $0by ~~and~~approximately $~~105~~154,~~465~~000, ~~from~~payroll ~~the~~increased ~~receivables~~by ~~from~~approximately ~~companies~~$75,000, ~~controlled~~and professional fees increased by ~~the~~approximately $367,000, ~~Company’s~~partially ~~former~~offset ~~CEO~~by ~~for~~a ~~the year~~decrease ~~ended~~in ~~December~~legal ~~31,~~fees ~~2024~~of ~~and~~approximately ~~2023~~$130,000, ~~respectively~~among other changes.

Other income was $~~103~~58,~~450~~750 and $73103,~~061~~450 for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively. AAmounts ~~portion~~attributable ~~of other income relates~~ to the ~~amortization~~ amortization of debt discounts on convertible notes receivable, ~~which~~were ~~totaled~~ $3,~~450~~750 and $3,~~031~~450 for the ~~year~~years ended December 31, ~~2024~~ 2025 and ~~2023~~2024, respectively. $50,000 ~~For~~and ~~2023~~$100,000 of other income ~~primarily~~was ~~includes~~recognized ~~$39,667~~under ~~from~~a ~~the~~short-term ~~gain~~research onand ~~sale~~development ofservices ~~equipment~~contract ~~and~~during ~~$30,363~~the ~~related~~years ~~to services~~ended ~~rendered~~December in31, ~~exchange~~2025 ~~for~~and a2024, ~~convertible note receivable~~respectively. The ~~significant~~remaining ~~higher~~$5,000 ~~amount~~relates ofto ~~other~~a ~~income~~one-time ~~recognized~~related-party inreimbursement ~~2024~~for ~~was~~shared ~~attributable~~equipment tousage ~~income~~recognized ~~earned~~in ~~under~~the asecond ~~short-term~~quarter ~~research~~of ~~and development services contract~~2025.

Interest expense, including related party interest expense, ~~decreased~~increased $76116,~~191~~492 or 1936.0600%, from $~~399~~323,~~759~~568 for the year ended December 31, ~~2023~~2024 to $~~323~~440,~~568~~060 for the year ended December 31, ~~2024~~2025. This ~~decrease~~increase was primarily due to aan ~~decrease~~increase in amortization of loan discounts in the year ended December 31, ~~2024~~2025 compared to the year ended December 31, ~~2023~~2024.

We carry certain of our debentures ~~and common stock warrants~~ at fair value. Due to the fact that the number of shares of common stock issuable could exceed the Company’s authorized share limit, the equity environment is tainted, and all additional convertible debt, ~~options and~~is ~~warrants are~~ included in the value of the derivative liabilities. For the years ended December 31, ~~2024~~2025 and ~~2023~~2024, the liability related to these hybrid instruments fluctuated, resulting in a loss of $~~220~~257,~~902~~270 and $~~187~~220,~~829~~902, respectively. Interest expense ~~related~~on to these debentures is included in the change in fair value ~~loss~~of convertible notes and derivatives in the accompanying consolidated statements of operations.

Gain on settlement of debts, accrued expense and vendor payable increased $2519,~~628~~748 or ~~314~~58.4546%, from a gain of $833,~~150~~778 for the year ended December 31, ~~2023~~2024 to a gain of $3353,~~778~~526 for the year ended December 31, ~~2024~~2025. ~~This~~The ~~increase~~higher gain in 2025 was primarily attributable to a debt settlement executed during the second quarter. In contrast, the gain ~~was~~recognized in the 2024 period primarily ~~due~~resulted tofrom ~~more~~settlements ~~outstanding~~through ~~obligations~~the ~~being~~issuance ~~settled~~of common stock in the ~~year~~first ~~ended~~quarter ~~December~~of 312024, ~~2024~~with ~~compared~~the toamount ~~the~~of ~~same~~gain ~~period~~influenced by fluctuations in ~~2023~~the Company’s stock price, as well as a gain on settlement of vendor payable recorded during the fourth quarter of 2024.

As a result of the foregoing, our net loss ~~decreased~~increased by $~~107~~761,~~693~~729 or 759.7325%, from net loss of $1,~~393~~285,~~356~~663 for the year ended December 31, ~~2023~~ 2024 to a net loss of $12,~~285~~047,~~663~~392 for the year ended December 31, ~~2024~~2025.

For the year ended December 31, ~~2024~~2025, net cash used in operating activities was approximately $01.4216 million, compared to approximately $0.5542 million for the year ended December 31, ~~2023~~2024, representing an ~~improvement~~increase ~~of approximately $0.13 million year over year. The decrease~~ in cash used ~~in operations was primarily attributable to favorable changes in working-capital accounts during 2024 and increased deferrals~~ of ~~officer~~approximately ~~compensation, as well as higher non-cash adjustments. Significant non-cash adjustments in 2024 included a~~ $0.2274 million ~~non-cash loss~~year ~~related~~over to the change in fair value of convertible notes, $0.13 million of amortization of loan discounts, $0.08 million of amortization of operating lease right-of-use assets, $0.06 million increase in the reserve for supplier advances, and $0.01 million of depreciation expense, partially offset by a $0.03 million gain on settlement of outstanding obligations. In addition, working-capital changes during 2024 included decreases in inventory, as well as increases in accounts payable and accrued expenses reflecting the deferral of certain vendor and officer payments, increase in deferred revenue and related-party payables. These favorable movements were partially offset by increases in other receivables, prepaid expenses, and operating lease obligation payments. Collectively, these changes reduced the amount of cash used in operating activities compared with the prior year.

The increase in cash used in operating activities was primarily attributable to less favorable changes in working capital during 2025 compared to the prior year, partially offset by higher non-cash adjustments. In 2025, working capital changes resulted in a net cash outflow of approximately $0.21 million, compared to a net cash inflow of approximately $0.39 million in 2024, reflecting a year-over-year unfavorable variance of approximately $0.18 million, largely attributable to higher consulting and professional fees. In 2025, non-cash adjustments totaled approximately $0.67 million, compared to approximately $0.47 million in 2024. The increase was primarily driven by $0.05 million of change in allowance for credit loss, $0.29 million of amortization of loan discounts, $0.26 million related to the change in fair value of convertible notes and derivatives, and $0.09 million of amortization of operating lease right-of-use assets. Additional non-cash items included $0.03 million of stock-based compensation and $0.01 million of depreciation, partially offset by a $0.05 million gain on settlement of debt and accrued expenses. Collectively, these factors led to higher cash used in operating activities in 2025 compared to 2024.

~~Net~~For ~~cash provided by investing activities was approximately $0.04 million for~~ the year ended December 31, ~~2024~~2025, ~~compared~~net tocash ~~approximately $0.12~~used ~~million~~in ~~for~~investing ~~the~~activities ~~year~~was ~~ended~~approximately ~~December~~$0.05 31million, ~~2023. The decrease~~ primarily ~~reflects~~consisting ~~the~~of ~~absence~~$0.03 million of ~~proceeds~~purchases ~~from~~of ~~the~~property ~~sale~~and of equipment and ~~StemSation stock in 2024. Investing cash flows in 2024 consisted mainly of~~ $0.0403 million of ~~repayments~~advances on convertible notes receivable. Unlike the prior year, ~~partially~~there ~~offset~~were byno ~~approximately~~repayments ~~$0.001~~on ~~million~~convertible ofnotes ~~new~~receivable ~~advances~~in 2025.

For the year ended December 31, ~~2024~~2025, net cash provided by financing activities was approximately $01.4219 million,. ~~compared~~Financing toinflows ~~approximately~~were primarily driven by $01.4305 million inof ~~the~~proceeds ~~prior~~from ~~year~~convertible notes, $0.55 ~~Financing~~million ~~cash~~of ~~inflows~~advances infrom ~~both~~the ~~periods~~Company’s ~~were~~former ~~primarily~~CEO ~~attributable~~and toan ~~proceeds~~entity majority ~~from~~controlled ~~convertible~~by ~~notes~~ him, and ~~borrowings~~$0.11 ~~under~~million from other notes payable, ~~including~~partially ~~advances~~offset ~~from~~by ~~related~~$0.29 ~~parties~~million of repayments of other notes payable, ~~partially~~$0.20 ~~offset~~million byof repayments of officer loans, and $0.04 million of repayments of convertible notes. Overall, ~~and~~financing ~~other~~activity in ~~notes~~2025 ~~payable.~~reflects ~~The~~a ~~slight~~significant ~~decrease~~increase in ~~financing~~capital ~~cash~~raising ~~inflows~~through ~~during~~convertible ~~2024~~debt ~~reflects~~compared ~~reduced~~to ~~borrowing~~the ~~activity~~prior ~~compared~~year, which was the primary ~~with~~source ~~2023~~of liquidity during 2025.

Liquidity and Capital Resources

During December 31, ~~2024~~2025 and ~~2023~~2024, respectively, we had negative cash from operations of approximately $01.4216 million and $0.5542 million. Our lack of cash, significant losses and working capital deficits and stockholders’ deficits raise substantial doubt about our ability to continue as a going concern. For the years ended December 31, ~~2024~~2025 and ~~2023~~2024, we have experienced net loss of $12,~~285~~047,~~663~~392 and a net loss of $1,~~393~~285,~~356~~663, respectively, and had an accumulated deficit of $7678,~~231~~278,~~137~~529 for the period from our inception to December 31, ~~2024~~2025. In addition, we had working capital and stockholders’ deficits at December 31, ~~2024~~2025 of $1416,~~892~~813,~~355~~637 and $1416,~~807~~825,~~914~~306, respectively.

Our ability to continue as a going concern is contingent upon our ability to secure additional financing, increase ownership equity and attain profitable operations. In addition, our ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered in established markets and the competitive environment in which we operate.

As of December 31, ~~2024~~2025, we had $3612,~~447~~181 in cash and owed approximately $45.9910 million in vendor payables and accrued expenses. We currently do not have sufficient cash to sustain our operations for the next 12 months and will require additional financing or an increase in sales in order to execute our operating plan and continue as a going concern. Our plan is to continue to increase sales of our products and attempt to secure adequate funding to bridge the commercialization of our Nyloxin and Pet Pain-Away products. We cannot predict whether additional financing will be in the form of equity, debt, or another form and we may be unable to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all. In the event that these financing sources do not materialize, or that we are unsuccessful in increasing our revenues and profits, we may be unable to implement our current plans for expansion, repay our obligations as they become due or continue as a going concern, any of which circumstances would have a material adverse effect on our business prospects, financial condition and results of operations.

~~Historically,~~Current ~~we have relied upon loans from our former Chief Executive Officer, Rik J Deitsch, to fund costs associated with our~~ operations. ~~These loans~~ are ~~unsecured,~~primarily ~~accrue~~being ~~interest~~funded atthrough a ~~rate~~combination of ~~4.0%~~product ~~per annum and are due on demand. At December 31~~sales, ~~2024,~~promissory ~~the~~notes ~~balance due to Rik Deitsch, the Company’s former CEO,~~ and ~~the~~convertible ~~companies majority owned and controlled by him (collectively referred to as “Due to Officer”) in the aggregate is $986,264, which balance is unsecured and accruing interest at 4%~~notes. During the year ended December 31, ~~2024~~2025, in the ~~aggregate,~~Company weraised ~~repaid~~ $~~206~~1,~~982 and were advanced $530~~051,~~396~~805 ~~on this balance. Additionally, accrued interest on the outstanding balance was $12,579 and is included in the due to officer account. The Company had fully reserved receivables~~ from ~~companies owned by~~ the ~~Company’s~~issuance ~~former~~of ~~CEO.~~convertible ~~The~~notes ~~reserve~~and ~~was~~ $~~177~~112,~~261~~650 asfrom ofpromissory ~~December 31, 2024~~notes. ~~No bad debt expense was recorded for the year ended December 31, 2024.~~

~~During~~Historically, ~~the~~we ~~year~~have ~~ended~~relied ~~December~~upon 31loans from our former Chief Executive Officer, ~~2024~~Rik J Deitsch, weto ~~raised~~fund ~~net~~costs ~~cash~~associated ~~proceeds~~with our operations. As of December ~~$229~~31,~~000~~ ~~and~~2025, the outstanding balance was $~~212~~1,~~390~~339,794, ~~through~~consisting ~~the~~entirely ~~issuance~~ of ~~convertible~~amounts ~~notes~~due to companies majority-owned and controlled ~~promissory~~by ~~notes~~this officer, ~~respectively.~~and ~~Current~~is ~~operations~~non-interest ~~are~~bearing. ~~being~~During ~~funded~~the ~~through~~year aended ~~combination~~December of31, ~~product sales~~2025, ~~loans~~the ~~from~~Company ~~our~~repaid ~~former~~an ~~CEO~~ aggregate of $199,637 and received ~~convertible~~advances ~~notes~~totaling $552,504.

Uncertainties and Trends

Our operations and possible revenues are dependent now and in the future upon the following factors:

● Whether we successfully develop and commercialize products from our research and development activities. ● If we fail to compete effectively in the intensely competitive biotechnology area, our operations and market position will be negatively impacted. ● If we fail to successfully execute our planned partnering and out-licensing of products or technologies, our future performance will be adversely affected. ● The recent economic downturn and related credit and financial market crisis may adversely affect our ability to obtain financing, conduct our operations and realize opportunities to successfully bring our technologies to market. ● Biotechnology industry related litigation is substantial and may continue to rise, leading to greater costs and unpredictable litigation. ● The decline in sales to Avini, as Avini has begun manufacturing its own products. This shift is expected to reduce our revenues going forward and may require us to develop new customer relationships or product lines to offset the reduction. ● If we fail to comply with extensive legal/regulatory requirements affecting the healthcare industry, we will face increased costs, and possibly penalties and business losses.

Off-Balance Sheet Arrangements

We have not entered into any transaction, agreement or other contractual arrangement with an entity unconsolidated with us under whom we have:

	●	An obligation under a guarantee contract.
	●	A retained or contingent interest in assets transferred to the unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to such entity for such assets.
	●	Any obligation, including a contingent obligation, under a contract that would be accounted for as a derivative instrument.
	●	Any obligation, including a contingent obligation, arising out of a variable interest in an unconsolidated entity that is held by us and material to us where such entity provides financing, liquidity, market risk or credit risk support to, or engages in leasing, hedging or research and development services with us.

We do not have any off-balance sheet arrangements or commitments that have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material, other than those which may be disclosed in this Management’s Discussion and Analysis of Financial Condition and the audited Consolidated Financial Statements and related notes.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Not applicable. We have no investments in market risk sensitive instruments or in any other type securities.

Item 8. Financial Statements and Supplementary Data

The information required by this item begins on page F-1 and is attached hereto and incorporated herein by reference. The index to our annual consolidated financial statements as of and for the years ended December 31, ~~2024~~2025 and ~~2023~~2024 can be found under Item 15.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

In 2024, the Company appointed Astra Audit and Advisory (“Astra”) as its independent auditor following a routine evaluation of audit services. The change reflects the Company’s focus on maintaining rigorous financial oversight. The Company expresses its gratitude to Rotenberg Meril Solomon Bertiger & Guttilla, P.C. (“RotenbergMeril”), which served as auditor for the 2021 annual audit and 2022 interim reviews for their contributions.

Item 9A. Controls and Procedures

Section 1.

Evaluation of Disclosure Controls and Procedures:

As of December 31, ~~2024~~2025, we carried out an evaluation under the supervision and the participation of our Chief Executive Officer/Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of December 31, ~~2024~~2025, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (“Exchange Act”). Based on that evaluation, our management, including our Chief Executive Officer/Chief Financial Officer, concluded that, because of the material weaknesses in internal control over financial reporting discussed in Management’s Report on Internal Control Over Financial Reporting below, our disclosure controls and procedures were not effective, at a reasonable assurance level, as of December 31, ~~2024~~2025. In light of this, we performed additional post-closing procedures and analyses in order to prepare the Consolidated Financial Statements included in this report. As a result of these procedures, we believe our Consolidated Financial Statements included in this report present fairly, in all material respects, our financial condition, results of operations and cash flows for the periods presented. A control system cannot provide absolute assurance, however, that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, with the company have been detected.

Section 2.

Management’s Annual Report on Internal Control over Financial Reporting

During its evaluation of the effectiveness of internal control over financial reporting as of December 31, ~~2024~~2025, our management concluded that its material weaknesses in its internal controls over financial reporting include matters pertaining to: (a) lack of qualified accounting personnel; (b) inadequate segregation of duties; (c) the need to enhance the supervision, monitoring and reviewing of financial statement preparation processes due to lack of qualified accounting personnel; and (d) instances of business arrangements and transactions, with both related and unrelated parties, that were not supported by formal written agreements.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is the process designed by and under the supervision of our Chief Executive Officer/Chief Financial Officer, or the persons performing similar functions, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements for external reporting in accordance with accounting principles generally accepted in the United States of America. Management has evaluated the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO-2013) in Internal Control over Financial Reporting - Guidance for Smaller Public Companies. Under the supervision and with the participation of our Chief Executive Officer/Chief Financial Officer, our management has assessed the effectiveness of our internal control over financial reporting as of December 31, ~~2024~~2025 and concluded that it is ineffective because of the material weaknesses. These identified material weaknesses included (i) an insufficient accounting staff; (ii) inadequate segregation of duties; (iii) limited checks and balances in processing cash and other transactions; and (iv) lack of independent directors and an independent audit committee.

To remedy these weaknesses, when financially able, we plan to supplement our accounting staff with additional experienced financial professionals, redefining and realigning responsibilities and by defining additional controls, reporting processes and procedures to address the accounting requirements and disclosures, and engage independent directors and a qualified independent audit committee.

In addition, until we locate and engage appropriate accounting personnel, we will engage third party consultants to assist in accounting for complex transactions and disclosures.

The material weaknesses discussed above will not be considered remediated until the necessary personnel have been engaged and the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or 15d-15 under the Exchange Act that occurred during the year ended December 31, ~~2024~~2025 that have materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

In conjunction with Item 9A above (Evaluation of Internal Controls over Financial Reporting) and following our management’s ~~assessment~~ assessment and conclusion that our internal control over financial reporting as of December 31, ~~2024~~2025 is ineffective, because of the material weaknesses described above, we are seeking a new Chief Financial Officer pending funding. None

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

None.

PART III

Item 10. Directors and Executive Officers and Corporate Governance

Directors and Executive Officers

Our Board of Directors elects our executive officers annually. Directors are elected to hold office until the next annual meeting. A majority vote of the directors who are in office is required to fill vacancies of our Board of Directors not caused by removal. Each director, including a Director elected to fill a vacancy, will hold office until the expiration of the term for which the Director was elected and until a successor has been elected. Our directors and executive officers are as follows:

Listed below are our executive officers and directors as of ~~March~~May ~~2024~~20, ~~prior to the settlement with SEC.~~2026

Name	Age	Position with the Company	Director Since
Rik J. Deitsch	57	Chairman, President and Chief Executive Officer (2)	2002
Michael Flax, DDS	72	Chairman, President and Chief Executive Officer	2024
Stewart Lonky, M.D.	7679	Director (1)	2004
Garry R. Pottruck	6669	Director (1)	July 2009
Dale Vanderputten	6366	Chief Scientific Officer	August 2016

(1) Dr. Lonky and Garry R. Pottruck are members of our Audit Committee and Compensation Committee.

(2) Subsequent to the settlement with the SEC in March of 2024, Rik J Deitsch resigned as our Chairman, CEO and CFO, and was replaced by Michael Flax, DDS. We also named Joe Lucas as our VP of Operations. Listed below are our executive officers and directors as of February 17, 2026

Name	Age	Position with the Company	Director Since
Michael Flax, DDS	71	Chairman, President and Chief Executive Officer	2024
Stewart Lonky, M.D.	78	Director (1)	2004
Garry R. Pottruck	68	Director (1)	July 2009
Dale Vanderputten	65	Chief Scientific Officer	August 2016

(1) Dr. Lonky and Garry R. Pottruck are members of our Audit Committee and Compensation Committee.

Rik J. Deitsch has been our President, Chief Executive Officer and a Director since November 7, 2002 and our Chairman of the Board from December 15, 2003 until June 1, 2005 and from April 1, 2006 to March 2024. Mr. Deitsch served as our Chief Financial Officer from November 2002 until March 2012 and from September 2012 to March 2024. From February 1998 through November 2002, Mr. Deitsch served as the President of NDA Consulting Inc., a biotechnology research group that provided consulting services to the pharmaceutical industry. NDA Consulting specializes in the research of peptides derived from Cone Snail venom and Cobra venom. In October 1999, Mr. Deitsch founded Wellness Industries, a private corporation that provides formulations, research and education in the dietary supplement industry. Research conducted by Rik J Deitsch provided some of the beginning fundamentals for the development of drugs being studied for the treatment of cancer and intractable pain. Mr. Deitsch has prepared several papers and posters on rational drug design using computer simulations. Mr. Deitsch received a B.S. in Chemistry and an M.S. in Biochemistry from Florida Atlantic University in June 1997 and December 1999, respectively. Throughout 1999 and 2000, he conducted research for the Duke University Medical School Comprehensive Cancer Center. Mr. Deitsch has served as an adjunct professor and has taught several courses for Florida Atlantic University’s College of Business and Continuing Education Department. Mr. Deitsch also teaches physician CME courses internationally, lecturing on lifestyle choices in the prevention and treatment of chronic disease states. He is the co-author of two books: Are You Age-Wise, a book that reviews current research in healthy aging as it relates to lifestyle choices and supplementation and Invisible Killers, a book that outlines our exposure to environmental toxins.

Michael Flax, D.D.S., M.S., P.A. has been our Chairman, Chief Executive ~~Office~~Officer, and Chief Financial Officer since March 19, 2024. Dr. Flax is is a Diplomate of the American Board of Endodontics, a member of the American Association of Endodontics, and a Fellow of the American ~~College~~ College of Dentists. He has several research papers and presentations including work on the solubility and biocompatibility of calcium hydroxide-containing root canal sealer as well as investigations into anaerobic bacteria in periapical lesions of human teeth. He also worked in medical devices and developed adhesives for pipettes during autoclave procedures. Dr. Michael Flax holds a certificate from the University of Pennsylvania School of Dental Medicine in Endodontics, 1986, a D.D.S. from Georgetown University Dental School, 1981, an M.S. in chemistry from St. John’s University, 1977, and a B.A. major in chemistry, minor in engineering from Miami University in Oxford, Ohio. He is licensed to practice dentistry in the states of Florida, Maryland, New York, Pennsylvania, and the District of Columbia.

Dr. Stewart Lonky has been our director since November 5, 2004. Dr. Lonky was a co-founder of the Trylon Corporation, a medical device firm located in Torrance, California, and served as its Chief Medical Officer from 1990-2005. Trylon Corporation developed diagnostic products for the early diagnosis of cervical and oral cancer, and in connection with that Dr. Lonky’s responsibilities included product development, the direction of clinical research and interacting with regulatory agencies, including the U.S. Food and Drug Administration (FDA). In these roles he was instrumental in successfully bringing a number of products to the medical marketplace. He has continued to be engaged in both clinical and biochemical research, and has published research articles in the peer-reviewed literature in the areas of cervical cancer and cellular pathophysiology. Since 2005, Dr. Lonky has held an advisory position with another medical device company, Histologics, LLC. Dr. Lonky has been a practicing physician in the Los Angeles Area since 1982. He is Board Certified in Internal Medicine, Pulmonary Medicine, and Critical Care Medicine. Prior to entering practice, Dr. Lonky served as a full-time faculty member at the University of California, San Diego in the Department of Medicine, Pulmonary Division, where he was engaged in research in the biochemistry of lung injury. He was a National Institutes of Health (NIH) Postdoctoral Fellow from 1974-77. He has published over twenty articles and abstracts in the peer-reviewed literature during that time, and authored two book chapters.

Garry Pottruck became our Director and Chairman of our Audit and Compensation Committees in July 2009. Since January 2011, Mr. Pottruck has been employed as a tax principal at the CPA firm of Blum and Blum. From 1997 through 2011, he was partner in the certified public accounting firm, Friedberg and Pottruck, PA, and its successor firm, located in Deerfield Beach, FL. Mr. Pottruck held financial executive positions with several companies, both public and private, from 1984 through 1994. Prior to 1984, Mr. Pottruck worked for public accounting firms after graduating with a B.S. Degree in Accounting from the C.W. Post School of Professional Accountancy at Long Island University in 1979. He is currently licensed as a Certified Public Accountant in Florida.

Dale Vanderputten, PhD became our Chief Scientific Officer on July 27, 2016. Dr. Vanderputten has been CEO and CSO of the biotechnology company Omnia Biologics, Inc., headquartered in Rockville, MD since 2003. From 1999 through 2003 he was COO and CSO of cancer gene therapy company DirectGene, Inc., headquartered in Annapolis, MD. Dr VanderPutten has held scientific and technology development positions in government, academia and industry from 1980 through 1999 including at the National Institutes of Health, University of Maryland, and Proteome Sciences, plc. Dr. VanderPutten received a Bachelor of Sciences degree in Biology and Chemistry from the American University in Washington, DC in 1982, a PhD in Genetics from the George Washington University in 1993 and an MBA from the University of Maryland in 1996. He did his doctoral and post-doctoral training in molecular neuro-biology at the National Institutes of Health. Dr. Vanderputten will begin his tenure as CSO by taking over Nutra Pharma’s clinical product development. RPI-78M, the Company’s therapy for Multiple Sclerosis, received Orphan Designation from the FDA for the treatment of Juvenile Multiple Sclerosis in September 2015. Dr. Vanderputten will work with our researchers and regulators to move RPI-78M through the clinical process for an eventual approval or licensing.

Section 16(a) Compliance of Officers and Directors

As of ~~February~~May 1720, 2026, based on our review of Forms 3, 4, 5, and Schedule 13D furnished to us during the last fiscal year, all of our officers and directors filed the required reports.

Corporate Governance

a. Committees

(i) Audit Committee

On November 5, 2004, our Board of Directors established an Audit Committee. An audit committee charter was approved by the Board on ~~October~~ October 14, 2012. Mr. Pottruck became the Chairman/Member of the Audit Committee as of July 29, 2009. Dr. Lonky also serves on the Audit Committee. During our ~~2024~~2025 Fiscal Year, our Audit Committee did not meet ~~in 2024~~. With the resumption of the Company’s reporting, the audit committee met prior to the filing of each of the ~~2024~~2025 quarterly reports to review such reports. The Audit Committee addresses any questions it has to our Board members and officers, and our principal independent accountants.

(ii) Compensation Committee

On November 5, 2004, our Board of Directors established a Compensation Committee. We do not have a Compensation Committee Charter. Dr. Lonky serves on our Compensation Committee and Mr. Pottruck became our Compensation Committee’s Chairman as of July 29, 2009. During our ~~2024~~2025 fiscal year, our Compensation Committee met two times. Our Compensation Committee reviews all salaries, expenses, stock plans, and other compensation paid to our officers, directors, consultants, and others. Our Compensation Committee has not adopted any specific processes or procedures for considering executive and director compensation.

(iii) Nominating Committee

We do not have a Nominating Committee or similar committee performing similar functions nor a written Nominating Committee Charter. Our Board of Directors as a whole decides such matters, including those that would be performed by a standing nominating committee. We have not yet adopted a nominating committee because we have not sufficiently developed revenue-generating operations. We do not currently have any specific or minimum criteria for the election of nominees to our Board of Directors nor do we have any process or procedure for evaluating such nominees.

b. Shareholder Communications

Our Board of Directors does not have any defined policy or procedure requirements for our stockholders to send communications to our Board of Directors, including submission of recommendations for nominating directors. We have not yet adopted a process for our security holders to communicate with our Board of Directors because we have not sufficiently developed our operations and corporate governance structure. We have a toll-free number at (877) 895-5647 available on our website for our shareholders to contact us as well as a dedicated email address at [email protected].

c. Board of Director Meetings

We had 43 Board of Directors meetings during our ~~2024~~2025 Fiscal Year. Our corporate actions that were subject to Board approval were accomplished by Board resolutions. We request that all of our Directors attend our Board of Director meetings; however, we have no formal policy regarding their attendance.

d. Annual Shareholder Meetings

We held no annual shareholder ~~meeting~~meetings during ~~2024~~2025.

We request that all of our Directors attend our Annual Shareholder Meetings; however, we have no formal policy regarding their attendance.

e. Code of Ethics

We have a code of ethics that applies to all of our employees including its principal executive officer, principal financial officer and principal accounting officer. A copy of this code is available without charge on our website at www.nutrapharma.com. We intend to disclose any changes in or waivers from our code of ethics by posting such information on our website or by filing a Form 8-K.

Item 11. Executive Compensation

The following table summarizes compensation information for the last two fiscal years for (i) our Chief Executive Officer and (ii) the ~~four~~ most highly compensated executive ~~officers~~officer other than the Chief Executive Officer who ~~were~~was serving as our executive ~~officers~~officer at the end of the fiscal year (collectively, the “Named Executive Officers”).

The following executive compensation disclosure reflects all compensation awarded to, earned by or paid to the executive officers below, for the fiscal years ended December 31, ~~2024~~2025 and ~~2023~~2024.

SUMMARY COMPENSATION TABLE

Name and principal Position	Year		Salary ($)(2)	~~Salary ($)(2)~~		Bonus ($)	~~Bonus ($)~~		Stock Awards ($)	~~Stock Awards ($)~~		Option Awards ($)	~~Option Awards ($)~~		Non- Equity Incentive Plan Compensation ($)	~~Non- Equity Incentive Plan Compensation ($)~~		Nonqualified Deferred Compensation Earnings ($)	~~Nonqualified Deferred Compensation Earnings ($)~~		All Other Compensation ($)	~~All Other Compensation ($)~~		Total ($)	~~Total ($)~~
Michael Flax	2025	~~2024~~		144,000	~~111,097~~		—	—		—	—		—	—		—	—		—	—		—	—		144,000	~~111,097~~
Chief Executive Officer, Chief Financial Officer, President and Chairman of the Board (1)	2024	~~2023~~		111,097	—		—	—		—	—		—	—		—	—		—	—		—	—		111,097	—
Rik Deitsch (1)		2024			n/a																					n/a
Dale Vanderputten	2025			144,000			—			—			—			—			—			—			144,000
Chief Executive Officer, Chief Financial Officer, President and Chairman of the Board (1)		2023			160,000			—			—			—			—			—			—			160,000
Chief Scientific Officer	2024			144,000			—			—			—			—			—			—			144,000
Dale Vanderputten		2024			144,000			—			—			—			—			—			—			144,000
Chief Scientific Officer		2023			144,000			—			—			—			—			—			—			144,000

	(1)	Subsequent to the settlement with the SEC in March of 2024, ~~Rik~~Michael JFlax, ~~Deitsch~~DDS. ~~resigned~~was appointed as our Chairman, CEO and CFO ~~to be replaced by Michael Flax, DDS.~~
	(2)	Represents salary accrued or paid during ~~2024~~2025 and ~~2023~~2024, respectively

The following director compensation disclosure reflects all compensation awarded to, earned by or paid to the directors below for the fiscal years ended December 31, ~~2024~~2025 and ~~2023~~2024.

DIRECTOR COMPENSATION

Name

Fees
Earned

or Paid
in Cash

($)

Stock

Awards

($)

Option

Awards

($)

Non-Equity

Incentive
Plan

Compensation

($)

Nonqualified

Deferred
Compensation

Earnings

($)

All Other

Compensation

($)

Total

($)

Stewart Lonky

Garry Pottruck

Director Compensation

There are no standard arrangements to which directors are compensated for services provided to us. Should we obtain adequate funding or sufficient revenues to justify standard arrangements for director compensation, we will consider whether to adopt such a compensation plan.

Stock Option Grants in Last Fiscal Year

We did not grant incentive and non-qualified stock options in ~~2024~~2025 to any executive officer or director.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following tables sets forth, as of ~~February~~May 1720, 2026, certain information with respect to the beneficial ownership of our common stock by by each stockholder known by us to be the beneficial owner of more than 5% of our common stock and by each of our current directors and executive officers. Each person has sole voting and investment power with respect to the shares of common stock, except as otherwise indicated. Information relating to beneficial ownership of common stock by our principal stockholders and management is based upon information furnished by each person using “beneficial ownership” concepts under the rules of the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days.

Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary beneficial interest. We are unaware of any contract or arrangement that could result in a change in control of our company.

The following table assumes based on our stock records, that there are 7,159,727,214 shares of common stocks and 12,000,000 shares of Series B Preferred Stock issued and outstanding as of ~~February~~May 1720, 2026:

Security Ownership of Management and Beneficial Owners

Name and Address of Director or Executive Officer	Number of Common Shares Beneficially Owned (1)		Percent of Common Shares			Number of Series B Preferred Shares Beneficially Owned (2)		Percent of Preferred Shares			% of Total Votes Held (Common & Preferred) (3)
Michael Flax		343		-	%		0		0	%		<.01	%
Chairman/Chief Executive Officer/President
6400 Park of Commerce Blvd, Suite 1B, Boca Raton, FL
Rik J. Deitsch		48,298,859		0.67	%		12,000,000		100.00	%		62.88	%
Former Chairman/Chief Executive Officer/President
6400 Park of Commerce Blvd, Suite 1B, Boca Raton, FL
Dr. Stewart Lonky		4,755,450		0.07	%		0		0.00	%		0.02	%
Director
12936 Discovery Creek
Playa Vista, CA 90094
Garry Pottruck		17,198,475		0.24	%		0		0.00	%		0.09	%
Director
10768 NW 18 Court
Coral Springs, Florida 33071
Dale Vanderputten, PhD		2,500,000		0.04	%		0		0.00	%		0.01	%
Chief Scientific Officer
7120 Hialeah Ln
Parkland, FL 33067
All executive officers and directors as a group (4) persons		72,753,127		1.02	%		12,000,000		100.00	%		63.00	%
All executive officers and directors as a group (5) persons		72,753,127		1.02	%		12,000,000		100.00	%		63.00	%

(1)	Based upon 7,159,727,214 shares of common stock issued and outstanding as of the Record Date.
(2)	Based upon 12,000,000 shares of Series B Preferred Stock issued and outstanding as of the Record Date.
(3)	Based upon 7,159,727,214 shares of common stock and 12,000,000 shares of Series B Preferred Stock. Each Series B Preferred Stock entitled to 1,000 votes per share or an aggregate of 12,000,000,000 votes.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Due to Officers

At December 31, 2025 and 2024, the balance due to Rik Deitsch, the Company’s former CEO, and the companies majority owned and controlled by by him (collectively referred to as “Due to Officer”) in the aggregate is $1,339,794 and $986,264, ~~which~~respectively. As of December 31, 2025, the balance isconsisted ~~unsecured~~solely ~~and~~of ~~accruing interest~~amounts atdue ~~4%.~~to ~~During~~companies ~~the~~majority ~~year~~owned ~~ended~~and ~~December~~controlled ~~31,~~by ~~2024~~this officer, inas all amounts previously due to the ~~aggregate,~~officer weindividually ~~repaid~~had ~~$206,982~~been ~~and~~fully ~~were~~repaid ~~advanced~~as ~~$530,396~~of onthat ~~this~~date. The balance is unsecured. ~~Additionally,~~ ~~accrued~~A ~~interest~~portion onof the ~~outstanding~~December ~~balance~~31, 2024 balance was ~~$12,579~~accruing ~~and~~interest isat ~~included~~4% inper ~~the~~annum ~~due~~until torepaid ~~officer~~in ~~account~~full. The ~~Company~~remaining ~~had fully~~portion ~~reserved~~is ~~receivables~~non-interest ~~from~~bearing ~~companies~~and ~~owned~~relates byto ~~him.~~amounts ~~The~~due to ~~reserve~~companies ~~was~~majority ~~$177,261~~owned asand ofcontrolled ~~December~~by ~~31, 2024~~him. NoAccrued ~~bad~~interest ~~debt~~is ~~expense~~included ~~was~~in ~~recorded for~~ the ~~year~~“Due ~~ended~~to ~~December~~officer” ~~31,~~balance ~~2024~~on the accompanying consolidated balance sheets.

During the year ended December 31, 2025, in the aggregate, we repaid $199,637 and were advanced $552,504. During the year ended December 31, 2024, in the aggregate, we repaid $206,982 and were advanced $530,396.

Interest expense related to amounts due to the officer was $663 and $3,418 for the years ended December 31, 2025 and 2024, respectively. The Company had fully reserved receivables from companies owned by him. The reserve was $177,261 as of December 31, 2025 and 2024.

During March 2024, upon the appointment of Michael Flax as the Company’s Chief Executive Officer, the Company reclassified convertible notes payable totaling $253,000 with original issuance discounts of $33,000, which were issued during 2021 and 2022, to due to officer. The notes bear a conversion price of $0.0008 per share and have a contractual maturity of one year from their respective funding dates. The notes are currently in default.

At December 31, 2023, the balance due to Rik Deitsch, the Company’s former CEO, and the companies majority owned and controlled by him (collectively referred to as “Due to Officer”) in the aggregate is $659,433, which balance is unsecured and accruing interest at 4%. During the year ended December 31, 2023, in the aggregate, we repaid $162,100 and were advanced $599,500 on this balance. Additionally, accrued interest on the outstanding balance was $9,161 and is included in the due to officer account. The Company had fully reserved receivables from companies owned by the Company’s former CEO. The reserve was $177,261 as of December 31, 2023. The bad debt expense of $105,465 was recorded for the year ended December 31, 2023.

Debt owed to a Director

During 2010 we borrowed $200,000 from one of our directors. Under the terms of the loan agreement, this loan was expected to be repaid in nine months to a year from the date of the loan along with interest calculated at 10% for the first month plus 12% after 30 days from funding. We are in default regarding this loan. The loan is under personal guarantee by Mr. Deitsch. We repaid the principal balance in full as of December 31, 2016. ~~During~~The ~~2021 and 2022, the~~ Company ~~repaid~~paid $65,000 of accrued interest during 2021 and 2022, including $10,000 settled through the issuance of 12,500,000 shares of common stock in ~~2021 in~~ a related-party transaction in 2021, and paid an additional $10,000 of accrued interest during 2025. At December 31, ~~2024~~2025 and ~~2023~~2024, we owed this director accrued interest of $~~189~~202,~~961~~831 and $~~168~~189,~~724~~961, respectively.

Related Party Transactions

The Company acts as a product formulator and contract manufacturer for Avini Health (“Avini”). The Company’s former chief executive officer, who held that position through March 2024, is an owner of Avini and is its chief scientific officer. Following March 2024, this individual assumed the role of Operations Manager of the Company.

~~Commencing~~During inSeptember ~~May 2022~~2023, the sales and manufacturing structure between the Company ~~sublet~~and aAvini ~~portion~~was ofrevised. Avini assumed responsibility for manufacturing its ~~space~~own products, and the Company transferred to Avini ~~under~~certain araw ~~one-year~~materials ~~sublease~~and ~~for~~packaging asupplies ~~monthly~~related ~~rent~~to ofamounts ~~$5,000,~~previously advanced by Avini. In connection with this transition, the ~~first~~Company relocated its operations to a Boca Raton facility leased by Avini. Under this ~~three~~arrangement, ~~months~~the Company uses the facility rent-free., ~~The~~shares space and resources with Avini, and Avini pays all lease ~~was~~and ~~terminated~~office-related expenses. onSales ~~August~~to ~~31,~~Avini ~~2023~~declined beginning in 2024 as Avini manufactures its own products. ~~Beginning~~As ~~September~~a 1result, ~~2023,~~ the Company ~~entered~~benefited ~~into~~from ~~a rent-free~~reduced ~~arrangement~~operating costs and continued access to ~~lease~~manufacturing ~~space~~capabilities ~~from~~for ~~Avini~~its own Nutra Pharma–branded products.

~~During~~As ~~2023~~of December 31, 2024, the Company ~~sold~~had ~~certain~~recorded ~~equipment~~deferred torevenue of $234,757, representing cash received from Avini in advance of performance under prior contractual arrangements, aand ~~related~~accounts ~~party~~receivable of $5,800 related to Avini product sales in ~~connection~~December 2024. In connection with Avini’s ~~assuming~~assumption ~~responsibility~~of ~~for~~manufacturing responsibilities, the ~~manufacturing of~~anticipated ~~its~~reduction ~~own~~in ~~products.~~future ~~The~~revenue ~~equipment~~from ~~had~~Avini, aand ~~carrying~~the ~~amount~~ restructuring of ~~approximately~~the ~~$43~~parties’ commercial relationship,~~900~~ atAvini ~~the~~agreed ~~time~~to forgive a total of ~~sale~~$240,557. The Company ~~received~~accounted ~~proceeds~~for the forgiveness ofas ~~approximately~~a ~~$83~~capital contribution,~~600~~ and the amount was recorded as an increase to Additional Paid-In Capital during 2024.

~~During~~As ~~September~~of ~~2023~~December 31, ~~the~~2025 ~~sales~~ and ~~manufacturing structure between the Company and Avini was revised. Avini assumed responsibility for manufacturing its own products~~2024, ~~and~~ the Company ~~transferred~~recorded toaccounts ~~Avini~~receivable ~~certain~~from ~~raw materials and packaging supplies~~ related toparty ~~amounts~~of ~~previously advanced by Avini. In connection with this transition~~$24,385 ~~the~~and ~~Company relocated its operations to a Boca Raton facility leased by Avini. Under this arrangement~~$5, ~~the Company uses the facility rent-free~~800, ~~shares space and resources with Avini~~respectively, ~~and~~related to Avini ~~pays~~product ~~all lease and office-related expenses~~sales.

~~Sales~~During to2025, Avini ~~declined~~purchased ~~beginning~~certain inraw ~~2024~~materials ason ~~Avini~~behalf ~~manufactures~~of ~~its~~the ~~own~~Company ~~products.~~for Asuse ain ~~result,~~ the ~~Company~~manufacture ~~benefited~~of ~~from~~private ~~reduced~~label ~~operating~~products. These purchases ~~costs~~totaled $37,416 during 2025, and ~~continued~~have ~~access~~been reimbursed to ~~manufacturing~~Avini ~~capabilities~~in ~~for~~full ~~its~~as ~~own~~of ~~Nutra~~December ~~Pharma–branded~~31, ~~products~~2025.

AsDuring ~~of December 31, 2024,~~ the ~~Company~~first ~~had~~quarter ~~deferred revenue~~ of ~~$234,757, representing cash received from Avini in advance of performance under prior contractual arrangements, and accounts receivable of $5,800 related to Avini product sales in December~~ 2024~~. In connection with Avini’s assumption of manufacturing responsibilities~~, the ~~anticipated~~Company ~~reduction~~reclassified ina ~~future~~portion ~~revenue from Avini, and the restructuring~~ of ~~the~~previously ~~parties’~~issued ~~commercial~~convertible ~~relationship,~~debts ~~Avini~~for ~~agreed to forgive~~ a total of $~~240~~253,~~557.~~000 ~~The~~to ~~Company~~due ~~accounted for the forgiveness~~to asofficers aupon ~~capital contribution, and~~ the ~~amount~~appointment ~~was~~of ~~recorded~~Michael Flax as ~~an increase to Additional Paid-In Capital. The transaction had no impact on~~ the ~~Company’s~~Chief ~~consolidated~~Executive ~~statements~~Officer of ~~operations and is reflected as a non-cash financing activity in~~ the ~~consolidated statement of cash flows~~Company.

43As of December 31, 2025 and 2024, we had the following related party balances:

As of December 31, 2024 and 2023, we had the following related party balances:

	December 31, 2025		December 31, 2024
Account receivable – related party, net	$	24,385	$	5,800
Due to officers (See Note 5)		1,592,794		1,239,264
Accrued payroll due to officers		1,854,802		1,641,554
Accrued interest to a related party		202,831		189,961
Additional paid in capital – related party debt forgiveness		-		240,557

	December 31,		December 31,
	2024		2023
Account receivable – related party, net	$	5,800	$	-
Deferred revenue to a related party		-		233,331
Due to officers		1,239,264		659,433
Accrued payroll due to officers		1,641,554		1,373,693
Accrued interest to a related party		189,961		168,724
Additional paid in capital – related party debt forgiveness		240,557		-

For the years ended December 31, 2025 and 2024, we had the following related party transactions:

For the years ended December 31, 2024 and 2023, we had the following related party transactions:

	December 31, 2025		December 31, 2024
Net sales to a related party	$	127,695	$	145,841
Raw materials purchased from a related party		37,416		-
Other income		5,000		-
Interest expense to a related party		22,870		21,237

	December 31, 2024		December 31, 2023
Net sales to a related party	$	145,841	$	389,316
Bad debt expense - related party		-		105,465
Rental income from a related party		-		40,000
Interest expense to a related party		21,237		18,815

The $5,000 recognized during the second quarter of 2025 relates to amounts received from a related party for the shared use of equipment.

These transactions were not conducted at arm’s length and therefore may not reflect the terms that would have been agreed to with an unrelated third party.

4443

Director Independence

Our common stock is quoted on the OTC-Markets; that trading medium does not have director independence requirements. Under Item 407(a) of Regulation S-K, we have adopted the definition of independence used by the NYSE American, which may be found in the guide at (s) 121(A) (2) (2007). This definition states that our Board of Directors must affirmatively determine whether any of our directors have a relationship that would interfere with the exercise of independent judgment in carrying out their responsibilities of a director. Based on this definitional standard, our Board of Directors has determined that none of our Directors are independent.

Item 14. Principal Accountant Fees and Services

Auditor Change in 2024

Audit Fees

The fees billed and to be billed by our current auditor, Astra, for the ~~audits~~audit of our ~~2024~~2025 annual consolidated financial and for the reviews of our ~~2024~~ 2025 interim condensed consolidated financial statements iswas $7789,~~500~~000.

The fees billed and to be billed by our current auditor, Astra, for the ~~audits~~audit of our ~~2021,~~2024 ~~2022 and 2023~~ annual consolidated financial and for the ~~reviews~~ reviews of our ~~2023~~2024 interim condensed consolidated financial statements iswas $~~172~~77,500.

The fees billed by our current auditor, Astra, for the audits of our 2021, 2022 and 2023 annual consolidated financial and for the reviews of our 2023 interim condensed consolidated financial statements was $172,500.

Audit-Related Fees

Audit-related fees represent review of registration statements or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, and the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit or review of our financial statements and are not reported under Audit Fees. No such fees were billed by Astra for ~~2024~~2025 or ~~2023~~2024, respectively.

Tax Fees

No such fees were billed by Astra for ~~2024~~2025 or ~~2023~~2024, respectively.

All Other Fees

No such fees were billed by Astra for ~~2024~~2025 or ~~2023~~2024, respectively.

As of December 31, ~~2024~~2025, the Company did not have a formal documented pre-approval policy for the fees of the principal accountant. The Company has an audit committee which reviewed all fees to the principal accountant. The percentage of hours expended on the principal accountant’s engagement to audit our financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

4544

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) The following Financial Statements are filed as part of this report under Item 7.

Report of Independent Registered Public Accounting Firm (Astra Audit & Advisory, LLC, Tampa, FL)	F-2
Consolidated Balance Sheets as of December 31, 2024 and 2023	F-4
Consolidated Balance Sheets as of December 31, 2025 and 2024	F-3
Consolidated Statements of Operations for the Years Ended December 31, 2024 and 2023	F-5
Consolidated Statements of Operations for the Years Ended December 31, 2025 and 2024	F-4
Consolidated Statements of Changes in Stockholders’ Deficit for the Years Ended December 31, 2024 and 2023	F-6
Consolidated Statements of Changes in Stockholders’ Deficit for the Years Ended December 31, 2025 and 2024	F-5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023	F-7
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024	F-6
Notes to Consolidated Financial Statements	F-87

(b) The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed with the SEC:

Exhibit No.		Description
3.1		Certificate of Incorporation dated February 1, 2000 (incorporated by reference to the Company’s Registration Statement on Form SB-2/A, Registration No. 33-44398, filed on April 6, 2001)
3.2		Certificate of Amendment to Articles of Incorporation dated July 5, 2000 (incorporated by reference to the Company’s Registration Statement on Form SB-2/A, Registration No. 33-44398, filed on April 6, 2001)
3.3		Certificate of Amendment to Articles of Incorporation dated October 31, 2001 (incorporated by reference to the Company’s Registration Statement on Form SB-2/A, Registration No. 33-44398, filed on April 6, 2001)
10.1		Agreement and Plan of Merger dated April 9, 2008 by and among Nutra Pharma Corp., a California corporation (“Nutra Pharma”), NP Acquisition Corporation, a Nevada corporation wholly owned by Nutra Pharma (“Acquisition”), ReceptoPharm, Inc., a Nevada corporation (“Receptopharm”) and the stockholders of Receptopharm (incorporated by reference from Form 8-K filed on April 14, 2008).
10.18		Patent Assignment Agreement dated January 24, 2006 between Nanologix, Inc. and Nutra Pharma Corp. (incorporated by reference from Form 10-K for period ending December 31, 2006)
10.19		International License Agreement between NanoLogix, Inc. and Nutra Pharma Corp. (incorporated by reference from Form 10-K for period ending December 31, 2006)
14.1		Code of Ethics (incorporated by reference from Report on Form 10-K/A filed on May 7, 2004).
20.3		License Agreement between Bio-Therapeutics, Inc. and Nutra Pharma Corp (incorporated by reference from Form 10-KSB for the period ending December 31, 2003)
20.4		Amendment to License Agreement between Bio-Therapeutics, Inc. and Nutra Pharma Corp (incorporated by reference from Form 10-KSB for the period ending December 31, 2003)
21.1		Subsidiaries of the Registrant, Nutra Pharma Corp. (incorporated by reference from Form 10-K for the period ending December 31, 2008)
31.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1		Form 8-K filed on April 14, 2008 under Item 1.01 regarding acquisition of ReceptoPharm, Inc. as Nutra Pharma Corp.’s wholly owned subsidiary and Exhibit 10.1 (April 10, 2008 Agreement and Plan of Merger) attached thereto (incorporated by reference to this Form 10-K for the period ending December 31, 2008).
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

4645

SIGNATURES

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

	NUTRA PHARMA CORP.

	/s/ Michael Flax, DDS
	Michael Flax, Chairman, President, Chief
	Executive Officer, Principal Financial
	Officer, and Principal Accounting Officer

Dated: ~~February~~May 1720, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated.

Signature	Title	Date
/s/ Michael Flax, DDS	Chairman of the Board, President,	~~February~~May 1720, 2026
	Chief Executive Officer,
	Principal Financial Officer,
	Principal Accounting Officer
/s/ Garry R. Pottruck	Director	~~February~~May 1720, 2026
/s/ Stewart Lonky, MD	Director	~~February~~May 1720, 2026

4746

Nutra Pharma Corporation

Consolidated Financial Statements

For the Years ended December 31, ~~2024~~2025 and ~~2023~~2024

Report of Independent Registered Public Accounting Firm (PCAOB ID:6920)	F-2
Consolidated Balance Sheets as of December 31, 2024 and 2023	F-4
Consolidated Balance Sheets as of December 31, 2025 and 2024	F-3
Consolidated Statements of Operations for the Years Ended December 31, 2024 and 2023	F-5
Consolidated Statements of Operations for the Years Ended December 31, 2025 and 2024	F-4
Consolidated Statements of Changes in Stockholders’ Deficit for the Years Ended December 31, 2024 and 2023	F-6
Consolidated Statements of Changes in Stockholders’ Deficit for the Years Ended December 31, 2025 and 2024	F-5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023	F-7
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024	F-6
Notes to Consolidated Financial Statements	F-87

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Nutra Pharma Corporation

Stockholders of Nutra Pharma Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Nutra Pharma Corporation (the Company) as of December 31, ~~2024~~2025 and ~~2023~~2024, and the related consolidated statements of operations, stockholders’ deficit, and cash flows for each of the years in the two-year period ended December 31, ~~2024~~2025, and the related notes and schedules (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

Substantial Doubt about the Company’s Ability to Continue as a Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1, the Company has experienced significant recurring losses from operations, had a significant amount of indebtedness in default, and had significant working capital and stockholders’ deficits. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

3702 W Spruce St #1430 ● Tampa, Florida 33607 ● +1.813.441.9707

F-2

Critical Audit Matters

~~The critical~~ Critical audit matters ~~communicated below~~ are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. ~~The~~We ~~communication of~~determined ~~critical~~that ~~audit~~there ~~matters~~were ~~does~~no ~~not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the~~ critical audit matters ~~below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate~~.

Derivative Accounting for Convertible Debentures

As described in Notes 1, 2 and 8 to the Company’s consolidated financial statements, the Company adheres to ASC 815 for derivatives and hedging. The conversion terms of some of the convertible notes and number of shares of common stock to be issued are variable based on certain factors, such as the future price of the Company’s common stock. The number of shares of common stock issuable upon conversion of the debt is indeterminate. Due to the fact that the number of shares of common stock issuable could exceed the Company’s authorized share limit, the equity environment is tainted, and all additional convertible debt is included in the value of the derivative liabilities.

We identified the Company’s application of the accounting for convertible notes and derivative liabilities as a critical audit matter. The principal considerations for our determination of this critical audit matter related to the high degree of subjectivity in the Company’s judgments in determining the fair value of the derivative liabilities. Auditing these judgments and assumptions by the Company involves auditor judgment due to the nature and extent of audit evidence and effort required to address these matters.

The primary procedures we performed to address these critical audit matters included the following:

● Reviewed agreements for all relevant terms.

● Tested management’s identification and treatment of agreement terms.

● Recalculated management’s fair value based on the terms in the agreements, including evaluating and testing the inputs and methodologies used in those calculations.

● Recalculated the total derivative liability.

● Assessed the terms and evaluated the appropriateness of management’s application of their accounting policies.

Astra Audit & Advisory

We have served as the Company’s auditor since 2024.

Tampa, Florida

~~February 17~~May 20, 2026

~~F-3~~3702 W Spruce St #1430 ● Tampa, Florida 33607 ● +1.813.441.9707

F-2

NUTRA PHARMA CORP.

Consolidated Balance Sheets

	December 31,			December 31,
	December 31, 2025			December 31, 2024
	2024			2023
ASSETS
Current assets:
Cash	$	3612,~~447~~181		$	-36,447
Accounts receivable		2326,~~755~~060			2223,~~433~~755
Accounts receivable - related party, net		524,~~800~~385			-5,800
Accounts receivable		524,~~800~~385			-5,800
Inventory, current portion		1719,~~696~~535			1917,~~544~~696
Other receivable		28133,906			528,~~000~~906
Convertible notes receivable, net of discount		130,~~750~~500			61,~~600~~750
Receivable from sale of Stemsation stocks		52,800			35,200
Receivable from sale of Stemsation stocks, net		-			52,800
Investment in Stemsation stocks		17,600			3517,~~200~~600
Settlement receivables		160,084			160,084
Prepaid expenses and other current assets		2935,~~999~~332			29,999
Total current assets		~~374~~459,~~837~~583			~~314~~374,~~060~~837
Inventory, less current portion		~~114~~99,~~670~~170			~~125~~114,~~170~~670
Property and equipment, net		1025,~~402~~805			1710,~~842~~402
Operating lease right-of-use assets, net		~~90,783~~-			~~174~~90,~~522~~783
Security deposit		~~8,803~~-			8,803
Total assets	$	~~599~~584,~~495~~558		$	~~640~~599,~~397~~495
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	~~802~~853,~~314~~581		$	~~762~~802,~~955~~314
Accrued expenses		2,~~103~~186,~~077~~283			12,~~900~~103,~~497~~077
Accrued payroll due to officers		1,~~641~~854,~~554~~802			1,~~373~~641,~~693~~554
Deferred revenue - related party		-			233,331
Accrued interest to related parties		202,831			189,961
Accrued interest to related parties		189,961			168,724
Due to officers		1,592,794			1,239,264
Due to officers		1,239,264			659,433
Derivative liabilities		960,382			708,115
Derivative liabilities		708,115			661,257
Other debt, net of discount, current portion		9,610,022			8,480,544
Other debt, net of discount, current portion		8,480,544			8,321,801
SBA notes payable, current portion		12,525			8,952
SBA notes payable, current portion		8,952			6,243
Operating lease obligations, current portion		-			93,411
Operating lease obligations, current portion		93,411			83,703
Total current liabilities		17,273,220			15,267,192
Total current liabilities		15,267,192			14,171,637
SBA notes payable, less current portion		136,644			140,217
SBA notes payable, less current portion		140,217			143,657
Total liabilities		17,409,864			15,407,409
Operating lease obligations, less current portion		-			93,411
Commitments and Contingencies (Note 12)		-			-
Total liabilities		15,407,409			14,408,705
Commitments and Contingencies (Note 13)		-			-
Stockholders’ deficit:
Preferred stock, $0.001 par value, 20,000,000 shares authorized and 12,000,000 Series B Preferred shares authorized, issued and outstanding		12,000			12,000
Common stock, $0.001 par value, 12,000,000,000 shares authorized; 7,099,727,214 and 7,064,727,214 shares issued and outstanding, respectively		7,099,727			7,064,727
Common stock, $0.001 par value, 12,000,000,000 shares authorized; 7,099,727,214 shares issued and outstanding		7,099,727			7,099,727
Common stock to be issued		~~471~~501,678			~~469~~471,678
Additional paid-in capital		53,839,818			53,~~630~~839,~~761~~818
Accumulated deficit		(7678,~~231~~278,~~137~~529	)		(7476,~~945~~231,~~474~~137	)
Total stockholders’ deficit		(1416,~~807~~825,~~914~~306	)		(1314,~~768~~807,~~308~~914	)
Total liabilities and stockholders’ deficit	$	~~599~~584,~~495~~558		$	~~640~~599,~~397~~495

See the accompanying notes to the consolidated financial statements

F-43

NUTRA PHARMA CORP.

Consolidated Statements of Operations

	2024			2023
	2025			2024
	For the Years Ended December 31,
	2024			2023
	2025			2024
Net sales	$	~~246~~257,~~309~~612		$	~~205~~246,~~564~~309
Net sales to a related party		~~145~~127,~~841~~695			~~389~~145,~~316~~841
Cost of sales		(84183,~~827~~679	)		(~~177~~84,~~525~~827	)
Reserve for supplier advances for purchases		(605,000	)		(2060,~~900~~000	)
Gross profit		~~247~~196,~~323~~628			~~396~~247,~~455~~323
Operating expenses:
Selling, general and administrative		1,125,744			1,177,969
Payroll, benefits and related taxes		700,900			625,806
Bad debt expense - related party		-			105,465
Professional fees		458,289			220,845
Total operating expenses		1,125,744			1,283,434
Consulting expenses		331,465			177,581
Loss from operations		(878,421	)		(886,979	)
Other selling, general and administrative costs		115,512			101,512
Change in allowance for credit losses		52,800			-
Total operating expenses		1,658,966			1,125,744
Loss from operations		(1,462,338	)		(878,421	)
Other income (expenses)
Other income		~~103~~58,~~450~~750			73103,~~061~~450
Interest expense		(~~302~~417,~~331~~190	)		(~~380~~302,~~944~~331	)
Interest expense to related parties		(2122,~~237~~870	)		(1821,~~815~~237	)
Change in fair value of convertible notes and derivatives		(~~220~~257,~~902~~270	)		(~~187~~220,~~829~~902	)
Net gain on settlement of debt, accrued expense, and vendor payable		3353,~~778~~526			833,~~150~~778
Total other expenses		(407,242	)		(506,377	)
Total other expenses, net		(585,054	)		(407,242	)
Loss before income taxes		(12,~~285~~047,~~663~~392	)		(1,~~393~~285,~~356~~663	)
Provision for income taxes		-			-
Net loss	$	(12,~~285~~047,~~663~~392	)	$	(1,~~393~~285,~~356~~663	)
Net loss per share - basic and diluted	$	(0.00	)	$	(0.00	)
Weighted average number of shares outstanding during the period - basic		7,~~673~~778,~~604~~855,~~946~~639			7,~~607~~673,~~513~~659,~~173~~591
Weighted average number of shares outstanding during the period - diluted		7,~~673~~778,~~604~~855,~~946~~639			7,~~607~~673,~~513~~659,~~173~~591

See the accompanying notes to the consolidated financial statements

F-54

NUTRA PHARMA CORP.

Consolidated Statements of Changes in Stockholders’ Deficit

For the Years Ended December 31, ~~2024~~2025 and ~~2023~~2024

	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Deficit			Deficit
	Preferred Stock												Additional						Total
	Preferred Stock Series B				Common Stock				Common Stock to be issued				Additional Paid-in			Accumulated			Total Stockholders’
	Series B				Common Stock				C.S to be issued				Paid-in			Accumulated			Stockholders’
	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Deficit			Deficit
Balance -December 31, 2022		12,000,000	$	12,000		7,039,727,214	$	7,039,727		557,375,000	$	469,678	$	53,653,261		$	(73,552,118	)	$	(12,377,452	)
		`
Common stock issued for conversion of debt		-		-		25,000,000		25,000		-		-		(22,500	)		-			2,500
Net loss		-		-		-		-		-		-		-			(1,393,356	)		(1,393,356	)
Balance -December 31, 2023		12,000,000	$	12,000		7,064,727,214	$	7,064,727		557,375,000	$	469,678	$	53,630,761		$	(74,945,474	)	$	(13,768,308	)
Balance		12,000,000	$	12,000		7,064,727,214	$	7,064,727		557,375,000	$	469,678	$	53,630,761		$	(74,945,474	)	$	(13,768,308	)
Common stock issued for debt modification and penalty		-		-		35,000,000		35,000		-		-		(31,500	)		-			3,500
Common stock to be issued for settlement of vendor payable		-		-		-		-		20,000,000		2,000		-			-			2,000
Related party debt forgiveness		-		-		-		-		-		-		240,557			-			240,557
Net loss		-		-		-		-		-		-		-			(1,285,663	)		(1,285,663	)
Balance -December 31, 2024		12,000,000	$	12,000		7,099,727,214	$	7,099,727		577,375,000	$	471,678	$	53,839,818		$	(76,231,137	)	$	(14,807,914	)
Balance		12,000,000	$	12,000		7,099,727,214	$	7,099,727		577,375,000	$	471,678	$	53,839,818		$	(76,231,137	)	$	(14,807,914	)
Common stock to be issued for stock based compensation		-		-		-		-		220,000,000		30,000		-			-			30,000
Net loss		-		-		-		-		-		-		-			(2,047,392	)		(2,047,392	)
Balance -December 31, 2025		12,000,000	$	12,000		7,099,727,214	$	7,099,727		797,375,000	$	501,678	$	53,839,818		$	(78,278,529	)	$	(16,825,306	)

See the accompanying notes to the consolidated financial statements

F-65

NUTRA PHARMA CORP.

Consolidated Statements of Cash Flows

	2024			2023
	2025			2024
	For the Years Ended December 31,
	2024			2023
	2025			2024
Cash flows from operating activities:
Net loss	$	(12,~~285~~047,~~663~~392	)	$	(1,~~393~~285,~~356~~663	)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in reserve for supplier advances for purchases		605,000			2060,~~900~~000
Bad debt expense - related party		-			105,465
Net gain on settlement of debt, accrued expense and vendor payable		(53,526	)		(33,778	)
Gain on sale of equipment		-			(39,667	)
Change in allowance for credit losses		52,800			-
Net gain on settlement of debt, accrued expense and vendor payable		(33,778	)		(8,150	)
Depreciation		10,649			7,440
Depreciation		7,440			18,188
Stock-based compensation		26,667			-
Amortization of convertible notes receivable discount		(3,~~450~~750	)		(3,~~031~~450	)
Change in fair value of convertible notes and derivatives		~~220~~257,~~902~~270			~~187~~220,~~829~~902
Amortization of loan discount		~~134~~286,~~089~~592			~~142~~134,~~639~~089
Amortization of operating lease right-of-use assets		8390,~~739~~783			7783,~~429~~739
Changes in operating assets and liabilities:
Increase in accounts receivable		(12,~~322~~305	)		(~~769~~1,322	)
Increase in accounts receivable - related party		(5,800	)		-
Increase in accounts receivable - related party, net		(18,585	)		(5,800	)
Decrease (increase) in inventory		12,348			(40,278	)
Decrease in inventory		13,661			12,348
Increase in other receivable		(56105,~~906~~000	)		(4756,~~363~~906	)
Increase in prepaid expenses and other current assets		(607,000	)		11(60,~~752~~000	)
Increase in accounts payable		6151,~~215~~267			3561,~~590~~215
Increase in accrued expenses		~~227~~136,~~188~~732			~~222~~227,~~470~~188
Increase in accrued payroll due to officers		~~267~~213,~~861~~248			~~160~~267,~~000~~861
Increase in deferred revenue - a related party		7,226			51,816
Decrease in deferred revenue - related party		-			7,226
Increase in accrued interest to related parties		2413,~~655~~533			2324,~~337~~655
Decrease in operating lease obligations		(8393,~~703~~411	)		(7483,~~837~~703	)
Net cash used in operating activities		(423,959	)		(550,036	)
Decrease in security deposit		8,803			-
Net cash used in operating activities		(1,163,964	)		(423,959	)
Cash flows from investing activities:
Sale of Stemsation stock		-			33,516
Purchase of property and equipment		(26,052	)		-
Convertible notes receivable advances		(125,000	)		(121,~~310~~000	)
Convertible notes receivable repayments		~~42,300~~-			1242,~~500~~300
Proceeds from sale of equipment		-			83,649
Net cash (used in) provided by investing activities		(51,052	)		41,300
Net cash provided by investing activities:		41,300			117,355
Cash flows from financing activities:
Loans from officer		~~530~~552,~~396~~504			~~599~~530,~~500~~396
Repayment of officer loans		(~~206~~199,~~982~~637	)		(~~162~~206,~~100~~982	)
Proceeds from convertible notes		~~229~~1,~~000~~051,805			~~127~~229,~~250~~000
Repayment of convertible notes		(4639,~~321~~500	)		(46,~~716~~321	)
Advances from other notes payable		~~212~~112,~~390~~650			~~182~~212,~~200~~390
Repayments of other notes payable		(~~299~~287,~~377~~072	)		(~~267~~299,~~453~~377	)
Net cash provided by financing activities		~~419~~1,~~106~~190,750			~~432~~419,~~681~~106
Net change in cash		36(24,~~447~~266	)		-36,447
Cash - beginning of period		-36,447			-
Cash - end of period	$	3612,~~447~~181		$	-36,447
Supplemental Cash Flow Information:
Cash paid for interest	$	3546,~~392~~266		$	8735,~~424~~392
Cash paid for income taxes	$	-		$	-
Non Cash Financing and Investing:
Common stock issued for debt modification and penalty	$	3,500		$	-
Common stock to be issued for stock based compensation	$	30,000		$	-
Common stock issued for settlement of vendor payable	$	2,000		$	-
Common stock issued for debt modification and penalty	$	-		$	3,500
Common stock issued for conversion of debt	$	-		$	2,500
Common stock issued for settlement of vendor payable	$	-		$	2,000
Sale of Stemsation shares for which proceeds were receivable at period end	$	17,600		$	-
Reclassification of convertible notes payable to due to officers	$	-		$	253,000
Stemsation shares awarded but not yet issued in settlement of convertible notes receivable	$	-		$	160,084
Reclassification of other receivable to convertible notes receivable	$	-		$	33,000
Stemsation shares received in settlement of convertible notes receivable	$	-		$	103,916
Related party debt forgiveness	$	-		$	240,557
Reclassification of convertible notes payable to due to officers	$	253,000		$	-
Sale of Stemsation shares for which proceeds were receivable at period end	$	-		$	17,600
Reclassification of other receivable to convertible notes receivable	$	33,000		$	42,363
Related party debt forgiveness	$	240,557		$	-

See the accompanying notes to the consolidated financial statements

F-76

NUTRA PHARMA CORP.

Notes to Consolidated Financial Statements

December 31, ~~2024~~2025 and ~~2023~~2024

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Nutra Pharma Corp. (“Nutra Pharma”), is a holding company that owns intellectual property and operates in the biotechnology industry. Nutra Pharma was incorporated under the laws of the state of California on February 1, 2000, under the original name of Exotic-Bird.com.

Through its wholly-owned subsidiary, ReceptoPharm, Inc. (“ReceptoPharm”), Nutra Pharma conducts drug discovery research and development activities. In October 2009, Nutra Pharma launched its first consumer product called Cobroxin^®, an over-the-counter pain reliever designed to treat moderate to severe chronic pain. In May 2010, Nutra Pharma launched its second consumer product called Nyloxin^®, an over-the-counter pain reliever that is a stronger version of Cobroxin^® and is designed to treat severe chronic pain. In December 2014, Nutra Pharma launched Pet Pain-Away, an over-the-counter pain reliever designed to treat pain in cats and dogs. In October 2019, Nutra Pharma launched Equine Pain-Away, an over-the-counter topical pain reliever designed to treat pain in horses. In March of 2021, Nutra Pharma launched Luxury Feet, an over-the-counter pain reliever and anti-inflammatory product that is designed for women who experience pain or discomfort due to high heels and stilettos. In October of 2021, Nutra Pharma began manufacturing a zeolite detoxifier called Cell Defender for a third party distributor.

Basis of Presentation and Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying Consolidated Financial Statements include the results of Nutra Pharma and its wholly-owned subsidiaries Designer Diagnostics Inc. and ReceptoPharm (collectively “the Company”, “us”, “we” or “our”). We operate as one reportable segment. Designer Diagnostics Inc. has been inactive since June 2011. All intercompany transactions and balances have been eliminated in consolidation.

Reclassification of Prior Year Presentation

Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2025 were presented to provide additional detail by expense category, including payroll, benefits and related taxes, professional fees, consulting expenses, and other selling, general and administrative costs. The reclassifications had no effect on previously reported total assets, total liabilities, stockholders’ deficit, net loss, or cash flows.

Liquidity and Going Concern

Our Consolidated Financial Statements are presented on a going concern basis, which contemplate the realization of assets and satisfaction of liabilities in the normal course of business. We have experienced recurring, significant losses from operations, and have an accumulated deficit of $7678,~~231~~278,~~137~~529 at December 31, ~~2024~~2025. In addition, we have a significant amount of indebtedness in default, a working capital deficit of $1416,~~892~~813,~~355~~637 and a stockholders’ deficit of $1416,~~807~~825,~~914~~306 at December 31, ~~2024~~2025.

There is substantial doubt regarding our ability to continue as a going concern for one year after this annual report is filed which is contingent upon our ability to secure additional financing, increase ownership equity and attain profitable operations. In addition, our ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered in established markets and the competitive environment in which we operate.

The Company does not have sufficient cash to sustain our operations for a period of twelve months from the issuance date of this report and will require additional financing in order to execute our operating plan and continue as a going concern. Since our sales are not currently adequate to fund our operations, we continue to rely principally on debt and equity funding; however, proceeds from such funding have not been sufficient to execute our business plan. The Company’s common stock is presently on the OTC Market Group’s Expert Market, which means that the Company’s common stock is not eligible for proprietary broker-deal quotes. Our plan is to attempt to secure adequate funding through notes payable until sales of our pain products are adequate to fund our operations. We cannot predict whether additional financing will be available, and/or whether any such funding will be in the form of equity, debt, or another form. In the event that these financing sources do not materialize, or if we are unsuccessful in increasing our revenues and profits, we will be unable to implement our current plans for expansion, repay our obligations as they become due and continue as a going concern.

The accompanying Consolidated Financial Statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.

Use of Estimates

The accompanying Consolidated Financial Statements are prepared in accordance with U.S. GAAP which require management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense. Significant estimates include our ability to continue as going concern, the recoverability of inventories and long-lived assets, the recoverability of amounts due from officer, the valuation of stock-based compensation and certain debt and derivative liabilities, recognition of loss contingencies and deferred tax valuation allowances. Actual results could differ from those estimates. Changes in facts and circumstances may result in revised estimates, which would be recorded in the period in which they become known.

Revenue from Contracts with Customers

The Company accounts for revenue from contracts with customers in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC Topic 606, revenue recognition has a five-step process: a) Determine whether a contract exists; b) Identify the performance obligations; c) Determine the transaction price; d) Allocate the transaction price; and e) Recognize revenue when (or as) performance obligations are satisfied.

Deferred revenue represents cash received from customers in advance of performance under the contract. Such amounts are recognized as revenue when the related performance obligations are satisfied, which typically occurs upon shipment of the products. All deferred revenue as of the consolidated balance sheet dates is from related parties.F-7

F-8

Accounting for Shipping and Handling Costs

We account for shipping and handling as fulfilment activities and record amounts billed to customers as revenue and the related shipping and handling costs as cost of sales.

Accounts Receivable and Allowance for Doubtful Accounts

We grant credit without collateral to our customers based on our evaluation of a particular customer’s credit worthiness. Accounts receivable are due 30 days after the issuance of the invoice. The Company maintains an allowance for credit losses to reflect the current expected credit losses (“CECL”) over the contractual life of the receivables. Accounts receivable are written off after collection efforts have been deemed to be unsuccessful. Accounts written off as uncollectible are deducted from the allowance for doubtful accounts, while subsequent recoveries are netted against the provision for doubtful accounts expense. We generally do not charge interest on accounts receivable. We use third party payment processors and are required to maintain reserve balances, which are included in accounts receivable.

Accounts receivable are stated at estimated net realizable value. Accounts receivable are comprised of balances due from customers and a third party payment processor, net of estimated allowances for uncollectible accounts. No allowance for doubtful accounts is deemed to be required at December 31, ~~2024~~2025 and ~~2023~~2024.

During the year ended December 31, 2025, the Company recorded a provision for credit losses of $52,800 related primarily to the establishment of reserves against receivables from sales of Stemsation stock based on management’s evaluation of collectability and current expected credit loss factors.

Inventories

Inventories, which are stated at the lower of average cost or net realizable value, consist of packaging materials, finished products, and raw venom that is utilized to make the API (active pharmaceutical ingredient). The raw unprocessed venom has an indefinite life for use. ~~Commencing on~~We ~~October 1, 2019, we~~ classify inventory as short-term or long-term inventory based on timing of when it is expected to be ~~utilized in production~~consumed. The Company regularly reviews inventory quantities on hand. If necessary, it records a net realizable value adjustment for excess and obsolete inventory based primarily on its estimates of product demand and production requirements. Write-downs are charged to cost of sales. We performed an evaluation of our inventory and related accounts at December 31, ~~2024~~2025 and ~~2023~~2024, and ~~increased~~determined ~~the~~no ~~reserve on~~reserves ~~supplier~~were ~~advances for future venom purchases included in prepaid expenses and other current assets by $60,000 and $20,900, respectively~~necessary. ~~At December 31, 2024 and 2023, the total valuation allowance for prepaid venom was $401,472 and $341,472, respectively.~~

Financial Instruments

Our financial instruments include cash, accounts receivable, accounts payable, accrued expenses, loans payable, due to officers and derivative financial instruments. Other than certain warrant and convertible instruments (derivative financial instruments) and liabilities to related parties (for which it was impracticable to estimate fair value due to uncertainty as to when they will be satisfied and a lack of similar type transactions in the marketplace), we believe the carrying values of our financial instruments approximate their fair values because they are short term in nature or payable on demand. Our derivative financial instruments are carried at a measured fair value.

Cash and cash equivalents

The Company maintains cash balances in a non-interest-bearing account that currently does not exceed federally insured limits of $250,000. For the purpose of the consolidated statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. As of December 31, ~~2024~~2025 and ~~2023~~2024, the cash balance is $3612,~~447~~181 and $036,447, respectively.

Concentration of Credit Risk

Balances in various cash accounts may at times exceed federally insured limits. We have not experienced any losses in such accounts. We do not hold or issue financial instruments for trading purposes. In addition, for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, sales to Avini Health (“Avini”), a related party, accounted for 3733% and 6537% of the total revenues, respectively. ~~Avini~~For ~~began~~the ~~manufacturing its~~years ~~own~~ended ~~products~~December in31, ~~September~~2025 ~~2023.~~and ~~This~~2024, ~~shift~~an ~~significantly~~unrelated ~~reduced~~third-party ~~our~~customer ~~revenues~~accounted ~~going~~for approximately ~~forward~~29% and 22%, respectively, of the Company’s net sales. As of December 31, ~~2024~~2025 and ~~2023~~2024, 100% of the accounts receivable balances are reserves due from one payment processor.

F-98

Operating Lease Right-of-Use Asset and Liability

The Company accounts for leases in accordance with Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), as amended (“ASC Topic 842”). This standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months and classify as either operating or finance leases.

In accordance with ASC Topic 842, at the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present and the classification of the lease including whether the contract involves the use of a distinct identified asset, whether we obtain the right to substantially all the economic benefit from the use of the asset, and whether we have the right to direct the use of the asset. Leases with a term greater than one year are recognized on the consolidated balance sheets as ROU assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the consolidated balance sheets leases with terms of one year or less under the practical expedient in paragraph ASC 842-20-25-2.

Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The implicit rate within our operating leases are generally not determinable and, therefore, the Company uses the incremental borrowing rate at the lease commencement date to determine the present value of lease payments. The determination of the Company’s incremental borrowing rate requires judgment. The Company determines the incremental borrowing rate for each lease using our estimated borrowing rate.

The Company subleases a portion of its leased facility. Sublease rental income is recorded as a reduction of general and administrative expenses in the consolidated statements of operations, as the amounts are considered a recovery of operating costs rather than revenue from the Company’s primary operations.

Derivative Financial Instruments

Management evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income. ~~For option-based simple derivative financial instruments, the Company uses the Black-Scholes option-pricing model to value the derivative instruments at inception and subsequent valuation dates.~~ The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period. Derivative instrument liabilities are classified in the consolidated balance sheets as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the consolidated balance sheet date.

We do not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks.

Convertible Debt

The Company adheres to ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU eliminates certain separation models, including the beneficial conversion feature and cash conversion models, so convertible instruments issued after adoption are generally accounted for as a single liability or equity instrument, unless a conversion feature requires separate derivative accounting under ASC 815. ASU 2020-06 also amends diluted EPS guidance.

The Fair Value Measurement Option

We have elected the fair value measurement option for convertible debt with embedded derivatives that require bifurcation, and record the entire hybrid financing instrument at fair value under the guidance of ASC Topic 815, Derivatives and Hedging (“ASC Topic 815”). The Company reports interest expense, including accrued interest, related to this convertible debt under the fair value option, within the change in fair value of convertible notes and derivatives in the accompanying consolidated statements of operations.

Derivative Accounting for Convertible Debt and Options ~~and Warrants~~

The Company evaluated the terms and conditions of the convertible debt under the guidance of ASC 815, Derivatives and Hedging. The conversion terms of some of the convertible notes are variable based on certain factors, such as the future price of the Company’s common stock. The number of shares of common stock to be issued is based on the future price of the Company’s common stock. The number of shares of common stock issuable upon conversion of the debt is indeterminate. Due to the fact that the number of shares of common stock issuable could exceed the Company’s authorized share limit, the equity environment is tainted, and all additional convertible debt and options ~~and warrants~~ are included in the value of the derivative liabilities. Pursuant to ASC 815-15, Embedded Derivatives, the fair ~~values~~value of the convertible debt, options and ~~warrants and~~ shares to be issued were recorded as derivative liabilities on the issuance date and revalued at each reporting period.

F-109

Debt Modifications and Extinguishments

The Company evaluates amendments, restatements, or other changes to its debt agreements in accordance with ASC 470-50, Debt — Modifications and Extinguishments. Under this guidance, we determine whether the revised terms represent a modification of the existing debt or an extinguishment of the old debt and issuance of new debt. If the changes are not deemed substantial, the transaction is accounted for as a modification and any associated fees or costs are amortized over the remaining term of the modified debt. If the changes are determined to be substantial, the original debt is considered extinguished, the new debt is recorded at fair value, and any resulting difference between the carrying amount of the old debt and the fair value of the new debt is recognized in earnings as a gain or loss on extinguishment.

Property and Equipment

Property and equipment is recorded at cost. Expenditures for major improvements and additions are added to property and equipment, while replacements, maintenance and repairs which do not extend the useful lives are expensed. Assets disposed of or retired are removed from the accounts, and any resulting gain or loss is included in the consolidated statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets of 3 – 7 years.

Long-Lived Assets

The carrying value of long-lived assets is reviewed annually and when events or changes in circumstances may suggest impairment has occurred. If indicators of impairment are present, we determine whether the sum of the estimated undiscounted future cash flows attributable to the long-lived asset in question is less than its carrying amount. If less, we measure the amount of the impairment based on the amount that the carrying value of the impaired asset exceeds the discounted cash flows expected to result from the use and eventual disposal of the impaired assets.

Income Taxes

We compute income taxes in accordance with FASB ASC Topic 740, Income Taxes (“ASC Topic 740”). Under ASC Topic 740, deferred taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred tax assets also arise from net operating losses carried forward. Also, the effect on deferred taxes of a change in tax rates is recognized in income in the period that included the enactment date. Temporary differences between financial and tax reporting arise primarily from the use of different methods to record bad debts and /or sales returns, inventory reserves, and accrued expense.

We evaluate the realizability of our deferred tax assets each reporting period. If it is more likely than not that some portion or all of the deferred tax assets will not be realized, we record a valuation allowance to reduce the deferred tax assets to the amount expected to be realized. Our assessment considers factors such as historical operating results, expected future taxable income, the timing of reversal of temporary differences, and tax-planning strategies.

On an annual basis, we evaluate tax positions that have been taken or are expected to be taken in our tax returns to determine if they are more than likely to be sustained if the taxing authority examines the respective position. At December 31, ~~2024~~2025 and ~~2023~~2024, we do not believe we have a need to record any liabilities for uncertain tax positions or provisions for interest or penalties related to such positions.

Stock-Based Compensation

We account for stock-based compensation in accordance with FASB ASC Topic 718, Stock Compensation (“ASC Topic 718”). ASC Topic 718, which requires that the cost resulting from all share-based transactions be recorded in the consolidated financial statements over the respective service periods. It establishes fair value as the measurement objective in accounting for share-based payment arrangements and requires all entities to apply a fair-value-based measurement in accounting for share-based payment transactions with employees. The statement also establishes fair value as the measurement objective for transactions in which an entity acquires goods or services from non-employees in share-based payment transactions.

F-1110

Net Income (Loss) Per Share

Net income (loss) per share is calculated in accordance with FASB ASC Topic 260, Earnings per Share. Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During periods in which we incur losses, common stock equivalents, if any, are not considered, as their effect would be anti-dilutive or have no effect on earnings per share. Any common shares issued as of a result of the exercise of conversion options ~~and warrants~~ would come from newly issued common shares from our remaining authorized shares.

The following table summarizes the weighted average securities that were excluded from the diluted per share calculation because for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, the effect of including these potential shares was antidilutive due to a net loss:

	December 31, 2024		December 31, 2023
	December 31, 2025		December 31, 2024
Convertible notes payable at fair value		20,~~414~~464,~~656~~672,~~197~~276		1820,~~674~~414,~~204~~656,~~072~~197
Convertible notes payable		79,~~081~~603,~~149~~818,~~502~~636		67,~~612~~081,~~566~~149,~~602~~502
Total		2730,~~495~~068,~~805~~490,~~699~~912		2527,~~286~~495,~~770~~805,~~674~~699

Segment Reporting

The Company adheres to ASU No. 2023-07, Codification Improvements to Segment Reporting (Topic 280) (“ASU 2023-07”), which provides clarifications and improvements to the existing segment reporting requirements, including updates related to the aggregation criteria, reconciliation of segment measures to consolidated financial statements, and disclosure requirements.

The Company operates as a single reportable operating segment. Operating segments are identified based on the manner in which the Company’s Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, reviews financial information for purposes of allocating resources and assessing performance.

The CODM reviews financial results and manages the business on a consolidated basis, without differentiation by product line, geographic region, or legal entity. Accordingly, the Company has determined that it has one operating and one reportable segment.

Recent Accounting Pronouncements

Adopted Pronouncements

AsEffective of January 1, ~~2024~~2025, the Company adopted ASU No. 2023-0709, ~~Codification~~ Improvements to ~~Segment~~Income ~~Reporting~~Tax Disclosures (Topic ~~280~~740) (“ASU 2023-0709”), which ~~provides~~enhances ~~clarifications and improvements to~~ the existing ~~segment~~income ~~reporting~~tax disclosure requirements, ~~including~~by ~~updates~~requiring ~~related to~~greater disaggregation within the ~~aggregation~~effective ~~criteria,~~tax rate reconciliation and ofexpanded ~~segment~~information ~~measures~~regarding toincome ~~consolidated~~taxes ~~financial~~paid ~~statements~~by jurisdiction. The ASU is effective for fiscal years beginning after December 15, ~~and~~2024, ~~disclosure~~with ~~requirements~~early adoption permitted. The adoption of this ASU did not have a material effect on the accompanying consolidated financial statements.

F-1211

Not Yet Effective Pronouncements

The Company has evaluated the impact of the following recently issued accounting standards, which have not yet been adopted as of December 31, ~~2024~~2025:

ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740) (“ASU 2023-09”), which enhances the existing income tax disclosure requirements by requiring greater disaggregation within the effective tax rate reconciliation and expanded information regarding income taxes paid by jurisdiction. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material effect on the accompanying consolidated financial statements.

ASU No. 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Accounting for Convertible Debt Instruments (“ASU 2024-04”), amends existing guidance to clarify and refine the recognition, measurement, presentation, and disclosure requirements for certain convertible debt arrangements, including matters related to classification, embedded features, and related disclosures. The amendments are intended to improve consistency and comparability in the accounting for convertible debt instruments. This guidance is effective for the Company beginning January 1, 2026. The Company is in the process of evaluating the impact of adopting this standard on its consolidated financial statements.

ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Improvements to Credit Loss Guidance (“ASU 2025-05”), amends the existing guidance under the current expected credit losses (“CECL”) model to clarify and refine the requirements related to the measurement, presentation, and disclosure of credit losses for financial assets measured at amortized cost. This guidance is effective for the Company beginning January 1, 2026. The Company is in the process of evaluating the impact of adopting this standard on its consolidated financial statements.

All other newly issued accounting pronouncements ~~but~~that are not yet effective have been deemed either immaterial or not applicable.

2. FAIR VALUE MEASUREMENTS

Certain assets and liabilities that are measured at fair value on a recurring basis at December 31, ~~2024~~2025 and ~~2023~~2024 are measured in accordance with FASB ASC Topic 820-10-05, Fair Value Measurements. FASB ASC Topic 820-10-05 defines fair value, establishes a framework for measuring fair value and expands the disclosure requirements regarding fair value measurements for financial assets and liabilities as well as for non-financial assets and liabilities that are recognized or disclosed at fair value on a recurring basis in the consolidated financial statements.

The statement requires fair value measurement be classified and disclosed in one of the following three categories:

Level 1:	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities;
Level 2:	Quoted prices in markets that are not active or inputs which are observable either directly or indirectly for substantially the full term of the asset or liability; and
Level 3:	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

F-1312

The following table summarizes our financial instruments measured at fair value at December 31, ~~2024~~2025 and ~~2023~~2024:

Liabilities:	Total		Level 1		Level 2		Level 3
	Fair Value Measurements at December 31, 2025
Liabilities:	Total		Level 1		Level 2		Level 3
Derivative liabilities	$	960,382	$	-	$	960,382	$	-
Convertible notes at fair value	$	2,046,469	$	-	$	-	$	2,046,469

Liabilities:	Total		Level 1		Level 2		Level 3
	Fair Value Measurements at December 31, 2024
Liabilities:	Total		Level 1		Level 2		Level 3
Derivative liabilities	$	708,115	$	-	$	708,115	$	-
Convertible notes at fair value	$	2,041,464	$	-	$	-	$	2,041,464

Liabilities:	Total		Level 1		Level 2		Level 3
	Fair Value Measurements at December 31, 2023
Liabilities:	Total		Level 1		Level 2		Level 3
Derivative liabilities	$	661,257	$	-	$	661,257	$	-
Convertible notes at fair value	$	1,867,421	$	-	$	-	$	1,867,421

We valued derivative liabilities using the number of potential convertible shares for convertible notes with a fixed conversion price that are recorded at amortized cost times the closing stock price of our restricted common stock at December 31, 2025 and 2024, respectively. These derivative liabilities are recorded due to the fact that the number of shares of common stock issuable could exceed the Company’s authorized share limit and the equity environment is tainted, and therefore all convertible debt and options and warrants should be accounted for as liabilities.

The following table ~~shows~~summarizes ~~the~~assumptions ~~changes~~and inthe ~~fair~~significant ~~value~~terms ~~measurements~~of ~~for~~ the ~~warrant~~convertible ~~liability~~notes ~~using~~for ~~significant~~which ~~unobservable~~the ~~inputs~~entire ~~(Level~~hybrid 3)instrument is recorded ~~during~~at ~~the~~fair ~~years~~value ~~ended~~at December 31, ~~2024~~2025 and ~~2023~~2024:

SCHEDULE OF CHANGES IN FAIR VALUE MEASUREMENTS USING SIGNIFICANT UNOBSERVABLE INPUTS

Description	2024		2023
Beginning balance	$	-	$	6,072
Purchases, issuances, and settlements		-		-
Total gain included in earnings (1)		-		(6,072	)
Repayments in cash
Conversion to common stock
Ending balance	$	-	$	-

(1) The gain related to the revaluation of our warrant liability is included in “Change in fair value of convertible notes and derivatives” in the accompanying consolidated statements of operations.

We valued our warrants using a Dilution-Adjusted Black-Scholes Model. Assumptions used include (1) 4.85% risk-free rate, (2) warrant life is the remaining contractual life of the warrants, (3) expected volatility of 620% (4) zero expected dividends (5) exercise price set forth in the agreements (6) common stock price of the underlying share on the valuation date, and (7) number of shares to be issued if the instrument is converted.

We valued derivative liabilities using the number of potential convertible shares for warrants in equity and convertible notes with a fixed conversion price that are recorded at amortized cost times the closing stock price of our restricted common stock at December 31, 2024 and 2023, respectively. These derivative liabilities are recorded due to the fact that the number of shares of common stock issuable could exceed the Company’s authorized share limit and the equity environment is tainted, and therefore all convertible debt and options and warrants should be accounted for as liabilities.

The following table summarizes assumptions and the significant terms of the convertible notes for which the entire hybrid instrument is recorded at fair value at December 31, 2024 and 2023:

								~~Conversion Price - Lower of Fixed Price or Percentage of VWAP for Look-back Period~~			Conversion Price - Lower of Fixed Price or Percentage of VWAP for Look-back Period
Debenture	Face Amount		Interest Rate		~~Default Interest Rate~~	~~Discount~~Default Interest Rate		~~Anti-Dilution Adjusted Price~~	%Discount ~~of stock price for look-back period~~Rate		Anti-Dilution Adjusted Price		~~Look-back Period~~	% of stock price for look-back period		Look-back Period
2024	$	663,529	8%-10%		19%-24%	N/A		$0.00005-$0.00006		50%-60%			3 to 25 Days
2025	$	663,529		8%-10%			19%-24%		N/A		$	0.00005-$0.00007			50%-60%	3 to 25 Days
2023	$	663,529	8%-10%		19%-24%	N/A		$0.00005-$0.00006		50%-60%			3 to 25 Days
2024	$	663,529		8%-10%			19%-24%		N/A		$	0.00005-$0.00006			50%-60%	3 to 25 Days

Using the stated assumptions summarized in the table above, we calculated the inception date and reporting period fair values of each note issued. The following table shows the changes in fair value measurements for the convertible notes at fair value using significant unobservable inputs (Level 3) during the years ended December 31, ~~2024~~2025 and ~~2023~~2024:

Description	~~2024~~2025		~~2023~~2024
Beginning balance	$	12,~~867~~041,~~421~~464	$	1,~~729~~867,~~183~~421
Loss from change in fair value (1)		~~174~~5,~~043~~005		~~146~~174,~~155~~043
Repayments in cash		-		(5,417	)
Ending balance	$	2,046,469	$	2,041,464
Conversion to common stock		-		(2,500	)
Ending balance	$	2,041,464	$	1,867,421

(1)	The losses related to the valuation of the convertible notes are included in “Change in fair value of convertible notes and derivatives” in the accompanying consolidated statements of operations.

F-1413

3. INVENTORIES

Inventories are valued at the lower of cost or net realizable value on an average cost basis. At December 31, ~~2024~~2025 and ~~2023~~2024, inventories were as follows:

SCHEDULE OF INVENTORIES

	December 31, 2024			December 31, 2023
	December 31, 2025			December 31, 2024
Raw Materials	$	~~125~~111,170		$	~~135~~125,~~670~~170
Finished Goods		7,~~196~~535			97,~~044~~196
Total Inventories		~~132~~118,~~366~~705			~~144~~132,~~714~~366
Less: Long-term inventory		(~~114~~99,~~670~~170	)		(~~125~~114,~~170~~670	)
Current portion	$	1719,~~696~~535		$	1917,~~544~~696

4. PROPERTY AND EQUIPMENT

Property and equipment consists of the following at December 31, ~~2024~~2025 and ~~2023~~2024:

SCHEDULE OF PROPERTY AND EQUIPMENT

	December 31, 2024			December 31, 2023
	December 31, 2025			December 31, 2024
Furniture and fixtures	$	2029,~~805~~787		$	20,805
Lab equipment		3754,~~204~~274			37,204
Total		5884,~~009~~061			58,009
Less: Accumulated depreciation		(4758,~~607~~256	)		(4047,~~167~~607	)
Property and equipment, net	$	1025,~~402~~805		$	1710,~~842~~402

~~During~~We ~~2023,~~review ~~the~~our ~~Company~~long-lived ~~sold~~assets ~~certain~~for ~~equipment~~recoverability toif ~~Avini,~~events aor ~~related~~changes ~~party,~~ in ~~connection~~circumstances ~~with~~indicate ~~Avini assuming responsibility for~~ the ~~manufacturing of~~assets ~~its~~may ~~own~~be ~~products~~impaired. ~~The~~At ~~equipment~~December 31, ~~had~~2025, awe believe the carrying ~~amount~~values of ~~approximately~~our ~~$43,900~~long-lived atassets ~~the~~are ~~time of sale~~recoverable. ~~The~~Depreciation ~~Company~~expense ~~received~~for ~~proceeds of~~the ~~approximately~~years ~~$83~~ended December 31,~~600,~~ ~~resulting~~2025 inand a2024 ~~gain~~was of$10,649 ~~approximately~~and $397,~~700~~440, ~~which is included in other income for the year ended December 31, 2023~~respectively.

We review our long-lived assets for recoverability if events or changes in circumstances indicate the assets may be impaired. At December 31, 2024, we believe the carrying values of our long-lived assets are recoverable. During the first quarter of 2023, the Company wrote off $195,229 in fully depreciated assets. Depreciation expense for the years ended December 31, 2024 and 2023 was $7,440 and $18,188, respectively.

5. DUE TO/FROM OFFICERS

During ~~March 2024, upon~~ the ~~appointment~~year ofended ~~Michael~~December ~~Flax~~31, as2025, in the ~~Company’s Chief Executive Officer~~aggregate, ~~the~~we ~~Company~~repaid ~~reclassified convertible notes payable totaling~~ $~~253~~199,~~000~~637 ~~with~~and ~~original~~were ~~issuance~~advanced ~~discounts of~~ $33552,~~000,~~504. ~~which~~During ~~were~~the ~~issued~~year ~~during~~ended ~~2021~~December ~~and 2022~~31, ~~to due to officer.~~ ~~The~~2024, ~~notes~~in ~~bear~~the aaggregate, ~~conversion~~we ~~price~~repaid of $~~0.0008~~206,982 ~~per share~~ and ~~have~~were aadvanced ~~contractual maturity of one year from their respective funding dates~~$530,396. ~~The notes are currently in default.~~

AtInterest ~~December~~expense ~~31,~~related ~~2023,~~to ~~the~~amounts ~~balance~~ due to ~~Rik Deitsch,~~ the ~~Company’s~~officer ~~former~~was ~~CEO,~~$663 and ~~the companies majority owned and controlled by him (collectively referred to as “Due to Officer”) in the aggregate is~~ $~~659~~3,~~433,~~418 ~~which~~for ~~balance is unsecured and accruing interest at 4%. During~~ the ~~year~~years ended December 31, ~~2023,~~2025 ~~in the aggregate, we repaid $162,100~~ and ~~were advanced $599~~2024,~~500~~ ~~on this balance~~respectively. ~~Additionally,~~ ~~accrued interest on the outstanding balance was $9,161 and is included in the due to officer account.~~ The Company had fully reserved receivables from companies owned by ~~the Company’s former CEO~~him. The reserve was $177,261 as of December 31, ~~2023.~~2025 ~~The~~and ~~bad debt expense of $105,465 was recorded for the year ended December 31, 2023~~2024.

During March 2024, upon the appointment of Michael Flax as the Company’s Chief Executive Officer, the Company reclassified convertible notes payable totaling $253,000, which were issued during 2021 and 2022, to due to officer. The notes bear a conversion price of $0.0008 per share and have a contractual maturity of one year from their respective funding dates. The notes are currently in default.

These transactions were not conducted on an arm’s-length basis and, as such, may differ from the terms that would have been negotiated with an unrelated third party.

6. DEBTS

Debts consist of the following at December 31, ~~2024~~2025 and ~~2023~~2024:

SCHEDULE OF DEBT

	December 31, 2024			December 31, 2023
	December 31, 2025			December 31, 2024
Notes payable – Unrelated third parties (Net of discount of $44,310 and $14,350, respectively) (1)	$	1,249,396		$	1,280,702
Notes payable – Unrelated third parties (Net of discount of $24,587 and $44,310, respectively) (1)	$	1,129,247		$	1,249,396
Convertible notes payable – Unrelated third parties (Net of discount of $11,010 and $17,814, respectively) (2)		4,964,684			4,948,678
Convertible notes payable – Unrelated third parties (Net of discount of $82,802 and $11,010, respectively) (2)		6,209,306			4,964,684
Convertible notes payable, at fair value (3)		2,~~041~~046,~~464~~469			12,~~867~~041,~~421~~464
Other advances from an unrelated third party (4)		225,000			225,000
SBA notes payable (5)		149,169			149,~~900~~169
Ending balances		89,~~629~~759,~~713~~191			8,~~471~~629,~~701~~713
Less: Long-term portion- SBA notes payable		(~~140~~136,~~217~~644	)		(~~143~~140,~~657~~217	)
Current portion	$	89,~~489~~622,~~496~~547		$	8,~~328~~489,~~044~~496

(1)	At December 31, 2025 and 2024, the balance of $1,129,247 and $1,249,396 net of discount of $24,587 and $44,310, respectively, consisted of the following loans:

F-14

	●	In August 2016, we issued two Promissory Notes for a total of $200,000 ($100,000 each) to a company owned by a former director of the Company. The Notes carry interest at 12% annually and were originally due on the date that was six-months from the execution and funding of the note. The notes were convertible into shares of Company’s common stock at a conversion price of $0.008 per share. The total liability recorded prior to the settlement on May 19, 2025 was $178,526, consisting of $91,156 in principal and $87,370 in accrued interest. The Company entered into a settlement agreement for $125,000, resulting in a gain on settlement of $53,526, which was recognized during the second quarter of 2025 and is included in net gain on settlement of debt in the accompanying consolidated statements of operations for the year ended December 31, 2025.

		During the second through fourth quarter of 2025, the Company made repayments totaling $105,000, of which $33,844 was applied to accrued interest and $71,156 was applied to principal. As of December 31, 2025 and 2024, the outstanding principal balance was $20,000 and $91,156, respectively, and accrued interest was $0 and $84,671, respectively. The remaining balance was fully repaid in February 2026.

	●	On August 2, 2011 under a settlement agreement with Liquid Packaging Resources, Inc. (“LPR”), we agreed to pay LPR a total of $350,000 in monthly installments of $50,000 beginning August 15, 2011 and ending on February 15, 2012. We signed the first amendment to the settlement agreement where we agreed to pay $175,000, which was the balance outstanding at December 31, 2011 (this includes a $25,000 penalty for non-payment). We repaid $25,000 during 2012. We did not make all of the payments under such amendment and as a result pursuant to the original settlement agreement, LPR had the right to sell 142,858 shares (5,714,326 shares pre reverse stock split) of our free trading stock held in escrow by their attorney and receive cash settlements for a total amount of $450,000 (the initial $350,000 plus total default penalties of $100,000). LPR sold the note to Southridge Partners, LLP (“Southridge”) for consideration of $281,772 in June 2012. In August 2013, the debt of $281,772 reverted back to LPR and remains outstanding at December 31, 2025 and 2024.

	●	At December 31, 2012, we owed University Centre West Ltd. approximately $55,410 for rent, which was assigned and sold to Southridge. The debt of $55,410 reverted back to University Centre West Ltd. and is currently outstanding and carries no interest.

	●	In April 2016, we issued a promissory note to an unrelated third party in the amount of $10,000 bearing interest at 10% annually. The note was due in one year from the execution and funding of the note. The note is in default and negotiation of settlement. At December 31, 2025 and 2024, the accrued interest is $9,839 and $8,825, respectively.

	●	In May 2016, the Company issued a promissory note to an unrelated third party in the amount of $75,000 bearing monthly interest at a rate of 2%. The note was due in six months from the execution and funding of the note. During April 2017, we accepted the offer of a settlement to issue 5,000,000 common shares as a repayment of $25,000. The note is in default and in negotiation of settlement. At December 31, 2025 and 2024, the outstanding principal balance is $50,000 and accrued interest is $123,001 and $110,834, respectively.

	●	In June 2016, the Company issued a promissory note to an unrelated third party in the amount of $50,000 bearing monthly interest at a rate of 2%. The note was due in six months from the execution and funding of the note. The note is in default and negotiation of settlement. At December 31, 2025 and 2024, the outstanding principal balance is $50,000 and accrued interest is $116,200 and $104,034, respectively.

F-15

~~(1)~~● A promissory note originally issued to an unrelated third party in August 2016 was restated in September 2019 in the amount of $333,543 bearing monthly interest at a rate of 2% and was due September 2020. The Note is in default and negotiation of settlement. At December 31, 2025 and 2024, the principal balance is $333,543, and ~~2023~~the accrued interest is $512,321 and $431,159, respectively. ● On September 26, 2016, we issued a promissory note to an unrelated third party in the amount of $75,000 bearing interest at 10% annually. The note was due in one year from the execution and funding of the note. In March 2018, $15,000 of the principal balance of the note was assigned to an unrelated third party and is in default. In January 2020, the remaining principal balance of $160,~~249~~000 and accrued interest of $15,~~396~~900 was restated in the form of a Convertible Note (See Note 6(4)). At December 31, 2025 and 2024, the principal balance outstanding is $15,000 and the accrued interest is $1,~~280~~371. ● In October 2016,~~702~~ ~~net~~we issued a promissory note to an unrelated third party in the amount of ~~discount~~$50,000 bearing monthly interest at a rate of 2%. The note was due in six months from the execution and funding of the note. The note is in default and in negotiation of settlement. At December 31, 2025 and 2024, the accrued interest is $44112,~~310~~500 and $14100,~~350~~334, respectively. ● In June 2017, ~~consisted~~we issued a promissory note to an unrelated third party in the amount of $12,500 bearing interest at 10% annually. The note was due in one year from the ~~following~~execution ~~loans:~~and funding of the note. The note is in default and in negotiation of settlement. At December 31, 2025 and 2024, the accrued interest is $10,819 and $9,552, respectively. ● During July 2017, we received a loan for a total of $200,000 from an unrelated third party. The Company made scheduled payments through August 2017, however, it subsequently defaulted on the loan payment terms in 2017. During June 2018, the loan was settled with two unrelated third parties for $130,401 and $40,000, respectively, with the monthly scheduled repayments of approximately $5,000 and $2,000 per month to each unrelated party through July 2020. The Company repaid an aggregate of $136,527 over the four years from 2018 through 2021. The portion of settlement of $130,401 was repaid in full as of March 31, 2021. At December 31, 2025 and 2024, the outstanding principal balance is $33,874 and is in default and negotiation of settlement. ● In July 2017, we issued a promissory note to an unrelated third party in the amount of $50,000 with original issue discount of $10,000. The note was due in six months from the execution and funding of the note. The note is in default and in negotiation of settlement. At December 31, 2025 and 2024, the principal balance of the note is $50,000.

● In August 2016, we issued two Promissory Notes for a total of $200,000 ($100,000 each) to a company owned by a former director of the Company. The Notes carry interest at 12% annually and were originally due on the date that was six-months from the execution and funding of the note. The notes were convertible into shares of Company’s common stock at a conversion price of $0.008 per share. At December 31, 2024 and 2023, we owed principal balance of $91,156, and accrued interest of $84,671 and $73,733, respectively. The remaining principal balance of $91,156 and accrued interest of $84,671 are subject to litigation and a settlement was reached in May 2025 (See Note 13 and 15). ● On August 2, 2011 under a settlement agreement with Liquid Packaging Resources, Inc. (“LPR”), we agreed to pay LPR a total of $350,000 in monthly installments of $50,000 beginning August 15, 2011 and ending on February 15, 2012. We signed the first amendment to the settlement agreement where we agreed to pay $175,000, which was the balance outstanding at December 31, 2011 (this includes a $25,000 penalty for non-payment). We repaid $25,000 during 2012. We did not make all of the payments under such amendment and as a result pursuant to the original settlement agreement, LPR had the right to sell 142,858 shares (5,714,326 shares pre reverse stock split) of our free trading stock held in escrow by their attorney and receive cash settlements for a total amount of $450,000 (the initial $350,000 plus total default penalties of $100,000). LPR sold the note to Southridge Partners, LLP (“Southridge”) for consideration of $281,772 in June 2012. In August 2013, the debt of $281,772 reverted back to LPR and remains outstanding at December 31, 2024 and 2023. ● At December 31, 2012, we owed University Centre West Ltd. approximately $55,410 for rent, which was assigned and sold to Southridge. The debt of $55,410 reverted back to University Centre West Ltd. and is currently outstanding and carries no interest. ● In April 2016, we issued a promissory note to an unrelated third party in the amount of $10,000 bearing interest at 10% annually. The note was due in one year from the execution and funding of the note. The note is in default and negotiation of settlement. At December 31, 2024 and 2023, the accrued interest is $8,825 and $7,811, respectively. ● In May 2016, the Company issued a promissory note to an unrelated third party in the amount of $75,000 bearing monthly interest at a rate of 2%. The note was due in six months from the execution and funding of the note. During April 2017, we accepted the offer of a settlement to issue 5,000,000 common shares as a repayment of $25,000. The note is in default and in negotiation of settlement. At December 31, 2024 and 2023, the outstanding principal balance is $50,000 and accrued interest is $110,834 and $98,667, respectively. ● In June 2016, the Company issued a promissory note to an unrelated third party in the amount of $50,000 bearing monthly interest at a rate of 2%. The note was due in six months from the execution and funding of the note. The note is in default and negotiation of settlement. At December 31, 2024 and 2023, the outstanding principal balance is $50,000 and accrued interest is $104,034 and $91,867, respectively.

F-16

● AIn ~~promissory~~November ~~note~~2017, ~~originally~~we issued a promissory note to an unrelated third party in ~~August~~the ~~2016~~amount ~~was~~of ~~restated~~$120,000 inwith ~~September~~original ~~2019~~issuance indiscount ~~the~~of ~~amount~~$20,000. ofDuring March 2020, $~~333~~50,~~543~~000 ~~bearing~~of ~~monthly~~the ~~interest~~Note atwas settled for 125,000,000 shares with a ~~rate~~fair value of 2%$87,500. ~~and~~The remaining balance of $70,000 was ~~due~~restated ~~September~~with ~~2020.~~additional ~~The~~issuance ~~Note~~discount isof in$14,000. ~~default~~We ~~and~~repaid ~~negotiation~~a total of ~~settlement~~$15,000 during 2022. At December 31, ~~2024~~2025 and ~~2023~~2024, the principal balance of the loan is $~~333~~69,~~543~~000, and ~~the~~is ~~accrued~~in ~~interest~~default isand ~~$431,159~~negotiation ~~and~~of ~~$349,997,~~further ~~respectively~~settlement. ● OnIn ~~September~~November 262017, ~~2016,~~ we issued a promissory note to an unrelated third party in the amount of $7518,000 ~~bearing~~with ~~interest~~original atissuance ~~10%~~discount ~~annually~~of $3,000. The note was due in ~~one~~six ~~year~~months from the execution and funding of the note. InThe ~~March~~note ~~2018,~~is ~~$15,000~~in default and negotiation of further settlement. At December 31, 2025 and 2024, the principal balance of the note ~~was~~is ~~assigned~~$18,000 toand anthe ~~unrelated~~accrued ~~third~~interest ~~party~~is $2,000. The accrued interest represents a one-time amount and no further interest is inaccruing ~~negotiation~~on ofthe ~~settlement~~note. ● In ~~January~~October ~~2020~~2024, the ~~remaining~~Company ~~principal~~entered ~~balance~~into ofa ~~$60,000~~Purchase and ~~accrued~~Sale ~~interest~~ of Future Receipts Agreement with a third party. Pursuant to this agreement, the buyer purchased $1599,~~900~~400 ~~was~~of ~~restated~~the Company’s future receivables in ~~the~~exchange ~~form~~for total proceeds of $68,550, on a ~~Convertible~~non-recourse ~~Note~~basis. ~~(See~~The ~~Note~~Company ~~6(4)).~~authorized Atthe ~~December~~buyer ~~31,~~to ~~2024~~debit ~~and~~its ~~2023,~~bank ~~the~~account ~~principal~~at ~~balance~~a ~~outstanding~~specified isremittance ~~$15,000~~frequency ~~and~~until the ~~accrued~~full ~~interest~~purchased isamount of $199,~~371.~~400 ●was collected. In ~~October~~connection ~~2016~~with this transaction, wethe ~~issued~~Company recorded a ~~promissory~~total ~~note~~debt todiscount anof ~~unrelated~~$30,850 ~~third~~related ~~party~~to inloan ~~the~~origination ~~amount~~fees ofand ~~$50~~issuance costs,~~000~~ ~~bearing~~which ~~monthly~~is ~~interest~~being atamortized aover ~~rate~~the term of 2%the agreement. ~~The~~Repayments ~~note~~of ~~was~~$19,449 ~~due~~and in$79,951 ~~six~~were ~~months~~made ~~from~~during ~~the~~2024 ~~execution~~ and ~~funding~~2025, ofrespectively, and the ~~note~~balance was fully repaid. ~~The~~Amortization ~~note~~for isthe inyears ~~default~~ended December 31, 2025 and in2024 ~~negotiation~~was of$24,810 ~~settlement~~and $6,040, respectively. At December 31, ~~2024~~2025 and ~~2023~~2024, the ~~accrued~~principal ~~interest~~balance, isnet of debt discount of $~~100~~0 and $24,~~334~~810, was $0 and $8855,~~167~~141, respectively. ● InOn ~~June~~December ~~2017~~6, we2024, ~~issued~~the aCompany ~~promissory~~received ~~note~~a to$25,000 ancash ~~unrelated~~advance ~~third~~to ~~party~~address ina ~~the~~temporary ~~amount~~liquidity ofshortage. ~~$12,500~~No ~~bearing~~formal ~~interest~~loan atagreement ~~10%~~was ~~annually.~~executed, ~~The~~as ~~note~~the advance was ~~due~~intended into ~~one~~be ~~year~~repaid ~~from~~within the ~~execution~~month. ~~and~~The ~~funding~~repayment ofwas ~~the~~made ~~note.~~on ~~The~~January ~~note~~3, is2025. inThe ~~default~~principal ~~and~~balance inoutstanding ~~negotiation~~as of ~~settlement. At~~ December 31, ~~2024~~2025 and ~~2023,~~2024 ~~the~~was ~~accrued interest is~~ $~~9,552~~0 and $825,~~285~~000, respectively. ● ~~During~~On ~~July~~December ~~2017~~31, we2024, ~~received~~the aCompany ~~loan~~entered ~~for~~into a ~~total~~Purchase and Sale of ~~$200,000~~Future ~~from~~Receipts anAgreement ~~unrelated~~with a third party. ~~The~~Pursuant ~~Company~~to ~~made~~this ~~scheduled~~agreement, ~~payments~~the ~~through~~buyer ~~August~~purchased ~~2017~~$68,500 ~~however,~~of itthe ~~subsequently~~Company’s ~~defaulted~~future onreceivables ~~the~~in ~~loan~~exchange ~~payment~~for ~~terms~~total inproceeds ~~2017.~~of ~~During~~$49,000, ~~June~~on ~~2018,~~a ~~the~~non-recourse ~~loan~~basis. ~~was~~The ~~settled~~Company ~~with~~authorized ~~two~~the ~~unrelated~~buyer ~~third~~to ~~parties~~debit ~~for~~its ~~$130,401~~bank ~~and~~account ~~$40,000,~~at ~~respectively,~~a ~~with~~specified ~~the~~remittance ~~monthly~~frequency ~~scheduled~~until ~~repayments~~the offull ~~approximately~~purchased ~~$5,000~~amount ~~and~~of $268,~~000~~500 ~~per~~was ~~month~~collected. toIn ~~each~~connection ~~unrelated~~with ~~party~~this ~~through~~transaction, ~~July~~the ~~2020.~~Company Inrecorded ~~aggregate,~~a ~~the~~total ~~Company~~debt ~~repaid~~discount of $~~136~~19,~~527~~500 ~~under~~related ~~the~~to ~~settlement~~loan ~~arrangement~~origination ~~during~~fees ~~the~~and ~~period~~issuance ~~from~~costs, ~~2018~~which ~~through~~was ~~the~~being ~~first~~amortized ~~quarter~~over the term of ~~2021.~~the agreement. The ~~portion~~outstanding ofbalance ~~the settlement~~ of $~~130~~68,~~401~~500 was fully repaid induring ~~full~~2025. asAmortization offor ~~March~~the years ended December 31, ~~2021~~2025 and 2024 was $19,500 and $0, respectively. At December 31, ~~2024~~2025 and ~~2023~~2024, the ~~outstanding~~ principal balance, isnet of debt discount of $~~33,874,~~0 and is$19,500, inwas ~~default~~$0 and ~~negotiation~~$49,000, ~~of settlement~~respectively. ● In ~~July~~September ~~2017~~2025, wethe ~~issued~~Company entered into a ~~promissory~~Purchase ~~note~~and toSale anof ~~unrelated~~Future Receipts Agreement with a third party. inPursuant to this agreement, the ~~amount~~buyer ofpurchased $50147,~~000~~200 ~~with~~of ~~original~~the ~~issue~~Company’s ~~discount~~future receivables in exchange for total proceeds of $10112,~~000~~650, on a non-recourse basis. The ~~note~~Company ~~was~~authorized ~~due~~the inbuyer ~~six~~to ~~months~~debit ~~from~~its bank account at a specified remittance frequency until the ~~execution~~full ~~and~~purchased ~~funding~~amount of ~~the~~$147,200 ~~note~~was collected. ~~The~~In ~~note~~connection iswith inthis ~~default~~transaction, the Company recorded a total debt discount of $34,550 related to loan origination fees and inissuance ~~negotiation~~costs, which is being amortized over the term of ~~settlement~~the agreement. AtRepayments of $42,465 were made during 2025. Amortization for the year ended December 31, ~~2024~~2025 ~~and~~was ~~2023~~$9,963. At December 31, 2025, the principal balance, net of ~~the~~debt ~~note~~discount isof $5024,~~000~~587, was $80,148.

F-17

● In November 2017, we issued a promissory note to an unrelated third party in the amount of $120,000 with original issuance discount of $20,000. During March 2020, $50,000 of the Note was settled for 125,000,000 shares with a fair value of $87,500. The remaining balance of $70,000 was restated with additional issuance discount of $14,000. We repaid a total of $15,000 during 2022. At December 31, 2024 and 2023, the principal balance of the loan is $69,000, and is in default and negotiation of further settlement. ● In November 2017, we issued a promissory note to an unrelated third party in the amount of $18,000 with original issuance discount of $3,000. The note was due in six months from the execution and funding of the note. The note is in default and negotiation of further settlement. At December 31, 2024 and 2023, the principal balance of the note is $18,000 and the accrued interest is $(2~~,000.~~) The accrued interest represents a one-time amount and no further interest is accruing on the note. ● In October 2022, the Company received a loan for $199,000 from a non-related party. The loan was repaid in full in November 2024, together with interest at an average annual rate of approximately 51%. Weekly payments ranged from approximately $2,000 to $3,800; due to our financial hardship, the lender periodically reduced the payment amounts to provide temporary relief. The Company has recorded loan costs in the amount of $2,488 for the loan’s origination fees paid at inception date. The total loan cost is amortized over the term of the loan. The loan is under personal guarantee by Mr. Deitsch. We repaid $15,100 and $78,261 during the years ended December 31, 2023 and 2022, respectively, and the remaining balance of $105,639 in 2024. At December 31, ~~2024~~2025 and ~~2023, the principal balance is $0 and $105,639, respectively. The amortization of loan cost for years ended December 31,~~ 2024 ~~and 2023 is $0 and $1~~,~~200,~~ respectively. ● In December 2022, a promissory note of $17,000 was issued to an unrelated third party, scheduled to be repaid through monthly payments of $1,518 with interest at an average annual rate of 12.99%. In February 2023, the Company issued a $25,000 promissory note to the same party, using the proceeds to fully repay the December 2022 loan. Although structured for repayment in 12 monthly installments, the note was settled in full ahead of schedule in July 2023. At that time, the Company issued a new $32,000 promissory note to the same party, with the proceeds applied to retire the February 2023 note. The July 2023 note was repaid in August 2023 in connection with the issuance of a $34,000 promissory note, which was fully repaid in September 2024. At December 31, 2024 and 2023, the principal balance of ~~the loan is~~ $~~0 and $25~~6,~~492~~209,306 ~~respectively. ● In June 2023, the Company entered into a Purchase~~ and ~~Sale of Future Receipts Agreement with an unrelated third party. Pursuant to the agreement, the buyer purchased~~ $~~135~~4,~~850 of the Company’s future receivables for total proceeds of $95~~964,~~000~~684, on a non-recourse basis. Under the terms of the agreement, the Company authorized the buyer to debit amounts directly from its bank account at a specified remittance frequency until the total purchased amount of $135,850 was fully collected. In connection with the transaction, the Company recorded a total debt discount of $44,650, representing loan origination fees and issuance costs, which was amortized over the term of the agreement. The outstanding balance under this agreement was fully repaid in February 2024 in conjunction with the initiation of a subsequent agreement. Amortization for the debt discount for the years ended December 31, 2024 and 2023 was $14,350 and $30,300. At December 31, 2024 and 2023, the principal balance, net of ~~debt~~ discount of $~~0 and $14~~82,~~350,~~802 ~~was $0~~ and $2911,~~316~~010, respectively~~. ● In February 2024~~, ~~the~~consisted ~~Company entered into a second Purchase and Sale~~ of ~~Future Receipts Agreement with~~ the ~~same~~following ~~third~~convertible party. Under this agreement, the buyer purchased $104,400 of the Company’s future receivables for total proceeds of $72,000, on a non-recourse basis. The Company authorized the buyer to debit its bank account at the specified remittance frequency until the full purchased amount of $104,400 was remitted. In connection with this second transaction, the Company recorded a total debt discount of $34,560 for loan origination fees and issuance costs, which was amortized over the term of the agreement. The outstanding balance under this agreement was fully repaid in September 2024. Amortization of the debt discount for the year ended December 31, 2024 was $34,560. ● In October 2024, the Company entered into a Purchase and Sale of Future Receipts Agreement with a third party. Pursuant to this agreement, the buyer purchased $99,400 of the Company’s future receivables in exchange for total proceeds of $68,550, on a non-recourse basis. The Company authorized the buyer to debit its bank account at a specified remittance frequency until the full purchased amount of $99,400 was collected. In connection with this transaction, the Company recorded a total debt discount of $30,850 related to loan origination fees and issuance costs, which is being amortized over the term of the agreement. Repayment of $19,449 was made during 2024. Amortization of the debt discount for the year ended December 31, 2024 was $6,040. At December 31, 2024, the principal balance, net of debt discount of $24,810, was $55,141. ● On December 6, 2024, the Company received a $25,000 cash advance to address a temporary liquidity shortage. No formal loan agreement was executed, as the advance was intended to be repaid within the month. The repayment was made on January 3, 2025. The principal balance outstanding as of December 31, 2024 was $25,000. ● On December 31, 2024, the Company entered into a Purchase and Sale of Future Receipts Agreement with a third party. Pursuant to this agreement, the buyer purchased $68,500 of the Company’s future receivables in exchange for total proceeds of $49,000, on a non-recourse basis. The Company authorized the buyer to debit its bank account at a specified remittance frequency until the full purchased amount of $68,500 was collected. In connection with this transaction, the Company recorded a total debt discount of $19,500 related to loan origination fees and issuance costs, which is being amortized over the term of the agreement. At December 31, 2024, the principal balance, net of debt discount of $19,500, was $49,000.loans:

	●	In October 2017, we issued a promissory note to an unrelated third party in the amount of $60,000 with original issuance discount of $10,000. The note was convertible into shares of Company’s common stock at a conversion price of $0.001 per share. The note was due in six months from the execution and funding of the note. The loan is in default and in negotiation of settlement. At December 31, 2025 and 2024, the principal balance of the note is $60,000.

	●	During January through December 2018, we issued convertible notes payable to 14 unrelated third parties for a total of $525,150 with original issue discount of $44,150. The notes were due in six months from the execution and funding of each note. The notes are convertible into shares of Company’s common stock at a conversion price ranging from $0.0003 to $0.001 per share. During May 2019, we restated two convertible notes payable with additional original issuance discount of $6,400. The two restated notes were due in August 2020. At December 31, 2025 and 2024, the outstanding principal balance of the notes issued in 2018 was $531,550. The Notes are in default and negotiation of settlement.

	●	During February 2019, the Company issued convertible notes payable totaling $55,000 with an original issuance discount of $5,000. The notes are convertible into shares of the Company’s common stock at a conversion price of $0.0005 per share. During August and October 2020, the notes were amended to include additional original issuance discounts of $9,200 and were accompanied by the issuance of warrants. All warrants associated with these notes expired during 2022. The Notes are in default and negotiation of settlement.

		During November 2019, we issued a convertible promissory note to an unrelated third party for $137,500 with original issuance discount of $12,500. The note was due nine months from the execution and funding of the notes. The Noteholder had the right to convert the note into shares of Common Stock at a fixed conversion price of $0.000275. The Note is in default and negotiation of settlement.

		At December 31, 2025 and 2024, the outstanding principal balance of the notes issued in 2019 was $201,700.

	●	During the year ended December 31, 2020, the Company issued convertible notes payable of $555,600 with an original issuance discount of $53,600. $287,400 of these notes were due in a year, and $268,200 of the Notes were due in six months from the execution and funding of each note. The notes are convertible into shares of the Company’s common stock at a fixed conversion price ranging from $0.0002 to $0.0008 per share. In May 2022, $16,500 of the notes issued in November 2020 were settled through the issuance of common stock. At December 31, 2025 and 2024, the outstanding principal balance of the notes issued in 2020 was $539,100. The notes are currently in default and under negotiation for settlement.

	●	During 2021, we issued convertible promissory notes to unrelated third parties totaling $2,480,043 with original issuance discounts of $323,484. The Noteholders had the right to convert the notes into shares of Common Stock at a fixed conversion price ranging from $0.0003 to $0.002 per share. The notes were due one year from the execution and funding of the notes. On January 1, 2022, $228,563 of the Notes issued during January to April 2021 were amended to extend the due date to August 29, 2022. The notes are currently in default and under negotiation for settlement.

F-18

● During August 2021, a promissory note of $166,926 was restated in the form of a convertible note at a fixed conversion price of $0.002 per share. The restated balance was $183,619 with an original issuance discount of $16,693 and was due February 2022. During February 2022, we issued 20,866,250 shares of common stock to satisfy the principal balance of $16,693. The remaining balance of $166,926 was further restated into a convertible note with a fixed conversion price of $0.002 per share, maturing in August 2022. In August 2022, the balance of $166,926 was further restated with an original issuance discount of $16,693 in the form of a convertible note at a fixed conversion price of $0.002 per share due February 2023. The note required us to repay $16,693 in cash by October 2022. We did not meet this repayment obligation. As a result, the convertible note amount increased to $200,312 (2including $166,926, $16,693, and an original issuance discount of $16,693) Atwith a fixed conversion price of $0.002 per share, due February 2023. The Company made a payment of $5,000, which was applied against accrued late payment penalties in 2023. In February 2024, the principal balance and the related penalty for a total of $224,920 were restated. 35,000,000 shares of common stock were issued in satisfaction of $24,920 of the outstanding balance, with the remaining $200,000 restated as a principal subject to an additional 15% OID. The fair value of the shares issued was $3,500, resulting in a gain of $21,420, which was recognized as a gain on settlement of debt and accrued expense in the accompanying consolidated statements of operations for the year ended December 31, 2024. The restated note was due in February 2025 and ~~2023~~convertible at a fixed price of $0.0008 per share. In February 2025, the note was further restated, with the principal balance of $4230,~~964~~000 subject to an additional 15% OID,~~684~~ which increased the principal balance to $264,500 while maintaining the same fixed conversion price and personal guarantee. The Company evaluated the amendment to the note under applicable debt modification guidance and concluded that the changes did not result in an extinguishment, as the terms were not substantially different. Accordingly, the amendment was accounted for as a modification. Amortization of debt discount for years ended December 31, 2025 and 2024 was $434,~~948~~125 and $27,~~678~~500, respectively. The principal balance, net of unamortized debt discount of $112,~~010~~875, was $261,625 as of December 31, 2025. The principal balance, net of unamortized debt discount of $2,500, was $227,500, as of December 31, 2024. In February 2026, the note was further restated to extend the maturity date to February 2027, with the principal balance of $264,500 subject to an additional 15% OID, while maintaining the same fixed conversion price of $0.0008 and personal guarantee. ● During 2022, we issued convertible promissory notes to unrelated third parties totaling $17874,~~814~~000 with original issuance discounts of $114,000. ~~respectively~~The noteholders have the right to convert the notes into shares of common stock at fixed conversion prices ranging from $0.0005 to $0.0008 per share, ~~consisted~~and the notes were due one year from their respective execution and funding dates. The notes are currently in default and under negotiation for settlement. ● During 2022, certain convertible promissory notes for a total of $339,825 were amended to add additional original issuance discount for a total of $50,974 and matured in July 2023. The notes are currently in default and under negotiation for settlement. ● During 2023, the ~~following~~Company amended convertible ~~loans:~~promissory notes totaling $197,025 to add aggregate original issuance discounts of $29,554, which extended the due dates by twelve months, to various dates in January, May, and July 2024. The notes are currently in default and under negotiation for settlement.

● In October 2017, we issued a promissory note to an unrelated third party in the amount of $60,000 with original issuance discount of $10,000. The note was convertible into shares of Company’s common stock at a conversion price of $0.001 per share. The note was due in six months from the execution and funding of the note. The loan is in default and in negotiation of settlement. At December 31, 2024 and 2023, the principal balance of the note is $60,000. ● During January through December 2018, we issued convertible notes payable to 14 unrelated third parties for a total of $525,150 with original issue discount of $44,150. The notes were due in six months from the execution and funding of each note. The notes are convertible into shares of Company’s common stock at a conversion price ranging from $0.0003 to $0.001 per share. During May 2019, we restated two convertible notes payable with additional original issuance discount of $6,400. The two restated notes were due in August 2020 and are in default. At December 31, 2024 and 2023, the outstanding principal balance of the notes issued in 2018 was $531,550. ● During February 2019, the Company issued convertible notes payable totaling $55,000 with an original issuance discount of $5,000. The notes are convertible into shares of the Company’s common stock at a conversion price of $0.0005 per share. During August and October 2020, the notes were amended to include additional original issuance discounts of $9,200 and were accompanied by the issuance of warrants. All warrants associated with these notes expired during 2022. The Notes are in default and negotiation of settlement. ● During November 2019, we issued a convertible promissory note to an unrelated third party for $137,500 with original issuance discount of $12,500. The note was due nine months from the execution and funding of the notes. The Noteholder had the right to convert the note into shares of Common Stock at a fixed conversion price of $0.000275. The Note is in default and negotiation of settlement. At December 31, 2024 and 2023, the outstanding principal balance of the notes issued in 2019 was $201,700. ● During the year ended December 31, 2020, the Company issued convertible notes payable of $555,600 with an original issuance discount of $53,600. $287,400 of these notes were due in a year, and $268,200 of the Notes were due in six months from the execution and funding of each note. The notes are convertible into shares of the Company’s common stock at a fixed conversion price ranging from $0.0002 to $0.0008 per share. In May 2022, $16,500 of the notes issued in November 2020 were settled through the issuance of common stock. At December 31, 2024 and 2023, the outstanding principal balance of the notes issued in 2020 was $539,100. The notes are currently in default and under negotiation for settlement. ● During 2021, we issued convertible promissory notes to unrelated third parties totaling $2,480,043 with original issuance discounts of $323,484. The Noteholders had the right to convert the notes into shares of Common Stock at a fixed conversion price ranging from $0.0003 to $0.002 per share. The notes were due one year from the execution and funding of the notes. On January 1, 2022, $228,563 of the Notes issued during January to April 2021 were amended to extend the due date to August 29, 2022. The notes are currently in default and under negotiation for settlement.

F-19

● During ~~March 2021~~2023, the ~~remaining~~Company ~~balance~~issued ofconvertible ~~the~~ promissory ~~note~~notes ~~of $30,000 originally issued in September 2018 was sold~~ to an unrelated third ~~party~~parties inwith ~~the form of~~ a ~~convertible note at a~~ fixed conversion price of $0.010006 per share., ~~The~~totaling ~~new~~$146,338 ~~note~~with ~~carried~~a ~~interest~~combined atoriginal ~~12%~~issuance ~~with~~discount ~~scheduled~~of ~~monthly~~$19,088. ~~payments~~Of ofthese, $117,~~000~~250 ~~beginning~~of inthe ~~April~~notes ~~2021~~are ~~through~~under ~~March~~a ~~2024~~personal guarantee. ~~The~~All ~~Note~~notes ~~was~~were ~~repaid~~due inone ~~full~~year ~~during~~from ~~the~~their ~~first~~respective ~~quarter~~execution ofand ~~2024~~funding dates. The ~~principal~~notes ~~balance~~are ascurrently ofin ~~December~~default ~~31, 2024~~ and ~~2023~~under isnegotiation $0for ~~and $2,821~~settlement. ● During ~~August 2021~~2024, ~~the~~a convertible promissory note of $~~166~~53,~~926~~230 was ~~restated~~amended into ~~the~~add ~~form~~an additional original issuance discount of a$7,985. ~~convertible~~The note atis acurrently in default and under negotiation for settlement. ● During 2024, the Company issued convertible promissory notes to unrelated third parties with fixed conversion ~~price~~prices ofranging from $0.~~002~~0005 to $0.0006 per share and OID. The ~~restated~~aggregate ~~balance~~principal isamount issued during 2024 was $~~183~~263,~~619~~350, with antotal ~~original~~OID ~~issuance discount~~ of $1634,~~693~~350. ~~and~~The ~~was~~notes were due ~~February~~one ~~2022~~year from their respective execution and funding dates. ~~During~~These ~~February~~notes ~~2022,~~are wecurrently ~~issued~~in ~~20,866,250~~default ~~shares~~and ofunder ~~common~~negotiation ~~stock~~for tosettlement. ~~satisfy~~● During the ~~principal~~second ~~balance~~quarter of ~~$16~~2024,~~693.~~ ~~The~~the ~~remaining~~Company ~~balance~~settled ofconvertible ~~$166,926~~promissory ~~was~~notes ~~further~~with ~~restated~~an ~~into~~aggregate aprincipal ~~convertible~~balance ~~note~~of ~~with~~$52,500, awhich ~~fixed~~had a conversion price of $0.002. ~~per~~As ~~share,~~part ~~maturing~~of inthe ~~August 2022. In August 2022~~settlement, the ~~balance~~Company ofrecognized a $~~166~~7,~~926~~500 ~~was~~loss ~~further~~on ~~restated~~settlement ~~with~~of andebt ~~original~~during ~~issuance~~the ~~discount~~second quarter of ~~$16~~2024,~~693~~ which was included in ~~the~~net ~~form~~gain on settlement of adebt ~~convertible~~and ~~note~~accrued atexpense ain ~~fixed~~the ~~conversion~~accompanying ~~price~~consolidated statements of ~~$0.002~~operations ~~per~~for ~~share~~the ~~due~~year ~~February~~ended ~~2023~~December 31, ~~provided~~2024. ~~that~~Cash ~~our~~repayments ~~agreement~~related to ~~repay~~these notes included $165,~~693~~000 paid in ~~cash~~the byfirst ~~October~~quarter ~~2022.~~of ~~However~~2023, we$7,500 ~~failed~~paid toduring ~~meet~~the ~~this~~second ~~repayment~~quarter ~~obligation.~~of As2024, aand ~~result~~$15,000 paid in the ~~new~~third ~~convertible~~quarter ~~note~~of ~~amounts~~2024, towith athe ~~total~~remaining balance repaid in installments through the fourth quarter of ~~$200,312~~2024 ~~(including~~and ~~$166,926,~~the ~~$16~~first quarter of 2025,~~693,~~ and anfully ~~original~~settled ~~issuance~~in ~~discount~~the second quarter of ~~$16~~2025,~~693)~~ ~~with~~for atotal ~~fixed~~cash ~~conversion~~repayments ~~price~~ of $060,000.~~002~~ ~~per~~● ~~share,~~During ~~due~~the ~~February~~third ~~2023.~~quarter ~~The~~of 2024, the Company ~~made~~settled aconvertible ~~payment~~promissory notes of $511,~~000~~500, which ~~was~~had ~~applied~~a ~~against~~conversion ~~accrued~~price ~~late~~of ~~payment penalties~~$0.0006. AsThe ofCompany ~~December~~completed ~~31,~~repayment ~~2023,~~in the ~~note~~first ~~had~~quarter aof ~~principal~~2025, ~~balance~~with of $~~200~~11,~~312~~500 ~~and~~in ancash ~~accrued~~repayments. ~~late~~● ~~payment~~During ~~penalty~~the offirst ~~$24,608,~~and ~~resulting~~second inquarter aof ~~total~~2025, ~~outstanding~~an ~~balance~~aggregate of $~~224~~893,~~920.~~056 Inhas ~~February~~been ~~2024,~~funded ~~the~~pursuant ~~principal~~to ~~balance~~three ~~and~~convertible ~~the~~promissory ~~related~~notes ~~penalty~~originated ~~were~~in ~~restated.~~January, 35February and June 2025,~~000~~ respectively,~~000~~ ~~shares~~to ofan ~~common~~unrelated ~~stock~~third ~~were~~party ~~issued~~for ina ~~satisfaction~~total commitment of up to $241,~~920~~155,556 ofto ~~the~~be ~~outstanding~~funded ~~balance~~in ~~(See~~tranches. ~~Note~~The ~~7),~~agreements ~~with~~reflect ~~the~~minor ~~remaining~~variations ~~$200,000~~in ~~restated~~the asnaming ~~new~~of ~~principal.~~this Inunrelated ~~addition,~~third aparty ~~15%~~which ~~OID~~refer ~~was applied~~ to the ~~new~~same ~~principal,~~counterparty. ~~resulting~~The innotes acarry ~~restated~~an ~~principal~~original ~~balance~~issue discount of ~~$230~~15%,~~000.~~ ~~The~~applied ~~restated~~at ~~note~~the ~~was~~time ~~due~~of infunding ~~February~~for ~~2025~~each ~~and~~tranche. ~~remained~~Each ~~convertible~~tranche atmatures aone ~~fixed~~year ~~price~~from ofits ~~$0.0008~~respective ~~per~~execution ~~share~~and funding date. The ~~fair~~noteholder ~~value~~has ofthe option to convert the ~~shares~~outstanding ~~issued~~principal ~~was~~into ~~$3,500,~~shares ~~resulting~~of inCommon Stock at a ~~gain~~conversion price of $~~21,420,~~0.0005 ~~which~~per ~~was~~share. ~~recognized~~If asany atranches ~~gain~~are onmissed ~~settlement~~or ofdelayed ~~debt~~by ~~and~~more ~~accrued~~than ~~expense~~10 inbusiness days, the ~~accompanying~~fixed ~~consolidated~~conversion ~~statements~~price ofwill ~~operations~~be adjusted to $0.0008 ~~Amortization~~per share for ~~the~~any ~~years~~missed ~~ended~~tranche ~~December~~as ~~31,~~a ~~2024~~penalty. During the second and ~~2023~~third ~~was~~quarter of 2025, $27112,500 ~~and~~of ~~$3,467,~~proceeds ~~respectively.~~was Asreceived ofafter ~~December~~the ~~31,~~required ~~2024~~funding date; accordingly, the ~~principal~~conversion ~~balance,~~price ~~net~~for ofsuch anamount ~~unamortized~~was ~~debt~~adjusted ~~discount~~to of $~~2,500,~~0.0008 ~~was~~per ~~$227,500~~share. In ~~February~~connection ~~2025,~~with the ~~note~~issuance ~~was~~of ~~further~~the ~~restated~~notes, ~~with~~we paid 10% of the ~~principal~~proceeds ~~balance~~to ofa ~~$230~~third party,~~000~~ ~~subject~~which tohas anbeen ~~additional~~recorded ~~15%~~as ~~OID,~~a ~~while~~debt ~~maintaining~~discount. Both the ~~same~~original ~~fixed~~issuance ~~conversion~~discount ~~price~~and ofthe ~~$0.0008.~~issuance-related ~~The~~costs ~~note~~are ~~continues~~being toamortized beover ~~secured~~the byterm aof ~~personal~~each ~~guarantee~~tranche. ● During ~~2022~~April and May 2025, we issued convertible promissory notes to unrelated third parties ~~totaling~~for a total of $~~874~~46,000 with original issuance ~~discounts~~discount of $~~114~~6,000. The ~~noteholders~~Noteholders have the right to convert the notes into shares of ~~common~~Common ~~stock~~Stock at a fixed conversion ~~prices~~price ~~ranging~~of ~~from~~ $0.~~0005~~0007 ~~to $0.0008~~ per share,. ~~and~~The ~~the~~ notes ~~were~~are due one year from ~~their~~the ~~respective~~ execution and funding ~~dates.~~of ~~The~~the notes. ~~are~~● ~~currently~~During inJuly ~~default~~2025, ~~and~~the ~~under~~Company ~~negotiation~~settled ~~for~~a ~~settlement.~~convertible ●promissory ~~During~~note ~~2022,~~with ~~certain~~a ~~convertible~~principal ~~promissory~~balance ~~notes~~of ~~for~~$11,500 through a ~~total~~cash repayment of $~~339~~11,~~825~~500. ~~were~~● ~~amended~~During toSeptember ~~add~~through ~~additional~~December ~~original~~2025, ~~issuance~~we ~~discount~~issued convertible promissory notes to unrelated third parties for a total of $50248,~~974~~400 ~~and~~with ~~matured~~original inissuance ~~July~~discount ~~2023~~of $32,400. The ~~notes~~Noteholders ~~are~~have ~~currently~~the inright ~~default~~to ~~and~~convert ~~under~~the ~~negotiation~~notes ~~for~~into ~~settlement.~~shares ●of ~~During~~Common ~~2022,~~Stock ~~the~~at ~~Company~~fixed ~~settled~~conversion aprice ~~total~~ranging offrom $~~143,000~~0.0005 ofto ~~convertible~~$0.0008 ~~promissory~~per ~~notes,~~share. ofThe ~~which~~notes ~~$108,500~~are ~~was~~due ~~settled~~one ~~through~~year from the ~~issuance~~execution ofand ~~shares~~funding of ~~common~~the ~~stock,~~notes. In connection with the ~~remaining~~issuance ~~balance~~of ~~repaid~~$92,000 inof ~~cash.~~these ●notes, Inwe ~~February~~paid ~~and~~10% ~~November~~of ~~2023,~~ the ~~Company~~proceeds ~~settled~~to ~~two~~a ~~convertible~~third ~~notes~~party, which ~~had~~has abeen ~~conversion~~recorded ~~price~~as ofa $0debt discount.~~0008,~~ ~~with~~Both ~~total~~the ~~cash~~original ~~payments~~issue ofdiscount ~~$7,250,~~and ~~resulting~~the inissuance-related acosts ~~$350~~are ~~loss~~being onamortized ~~settlement~~over ~~during~~ the ~~first~~term ~~quarter~~ of ~~2023~~each tranche. ● ~~During~~At ~~the~~December ~~third~~31, ~~quarter~~2025, ~~of 2023~~$4,706,194 of the ~~Company~~above ~~settled~~mentioned convertible ~~promissory~~ notes ofpayable ~~$11,500,~~are ~~which~~in ~~had~~default aand ~~conversion~~negotiation ~~price~~ of $0settlement.~~002.~~ ~~The~~At ~~Company~~the ~~completed~~date ~~repayment~~of inthis ~~the~~report, ~~fourth~~$5,365,912 ~~quarter~~ of ~~2023,~~the ~~with~~notes ~~$13,000~~remain in ~~cash~~default ~~repayments~~and in negotiation of settlement. ● ~~During~~The ~~2023,~~total ~~the~~discount ~~Company~~amortization ~~amended~~on ~~convertible~~all ~~promissory~~ notes ~~totaling~~for ~~$197,025~~the toyears ~~add~~ended ~~aggregate~~December ~~original~~31, ~~issuance~~2025 ~~discounts~~and of2024 was $29232,~~554,~~319 ~~which~~and ~~extended~~$79,139. ~~the~~At ~~due~~December ~~dates~~31, by2025 ~~twelve~~and ~~months~~2024, tothe ~~various~~carrying ~~dates~~value inof ~~January,~~the ~~May~~notes was $6,209,306 and ~~July~~$4,964,684, ~~2024.~~net ~~The~~of ~~notes~~unamortized ~~are~~discounts ~~currently~~of in$82,802 ~~default~~ and ~~under~~$11,010, ~~negotiation for settlement~~respectively.

F-20

●(3) ~~During~~At ~~2023,~~December ~~the Company issued convertible promissory notes to unrelated third parties with a fixed conversion price of $0.0006 per share~~31, issued during the first, third, and fourth quarter, totaled $146,338 with a combined original issuance discount of $19,088. Of these, $17,250 of the notes issued in the fourth quarter were under a personal guarantee. All notes are due one year from their respective execution and funding dates. The notes are currently in default and under negotiation for settlement. ● During the first quarter of 2024, a convertible promissory note of $53,230 was amended to add an additional original issuance discount of $7,985 expired in January 2025. ● During the first quarter of 2024, the Company issued convertible promissory notes to unrelated third parties with a fixed conversion price ranging from $0.0005 to $0.0006 per share, totaling $128,800 with a combined original issuance discount of $16,800. The notes were due one year from their respective execution and ~~funding dates. ● During the second quarter of~~ 2024, the Company issued convertible promissory notes to unrelated third parties with a fixed conversion price ranging from $0.0005 to $0.0006 per share, totaling $71,300 with a combined original issuance discount of $9,300. The notes were due one year from their respective execution and funding dates. ● During the second quarter of 2024, the Company settled convertible promissory notes with an aggregate principal balance of $522,~~500~~046,469 which had a conversion price of $0.002. As part of the settlement, the Company recognized a $7,500 loss on settlement of debt, which is included in loss on settlement of debt in the accompanying consolidated statements of operations. Cash repayments related to these notes included $5,000 paid in the first quarter of 2023, and ~~a total of~~ $372,~~500 paid during 2024. The remaining balance was repaid in full during the second quarter of 2025~~041, ~~resulting in total cash repayments of $60~~464,~~000.~~ ~~● During the third quarter of 2024~~respectively, ~~the~~consisted ~~Company settled convertible promissory notes~~ of ~~$11,500, which had a conversion price of $0.0006. Repayment of $6,000 was made during~~ the ~~fourth~~following ~~quarter of 2024. The Company completed the remaining repayment of $5,500 in the first quarter of 2025. ● During the fourth quarter of 2024, we issued~~ convertible promissory notes to unrelated third parties for a total of $63,250 with original issuance discount of $8,250. The Noteholders have the right to convert the note into shares of Common Stock at a fixed conversion price of $0.0005 per share. The notes are due one year from the execution and funding of the notes. The notes are currently in default and in negotiation of settlement. ● At December 31, 2024, $4,396,129 of the above mentioned convertible notes payable are in default and negotiation of settlement. At the date of this report, $4,745,694 of the notes remain in default and in negotiation of settlement. ● The total discount amortization on all notes for the year ended December 31, 2024 was $79,139. At December 31, 2024, the principal balance of the notes, net of discount of $11,010 is $4,964,684. The total discount amortization on all notes for the year ended December 31, 2023 was $106,193. At December 31, 2023, the principal balance of the notes, net of discount of $17,814 is $4,948,678.loans:

	●	The balance of $20,000 of a Convertible Note originated in March 2016 is in default and negotiation of settlement. The conversion price is equal to 55% of the average of the three lowest volume weighted average prices for the three consecutive trading days immediately prior to but not including the conversion date. We have accrued interest at a default interest rate of 20% after the note’s maturity date. At December 31, 2025 and 2024, the convertible notes payable with principal balance of $20,000 plus accrued interest of $37,406 and $33,350, at fair value, were recorded at $78,280 and $96,998, respectively. The Note is in default and negotiation of settlement.

	●	During May 2017, we issued a Convertible Debenture in the amount of $64,000 to an unrelated third party. The note was due on May 4, 2018. The Note holder has the right to convert the note into shares of Common Stock at sixty percent (60%) of the lowest trading price of our restricted common stock for the twenty trading days preceding the conversion date. We have accrued interest at a default interest rate of 19% after the note’s maturity date. After prior conversions, at December 31, 2025 and 2024, the remaining principal of $12,629 plus accrued interest of $24,937 and $22,411, respectively, at fair value, was recorded at $62,610 and $58,401, respectively. The remaining principal balance of the Note is in default.

	●	During October 2020, we issued a Convertible Debenture in the amount of $250,000 to an unrelated third party. The note was due in October 2021. The Noteholder has the right to convert the note into shares of our restricted common stock at sixty percent of the lowest trading price of our restricted common stock for the twenty-five prior trading days including the conversion date. Upon default, we increased the outstanding principal by 10% and began accruing interest at the default rate of 24% from the note’s maturity date. At December 31, 2025 and 2024, the convertible note payable with principal balance of $275,000 plus accrued interest of $296,657 and $230,657, respectively, at fair value, were recorded at $1,143,319 and $1,011,315. The Note is in default and negotiation of settlement.

	●	During July 2018, we issued a convertible debenture in the amount of $50,000 to an unrelated third party, and during August 2018, we issued a convertible debenture in the amount of $20,000 to an unrelated third party. Both notes carry interest at 8% and were due one year from issuance, unless previously converted into shares of restricted common stock. Following maturity, we accrued interest at the default rate of 24%. The noteholders have the right to convert the notes into shares of common stock at fifty-five percent of the average of the three lowest trading prices of our restricted common stock for the fifteen trading days including the date of receipt of the conversion notice. At December 31, 2025 and 2024, the combined convertible notes payable plus accrued interest of $183,376 and $96,622, respectively, were recorded at fair value of $333,412 and $302,950. The Note is in default and negotiation of settlement.

	●	During January 2019, we issued a convertible debenture in the amount of $75,900 to an unrelated third party. The note was due in one year from the restatement date of the note. During November 2020, the Note holder assigned $20,000 of the $75,900 convertible note restated in January 2019 to a third party. The Noteholder has the right to convert the note into shares of Common Stock at 50% discount to the average trading price of the three lowest closing stock prices for the twenty days prior to the notice of conversion. At December 31, 2025 and 2024, the convertible note payable of $55,900, at fair value, was recorded at $83,850 and $111,800, respectively. The note was due January 2020. The Note is in default and negotiation of settlement.

F-21

(3) At December 31, 2024 and 2023, the balance of $2,041,464 and $1,867,421, respectively, consisted of the following convertible loans:

	●	During June 2019, we issued a convertible promissory note to an unrelated third party for $240,000 with original issuance discount of $40,000. The note was due one year from the execution and funding of the notes. In connection with the issuance of this note, we issued 16,000,000 shares of our restricted common stock. The common stock was valued at $4,688 and recorded as a debt discount that was amortized over the life of the note. The Noteholder has the right to convert the note into shares of Common Stock at a conversion price of the lower of $0.0005 or 50% discount to the average trading price of the three lowest closing stock prices for the twenty days prior to the notice of conversion. During October 2022, repayment of $10,000 was made. At December 31, 2025 and 2024, the convertible note payable with principal balance of $230,000, at fair value, was recorded at $345,000 and $460,000, respectively. The Note is in default and negotiation of settlement.

	(4)	At December 31, 2025 and 2024, the balance of $225,000 consisted of the advances received from a third party during the periods from May 2019 through May 2020 in connection with a Joint Venture proposal. The deposits were considered as payments towards the purchase of equity in the joint venture. The joint venture is currently on hold.

	(5)	During June 2020, the Company executed the standard loan documents required for securing a loan from the SBA under its Economic Injury Disaster Loan assistance program (the “EIDL Loan”) considering the impact of the COVID-19 pandemic on the Company’s business. Pursuant to the Loan Authorization and Agreement (the “SBA Loan Agreement”), the principal amount of the EIDL Loan was $150,000, with proceeds to be used for working capital purposes. Interest accrues at the rate of 3.75% per annum. Installment payments, including principal and interest, in the amount of $731 commenced in February 2023. The balance of principal and interest is payable over a 360-month period from the date of the SBA Loan Agreement. The SBA requires that the Company collateralize the loan to the maximum extent up to the loan amount. If business fixed assets do not “fully secure” the loan the lender may include trading assets (using 10% of current book value for the calculation), and must take available equity in the personal real estate (residential and investment) of the principals as collateral. The outstanding balance of the EIDL loan was $149,169 as of both December 31, 2025 and 2024. Accrued interest totaled $17,513 and $11,889 as of December 31, 2025 and 2024, respectively. Interest expense was $5,624 for each of the years ended December 31, 2025 and 2024.

● The balance of $20,000 of a Convertible Note originated in March 2016 is in default and negotiation of settlement. The conversion price is equal to 55% of the average of the three lowest volume weighted average prices for the three consecutive trading days immediately prior to but not including the conversion date. We have accrued interest at a default interest rate of 20% after the note’s maturity date. At December 31, 2024 and 2023, the convertible notes payable with principal balance of $20,000 plus accrued interest of $33,350 and $29,294, at fair value, were recorded at $96,998 and $89,626, respectively. ● During May 2017, we issued a Convertible Debenture in the amount of $64,000 to an unrelated third party. The note was due on May 4, 2018. The Note holder has the right to convert the note into shares of Common Stock at sixty percent (60%) of the lowest trading price of our restricted common stock for the twenty trading days preceding the conversion date. We have accrued interest at a default interest rate of 19% after the note’s maturity date. After prior conversions, at December 31, 2024 and 2023, the remaining principal of $12,629 plus accrued interest of $22,411 and $19,885, respectively, at fair value, was recorded at $58,401 and $54,191, respectively. The remaining principal balance of the Note is in default. ● During October 2020, we issued a Convertible Debenture in the amount of $250,000 to an unrelated third party. The note was due in October 2021. The Noteholder has the right to convert the note into shares of our restricted common stock at sixty percent of the lowest trading price of our restricted common stock for the twenty-five prior trading days including the conversion date. Upon default, we increased the outstanding principal by 10% and began accruing interest at the default rate of 24% from the note’s maturity date. At December 31, 2024 and 2023, the convertible note payable with principal balance of $275,000 plus accrued interest of $230,657 and $164,657, respectively, at fair value, were recorded at $1,011,315 and $879,315. ● During July 2018, we issued a convertible debenture in the amount of $50,000 to an unrelated third party, and during August 2018, we issued a convertible debenture in the amount of $20,000 to an unrelated third party. Both notes carry interest at 8% and were due one year from issuance, unless previously converted into shares of restricted common stock. Following maturity, we accrued interest at the default rate of 24%. The noteholders have the right to convert the notes into shares of common stock at fifty-five percent of the average of the three lowest trading prices of our restricted common stock for the fifteen trading days including the date of receipt of the conversion notice. At December 31, 2024 and 2023, the combined convertible notes payable plus accrued interest of $96,622 and $79,868, respectively, were recorded at fair value of $302,950 and $272,489. ● During January 2019, we issued a convertible denture in the amount of $75,900 to an unrelated third party. The note was due in one year from the restatement date of the note. During November 2020, the Note holder assigned $20,000 of the $75,900 convertible note restated in January 2019 to a third party. The Noteholder has the right to convert the note into shares of Common Stock at 50% discount to the average trading price of the three lowest closing stock prices for the twenty days prior to the notice of conversion. At December 31, 2024 and 2023, the convertible note payable of $55,900, at fair value, was recorded at $111,800. The note was due January 2020. The Note is in default and negotiation of settlement.

F-22

	●	During February 2019, we issued a convertible promissory note to an unrelated third party in the amount up to $1,000,000, with funds disbursed in multiple payments. Each portion of the note is due two years from its respective execution and funding date. The Noteholder has the right to convert the note into shares of Common Stock at a conversion price of the lower of $0.0005 or 50% discount to the average trading price of the three lowest closing stock prices for the twenty days prior to the notice of conversion. During 2019 and 2020, amounts totaling $372,374 and $20,199, respectively, were funded under the note. Additionally, $132,000 was funded, and $40,480 was repaid during the year ended December 31, 2021. In connection with issuance of the convertible note, the Noteholder agreed to eliminate two outstanding Notes of $27,000 and the accrued interest of $11,412 that were held by the Noteholder’s defunct entities. In connection with the issuance of the convertible note payable tranches during the year ended December 31, 2021, we recognized a day-one derivative loss of $2,042,612. Through December 31, 2020, the Note holder converted a total of 1,250,000,000 shares of common stock in full satisfaction of $275,000 of principal. During February through June 2021, the Note holder received a total of 240,350,000 shares of our restricted common stock in satisfaction the $120,175 of the Note with a fair value of $2,344,399. During February 2022, the Noteholder received 12,000,000 shares of our restricted common stock in satisfaction the $6,000 of the Note with a fair value of $36,000. (See Note 7). In August 2023, the Noteholder received 25,000,000 shares of our restricted common stock in satisfaction of the $12,500 of the Note with a fair value of $2,500. The $10,000 gain resulting from this transaction was reflected in gain on settlement of debt in the accompanying Consolidated Statement of Operations. Repayments of $65,000 were made during 2022, with an additional $5,417 repaid in 2023. At December 31, 2023, the principal balance of convertible note payable is $0.
	●	During June 2019, we issued a convertible promissory note to an unrelated third party for $240,000 with original issuance discount of $40,000. The note was due one year from the execution and funding of the notes. In connection with the issuance of this note, we issued 16,000,000 shares of our restricted common stock. The common stock was valued at $4,688 and recorded as a debt discount that was amortized over the life of the note. The Noteholder has the right to convert the note into shares of Common Stock at a conversion price of the lower of $0.0005 or 50% discount to the average trading price of the three lowest closing stock prices for the twenty days prior to the notice of conversion. During October 2022, repayment of $10,000 was made. At December 31, 2024 and 2023, the convertible note payable with principal balance of $230,000, at fair value, was recorded at $460,000. The Note is in default and negotiation of settlement.
	(4)	At December 31, 2024 and 2023, the balance of $225,000 consisted of the advances received from a third party during the periods from May 2019 through May 2020 in connection with a Joint Venture proposal. The deposits were considered as payments towards the purchase of equity in the joint venture. The joint venture is currently on hold.
	(5)	During June 2020, the Company executed the standard loan documents required for securing a loan from the SBA under its Economic Injury Disaster Loan assistance program (the “EIDL Loan”) considering the impact of the COVID-19 pandemic on the Company’s business. Pursuant to the Loan Authorization and Agreement (the “SBA Loan Agreement”), the principal amount of the EIDL Loan was $150,000, with proceeds to be used for working capital purposes. Interest accrues at the rate of 3.75% per annum. Installment payments, including principal and interest, in the amount of $731 commenced in February 2023. The balance of principal and interest is payable over a 360-month period from the date of the SBA Loan Agreement. The SBA requires that the Company collateralize the loan to the maximum extent up to the loan amount. If business fixed assets do not “fully secure” the loan the lender may include trading assets (using 10% of current book value for the calculation), and must take available equity in the personal real estate (residential and investment) of the principals as collateral. During 2023, total repayments of $10,234 were made and applied to accrued interest. During 2024, total repayment of $4,386 were made and $3,655 of it was applied to accrued interest. The outstanding balance for the EIDL loan at December 31, 2024 and 2023 is $149,169 and $149,900, respectively. The accrued interest as of December 31, 2024 and 2023 is $11,889 and $9,920, respectively.

At December 31, 2025, the future minimum principal payments for all debts are as follows:

F-23

At December 31, 2024, the future minimum principal payments for all debts are as follows:

Years	Amount
2025	$	8,489,496
2026	$	9,622,547
2026		3,571
2027		3,707
2028		3,849
2029		3,996
Thereafter		125,094
2030		4,148
	$	8,629,713
Thereafter		120,944
Total	$	9,759,191
Less: Long-term portion
SBA notes payable		(~~140~~136,~~217~~644	)
Current portion	$	8,489,496
Less: Long-term portion SBA notes payable		(136,644	)
Current portion	$	9,622,547

7. STOCKHOLDERS’ DEFICIT

Series B Preferred Stock

Effective March 2021, pursuant to authority of its Board of Directors, the Company filed a Certificate of Determination for its Series B Preferred Stock. The Series B Preferred Stock has a par value of $0.001 per shares and consists of 12,000,000 shares.

Terms of the Series B Preferred include the following:

	1.	The Series B Preferred votes with the Company’s common stock as a single class on all matters or consents for the Company’s common stockholders. Each share of Series B Preferred is entitled to one thousand votes per share.

	2.	The Series B Preferred will not be entitled to dividends unless the Company pays cash dividends or dividends in other property to holders of outstanding shares of common stock, in which event, each outstanding share of the Series B Preferred will be entitled to receive dividends of cash or property in an amount or value equal to one thousand multiplied by the amount paid in respect of one share of common stock. Any dividend payable to the Series B Preferred will have the same record and payment date and terms as the dividend payable on the common stock.

	3.	Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of all shares of Series B Preferred then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders an amount in cash equal to $0.133 in cash per share before any distribution is made on any shares of the Company’s common stock. If upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, the application of all amounts available for payments with respect to Series B Preferred would not result in payment in full of Series B Preferred, the holders shall share equally and ratably in any distribution of assets of the Company in proportion to the full liquidation preference to which each is entitled.

	4.	The Series B Preferred does not have any redemption rights.

~~During~~Common ~~November~~Stock ~~2021,~~Issued ~~the Board of Directors approved resolutions~~ for the issuance of a total of 9,000,000 shares of Series B Preferred stock to Mr. Deitsch to discharge $540,000 of his accrued salary. The shares were valued at the accrued payable amount by agreement of the parties.Services

~~Effective~~On ~~November~~May 151, ~~2021~~2025, the ~~Board~~Company entered into a consulting agreement for services. Pursuant to the agreement, the Company agreed to issue up to 300,000,000 shares of ~~Directors~~restricted ~~authorized~~common stock as compensation over an ~~exchange~~initial 12-month service period, including an initial issuance of 3100,000,000 shares ofupon ~~Series~~execution Aand ~~Preferred~~monthly ~~Stock~~issuances ~~held~~of by20,000,000 Mrshares beginning July 1, 2025. ~~Deitsch~~The initial 100,000,000 shares ~~for~~were anissued ~~equal~~in ~~number~~May 2025 and were valued at $10,000. During the third and fourth quarter of ~~Series~~2025, Bthe ~~Preferred~~Company ~~Stock~~issued an additional 120,000,000 shares under this arrangement, with an aggregate fair value of $20,000.

~~Common~~For ~~Stock~~the ~~Issued~~year ~~for~~ended ~~Conversion~~December 31, 2025, the Company recognized stock-based compensation expense of ~~Convertible~~$26,667 ~~Debt~~related to this agreement, respectively. The remaining unrecognized compensation cost of $3,333 is expected to be recognized over the remaining service period (See Note 10).

~~During~~As ~~August~~of ~~2023,~~the adate ~~Noteholder~~of ~~received~~this 25report,~~000,000~~ no shares ofhave ~~our~~been ~~restricted~~issued ~~common~~by ~~stock~~the intransfer ~~satisfaction~~agent; ~~of $12~~however,~~500~~ of the ~~Note~~Company ~~with~~has arecorded ~~fair~~the shares as common ~~value~~stock ofto ~~$2,500~~be ~~(See~~issued ~~Note~~and 6)recognized the related stock based compensation expense.

Common Stock Issued for Debt Modification and Penalty

During February 2024, we issued 35,000,000 restricted shares to a Note holder due to the default on repayments of the promissory note of $200,312 amended in August 2022. The shares were valued at a fair value of $3,500 (See Note 6).

Common Stock to be Issued for Vendor Payable Balance

During December 2024, the Company entered into a settlement agreement with a vendor to extinguish outstanding accounts payable totaling $20,000. Pursuant to the agreement, the Company is to issue 20,000,000 shares of its common stock in full satisfaction of the obligation. The shares were valued at a fair value of $2,000. The Company recorded a gain on settlement of vendor payable of $18,000. The gain was recognized in the accompanying ~~statement~~statements of operations.

F-2423

8. ~~STOCK~~INCOME ~~WARRANTS~~TAXES

~~Common~~The ~~Stock~~Company’s ~~Warrants~~tax expense differs from the “expected” tax expense for the years ended December 31, 2025 and 2024, which is computed by applying the blended federal and state corporate tax rate of 25.35% to loss before taxes, as follows:

During January and May 2022, in connection with the issuance of the convertible notes of $115,000 with original issuance discount of $15,000 due in one year, the Company granted 164,285,714 warrants at an exercise price of $0.002 per share that expire one year from the date of issuance. As of May 2023, all of these warrants had expired.

A summary of warrants outstanding in conjunction with private placements of common stock were as follows during the years ended December 31, 2024 and 2023:

SUMMARY OF WARRANTS OUTSTANDING

	Number Of			Weighted average
	shares			exercise price
Balance December 31, 2022		164,285,714		$	0.002
Exercised		-			-
Issued		-			-
Expired		(164,285,714	)		0.002
Balance December 31, 2023		-		$	-
Exercised		-			-
Issued		-			-
Expired		-			-
Balance December 31, 2024		-		$	-

The following table summarizes information about fixed-price warrants outstanding as of December 31, 2024 and 2023:

SUMMARY OF FIXED PRICE WARRANTS OUTSTANDING

	Exercise Price		Weighted Average Number Outstanding		Weighted Average Contractual Life		Weighted Average Exercise Price
2024	$	-		-		-	$	-
2023	$	-		33,082,192		0 years	$	-

At December 31, 2024, the aggregate intrinsic value of all warrants outstanding and expected to vest was $0. The intrinsic value of warrant share is the difference between the fair value of our restricted common stock and the exercise price of such warrant share to the extent it is “in-the-money”. Aggregate intrinsic value represents the value that would have been received by the holders of in-the-money warrants had they exercised their warrants on the last trading day of the year and sold the underlying shares at the closing stock price on such day. The intrinsic value calculation is based on $0.0001, the closing stock price of our restricted common stock on December 31, 2024. There were no in-the-money warrants at December 31, 2024.

9. INCOME TAXES

The Company’s tax expense differs from the “expected” tax expense for the years ended December 31, 2024 and 2023, which is computed by applying the blended federal and state corporate tax rate of 25.35% to loss before taxes, as follows:

SCHEDULE OF INCOME TAX EXPENSE

	2024			2023
	2025			2024
	December 31,
	2024			2023
	2025			2024
Computed “expected” tax expense (benefit) - Federal	$	(~~269~~429,~~989~~952	)	$	(~~292~~269,~~605~~989	)
Computed “expected” tax expense (benefit) - State		(5588,~~862~~959	)		(6055,~~541~~862	)
Permanent differences and other		5565,~~988~~205			4755,~~605~~988
Expired net operating loss carryforwards		2896,~~291,085~~990			-2,291,085
Change in valuation allowance		(2443,~~021,222~~284	)		~~305~~(2,~~541~~021,222	)
Provision for income taxes	$	-		$	-
Effective tax rate		0	%		0	%

F-2524

The table below summarizes the components of the Company’s deferred income tax assets and related valuation allowance as of December 31, ~~2024~~2025 and ~~2023~~2024:

	2024			2023
	2025			2024
Net deferred income tax assets:
Reserve for prepaid inventory	$	3940,~~363~~631		$	2439,~~156~~363
Accrued salary		416,051			348,162
Change in allowance for credit losses		13,382			-
Accrued salary		470,100			416,051
Recovery for receivables from officer		44,927			44,927
Net operating loss carryforwards		98,~~130~~618,~~384~~401			119,~~234~~130,~~702~~384
Valuation allowance		(9,~~630~~187,~~725~~441	)		(119,~~651~~630,~~947~~725	)
Net deferred income tax asset	$	-		$	-

Due to the uncertainty of the utilization and recoverability of the loss carry-forwards and other deferred tax assets, we have provided a a valuation allowance to fully reserve such assets. The valuation allowances decreased by $443,284 and $2,021,222 ~~and~~ ~~increased by $305,541~~ for the years ended December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

As of December 31, ~~2024~~2025, the Company had net operating loss carryforwards (“NOLs”) of approximately $3634.0 million, ~~after~~net ~~excluding~~$3.5 million and $9.0 million ~~from~~generated ~~2003~~in 2005 and in 2003 – 2004, ~~that~~respectively, which expired during 2025 and 2024., respectively. Of the remaining balance, approximately $1011.38 million were generated after December 31, 2017 and may be carried forward indefinitely, while $2522.72 million will expire at various dates through 2037.

The Company’s ~~2021~~2023 through ~~2024~~2025 tax returns which have not been filed are subject to examination by the Internal Revenue Services and various state authorities. Tax returns for the years 2021 and 2022 remain subject to examination for a period of three years from the date filed.

109. ACCRUED EXPENSES

Accrued expenses ~~consisted~~consist of the following:

SCHEDULE OF ACCRUED EXPENSES

	2024		2023
	2025		2024
	December 31,
	2024		2023
	2025		2024
Accrued consulting fees	$	~~291~~303,~~400~~900	$	~~220~~291,~~900~~400
Accrued settlement expenses (1)		680,235		680,235
Accrued payroll taxes		~~263~~293,~~859~~847		~~240~~263,~~023~~859
Accrued interest		~~864~~905,~~670~~565		~~756~~864,~~426~~670
Accrued others		2,~~913~~736		2,913
Total	$	2,~~103~~186,~~077~~283	$	12,~~900~~103,~~497~~077

(1) On August 28, 2024, the U.S. District Court for the Eastern District of New York entered a final consent judgment against the Company, enjoining it from violating certain provisions of the federal securities laws and ordering disgorgement and civil monetary penalties. The Court entered a final consent judgment in which it was ordered to pay $520,940 in disgorgement and $59,295 in prejudgment interest thereon, as well as $100,000 in civil penalties. As of December 31, ~~2024~~2025 and ~~2023~~2024, the Company had accrued a total legal settlement amount of $680,235 (See Note 1312). Any potential penalties or interest related to non-payment cannot be reasonably estimated at this time and, accordingly, have not been accrued in the accompanying consolidated financial statements.

1110. PREPAID EXPENSES

Prepaid expenses and other current assets consist of the following:

SCHEDULE OF PREPAID EXPENSES

	December 31, 2024			December 31, 2023
	December 31, 2025			December 31, 2024
Supplier advances for future purchases	$	~~401~~406,472		$	~~341~~401,472
Reserve for supplier advances		(~~401~~406,472	)		(~~341~~401,472	)
Net supplier advances		-			-
Prepaid professional fees		29,999			29,999
Prepaid stock based compensation (see Note 7)		3,333			-
Total	$	29,999		$	29,999
Prepaid professional fees		31,999			29,999
Total	$	35,332		$	29,999

We performed an evaluation of our ~~inventory~~supplier ~~and~~advances ~~related~~for ~~accounts~~venom at December 31, ~~2024~~2025 and ~~2023~~2024, and ~~increased~~determined ~~the~~full ~~reserve~~reserves onwere ~~supplier advances~~necessary. ~~for~~The ~~future~~Company ~~venom~~recorded ~~purchases~~increases byto the reserve of $605,000 and $2060,~~900~~000 for the years ended December 31, 2025 and 2024, respectively.

F-2625

1211. CONVERTIBLE NOTES RECEIVABLE

During ~~March~~2021 through ~~November 2021~~2023, we purchased ~~five~~an ~~convertible~~aggregate ~~notes~~of ~~from~~$378,250 ~~StemSation~~of ~~International~~convertible ~~(the~~notes ~~“StemSation”)~~receivable ~~for a total of $286,550~~ with original issuance ~~discount~~discounts oftotaling $2631,~~050~~626 from StemSation International (“StemSation”). The notes ~~are~~were convertible into common shares ~~for~~ranging from $0.01 to $0.005 per common share and ~~mature~~ matured in one year from each of the funding dates of the notes. The original issuance ~~discount~~discounts iswere amortized over the lives of the notes. Stemsation made total repayments of $114,250 during 2022 and 2023, and the remaining balance of $264,000 was in default prior to settlement.

~~From~~On ~~March~~June to5, ~~December 2022~~2023, wethe ~~purchased~~Company ~~six~~entered ~~convertible~~into ~~notes~~a ~~from~~settlement ~~StemSation~~agreement ~~totalling~~with ~~$41,196,~~StemSation ~~which~~to ~~included~~convert athe ~~$3,745~~notes ~~original~~receivable ~~issuance discount.~~balances ~~Repayments~~ of $~~101~~264,~~750~~000 ~~have~~into shares ~~been~~of ~~received~~StemSation’s ~~during~~common ~~the~~stock ~~third~~at ~~and~~$0.00176 ~~fourth~~per ~~quarter of 2022~~share. AtThe ~~December~~settlement ~~31,~~agreement ~~2022,~~was ~~the~~approved ~~principal balance~~on ofJune ~~the notes~~15, ~~net~~2023 ofby ~~discount~~the ~~of $600 was $225,396~~Circuit Court.

During March through June 2023, we purchased additional convertible notes for a total of $50,504 which included a $1,831 original issuance discount.

All the notes mature one year after funding. The notes are convertible into common shares at $0.01 per share, except for those issued in December 2022 ($6,600) and March through June 2023 ($50,504) are convertible at $0.005 per share. The original issuance discount is amortized over the lives of the notes. Repayments of $12,500 have been received during the first and second quarter of 2023.

The principal balance of the notes prior to settlement was $264,000. On June 5, 2023, the Company entered into a settlement agreement with StemSation to convert the notes receivable balances of $264,000 into shares of StemSation’s common stock at $0.00176 per share. The settlement agreement was approved on June 15, 2023 by the Circuit Court.

Pursuant to the agreement, the Company is entitled to receive 150,000,000 shares of StemSation’s common stock in exchange for the full settlement of the outstanding notes receivable. As of June 30, 2023, the Company recognized the settlement receivable at $264,000, equal to the carrying amount of the notes receivable exchanged. Accordingly, the convertible notes receivable were derecognized.

Between July and November 2023, $103,916 of the $264,000 settlement was converted into 59,043,425 shares, as summarized in the table below. The remaining $160,084 of the settlement was recorded as a settlement receivable in the accompanying consolidated balance sheets as of December 31, ~~2024~~2025 and ~~2023~~2024, and is expected to be converted in subsequent periods.

Date of Conversion Notice	Conversion Amount		Number of Shares Issued		Value of Shares Issued ($/per share) at Issuance
7/12/2023	$	33,516		19,043,425		0.00176
8/24/2023	$	35,200		20,000,000		0.00176
11/7/2023	$	35,200		20,000,000		0.00176

Of the 59,043,425 shares issued, 39,043,425 shares were sold in the third quarter of 2023 for total proceeds of $68,716, of which $33,516 was collected and $35,200 remained receivable as of December 31, ~~2023~~2024. The remaining 20,000,000 shares converted in November 2023, valued at $35,200, were recorded as an investment in StemSation stock at cost.

In March 2024, the Company sold an additional 10,000,000 shares for $17,600, which remained outstanding as of December 31, 2025 and 2024. As a result, the ~~total~~gross receivable balance related to these transactions was $52,800 at December 31, 2025 and 2024,. ~~compared~~During tothe ~~$35,200~~year atended December 31, ~~2023~~2025, the Company recorded a full allowance for credit losses against the outstanding receivable balance based on management’s evaluation of collectability and current expected credit loss factors. The remaining 10,000,000 ~~shares~~ shares converted in November 2023, valued at $17,600, were recorded as an investment in StemSation stock as of December 31, 2025 and 2024 at cost. Management believes the carrying values approximate fair value based on the expected recovery pursuant to the Stock Purchase Agreement covering a total of 150,000,000 shares.

During the third and fourth quarter of 2023, we purchased three convertible notes for $6,600 which included a $600 original issuance discount. During the first and second quarter of 2024, we purchased three convertible notes for $37,450 which included a $3,450 original issuance discount. They are convertible at $0.005 per share and due in one year after funding. Repayment of $42,300 ~~has~~was ~~been~~ received during 2024.

~~Amortization~~During ~~for~~May ~~all~~2025, ~~the~~we ~~convertible~~purchased ~~notes~~a ~~receivable~~convertible ~~was~~note for $328,~~450~~750, ~~and~~with original issuance discount of $3,~~031~~750. ~~recognized~~The asnote ~~other~~is ~~income~~convertible ininto ~~the~~common shares ~~accompanying~~for ~~consolidated~~$0.005 ~~statements of~~per ~~operations~~common ~~for~~share ~~the~~and ~~years~~matures ~~ended~~in ~~December~~one ~~31,~~year ~~2024~~from ~~and~~the ~~2023,~~funding ~~respectively~~of the note.

~~F-27~~Convertible notes receivable were $30,500 and $1,750 as of December 31, 2025 and 2024, respectively. Amortization of convertible notes receivable, recognized as other income, totaled $3,750 and $3,450 for the years ended December 31, 2025 and 2024, respectively, and is included in other income in the accompanying consolidated statements of operations.

~~13. COMMITMENTS AND CONTINGENCIES~~F-26

12. COMMITMENTS AND CONTINGENCIES

Operating Leases

ReceptoPharm ~~leases~~leased a lab ~~and renewed its operating lease agreement for five years beginning August 1, 2017 for monthly payments of approximately $6,900 with a 5% increase each year~~. In ~~February of 2021, we signed an updated lease with extended terms through January 1, 2023. The lease called for monthly payments of approximately $6,500 with a 4% increase each year. In~~ October 2022, we signed another lease extension, covering the period from January 1, 2023, to December 31, 2025, with monthly payments of $7,700 and an annual 4% increase. The Company did not renew the lease upon its expiration on December 31, 2025.

For the years ended December 31, 2025 and 2024, the Company’s lease cost and related cash flow information were as follows:

	December 31,			December 31,
	December 31, 2025			December 31, 2024
	2024			2023
Lease cost
Operating lease cost	$	~~109~~103,~~795~~080		$	97109,~~587~~795
Short-term lease cost		-			-
Total lease cost	$	~~109~~103,~~795~~080		$	97109,~~587~~795
Balance sheet information
Supplemental cash flow information related to leases were as follows:
Operating ROU Assets	$	251,951		$	251,951
Cash paid for amounts included in the measurement of operating lease liabilities	$	96,905		$	109,759
Less accumulated amortization		(161,168	)		(77,429	)
Operating ROU Assets, net	$	90,783		$	174,522
Operating lease obligations, current portion	$	93,411		$	83,703
Operating lease obligations, non-current portion		-			93,411
Total operating lease obligations	$	93,411		$	177,114
Weighted average remaining lease term (in years) – operating leases		1			2
Weighted average discount rate-operating leases		8	%		8	%
Supplemental cash flow information related to leases were as follows, for the years ended December 31, 2024 and 2023:
Cash paid for amounts included in the measurement of operating lease liabilities	$	109,759		$	94,994

~~The~~As ~~Company subleases a portion~~ of ~~its~~December ~~leased~~31, ~~facility~~2025 ~~under month-to-month arrangements. Sublease rental income is recorded as a reduction of general~~ and ~~administrative expenses in the consolidated statements of operations~~2024, as the ~~amounts represent recoveries of operating costs rather than revenues from the~~ Company’s ~~primary~~operating ~~business~~lease ~~activities. The sublease arrangements are short~~right-~~term and operate on a month~~of-~~to-month~~use ~~basis.~~assets ~~Total sublease rental income was approximately $93,000~~ and ~~$72,523~~related ~~for~~lease ~~the~~liabilities ~~years~~were ~~ended~~as ~~December 31, 2024 and 2023, respectively.~~follows:

	December 31, 2025			December 31, 2024
Balance sheet information
Operating ROU Assets	$	-		$	251,951
Less accumulated amortization		-			(161,168	)
Operating ROU Assets, net	$	-		$	90,783

Operating lease obligations, current portion	$	-		$	93,411
Operating lease obligations, non-current portion		-			-

Total operating lease obligations	$	-		$	93,411

Weighted average remaining lease term (in years) – operating leases		-			1
Weighted average discount rate-operating leases		8	%		8	%

The Company subleased a portion of its leased facility under month-to-month arrangements through December 31, 2025. Sublease rental income is recorded as a reduction of general and administrative expenses in the consolidated statements of operations, as the amounts represent recoveries of operating costs rather than revenues from the Company’s primary business activities. The sublease arrangements were short-term and operated on a month-to-month basis. Total sublease rental income was $120,000 and $93,000 for years ended December 31, 2025 and 2024, respectively. Other receivables of $133,906 and $28,906 as of December 31, 2025 and 2024, respectively, consisted entirely of rental income receivable.

Consulting Agreements

During July 2015, we signed an agreement with a company to provide for consulting services for five years. In connection with the agreement, 500,000 shares of our restricted common stock and a one year 8% note of $50,000 were granted. The shares were valued at $0.18 per share. As the services provided were in dispute, the shares and note payable have not been issued as of December 31, ~~2024~~2025. As of December 31, ~~2024~~2025 and ~~2023~~2024, we have accrued $142,500 in accrued expense on the accompanying consolidated balance sheets.

During October 2015, the Company signed an agreement with a consultant for consulting services for a year. In connection with the agreement, 2,500,000 shares of the Company’s restricted common stock were granted and the Company was to make monthly cash payments of $3,000. As of December 31, 2016, the Company recorded an equity compensation charge of $31,750, however, only 1,000,000 of the shares have been issued. As of December 31, ~~2024~~2025 and ~~2023~~2024, $19,150 has been recorded in accrued expense to account for the 1,500,000 shares of common stock that have not been issued.

During September 2022, the Company renewed its consulting agreement with an external consultant for a three-year term, providing for monthly compensation of $10,000. In September 2025, the agreement was further renewed for an additional one-year term through September 2026. Consulting expenses oftotaled $120,000 ~~were~~for ~~recorded in~~ each of the years ended December 31, 2025 and 2024, and ~~2023~~are included within selling, general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, ~~2024~~2025 and ~~2023~~2024, accrued consulting fees payable to this external consultant ~~totalled~~ totaled $~~129~~141,~~350~~850 and $59129,350, respectively, and are included in accrued expenses on the accompanying consolidated balance sheets.

On January 1, 2025, the Company entered into an Agent and Representation Agreement with an external consulting company pursuant to which the agent will solicit prospective commercial and contract manufacturing clients on behalf of the Company. Under the agreement, the Company is obligated to pay referral commissions to the agent for clients introduced by the agent who purchase the Company’s products or services. The agreement required an initial payment of $20,000 related to certain introduced clients, which was paid during the first quarter of 2025, and provides for additional commissions for the life of each referred client account, subject to the terms and conditions of the agreement. Consulting expenses of $30,000 were recorded during the year ended December 31, 2025, within selling, general and administrative expenses in the accompanying consolidated statements of operations.

On May 1, 2025, the Company entered into a consulting agreement for services. Pursuant to the agreement, the Company agreed to issue up to 300,000,000 shares of restricted common stock as compensation over an initial 12-month service period, including an initial issuance of 100,000,000 shares upon execution and monthly issuances of 20,000,000 shares beginning July 1, 2025. The initial 100,000,000 shares were issued in May 2025 and were valued at $10,000. During the third and fourth quarter of 2025, the Company issued an additional 120,000,000 shares under this arrangement, with an aggregate fair value of $20,000. For the year ended December 31, 2025, the Company recognized stock-based compensation expense of $26,667 related to this agreement, respectively. The remaining unrecognized compensation cost of $3,333 is expected to be recognized over the remaining service period (See Note 7 and Note 10).

Litigation

CSA 8411, LLC v. Nutra Pharma Corp., Case No. CACE 18-023150

On October 12, 2018, CSA 8411, LLC filed a lawsuit against the Company in the 17th Judicial Circuit Court in and for Broward County, Florida (Case No. CACE 18-023150) to recover $100,000 allegedly owed under an amended promissory note dated April 12, 2017. On November 1, 2018, the Company filed its Answer and Affirmative Defenses to the Complaint. The Company believes that this lawsuit is without merit. Moreover, the Company believes that it has a number of valid defenses to this claim. Among other things, the owner of CSA 8411, LLC violated the terms of a Binding Memorandum of Understanding by failing to invest in the Company and fraudulently inducing the Company to enter into the subject amended promissory note. Opposing counsel reached out to schedule mediation, and mediation was set for June 21, 2019 in Plantation, FL, however, the mediation was unsuccessful. Defendant also filed affirmative claims against the Plaintiff, its owner Dan Oran and several related entities. On May 19, 2025, the Company entered into a settlement agreement with the counterparty, under which the total obligation was resolved for $125,000. The settlement terms include an initial payment of $35,000 made on May 19, 2025, followed by nine monthly payments of $10,000 each. The agreement also provides that, in the event of a payment default not cured within five business days of written notice, the counterparty may seek entry of a consent judgment against the Company in the amount of $400,000, reduced by any amounts already paid under the settlement. At December 31, 2024 and 2023, we owed a principal balance of $91,156, and accrued interest of $84,671 and $73,733, respectively, which is included in current liabilities in the consolidated balance sheets. The total liability recorded prior to the settlement on May 19, 2025 was $178,526, consisting of $91,156 in principal and $87,370 in accrued interest. The settlement of $125,000 will result in a gain on settlement of $53,526, which will be recognized upon full satisfaction of the payment terms (see Note 17).

~~F-28~~As of December 31, 2025 and 2024, the Company had an outstanding principal balance of $20,000 and $91,156, respectively, and accrued interest of $0 and $84,671, respectively (see Note 6). Prior to the settlement, the total recorded liability was $178,526, consisting of $91,156 in principal and $87,370 in accrued interest. The settlement resulted in a gain of $53,526, which was recognized during the second quarter of 2025. An initial payment of $35,000 was made in May 2025, with additional payments totaling $90,000 made during the period from June 2025 through February 2026.

F-27

Securities and Exchange Commission v. Nutra Pharma Corporation, Erik Deitsch, and Sean Peter McManus

On September 28, 2018, the United States Securities and Exchange Commission (the “SEC”) filed a lawsuit in the United States District Court for the Eastern District of New York (Case No. 2:18-cv-05459) against the Company, Mr. Deitsch, and Mr. McManus. The lawsuit alleges that, from July 2013 through June 2018, the Company and the other defendants’ defrauded investors by making materially false and misleading statements about the Company and violated anti-fraud and other securities laws.

The violations alleged against the Company by the SEC include: (a) raising over $920,000 in at least two private placement offerings for which the Company failed to file required registration statements with the SEC; (b) issuing a series of materially false or misleading press releases; (c) making false statements in at least one Form 10-Q; and (d) failing to make required public filings with the SEC to disclose the Company’s issuance of millions of shares of stock. The lawsuit makes additional allegations against Mr. McManus and Mr. Deitsch, including that Mr. McManus acted as a broker without SEC registration and defrauded at least one investor by making false statements about the Company, that Mr. Deitsch engaged in manipulative trades of the Company’s stock by offering to pay more for shares he was purchasing than the amount the seller was willing to take, and that Mr. Deitsch failed to make required public filings with the SEC. The lawsuit seeks both injunctive and monetary relief.

On May 29, 2019 (following each of the defendants filing motions to dismiss), the SEC filed a First Amended Complaint which generally alleged the same conduct as its original Complaint, but accounted for certain guidance provided by the United States Supreme Court in a case that had been recently decided. Each of the defendants then moved to dismiss the SEC’s First Amended Complaint. On March 31, 2020, the Court entered an Order granting in part and denying in part the various motions to dismiss. Following that Order, the SEC filed a Second Amended Complaint (the operative pleading) and the defendants have filed their answers which generally deny liability. At this time, discovery is closed and the SEC has indicated an intent to file a summary judgment motion regarding certain non-fraud claims asserted in its Second Amended Complaint. The defendants have opposed the SEC’s request to file such motion(s). The Court conducted a hearing on February 23, 2021 and set an initial briefing schedule for the SEC’s Motion for Partial Summary Judgment wherein the Plaintiffs’ Motion for Partial Summary Judgment was due on April 5, 2021, the Defendants’ Consolidated (i.e., collectively, Nutra Pharma Corporation, Erik “Rik” Deitsch, and Sean McManus) Response Brief to the SEC’s Motion was due May 3, 2021, and the Plaintiffs’ Reply Brief was due on May 19, 2021. On March 23, 2021, the Plaintiff filed a Motion for Extension of Time to file the Motion for Partial Summary Judgment. On April 9, 2021, the Plaintiff filed a Motion for Partial Summary Judgment, Defendants’ filed a Memorandum of Law in Opposition to Plaintiff’s Motion on May 7, 2021, and Plaintiff filed its Reply brief on May 21, 2021.

In July 2024, a final judgment was issued, ordering the defendant to pay $520,940 in disgorgement, $59,295 in prejudgment interest, and a $100,000 civil penalty. As of December 31, ~~2024~~2025 and ~~2023~~2024, the Company had accrued a total legal settlement amount of $680,235 (See Note 109).

Settlement ~~Discussions~~with Marc Weller

~~Subsequent~~In toJanuary ~~year end~~2026, the Company entered into a settlement agreement with aMarc ~~counterparty~~Weller in connection with a dispute arising in the ordinary course of business (See Note 1716). As part of the settlement, the outstanding notes, with an aggregate carrying value of approximately $175,000, were cancelled and extinguished in exchange for (i) $20,000 in cash, payable in four monthly installments, and (ii) 60,000,000 shares of the Company’s common stock.

1413. SEGMENT AND ENTITY-WIDE INFORMATION

Segment Information

The Company operates as a ~~single~~1single reportable operating segment. Operating segments are identified based on the manner in which the Company’s Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, reviews financial information for purposes of allocating resources and assessing performance.

The measure of segment profit or loss used by the CODM is consolidated net loss, as reported in the consolidated statements of operations. The significant expense categories included in the measure of segment profit or loss and regularly reviewed by the CODM include cost of goods sold, selling and marketing expenses, and general and administrative expenses.

The accounting policies of the reportable segment are the same as those described in the summary of significant accounting policies. The Company has no intersegment revenues.

For the year ended December 31, ~~2024~~2025, a customer accounted for approximately 3733% of the Company’s net sales. For the year ended December 31, ~~2023~~2024, the same customer accounted for approximately 6537% of the Company’s net sales. These sales are included within the Company’s single reportable operating segment. The customer is a related party. See Note 1514 – Related Party Transactions for additional information.

~~15.~~For the years ended December 31, 2025 and 2024, an unrelated third-party customer accounted for approximately 29% ~~RELATED~~and ~~PARTY~~20%, ~~TRANSACTIONS~~respectively, of the Company’s net sales. These sales were also generated within the Company’s single reportable operating segment.

14. RELATED PARTY TRANSACTIONS

~~Commencing in May 2022, the Company sublet a portion of its space to Avini Health under a one~~F-year sublease for a monthly rent of $5,000, with the first three months rent-free. The lease was terminated on August 31, 2023. Beginning September 1, 2023, the Company entered into a rent-free arrangement to lease space from Avini.28

FDuring September 2023, the sales and manufacturing structure between the Company and Avini was revised. Avini assumed responsibility for manufacturing its own products, and the Company transferred to Avini certain raw materials and packaging supplies related to amounts previously advanced by Avini. In connection with this transition, the Company relocated its operations to a Boca Raton facility leased by Avini. Under this arrangement, the Company uses the facility rent-29free, shares space and resources with Avini, and Avini pays all lease and office-related expenses. Sales to Avini declined beginning in 2024 as Avini began to manufacture its own products. As a result, the Company benefited from reduced operating costs and continued access to manufacturing capabilities for its own Nutra Pharma–branded products.

~~During~~As ~~2023~~of December 31, 2024, the Company ~~sold~~had ~~certain~~recorded ~~equipment~~deferred torevenue ~~Avini~~of $234,757, arepresenting ~~related~~cash ~~party,~~received from Avini in ~~connection~~advance ~~with~~of ~~Avini~~performance under ~~assuming~~prior ~~responsibility~~contractual ~~for~~arrangements, ~~the~~and ~~manufacturing~~ accounts receivable of ~~its~~$5,800 ~~own~~related ~~products.~~to ~~The~~Avini ~~equipment~~product ~~had~~sales ain ~~carrying~~December ~~amount~~2024. In connection with Avini’s assumption of ~~approximately~~manufacturing ~~$43~~responsibilities,~~900~~ at the ~~time~~anticipated ofreduction ~~sale.~~in ~~The~~future ~~Company~~revenue ~~received~~from ~~proceeds~~Avini, and the restructuring of ~~approximately~~the ~~$83~~parties’ commercial relationship,~~600,~~ ~~resulting~~Avini inagreed to forgive a ~~gain~~total of ~~approximately~~ $39240,~~700,~~557. ~~which~~The isCompany ~~included~~accounted infor ~~other~~the ~~income~~forgiveness as ~~for~~a capital contribution, and the ~~year~~amount ~~ended~~was ~~December 31,~~recorded as an increase to Additional Paid-In Capital during 2024.

~~During~~As ~~September~~of ~~2023~~December 31, ~~the~~2025 ~~sales~~ and ~~manufacturing structure between the Company and Avini was revised. Avini assumed responsibility for manufacturing its own products~~2024, ~~and~~ the Company ~~transferred~~recorded toaccounts ~~Avini~~receivable ~~certain~~from ~~raw materials and packaging supplies~~ related toparty ~~amounts~~of ~~previously advanced by Avini. In connection with this transition~~$24,385 ~~the~~and ~~Company relocated its operations to a Boca Raton facility leased by Avini. Under this arrangement~~$5, ~~the Company uses the facility rent-free~~800, ~~shares space and resources with Avini~~respectively, ~~and Avini pays all lease and office-~~related ~~expenses. Sales~~ to Avini ~~declined~~product ~~beginning in 2024 as Avini manufactures its own products~~sales. ~~As a result, the Company benefited from reduced operating costs and continued access to manufacturing capabilities for its own Nutra Pharma–branded products.~~

AsDuring ~~of December 31~~2025, ~~2024,~~Avini ~~the~~purchased ~~Company~~certain ~~had~~raw ~~recorded~~materials ~~deferred~~on ~~revenue~~behalf of ~~$234,757,~~the ~~representing~~Company ~~cash~~for ~~received~~use ~~from Avini~~ in ~~advance~~the ofmanufacture ~~performance under prior contractual arrangements, and accounts receivable~~ of ~~$5,800~~private ~~related~~label ~~to Avini product sales in December 2024~~products. InThese ~~connection~~purchases ~~with~~totaled ~~Avini’s assumption of manufacturing responsibilities~~$37,416 ~~the~~during ~~anticipated reduction in future revenue from Avini~~2025, and ~~the~~have ~~restructuring of~~been ~~the~~reimbursed ~~parties’~~to ~~commercial relationship,~~ Avini ~~agreed~~in tofull ~~forgive~~as ~~a total~~ of ~~$240,557.~~December ~~The Company accounted for the forgiveness as a capital contribution~~31, ~~and the amount was recorded as an increase to Additional Paid-In Capital~~2025. ~~The transaction had no impact on the Company’s consolidated statements of operations and is reflected as a non-cash financing activity in the consolidated statement of cash flows.~~

During the first quarter of 2024, the Company reclassified a portion of previously issued convertible debts for a total of $253,000 to due to officers upon the appointment of Michael Flax as the Chief Executive Officer of the Company.

During 2010 we borrowed $200,000 from one of our directors. Under the terms of the loan agreement, this loan was expected to be repaid in nine months to a year from the date of the loan along with interest calculated at 10% for the first month plus 12% after 30 days from funding. We are in default regarding this loan. The loan is under personal guarantee by Mr. Deitsch. We repaid the principal balance in full as of December 31, 2016. ~~During~~The ~~2021 and 2022, the~~ Company ~~repaid~~paid $65,000 of accrued interest during 2021 and 2022, including $10,000 settled through the issuance of 12,500,000 shares of common stock in ~~2021 in~~ a related-party transaction in 2021, and paid an additional $10,000 of accrued interest during the 2025. At December 31, ~~2024~~2025 and ~~2023~~2024, we owed this director accrued interest of $~~189~~202,~~961~~831 and $~~168~~189,~~724~~961, respectively.

As of December 31, ~~2024~~2025 and ~~2023~~2024, we had the following related party balances:

SCHEDULE OF RELATED PARTY BALANCES

	December 31,		December 31,
	December 31, 2025		December 31, 2024
	2024		2023
Account receivable – related party, net	$	24,385	$	5,800
Account receivable – related party, net	$	8,500	$	-
Due to officers (See Note 5)		1,592,794		1,239,264
Deferred revenue to a related party		-		233,331
Accrued payroll due to officers		1,854,802		1,641,554
Due to officers (See Note 5)		1,239,264		659,433
Accrued interest to a related party		202,831		189,961
Accrued payroll due to officers		1,641,554		1,373,693
Additional paid in capital – related party debt forgiveness		-		240,557
Accrued interest to a related party		189,961		168,724
Additional paid in capital – related party debt forgiveness		240,557		-

For the years ended December 31, ~~2024~~2025 and ~~2023~~2024, we had the following related party transactions:

SCHEDULE OF RELATED PARTY TRANSACTIONS

	December 31, 2024		December 31, 2023
	December 31, 2025		December 31, 2024
Net sales to a related party	$	~~145~~127,~~841~~695	$	~~389~~145,~~316~~841
Bad debt expense - related party		-		105,465
Raw materials purchased from a related party		37,416		-
Rental income from a related party		-		40,000
Other income		5,000		-
Interest expense to a related party		2122,~~237~~870		1821,~~815~~237

The $5,000 recognized during the second quarter of 2025 relates to amounts received from a related party for the shared use of equipment.

These transactions were not conducted at arm’s length and therefore may not reflect the terms that would have been agreed to with an unrelated third party.

1615. RESEARCH SERVICES AGREEMENT WITH STEMSATION

On July 1, 2024, the Company entered into a one-year Research Services Agreement with StemSation to provide research and development services related to certain StemSation technologies. Under the agreement, the Company was entitled to receive $200,000 for services, payable upon execution and as requested. Revenue was recognized ratably at $50,000 per quarter over the original contractual term. The agreement was terminated effective March 31, 2025. ~~During~~The ~~2024,~~Company ~~the~~recognized ~~Company~~$50,000 ~~received~~and $100,000 ~~under~~of ~~the~~other ~~agreement~~income ~~which~~for ~~was~~the ~~recognized~~years asended ~~other~~December ~~income~~31, 2025 and 2024, respectively. These amounts are included in the accompanying consolidated statements of operations.

1716. SUBSEQUENT EVENTS

~~Research~~Convertible ~~Services~~Notes ~~Agreement with StemSation~~Receivable

~~Subsequent to~~The ~~December~~convertible ~~31,~~notes ~~2024,~~receivable ~~the~~from ~~Company~~Stemsation, ~~recognized~~totaling ~~an additional~~ $5030,~~000 of research and development service income under its Research Services Agreement with StemSation~~500, ~~as discussed~~ matured in ~~Note~~May ~~16. The income related to services performed during the three months ended March 31,~~ 2025, ~~prior~~and towas ~~the~~in ~~termination~~default as of the ~~agreement~~report ~~effective March 31, 2025~~date.

Common Stock Issued for Services

On January 1, 2026, the Company entered into a consulting agreement for services. Pursuant to the agreement, the Company agreed to issue 30,000,000 shares of restricted common stock as compensation for a 12-month service period. The shares were valued at $3,000. As of the date of this report, the shares have not been issued by the transfer agent and were recorded as common stock to be issued.

Convertible Promissory Notes

InDuring January ~~2025~~to March 2026, we issued a convertible promissory ~~note~~notes to an unrelated third ~~party~~parties for a total of $~~345~~281,~~639~~750 with original issuance discount of $4536,~~083~~750. The ~~noteholder~~Noteholders ~~has~~have the ~~option~~right to convert the ~~outstanding~~notes ~~principal~~ into shares of Common Stock at afixed conversion price ofranging from $0.0005 to $0.0008 per share. The notes are due one year from the execution and funding of the notes. In connection with the issuance of $98,000 of ~~the~~these notes, we paid 10% of the proceeds to a third party, which has been recorded as a debt discount. ~~The~~ ~~note was due one year from the execution and funding of the note.~~ Both the original issue discount and the issuance-related costs are being amortized over the term of ~~the~~each ~~note~~tranche. ~~The Note is in default and negotiation of settlement.~~

F-3029

Between February and June 2025, we issued two convertible promissory notes to an unrelated third party for a total commitment of up to $855,000, to be funded in tranches. As of the date of the audit report, an aggregate of $592,500 has been funded. The notes carry an original issue discount of 15%, applied at the time of funding for each tranche. Each tranche matures one year from its respective execution and funding date. The noteholder has the option to convert the outstanding principal into shares of Common Stock at a conversion price of $0.0005 per share. If any tranches are missed or delayed by more than 10 business days, the fixed conversion price will be adjusted to $0.0008 per share for any missed tranche as a penalty. Of the total proceeds funded to date, $112,500 was received late. In connection with the issuance of the notes, we paid 10% of the proceeds to a third party, which has been recorded as a debt discount. Both the original issue discount and the issuance-related costs are being amortized over the term of each tranche.

During April and May 2025, we issued convertible promissory notes to unrelated third parties for a total of $46,000 with original issuance discount of $6,000. The Noteholders have the right to convert the notes into shares of Common Stock at a fixed conversion price of $0.0007 per share. The notes are due one year from the execution and funding of the notes.

During September to November 2025, we issued convertible promissory notes to unrelated third parties for a total of $75,900 with original issuance discount of $9,900. The Noteholders have the right to convert the notes into shares of Common Stock at a fixed conversion price of $0.0008 per share. The notes are due one year from the execution and funding of the notes.

Promissory Notes

In ~~September~~March ~~2025~~2026, the Company entered into a Purchase and Sale of Future Receipts Agreement with a third party. Pursuant to this agreement, the buyer purchased $~~147~~110,~~200~~500 of the Company’s future receivables in exchange for total proceeds of $~~112~~83,~~650~~250, on a non-recourse basis. The Company authorized the buyer to debit its bank account at a specified remittance frequency until the full purchased amount of $~~147~~110,~~200~~500 is ~~was~~ collected. In connection with this transaction, the Company recorded a total debt discount of $3427,~~550~~250 related to loan ~~origination~~ origination fees and issuance costs, which is being amortized over the term of the agreement.

Settlement of Promissory Note Litigation

At December 31, 2024, the Company had a promissory note with a principal balance of $91,156 and accrued interest of $84,671, which was subject to litigation (See Note 6 and Note 13). On May 19, 2025, the Company entered into a settlement agreement with the counterparty, under which the total obligation was resolved for $125,000. The settlement terms include an initial payment of $35,000 made on May 19, 2025, followed by nine monthly payments of $10,000 each. The agreement also provides that, in the event of a payment default not cured within five business days of written notice, the counterparty may seek entry of a consent judgment against the Company in the amount of $400,000, reduced by any amounts already paid under the settlement. The total liability recorded prior to the settlement was $178,522, consisting of $91,156 in principal and $87,370 in accrued interest. The settlement of $125,000 will result in a gain on settlement of $53,526, which will be recognized upon full satisfaction of the payment terms. Payments totaling $80,000 were made during the period from June through January 2026.

Restatements of One Convertible Promissory Note

In February ~~2025~~2026, ~~the~~a convertible promissory note of $~~230~~264,~~000~~500 was further restated to extend its maturity date to February ~~2026~~2027, with the principal balance of $~~230~~264,~~000~~500 subject to an additional 15% OID, while maintaining the same fixed conversion price of $0.0008. The note continues to be secured by a personal guarantee.

Debt Settlement and Stock Issuance

In January 2026, the Company entered into a settlement agreement with the holder of certain promissory notes originally issued in 2021 and 2022. As of the settlement date, the aggregate carrying value of the outstanding debt was approximately $175,000, which included an original issuance discount of $25,000. Pursuant to the settlement, all outstanding notes were ~~canceled~~cancelled and extinguished. In exchange, the Company agreed to (i) pay $20,000 in cash, payable in four monthly installments of $5,000, and (ii) issue 60,000,000 shares of the Company’s common stock. The Company made the first three installment payments totaling $515,000 ~~payment~~ in ~~January~~the first quarter of 2026, and the ~~remaining~~final ~~installment~~$5,000 was ~~payments~~paid ~~are~~in ~~scheduled through~~ April 2026. The common shares issued in connection with the settlement were valued based on the Company’s trading price of $0.0002 per share, resulting in an aggregate fair value of approximately $12,000. We will recognize a gain on debt settlement equal to the excess of the carrying amount of the debt over the fair value of the consideration transferred upon completion of the final installment payment.

F-3130

Filing Compare · NUTRA PHARMA CORP