UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K



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

For the annual period ~~endedFebruary~~ended February 28, ~~2025~~2026

¨

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

For the transition period from __ to __.

Commission File Number

333-212447

UPAY, Inc.

(Exact name of small business issuer as specified in its charter)

nevada		37-1793622
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3010 LBJ Freeway, 12th Floor

Dallas, Texas 75234

(Address of principal executive offices)

(972) 888-6052

(Company’s telephone number, including area code)

Indicate by check mark if the Registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes





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





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





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





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

Large Accelerated Filer  



Accelerated Filer  



Non-Accelerated Filer  



Smaller Reporting Company  



Emerging Growth Company  



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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes 



No



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.



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 as of May 12__, ~~2025 ($0.70) per share), the last business day of the registrant’s most recently complete second fiscal quarter was $11,616,648~~

As2026 ~~of June 2, 2025,~~ ($0.__)

~~there~~ ~~were~~per share), the last business day of the registrant’s most recently complete second fiscal quarter was $11,616,648

As of

June

~~16,595,211~~2

, 2026, there were 17,615,211

shares outstanding.

TABLE OF CONTENTS

		Page
	PART I
Item 1.	Business	3
Item 1A.	Risk Factors	1820
Item 1B.	Unresolved Staff Comments	1820
Item 1C.	Cybersecurity	1820
Item 2.	Properties	1820
Item 3.	Legal Proceedings	1820
Item 4.	Mine Safety Disclosures	1820
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	1921
Item 6.	Selected Financial Data	1921
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1921
Item 7a.	Quantitative and Qualitative Disclosures About Market Risk	2123
Item 8.	Financial Statements and Supplementary Data	F-1
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	2224
Item 9a.	Controls and Procedures	2224
Item 9b.	Other Information	2325
	PART III
Item 10.	Directors and Executive Officers of the Registrant	2325
Item 11.	Executive Compensation	2628
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	2628
Item 13.	Certain Relationships and Related Transactions and Director Independence	2830
Item 14.	Principal Accountant Fees and Services	3033
	PART IV
Item 15.	Exhibits	3134
Signatures		3235

UPAY, Inc.

Form 10-K

In this report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

As used in this report and unless otherwise indicated, the terms “we”, “us”, UPAY, “Company”, and “us” refer to UPAY, Inc.

PART 1

ITEM 1. BUSINESS

Organization

We were incorporated in the state of Nevada on July 8, 2015. On November 4, 2015, we conducted the Share Exchange with Rent Pay, which became our wholly owned subsidiary

Industry Background

Consumer Lending and Credit Management Industry - United States

The ~~Amount~~consumer ~~Borrowed~~lending (and alternative financial services industry in the United States represents a significant market segment that includes payday lending, installment lending, check cashing, and other short-term consumer finance products. According to IBISWorld, the U.S. check-cashing and payday-loan services industry generated approximately $21.4 billion in revenue during 2023, ~~estimate):~~reflecting continued consumer demand for short-term and alternative credit products and related financial services.

~~$21~~While the Company is not currently engaged in consumer lending operations within the United States, it believes the U.~~4 billion~~S. consumer finance and credit management market may present future opportunities for expansion of its software platforms, technology solutions, and related financial services offerings. The Company currently conducts its principal lending software and credit management operations in South Africa through its ACPAS loan management software platform.

Source:

IBISWorld – Check Cashing & Payday Loan Services Industry Report (2023)

https://www.ibisworld.com/united-states/market-size/check-cashing-payday-loan-services/5408/

~~South~~Financial ~~Africa~~Compliance and AML Software Industry

~~According~~United ~~to the~~ States

~~National~~The ~~Credit~~financial ~~Regulator’s~~compliance and anti-money laundering (~~NCR~~“AML”) ~~Q4 2023~~software ~~Consumer~~industry ~~Credit~~in ~~Market~~the ~~Report~~United States continues to experience significant growth driven by increasing regulatory oversight, financial crime prevention requirements, digital banking expansion, and enhanced customer due diligence obligations imposed on financial institutions and other regulated entities.

:According to Fortune Business Insights, the global AML software market was valued at several billion dollars in 2023 and is expected to continue growing as financial institutions, fintech companies, lenders, and regulated businesses increasingly adopt automated compliance, transaction monitoring, sanctions screening, and know-your-customer (“KYC”) technologies to address evolving regulatory requirements and fraud risks.

~~ Unsecured Credit~~ (~~Q4 2023)~~Source:~~Outstanding~~ ~~new~~Fortune ~~unsecured~~Business ~~credit~~Insights ~~agreements~~– ~~reached R 24~~https://www.~~76 billion in the quarter ending December 2023~~fortunebusinessinsights. ~~NCR~~com/anti-money-laundering-market-102904)

The ~~Short-Term~~Company ~~Credit~~believes ~~(Q4~~the ~~2023):New~~U.S. ~~short-term~~regulatory ~~credit~~compliance ~~agreements~~market ~~(including~~may ~~payday‐style~~present ~~loans)~~future ~~rose~~growth toopportunities Rfor 3its AML GO compliance platform.31 ~~billion~~The ~~during~~Company is currently evaluating potential expansion opportunities into the ~~same~~United ~~quarter.~~States ~~NCR~~market and anticipates launching certain AML and compliance-related services in the United States within the next six months, although no assurances can be given regarding the timing or success of such expansion efforts.

In ~~Combined~~the Q4United ~~2023~~States, ~~Total:R~~financial ~~28.07~~institutions ~~billion~~and regulated businesses are subject to various federal anti-money laundering laws and regulations, including the Bank Secrecy Act (≈“BSA”), ~~US$1.52~~the ~~billion~~USA atPATRIOT anAct, ~~average~~and ~~2023~~oversight ~~exchange~~from ~~rate~~agencies such as the Financial Crimes Enforcement Network (“FinCEN”), a bureau of 18the U.5S. ~~ZAR/USD)~~Department of the Treasury.

(Sources: Financial Crimes Enforcement Network –

~~References for readers~~https://www.fincen.gov/

; U.S. Department of the Treasury –

~~ National Credit Regulator, Consumer Credit Market Report, Q4 2023 NCR~~https://home.treasury.gov/

)

Outdoor Recreation and Hunting Marketplace Industry

United States

The outdoor recreation and hunting industry in the United States represents a significant segment of the broader travel, sporting, and outdoor recreation markets. According to the U.S. Fish & Wildlife Service’s National Survey of Fishing, Hunting, and Wildlife-Associated Recreation, millions of Americans participate annually in hunting and wildlife-related recreational activities, contributing billions of dollars in economic activity through travel, lodging, guide services, equipment purchases, licensing fees, and conservation programs.

(Source: U.S. Fish & Wildlife Service –

https://www.fws.gov/program/national-survey-fishing-hunting-and-wildlife-associated-recreation

)

According to the Outdoor Industry Association and the U.S. Bureau of Economic Analysis Outdoor Recreation Satellite Account, the U.S. outdoor recreation economy generated approximately $1.1 trillion in economic output in recent years, while hunting-related activities contributed tens of billions of dollars annually to the U.S. economy through equipment sales, travel expenditures, outfitter services, and tourism-related spending.

(Sources: Outdoor Industry Association –

https://outdoorindustry.org/

; U.S. Bureau of Economic Analysis –

https://www.bea.gov/data/special-topics/outdoor-recreation

). The increasing use of digital platforms and online marketplaces has contributed to growth in the outdoor recreation sector, as consumers increasingly utilize online services to research, compare, and book guided hunting experiences, outdoor travel packages, and related recreational activities.

The Company believes that HUNTPAL may benefit from continued growth in online outdoor marketplaces and increasing consumer interest in destination hunting experiences, including opportunities connecting U.S.-based hunters with outfitters and guides operating in South Africa and other international destinations. The Company plans to continue expanding HUNTPAL’s digital marketing, outfitter partnerships, and online platform capabilities to support future growth opportunities within the outdoor recreation and hunting marketplace industry.

The Company also offers “Hunt Now – Pay Later” payment solutions through the HUNTPAL platform, which are designed to assist qualified consumers with financing hunting and outdoor travel experiences through installment-based payment arrangements. The Company believes that flexible payment options may improve accessibility to destination hunting experiences and support increased participation within the hunting tourism industry.

The Company believes the integration of financing solutions with digital marketplace services may provide HUNTPAL with a differentiated service offering by providing consumers with additional flexibility when booking guided hunting experiences and related outdoor travel services.

Information regarding South African hunting tourism and outfitter activities is derived from publicly available industry sources, including South African Tourism, the Professional Hunters’ Association of South Africa (“PHASA”), and the South African Hunters and Game Conservation Association (“SAHGCA”).

(

Sources:

https://www.southafrica.net/ ; https://www.phasa.co.za/ ; https://sahunters.co.za/

)

Consumer Lending and Credit Management Industry - South Africa

South Africa has a well-developed and highly regulated consumer credit industry governed primarily by the National Credit Act (“NCA”) and regulated by the National Credit Regulator (“NCR”). The South African consumer lending market includes unsecured lending, short-term credit, retail credit, secured lending, and installment-based financing products offered by banks, microfinance institutions, retailers, and independent credit providers.

(Source: National Credit Regulator –

https://www.ncr.org.za/

According to the National Credit Regulator’s Consumer Credit Market Report for Q4 2024, the total value of new credit granted in South Africa increased to approximately R158.70 billion for the quarter ended December 2024. During the same period, unsecured credit agreements totaled approximately R26.83 billion, while short-term credit agreements totaled approximately R3.58 billion, reflecting continued consumer demand for credit products and related financial services in South Africa.

(Source: National Credit Regulator Consumer Credit Market Report Q4 2024 –

https://www.ncr.org.za/documents/CCMR/CCMR_Q4%202024.pdf

)

The Company currently conducts its principal loan management software operations in South Africa through its ACPAS loan management software platform, which provides credit management, loan administration, collections management, debit order processing, payment facilitation, and regulatory compliance solutions to credit providers, retailers, and professional service businesses.

The Company has also recently deployed its Business-to-Business (“B2B”) lending solution designed to support commercial and business financing activities within the South African market. The Company believes the B2B lending and commercial finance sector may present additional growth opportunities for its software platforms and related financial technology services.

The Company believes that increasing regulatory compliance requirements, digital payment adoption, and demand for automated credit management systems may continue to support growth opportunities within the South African lending and financial technology sectors. In addition, increasing consumer participation in credit markets and continued growth in digital financial services may further support demand for the Company’s software platforms and related services.

Our Mission

Our mission is to provide loan administration software to credit providers, retail stores, provisional service industry (doctors, lawyers, accountants) with a high-quality credit management software systems and customer support that will enable such industries to effectively operate and manage their business and credit risk in compliance with applicable US federal and state laws and the National Credit Act in South Africa.

Recent Developments

· June 5, 2024: The Company acquired full ownership of HUNTPAL LLC (www.huntpal.net), consolidating its U.S. subsidiary under the UPAY corporate structure and expanding the Company’s digital marketplace operations within the outdoor recreation and hunting tourism industries. HUNTPAL offers online booking and “Hunt Now – Pay Later” installment-based payment solutions for qualified customers booking hunting and outdoor travel experiences in Africa.

· June 20, 2024: The Company completed the acquisition of a controlling interest in AML GO (Pty) Ltd (“AML GO”), a South African compliance software provider offering anti-money laundering (“AML”), know-your-customer (“KYC”), sanctions screening, politically exposed persons (“PEP”) screening, and transaction monitoring solutions, strengthening the Company’s regulatory compliance and fintech service offerings in Southern Africa. PEP screening is a critical compliance check used by financial institutions, crypto exchanges, and legal entities to identify customers who hold prominent public positions. By comparing client data against global databases, organizations assess the heightened risk of bribery, money laundering, and corruption associated with these individuals.

· October 29, 2024: AML GO (www.amlgo.co.za) launched its next-generation web-based AML screening and compliance portal featuring automated entity verification, sanctions screening, PEP screening, and API integration capabilities designed to support financial institutions, lenders, and accountable institutions with their compliance and onboarding requirements.

~~June~~· 5February 1, ~~2024~~2025: Rent Pay (Pty) Ltd, operating through the ACPAS platform (www.acpas.co.za), entered into a one-year lease agreement with two one-year renewal options for approximately 2,905 square feet of office space located in Centurion, South Africa, consisting of administration offices, collaborative workspaces, and boardroom facilities to support the Company’s continued operational growth.

~~www~~· March 18, 2025: AML GO participated in the Crypto Assets Regulation & Compliance Conference held in Johannesburg, South Africa, where the Company engaged with industry participants and compliance professionals regarding evolving anti-money laundering and digital asset regulatory requirements.~~huntpal.net~~

),· ~~consolidating~~March ~~our~~25, ~~U.S.~~2025: ~~subsidiary~~ACPAS ~~under~~sponsored the ~~UPAY~~MFSA ~~umbrella~~#101 ~~and~~Compliance ~~expanding~~Workshop ~~our~~held ~~digital~~at ~~marketplace~~the ~~and~~Radisson ~~into~~Hotel ~~the~~& ~~adventure~~Convention ~~travel~~Centre ~~industry~~Johannesburg, ~~offering~~where ~~interest-free~~industry ~~Hunt~~participants ~~now~~discussed ~~-Pay~~regulatory ~~later~~developments, ~~packages~~compliance inrequirements, ~~Africa~~and tobest USpractices ~~hunters.~~within the South African microfinance industry.

· April 22, 2025: AML GO accelerated market penetration by onboarding more than 30 additional financial institution and business clients across South Africa over a two-week period, reflecting increased demand for the Company’s AML and compliance software solutions.

~~October~~· April 29, ~~2024~~2025: AML GO showcased its compliance and anti-money laundering solutions during the MicroFinance South Africa (“MFSA”) Virtual Workshop focused on Financial Intelligence Centre Act (“FICA”) compliance. The workshop included participation from compliance officers, financial institutions, and representatives of the Financial Intelligence Centre (“FIC”).

~~www~~· May 2025: The Company deployed its Business-to-Business (“B2B”) lending solution through the ACPAS platform, expanding its software offerings into the commercial and business finance sector within South Africa.~~amlgo~~ The B2B platform is designed to support loan origination, account management, collections, payment processing, and compliance management for commercial lending activities.~~co.za~~

)· ~~launched~~June ~~its~~9, ~~next-generation~~2025: ~~web-based~~ACPAS ~~AML~~entered ~~screening~~into ~~portal,~~a ~~featuring~~service ~~instant~~level ~~entity~~agreement ~~verification~~to ~~and~~provide ~~automated~~device ~~PEP~~financing software and ~~Sanctions~~payment ~~checks~~processing ~~that~~solutions for a South African retail network supporting financing solutions for a major U.S. technology brand across multiple retail locations. The deployment includes ~~RESTful~~loan ~~APIs~~origination, ~~positioning~~onboarding, usaccount toservicing, ~~capture~~and ~~growing~~integrated AML compliance ~~demands~~solutions ~~across~~through ~~Southern~~AML ~~Africa~~ GO.

· July 22, 2025: ACPAS entered into a multi-phase development agreement with a pan-African financial services group to develop customized digital lending and loan management solutions for deployment within South Africa. The agreement includes custom software development, online lending platform deployment, and enhancements to the ACPAS loan management system.

~~March~~· 18October 27, 2025: The Company announced that Chief Executive Officer Jaco Fölscher was re-elected to the Board of the Credit Association of South Africa (“CASA”) for an additional two-year term following CASA’s annual general meeting.

· April 16, 2026: ACPAS and AML GO ~~was~~participated ~~invited~~as tosponsors ~~attend~~of the ~~Crypto~~Credit ~~Assets~~Association ~~Regulation~~of &South ~~Compliance~~Africa ~~Conference~~(“CASA”) Roundtable Session held at the Premier Hotel in ~~Johannesburg~~Sea Point, ~~highlighting~~Cape ~~our thought~~Town. ~~leadership~~The insession ~~fintech~~focused ~~compliance~~on ~~innovation~~key industry discussions, operational insights, regulatory developments, and collaborative solutions within the South African credit sector.

· 2026 CASA Sponsorship Initiative: ACPAS and AML GO committed to sponsoring additional CASA Roundtable events scheduled throughout 2026, including:

~~April~~○ 22Durban – June 11, ~~2025~~2026

:○ ~~AML~~Bloemfontein GO– ~~accelerated~~July ~~market penetration by onboarding over 30 new financial institution clients across South Africa within two weeks~~8, ~~reflecting strong demand for its AML SaaS offering.~~2026

·○ Port Elizabeth – August 19, 2026

~~February~~○ 1Limpopo – September 10, ~~2025~~2026

The Company believes participation in these industry events strengthens its relationships within the South African credit and compliance industries while supporting continued market visibility for the ACPAS and AML GO platforms.

Products and Services

South African Business Operations

Rent Pay (Pty) Ltd – ACPAS

One of our South African subsidiaries, Rent Pay (Pty) Ltd, offers a fully web-based client and loan administration platform, marketed under the trade name

Our South African subsidiary, Rent Pay (Pty) Ltd, offers a fully web

based client and loan administration platform, marketed under the trade name

ACPAS

. Designed for both physical branch outlets and online lenders, ACPAS seamlessly integrates traditional standalone administration platforms with payment gateways, credit bureaus, and other third-party services into a single, fully automated workflow.

. Designed for both physical branch outlets and online lenders, ACPAS seamlessly integrates traditional standalone administration platforms with payment gateways, credit bureaus, and other third

party services into a single, fully automated workflow.

Key features include:

· Cloud-based loan origination compliant with all applicable legislation, enabling customers to grant loans, sell products, pay bills, or collect subscriptions entirely within the platform.

· Integrated third-party services, such as registered payment gateways, credit bureau inquiries, two-way SMS communications, credit protection insurance, and decision-making engines.

· Custom website development, delivering fully branded, ACPAS-integrated sites for our clients’ online lending portals.

· Basic accounting and bookkeeping capabilities built into the system, reducing the need for external financial software.

In November 2021, to optimize our U.S. cost base, we closed our Grapevine, Texas sales office and retained only the registered Dallas entity. By February 2022, we paused active U.S. sales and operations due to the resignation of our Chief Executive Officer at that time, inability to meet our funding requirements for a successful rollout, constrained staffing in South Africa, and COVID-related challenges. Going forward, we will concentrate our sales efforts in Southern Africa, while exploring potential U.S. expansion opportunities under the leadership of our COO, Randall Greene.

the Company

closed

its

Grapevine, Texas sales office

as part of a broader cost optimization initiative. The Company continues to maintain its

registered

executive office and mailing address in

Dallas

, Texas.

During

2022,

the Company reduced

active U.S. sales and

operational activities

due to

management changes, capital allocation considerations,

staffing

limitations

, and

operational disruptions associated with the

COVID-

19 pandemic.

Since that time, the Company has concentrated the majority of its operational activities within

Southern Africa,

through the expansion of its ACPAS loan management software platform, AML GO compliance solutions, and HUNTPAL digital marketplace operations. The Company continues to evaluate selective

expansion opportunities

within the United States market

AML GO (Pty) Ltd – AML Screening & Compliance Solutions

Our AML GO subsidiary, AML GO (Pty) Ltd, provides advanced anti–money laundering (AML) screening, compliance, and risk-management tools to South African financial institutions, fintech companies, and all accountable institutions. Through a secure, web-based portal, AML GO’s platform:

· Automates customer due diligence (CDD) and enhanced due diligence (EDD) workflows, incorporating real-time watch-list screening (PEP, sanctions, and adverse media).

· Integrates seamlessly with national and international watch-lists, the Financial Intelligence Centre (FIC) registry and major credit bureaus for instant identity verification and credit-risk profiling.

· Offers built-in transaction monitoring, pattern-recognition analytics, and risk-scoring algorithms to detect and alert on suspicious activity in compliance with the Financial Intelligence Centre Act (FICA).

· Provides configurable reporting and audit-trail features that simplify regulatory reporting and support record-keeping requirements under South African AML regulations.

· Supports API connectivity, enabling clients to embed AML GO’s compliance checks directly into their existing loan-origination, onboarding, or payments systems.

Since its founding, AML GO has empowered licensed credit providers, microlenders and digital lenders to meet their AML and Know-Your-Customer (KYC) obligations efficiently, reducing manual processes and helping to safeguard the integrity of South Africa’s financial system.

Your

Customer (KYC) obligations efficiently, reducing manual processes and helping to safeguard the integrity of South Africa’s financial system.

HUNTPAL (Pty) Ltd – South African Subsidiary

HUNTPAL (Pty) Ltd is the operational arm of HUNTPAL in South Africa, executing hunting trips for US groups in South Africa. The SA company will also in time also bring the same “Hunt Now–Pay Later” model to South African hunters seeking safari experiences.

Our South African entity:

· Partners with accredited game farms and lodges, offering hunts for indigenous species such as kudu, impala, buffalo, and exotic game.

· Provides tailored financing plans, enabling clients to spread the cost of their safari packages over interest-free installments.

· Delivers end-to-end trip coordination, covering accommodation, professional hunters, field guides and trophy processing.

· Promotes community and conservation, collaborating with local communities on benefit-sharing initiatives and supporting wildlife conservation projects through a percentage of each booking.

HUNTPAL (Pty) Ltd leverages deep local expertise and global marketing channels to deliver authentic African hunting adventures, backed by flexible payment options and unwavering commitment to ethical, sustainable practices.

US Business operations:

HUNTPAL LLC – U.S. Operations

HUNTPAL LLC, headquartered in the United States, operates an online “Hunt Now–Pay Later” marketplace that connects licensed hunting outfitters with US hunters. We specialize in facilitating U.S. hunters to book and finance unforgettable safari experiences in South Africa, interest-free and on flexible installment plans, but our vision extends beyond South Africa, the Rainbow Nation. Over time, HUNTPAL LLC will broaden its network of vetted outfitters and financing partnerships to encompass prime hunting destinations in the US and around the world, delivering the same seamless booking, trip-planning and “pay-later” convenience to adventurers everywhere.

free and on flexible installment plans, but our vision extends beyond South Africa, the Rainbow Nation. Over time, HUNTPAL LLC will broaden its network of vetted outfitters and financing partnerships to encompass prime hunting destinations in the US and around the world, delivering the same seamless booking, trip

planning and “pay

later” convenience to adventurers everywhere.

Hunt Now–Pay Later Offering

· Facilitates interest-free financing, allowing customers to reserve and pay for guided hunts, gear packages and travel arrangements in manageable installments.

· Curates a network of vetted outfitters, ensuring compliance with all hunting regulations and offering a range of species, terrains, and experience levels.

· Integrates travel and logistics, including lodging, transportation, and gear rentals, into a single booking workflow.

· Provides customer support and trip planning, with dedicated Hunt Experts available to advise on licensing, bag limits and best seasons for target species.

· Offers marketing and promotional services to our outfitter partners, leveraging digital campaigns, email marketing and targeted social media to drive bookings and repeat business.

HUNTPAL LLC serve hunters across multiple U.S. states, focusing on transparency, flexibility, and a seamless customer experience.

South African Business Operation:

Our South African subsidiary, Rent Pay (Pty) Ltd, currently provides a web-based client and loan administration software platform, the Automated Credit Provider Administration System, to registered lenders in South Africa, which we market under the name “

ACPAS

”.

Our customer base consists of customers with physical branch outlets as well as online customers with lending websites. ACPAS was designed to bridge the gap between traditional standalone administration platforms, payment gateways, credit bureaus and other third-party service providers through this fully automated software platform.

We provide a cloud-based loan origination software system that is compliant with all applicable legislation and enables our customers to grant loans, sell products, pay bills or pay monthly subscriptions on terms, all within our software system. Our software platform features integrated third-party service providers are, for example, registered payment gateways, credit bureaus, two-way texting, credit protection insurance and decision-making platforms. We also develop tailor-made web sites for our customers that is fully integrated with our ACPAS system. Our system also includes basic accounting and bookkeeping functionality.

In ~~an effort to reduce the cost of our US operations, in~~ November 2021, we decided to close the sales office in Grapevine Texas and to only keep the registered Dallas office at this point in time. As of February 2022, we no longer pursue US sales and operations because of: (a) the resignation of our previous Chief Executive Officer, Wouter Fouche, in February 2022 who was to direct our planned US operations and the need to appoint new staff; (b) need to raise adequate funding to pursue and complete a successful US rollout; and (c) our current staff resources are restrained and the time difference between the US and South Africa and the location of all our staff resources in South Africa and the lingering effects of Covid presents difficulties. We will focus most of our sales effort in Southern Africa, first to expand in Southern Africa. We are currently also looking at potential expansion opportunities in the US by Randall Greene, our Chief Operating Officer/Director.

the Company closed its Grapevine, Texas

sales office

as part of a cost optimization initiative. The Company continues to maintain its

registered

executive office and mailing address in

Dallas

, Texas. During

2022,

the Company reduced active U.S.

sales and

operational activities following management changes, capital allocation considerations, staffing limitations, and operational challenges associated with the COVID-19 pandemic.

The Company currently focuses

the

majority of its operational

and sales

activities within

Southern Africa

through its ACPAS loan management software platform, AML GO compliance solutions, and HUNTPAL digital marketplace operations. The Company continues to evaluate selective

expansion opportunities

within the United States market under the leadership of

Randall Greene,

the Company’s

Chief Operating Officer

and

Director.

Products in South Africa (ACPAS)

Loan Origination System

ACPAS

– Automated Credit Provider Administration System. A cloud-based management platform leased monthly on Software as a Service model (SaaS). ACPAS empowers our clients to oversee their businesses, clients and lending processes with full automation and legislative compliance.

based management platform leased monthly on Software as a Service model (SaaS). ACPAS empowers our clients to oversee their businesses, clients and lending processes with full automation and legislative compliance.

Theme Studio – Business Online

Fully customized website platform, developed and integrated with ACPAS, providing our clients with a public-facing website to engage and transact with customers in real time.

Credit Inquiries

As a reseller of credit bureau services, we bundle and supply consumer credit inquiries through the ACPAS interface. Purchasing in bulk from major bureaus, we pass these inquiries to our clients at a competitive markup, so they can make informed lending decisions.

Credit Protection & Life Insurance

Acting as an appointed agent for a licensed insurer, we embed credit protection and life-insurance offerings directly into ACPAS. Our clients can upsell these policies at the point of loan origination, and we earn monthly commissions on all referrals.

insurance offerings directly into ACPAS. Our clients can upsell these policies at the point of loan origination, and we earn monthly commissions on all referrals.

Debit-Order Transaction Fees

Registered as a Third-Party Payment Provider (TPPP) in South Africa, we facilitate debit-order collections and charge a percentage-based fee per successful installment. This service streamlines repayment for consumers while ensuring timely remittance for our lender clients.

Party Payment Provider (TPPP) in South Africa, we facilitate debit

order collections and charge a percentage

based fee per successful installment. This service streamlines repayment for consumers while ensuring timely remittance for our lender clients.

Development & Staff Services

We provide bespoke software development and dedicated administrative staffing on a monthly-service basis, enabling clients to extend or customize ACPAS functionality and handle back-office operations seamlessly.

-9

service basis, enabling clients to extend or customize ACPAS functionality and handle back

office operations seamlessly.

Products & Services (AML GO)

Customer Due Diligence (CDD) & Enhanced Due Diligence (EDD)

A fully automated workflow for onboarding and monitoring clients, including real-time watch-list screening (PEP, sanctions, adverse media) and identity verification via integrated credit bureaus and government registries.

time watch

list screening (PEP, sanctions, adverse media) and identity verification via integrated credit bureaus and government registries.

Transaction Monitoring & Alerts

~~Continuous~~The ~~analysis~~Company ofis continuing to enhance its transaction monitoring and alert capabilities, which are designed to analyze banking and ~~transaction~~transactional data against configurable risk-scoring parameters to identify potentially suspicious activities and support customer compliance with the Financial Intelligence Centre Act (“FICA”) and related regulatory requirements.

scoring algorithms to detect and flag suspicious patterns in compliance with FICA.

Regulatory Reporting & Audit Trails

Pre-built, configurable reports and secure audit logs that satisfy South African AML and KYC record-keeping requirements, simplifying submissions to the Financial Intelligence Centre (FIC).

built, configurable reports and secure audit logs that satisfy South African AML and KYC record

keeping requirements, simplifying submissions to the Financial Intelligence Centre (FIC).

API & System Integration

RESTful APIs and SDKs that allow clients to embed AML GO’s compliance checks into their existing loan origination, onboarding, and payment processing systems.

Training & Support Services

Ongoing compliance training, documentation and help-desk support to ensure our clients maintain up-to-date AML procedures and maximize the value of the AML GO platform.

desk support to ensure our clients maintain up

date AML procedures and maximize the value of the AML GO platform.

Products & Services (HUNTPAL)

Hunt Now–Pay Later Financing

Interest-Free Installments

Free Installments

: Book your hunt and spread payments over 3–12 months.

Instant Approval

: Proprietary credit-risk algorithms deliver near-instant financing decisions.

risk algorithms deliver near

instant financing decisions.

Transparent Terms

: No interest, no hidden fees.

Marketplace & Booking Portal

A user-friendly online platform connecting hunters to vetted outfitters in South Africa (with future expansions planned globally), featuring full trip-planning, gear rental and optional add-ons.

friendly online platform connecting hunters to vetted outfitters in South Africa (with future expansions planned globally), featuring full trip

planning, gear rental and optional add

ons.

Outfitter & Ranch Partnerships

Strategic alliances with accredited game farms, ranches and guides, ensuring compliance with local regulations and ethical, conservation-minded practices.

minded practices.

Logistics & Trip Management

End-to-end coordination, including permits, firearm documentation, lodging, transfers and trophy processing, handled through our portal or by dedicated Hunt Experts.

end coordination, including permits, firearm documentation, lodging, transfers and trophy processing, handled through our portal or by dedicated Hunt Experts.

Marketing & Promotional Services

Digital marketing campaigns, email newsletters and social media support for outfitter partners to drive bookings and enhance their visibility in key markets.

US Operational Cost/Restructuring:

In order to streamline our U.S. cost base, we have closed the Grapevine sales office. ~~and~~The ~~retained~~Company ~~only~~continues ~~our~~to maintain its registered ~~Dallas~~executive office and mailing address in Dallas, Texas. Going forward, our primary U.S. focus will be on scaling HUNTPAL LLC, leveraging our Texas office to drive growth of the “Hunt Now–Pay Later” marketplace across key American states. At the same time, we will maintain momentum in Africa through HUNTPAL (Pty) Ltd and continue our broader Southern Africa expansion.

810

Additionally, we are preparing to introduce AML GO’s advanced compliance and risk-management platform into the U.S. market in the near term, positioning our Dallas hub as the coordination center for both Huntpal’s financing operations and AML GO’s upcoming U.S. rollout.

management platform into the U.S. market in the near term, positioning our Dallas hub as the coordination center for both Huntpal’s financing operations and AML GO’s upcoming U.S. rollout.

Planned Business Operations in Africa

Revenue

Description	South Africa Revenue Segment
ACPAS - Monthly License Fee	$	40.80
ACPAS Installation and Setup fee (One-time charge)	$	81.62
Transaction Fee (Ave CTC /CTM per successful transaction)		2.8	%
Ave volume of transactions/per month/per branch		500
Commission on insurance		Variable

(A transaction is defined as: a successful debit order collection through our debit order platform)

We will also provide custom website development services on a per quote basis.

Sales and Marketing Strategy – South Africa

We offer a cloud-based loan origination platform that empowers businesses to grant loans, sell products, and collect bills or subscription payments on flexible terms. To date, our South African marketing efforts have included:

· Targeted Outreach & Presentations: Proactive engagement with potential clients through one-on-one demos and proposals, supplemented by our annual participation in the Credit Association of South Africa (CASA) conferences since 2017.

~~based~~· ~~loan~~Digital ~~origination~~Advertising: ~~platform~~Monthly ~~that~~Google ~~empowers~~Ads ~~businesses to grant loans, sell products,~~ and ~~collect~~Facebook ~~bills~~campaigns ormanaged ~~subscription~~by ~~payments~~specialist ~~on flexible terms. To date~~agencies, ~~our~~optimized ~~South~~continually ~~African~~to ~~marketing~~maximize ~~efforts~~lead ~~have~~quality ~~included:~~and cost-per-acquisition.

· ~~Targeted~~Video ~~Outreach~~ & ~~Presentations~~Digital Content: ~~Proactive~~Since ~~engagement~~August ~~with~~2017, ~~potential~~we ~~clients~~have ~~through~~published ~~one-on-one~~fresh ~~demos~~videos and ~~proposals~~multimedia each month, ~~supplemented~~showcasing byproduct ~~our~~walkthroughs, ~~annual~~customer ~~participation~~success instories ~~the~~and ~~Micro~~thought-leadership ~~Finance~~content, ~~South~~to ~~Africa~~build ~~(MFSA)~~awareness ~~conference~~and ~~since~~drive ~~2017~~inbound inquiries.

· ~~Digital~~Social ~~Advertising~~Media: ~~Monthly~~Partnerships ~~Google~~with ~~Ads~~two ~~and~~dedicated ~~Facebook~~marketing ~~campaigns~~firms ~~managed~~to bycurate ~~specialist~~and ~~agencies,~~amplify ~~optimized~~our ~~continually~~brand topresence ~~maximize~~on ~~lead~~LinkedIn, ~~quality~~Facebook and ~~cost-per-acquisition.~~Instagram;

· ~~Video~~Blog & ~~Digital~~Thought ~~Content~~Leadership: ~~Since~~A ~~August~~regularly ~~2017,~~updated weblog ~~have~~featuring ~~published~~industry ~~fresh videos and multimedia each month~~insights, ~~showcasing~~best ~~product~~practices ~~walkthroughs,~~and ~~customer~~case ~~success~~studies ~~stories~~aimed ~~and~~at ~~thought-leadership~~attracting ~~content,~~qualified toleads ~~build~~through ~~awareness~~SEO and ~~drive~~shareable ~~inbound inquiries~~content.

· ~~Social~~Webinars ~~Media~~& Virtual Events: ~~Partnerships~~Quarterly ~~with~~webinars ~~two~~and ~~dedicated~~roundtable ~~marketing~~discussions ~~firms~~on totopical ~~curate~~lending and ~~amplify~~compliance ~~our~~trends, ~~brand~~providing ~~presence~~valuable oneducation ~~LinkedIn, Facebook~~ and ~~Instagram;~~direct ~~we’ll~~engagement ~~replicate~~with ~~this~~prospects ~~model~~and inexisting ~~the U~~clients.~~S. market in 2025.~~

· ~~Blog~~Email Campaigns & ~~Thought Leadership~~Newsletters: ASegmented ~~regularly~~drip-email ~~updated~~sequences ~~blog~~and ~~featuring~~monthly ~~industry~~newsletters ~~insights~~delivering product updates, ~~best~~industry ~~practices~~news and ~~case~~actionable ~~studies~~tips ~~aimed~~to atsubscribers ~~attracting~~who ~~qualified~~opt ~~leads~~in ~~through~~via ~~SEO~~our ~~and~~website ~~shareable~~or ~~content~~events.

· ~~Webinars~~In-Person ~~& Virtual~~ Events: ~~Quarterly~~Attendance ~~webinars~~ and ~~roundtable~~sponsorship ~~discussions~~of onkey ~~topical~~industry ~~lending~~gatherings ~~and~~from ~~compliance~~2017 ~~trends~~through 2026, ~~providing~~including ~~valuable~~CASA’s ~~education~~annual conference, fintech expos and ~~direct~~lender ~~engagement~~summits, ~~with~~facilitating ~~prospects~~high-touch ~~and~~interactions ~~existing~~that ~~clients~~convert to long-term partnerships.

 Email Campaigns & Newsletters: Segmented drip-email sequences and monthly newsletters delivering product updates, industry news and actionable tips to subscribers who opt in via our website or events.11

 In-Person Events: Attendance and sponsorship of key industry gatherings from 2017 through 2025, including MFSA’s annual conference, fintech expos and lender summits, facilitating high-touch interactions that convert to long-term partnerships.

Sales and Marketing Strategy – HUNTPAL

· U.S. Launch Campaign: Leveraging ~~our~~the Company’s Dallas ~~hub~~presence, weHUNTPAL ~~will~~plans ~~kick~~to ~~off~~utilize ~~with~~targeted digital advertising oncampaigns across Facebook, Instagram, Google, and ~~Google~~other todigital ~~target~~platforms focused on U.S.-based hunters ~~aged~~and outdoor enthusiasts between the ages of 25– and 55,. ~~complemented~~The byCompany also plans to utilize sponsored content onand ~~leading~~digital placements through outdoor and hunting-related publications and platforms.

· ~~Outfitter~~Direct ~~Partnerships~~U.S. Marketing Presence: ~~Co-branded~~Effective ~~promotions~~June ~~with~~1, ~~top~~2026, ~~South~~the ~~African~~Company ~~outfitters~~appointed ~~featured~~an inindependent ~~Huntpal~~contractor to support HUNTPAL’s ~~marketplace~~direct marketing and business development activities within the United States. The contractor will assist with on-the-ground marketing initiatives, ~~including~~outfitter ~~email~~engagement, ~~blasts~~customer relationship development, and ~~social~~strategic ~~posts~~promotional ~~highlighting~~activities ~~exclusive~~designed ~~“Hunt~~to ~~Now–Pay~~increase ~~Later”~~HUNTPAL ~~packages~~brand awareness and customer acquisition within the U.S. market.

· ~~Content~~Outfitter ~~Marketing~~Partnerships: AThe ~~dedicated~~Company ~~Huntpal~~plans ~~blog~~to pursue co-branded marketing initiatives with South African hunting outfitters and ~~YouTube~~guides ~~channel~~featured ~~launching~~on inthe Q4HUNTPAL ~~2025~~platform, ~~featuring~~including ~~hunt~~digital ~~preparation~~promotions, ~~guides~~email campaigns, ~~conservation~~social ~~stories~~media outreach, and ~~customer~~promotional ~~testimonials~~offerings related to ~~drive~~“Hunt ~~organic~~Now ~~reach~~– Pay Later” installment-based travel packages.

· ~~Influencer~~Content &Marketing: ~~Affiliate~~HUNTPAL ~~Programs:~~intends ~~Collaborations~~to ~~with~~continue expanding its digital content initiatives, including hunting ~~influencers~~preparation resources, ~~pro~~conservation-~~staffers~~related content, customer experiences, destination highlights, and ~~outdoor~~educational ~~gear~~materials ~~brands~~designed to ~~broaden~~support ~~brand~~customer ~~awareness~~engagement and ~~incentivize~~organic ~~referrals~~digital traffic growth.

· ~~Trade~~Influencer ~~Shows~~ & ~~Expos~~Affiliate Programs: ~~Exhibiting~~The atCompany ~~major~~plans ~~U.S.~~to collaborate with hunting ~~and~~influencers, outdoor ~~sports~~personalities, ~~shows~~content ~~(e.g.~~creators, ~~SCI,~~and ~~DSF,~~related ~~SHOT~~brands ~~Show,~~to ~~NRA~~expand ~~meetings)~~market tovisibility, ~~generate~~increase ~~qualified~~customer ~~leads~~referrals, and ~~forge~~support ~~on-~~broader brand recognition for the~~-ground~~ ~~relationships~~HUNTPAL platform.

· ~~Email~~Trade Shows & ~~SMS Outreach~~Expos: ~~Automated~~The ~~nurture~~Company ~~campaigns~~intends to participate in selected hunting, outdoor recreation, and ~~SMS~~sportsman ~~alerts~~trade ~~for~~shows ~~upcoming~~and ~~hunt~~industry ~~seasons~~events within the United States and Southern Africa, ~~special~~including ~~financing~~events ~~promotions~~associated with hunting, safari, firearms, conservation, and ~~new~~outdoor ~~destination~~recreation ~~offerings~~industries, to support customer acquisition and industry relationships.

Email & SMS Outreach:

HUNTPAL plans to utilize automated email and SMS marketing campaigns to communicate promotional offerings, destination updates, hunting season availability, financing options, and customer engagement initiatives.

Sales and Marketing Strategy – AML GO

· Regulatory Roadshows: ~~Hosting~~AML ~~half-day~~GO ~~compliance~~plans ~~workshops~~to host and participate in ~~key~~compliance ~~South~~workshops, ~~African~~industry ~~metros~~roundtables, and ~~later~~regulatory inengagement ~~U.S.~~sessions ~~financial~~across ~~hubs,~~major South African metropolitan areas to demonstrate its AML, ~~GO’s~~KYC, ~~transaction~~sanctions ~~monitoring~~screening, and ~~reporting~~compliance monitoring capabilities ~~directly~~ to compliance officers, financial institutions, lenders, and accountable institutions. The Company may also evaluate selective participation opportunities within U.S. financial and compliance industry events as part of its longer-term expansion strategy.

· Targeted Digital ~~Ads~~Advertising: AML GO intends to utilize targeted LinkedIn, Google, and ~~Google~~digital ~~Ads~~advertising campaigns ~~targeting~~directed toward risk management, compliance, finance, and ~~finance~~operational executives atwithin ~~banks~~banking, fintech, ~~companies~~microlending, insurance, and ~~microlenders,~~related ~~with~~regulated ~~tailored~~industries. ~~messaging~~Marketing ~~around~~initiatives are expected to focus on regulatory compliance requirements under the Financial Intelligence Centre Act (“FICA”) in South Africa and, in the future, potential U.S. ~~BSA/~~anti-money laundering (“AML”) regulatory requirements.

· Whitepapers & Case Studies: ~~Publishing~~The ~~in-depth~~Company ~~whitepapers~~plans onto ~~topics~~develop ~~such~~and aspublish ~~“Automating~~educational ~~FICA~~content, ~~Compliance”~~including whitepapers, case studies, compliance guides, and ~~“Cross-Border~~industry insights relating to AML ~~Best~~compliance, ~~Practices~~customer onboarding,” ~~gated~~transaction ~~behind~~monitoring, risk management, and regulatory best practices designed to support lead~~-capture~~ ~~forms~~generation and industry engagement.

· Webinars & Virtual Panels: ~~Monthly~~AML ~~sessions~~GO ~~featuring~~intends ~~guest~~to ~~speakers~~host ~~from~~periodic ~~regulatory~~webinars, ~~bodies~~virtual workshops, and panel discussions featuring compliance professionals, industry ~~associations~~participants, ~~showcasing~~and ~~how~~regulatory-focused discussions addressing evolving AML, GOKYC, ~~addresses~~sanctions ~~evolving~~screening, and financial crime compliance challenges.

· Partner Ecosystem: ~~Strategic~~The ~~alliances~~Company plans to pursue strategic relationships and API integration opportunities with core banking ~~and~~platforms, loan~~-origination~~ management software ~~vendors~~providers, topayment ~~embed~~processors, ~~AML~~fintech GObusinesses, ~~via~~and ~~API,~~related ~~co-marketing~~software providers to ~~their~~expand ~~customer~~AML ~~bases~~GO’s inmarket ~~South~~reach ~~Africa,~~and ~~extending~~integration tocapabilities ~~U.S.~~within ~~partners~~South inAfrica ~~late~~and ~~2025~~potentially other international markets.

· Email Nurture & Drip Campaigns: ~~Segmented~~AML ~~sequences~~GO ~~for~~intends ~~prospects~~to inutilize ~~different~~segmented email marketing and automated customer engagement campaigns tailored to specific industry verticals, (including banking, microlending, insurance), and fintech sectors, delivering ~~tailored~~regulatory updates, product ~~insights~~information, and ~~regulatory~~compliance-focused ~~updates~~content.

· Conference Engagement: ~~Active~~The ~~participation~~Company plans to continue participating in ~~AML~~selected ~~and~~compliance, fintech, ~~events~~microfinance, ~~such~~and ascredit ~~the~~industry conferences, workshops, and trade events, including MFSA, &CASA, SACRRA, ~~conferences~~ and, ~~starting~~related Q4industry ~~2025~~events within Southern Africa, ~~aiming~~while atevaluating ~~the~~selective ~~American~~participation ~~Bankers~~opportunities ~~Association’s~~within ~~annual~~international ~~conference~~compliance and fintech conferences.

This multi-channel and content-driven marketing approach is intended to strengthen the Company’s market presence within the South African lending, hunting finance, and AML compliance sectors, while supporting the Company’s longer-term strategy of pursuing selective growth opportunities within the United States and other international markets.

-12

channel, content

rich approach will reinforce our leadership in South African lending, hunting finance and AML compliance, while laying the groundwork for accelerated growth in the U.S. and other international markets.

Seasonality

We operate year

round in South Africa~~, but HUNTPAL follows a distinctly~~

~~seasonal~~; ~~business cycle~~however,

, HUNTPAL

~~with peak booking activity aligned to prime hunting seasons (typically~~experiences

~~autumn~~seasonal ~~and winter months).~~

fluctuations in

booking activity

, with increased demand typically occurring during the primary

hunting seasons

in the

autumn and winter months.

Raw Materials

We do not use raw materials in our business.

Target Market

Our diverse offerings address distinct customer segments across ACPAS, HUNTPAL and AML GO:

· Online Lenders

Digital-first credit providers and fintech businesses seeking acloud-based ~~fully~~loan origination, account management, collections, payment processing, and credit administration solutions through the ACPAS platform, together with integrated customer verification, ~~cloud~~KYC, and AML compliance capabilities provided by AML GO.

-· Storefront Lenders & Retail Establishments

~~based~~Traditional ~~origination~~microlenders, retail finance providers, pawnshops, and ~~administration~~retail ~~system~~chains ~~(ACPAS)~~requiring ~~with~~integrated ~~streamlined~~loan ~~KYC/AML~~management, ~~checks~~debit ~~(via~~order ~~AML GO)~~collections, payment processing, customer onboarding, and embedded credit protection administration through the ACPAS platform.

· ~~Storefront~~Professional ~~Lenders~~Service ~~& Retail Establishments~~Providers

~~Brick~~Professional practices and service-based businesses, including legal firms, medical practices, accounting firms, and related professionals, utilizing ACPAS for recurring billing, customer payment plans, collections management, and subscription-based payment administration.

-· Clubs & Associations

Fitness centers, sports clubs, associations, and membership-based organizations utilizing ACPAS subscription billing, recurring debit order processing, customer account management, and automated payment collection capabilities.

· Business-to-Business (“B2B”) Finance Providers

~~mortar~~Commercial ~~businesses~~finance providers, ~~such~~business aslenders, ~~microlenders~~and enterprise financing operations seeking configurable loan administration, ~~pawnshops~~payment processing, collections, and ~~retail~~compliance ~~chains,~~management ~~that~~solutions ~~require~~through inthe Company’s recently deployed B2B lending platform.

-· Hunting Enthusiasts & Outfitters

~~house~~Recreational ~~loan~~hunters, ~~management~~outdoor travelers, ~~debit~~and professional hunting outfitters within the United States, South Africa, and other international markets utilizing the HUNTPAL platform for guided hunting bookings, outdoor travel experiences, and “Hunt Now – Pay Later” installment-based payment solutions. HUNTPAL also targets outfitter partners seeking digital marketing exposure, customer lead generation, and financing support for hunting and outdoor travel packages.

-· Financial Institutions, Compliance Professionals & Fintech Companies

~~order~~· ~~collections~~Banks, microlenders, payment providers, fintech businesses, accountable institutions, and ~~embedded~~compliance-focused ~~credit~~organizations requiring scalable anti-money laundering (“AML”), customer due diligence (“CDD”), know-your-customer (“KYC”), sanctions screening, politically exposed persons (“PEP”) screening, and compliance monitoring solutions through the AML GO platform.

protection insurance (ACPAS).

 Professional Service Providers

Lawyers, doctors, accountants and other professionals offering finance or subscription

based services, leveraging ACPAS for client billing and payment plans.

 Clubs & Associations

Fitness centers, sports clubs and other membership organizations charging recurring fees, using ACPAS’s subscription billing and debit

order capabilities.

 Hunting Enthusiasts & Outfitters

Recreational and professional hunters in the U.S. and South Africa booking seasonal hunts through HUNTPAL’s “Hunt Now–Pay Later” marketplace, as well as outfitter partners seeking flexible financing and marketing support.

 Financial Institutions & Fintech companies

Banks, microlenders, digital-wallet providers and emerging fintech companies requiring automated, scalable AML/CFT compliance solutions, covering CDD, transaction monitoring and regulatory reporting via AML GO.

Reliance Upon One or a Few Customers

Our revenues were concentrated among ~~two~~2 customers for the year ended February 28, ~~2025~~2026, and three customers for the year ended February 2928, ~~2024~~2025.

Customer	YearEndedFebruary 28, ~~2025~~2026
1	~~28.32%~~	24	%
2	~~9.86%~~	9	%
3	8.53%

Customer	YearEndedFebruary 2928, ~~2024~~2025
1	~~29%~~	28.32	%
2	~~20%~~	9.86	%
3	~~11%~~	8.53	%

1113

Employees

We have 16 full-time employees: (a) our CEO/CFO, Jacob C Fölscher; (b) 1 operations manager; (c) 1 financial director; (d) 1 scientific programmer; (e) 4 systems engineers; (f) 2 accounting/bookkeeping persons; (g) , 2 assistants, and (h) 4 Software developers. Our scientific programmer and system engineers and 3 Software developers will continue to provide support and technical assistance and modifications to our current ACPAS system and support development of future products and our current software. Most of our employees are located at our South African office working directly for the South Africa office.

To be Hired Employees

Contingent upon our revenues and adequate financing, we plan to hire 2 additional developers 4 sales representatives, 4 technical support staff members, 2 training consultants and 1 national sales manager.

Geographic Territory

Our credit related products and services have been offered since June 2008 in all South Africa provinces and will continue to be so offered.

Our AML Go services have been offered since October 2024 in South Africa.

Competition

Our primary competitors in South Africa are

~~ Compuloan~~·

~~ Delter~~Compuloan

~~ Mycomax~~·

Delter

Mycomax

Each of the above competitors sell credit related software that is sold to lenders.

Competitive Advantages

· We are a Cloud based system and there is no need for physical installation;

· For the past 1214 years we have designed a software system that incorporates regulatory guidelines, affordability guidelines on an ongoing basis in South Africa, which we can adapt to a US software credit system;

· South Africa has a non-paying culture as evidenced by market data.

Competitive Disadvantages

· Our competitors in South Africa, including those mentioned above, have greater operational, financial and personnel resources than we do;

· Apart from Huntpal, we don’t have any operations in the US;

· We will have substantial development of our business and software program to adopt to ~~the~~ various US states; and

· We have not tested our marketing or our product in the US.

1214

Government Regulation

Our customers’ products and services are subject to extensive US local, state and federal regulation and South African regulations. The regulation of the loan products and services industry is intended primarily for the protection of consumers and is constantly in flux as new regulations are introduced and existing regulations are repealed, amended, and modified.

South Africa Credit Regulations (The National Credit Act)

The National Credit Act (“NCA”) regulates the South Africa credit industry and was designed to protect consumer in the credit market and make credit and banking services more accessible. The Purpose of the NCA Act is to: promote a fair and non-discriminatory marketplace for access to consumer credit; regulate consumer credit and improve standards of Consumer information; prohibit certain unfair credit and credit marketing practices; promote responsible credit granting and use; prohibit reckless credit granting; provide for debt re-organization in case of over-indebtedness; to regulate credit information; and establish recourse for unfair credit practices. The NCA does this by simplifying and standardizing credit agreements and information disclosure; providing for the use of simple language that is easy to understand for comparing credit agreements from different credit providers; ensures all credit products are handled in the same way by credit providers; assisting over-indebted Consumers to restructure their debt with the help of a Debt Counselor (DC) and encourage responsible lending; regulates credit bureaus in terms of their Consumer information and records; establishing the National Credit Regulator (NCR) to regulate the entire credit market; and establishing the National Consumer Tribunal (CT) to adjudicate on Consumer complaints and disputes with credit providers, contraventions of The Act and decisions of the Regulator.

The NCA affects anyone dealing with the credit industry such as credit grantors, credit grantees and intermediaries. The NCA defines a “credit agreement” broadly as any installment purchase agreement of goods or services, as well as the extension of credit in the form of money i.e. home loans, personal loans, credit cards, store cards and short-term loans. Therefore, a credit agreement applies to any party involved in the credit agreement which is classified into three categories namely incidental credit agreements; intermediate agreements; and large credit agreements.

Credit Providers include banks, micro lenders, retailers such as furniture and clothing stores, all businesses, companies, close corporations, partnerships and individuals who do business on credit, provide loans or charge interest on overdue accounts. Consumers Include natural person, companies, close corporations, trusts (with more than three individual trustees), partnerships and an association of persons whose asset value or annual turnover, together with the combined asset value or annual turnover of all related juristic persons, at the time the agreement is made, equals or exceeds the threshold value of 1 million rands.

The NCA lists a number of consumer rights, which are protected by the Act. A party who breaches Consumer rights protected by the NCA commits an offence in terms of credit law, which enables Consumer recourse through the established dispute channels. The following are Consumer rights protected in the NCA:

· To apply for credit

· To be protected against discrimination in the granting of credit

· To be informed why credit has not been granted, should you ask

· To receive a free copy of your credit agreement

· To receive a credit agreement in plain and simple language

· To have your personal and financial information treated confidential

· To understand all fees, costs, interest rates, the total installment and any other details

· To say no to increases on your credit limit ~~· To decide whether or not you want to be informed about products or services via telephone, SMS, mail or e-mail campaigns · To apply for debt counselling should you be overwhelmed by debt~~

13· To decide whether or not you want to be informed about products or services via telephone, SMS, mail or e-mail campaigns

To apply for debt 

counselling

 should you be overwhelmed by debt

The key points of the NCA are:

1. Marketing

The NCA restricts and prohibits certain practices of loan canvassing such as door to door selling, uninvited canvassing at workplaces or homes. The NCA also increased control over marketing practices and advertisements such as automatic credit limit increases and negative option marketing i.e. if you do not decline, we will assume you agree. In addition, the National Credit Act provides for clear and understandable marketing communication. Consumers must receive a detailed written quote, which is valid for 5 business days, to enable quote comparisons from different credit providers.

2. Capped Interest Rates and Other Fees and Charges

The NCA effectively caps the interest rates, fees and other charges, which credit providers, can charge, depending on the type of credit and when the credit was granted. The maximum interest rate, in most cases, is based on a formula, which is dependent on the SA Reserve Bank Repurchase (Repo) rate at the time that the credit was granted. Essentially, there are seven rate categories namely mortgage agreements; credit cards/facilities; unsecured credit transactions; short-term credit transactions; developmental credit agreements; other credit agreements and incidental credit agreements. The NCA places a cap on the maximum amount that a credit provider can charge for other fees such as initiation fees, monthly service, and default and collection costs. While a loan protection policy is permitted, the charges must “be reasonable” and the Consumer may use/cede an existing insurance cover.

3.

Loan Application

The NCA requires credit providers to supply simple contracts that are easy to understand, in official languages and the Consumer must receive a free copy. Consumers are also entitled to a reason, on request, when the credit provider denies credit. The NCA requires credit providers to do due diligence to ensure the Consumer can afford the loan and all loans must be recorded on a register to prevent Consumers becoming over-indebted.

4. Reckless Lending

Credit providers are in contravention of the NCA and may be judged guilty of reckless lending if the Consumers ability to afford loan repayments is not assessed before granting credit. Credit providers may be subject to severe penalties and may even forfeit their right to recover the debt if they are judged guilty of reckless lending. However, Consumers who failed to fill in the loan application fully and honestly are not protected by the NCA.

5. Debt Counselor & Counseling

The NCA gives Consumers the right to apply for financial management and debt counseling assistance if he or she is unable to pay their debts. The Debt Counselor (DC) is registered by the NCR after successful course and exam completion. Debt counselors will help over-indebted Consumers restructure/rearrange their debt repayments, this process can be voluntary or made an order of the court.

All DCs must be registered with the National Credit Regulator and fees are prescribed in terms of the NCA. Consumers must understand and accept the process, charges and payments before undergoing debt counseling. Once the Consumer has signed for debt counseling, the credit bureau is notified, and the Consumer will be unable to obtain further credit for the duration of debt counseling until the process is finalized/withdrawn.

1416

6. Credit Bureau

The NCA requires all credit bureau to be registered with and submit reports to the National Credit Regulator. Credit bureau are required to ensure data is accurate at all times and that inaccurate information is immediately removed without cost to the Consumer after the Consumer has lodged a complaint. The NCA regulations stipulate how Credit bureau information is obtained, used, and for how long it should remain on a Consumer’s profile.

In addition, Consumers are eligible for one free credit report from each credit bureau each year to effectively manage their credit profiles.

7. The National Credit Regulator and the Consumer Tribunal

The NCA established the NCR to regulate the credit industry and ensure that credit providers comply with the NCA. In addition, the NCR is responsible for investigating and evaluating Consumer complaints about alleged contraventions of the NCA by credit providers. All credit providers, credit bureau and debt counselors must register and report to the NCR.

In addition to the NCR, the NCA established the Consumer Tribunal with equal status to a court of law to hear and adjudicate on: applications made in terms of the NCA by consumers; credit providers and credit bureau; debt counselors and the NCR including applications for interim relief and a review of the NCR’s decisions; matters referred to by the NCR or complaints related to allegations of prohibited

Research and Development

Since our inception, we have had no research and development expenses.

Patents and Intellectual Property / Trademarks / Licenses / Franchises

· Patents:

We do not currently own any patents and have no plans to pursue patent protection. We maintain and protect our proprietary technology through robust trade-secret practices.

-· Trademarks:

~~secret~~We ~~practices~~have filed trademark applications for HUNTPAL and are currently awaiting feedback and final registration decisions from the relevant intellectual-property offices.

· ~~Trademarks~~Licenses & Franchises:

We have filed trademark applications for HUNTPAL and are currently awaiting feedback and final registration decisions from the relevant intellectual

property offices.

 Licenses & Franchises:

We are not a party to any license, royalty or franchise agreements at this time.

Material Agreements

Verbal Agreement with Wouter Fouche

We had a verbal agreement with our previous Chief Executive Officer, Wouter Fouche, to pay him a monthly salary of $9,500 for our fiscal year 2022 based upon available funds.

However, Wouter Fouche resigned from all positions on February 3, 2022, including from all positions at any subsidiaries or affiliates, pursuant to a February 3, 2022, Share Purchase and Separation Agreement (the “Agreement”). In the Agreement, Wouter Fouche sold 7,125,000 of his 9,125,000 shares and three million seven hundred thousand (3,700,000) of MiWay Finance shares to us that were owned by Wouter Fouche for $240,000, which we have agreed to pay with a $150,000 cash payment within 10 days of the Effective Date and $10,000 per month for 9 consecutive months commencing April 1, 2022; Wouter Fouche retained an amount of 2,00,000 UPAY, Inc. shares pursuant to the Agreement. The 2,00,0000 of our shares are locked up for a period of eighteen (18) months from the closing date of the agreement and thereafter no more than five thousand (5,000) of the Retained Shares may be sold per month. The Agreement also provides for non-circumvention, non-derogation, non-solicitation provisions and Mr. Fouche will never solicit any of our employees, customers or vendors for any other business, work or project of any kind and shall take no action to interfere with, disrupt or harm our business in any manner. Further, Wouter Fouche will keep confidential, any and all information in his knowledge or possession about us or our business, finances or operations, our employees, officers, directors or agents. Wouter Fouche’s resignation was not in connection with any disagreement with our management regarding us, our operations, policies or practices. On September 1, 2023, we amended the Share Purchase and Separation Agreement. . The original amount of $240,000 payable, which was to be paid as $150,000 within 10 days of the Effective Date and $10,000 per month for 9 consecutive months, was reduced to $170,000, payable as $150,000 initially and $10,000 per month for 2 consecutive months. Additionally, the addendum stipulated that the remaining 2,035,000 UPAY shares held by Wouter Fouche and his wife, Desiree Fouche, would be repurchased by the Company for an additional $23,500. This transaction was executed, and consequently, Wouter Fouche and his wife are no longer shareholders of the Company.

1517

Verbal Agreement with Jacob C Fölscher

We have a standing verbal agreement with our Chief Financial Officer, now also serving as CEO, Jacob C. Fölscher, renewed annually under these terms:

· Monthly Salary: $9,500, payable subject to available funds.

· Annual Bonus: A “13th check” of $9,500, awarded once per fiscal year.

· Relocation Allowance: A one-time payment of $10,000 to cover relocation to the U.S., if applicable.

These components constitute the entirety of the compensation arrangement. Following the resignation of our former CEO, Wouter Fouche, Mr. Fölscher assumed the CEO role in addition to his CFO duties and has not received any additional compensation for serving as CEO to date.

Share Exchange Agreement with Rent Pay (Pty) Ltd

On November 4, 2015, we completed a Share Exchange Agreement with Rent Pay (Pty), Ltd (“Rent Pay”), a South African company, and Rent Pay’s shareholders, which are South Africa Trusts controlled by our officers. In the Share Exchange, we exchanged 200,000 shares of our common stock for all of Rent Pay’s outstanding shares (1,000 shares), 500 of which were in the name of the Loantech Trust, a trust controlled by our then officer, Wouter Fouche, and 500 shares in the name of Fölscher Family Trust, a trust controlled by our other officer, Jacob Fölscher. As a result of the share exchange, Rent Pay become our wholly owned subsidiary of UPAY

Website/Software Services Agreement with Twin Harbor Web Solutions, Inc.

We have a January 1, 2016 Website/Software Services Agreement with Twin Harbor Web Solutions, Inc. (“Twin Harbor) providing that Twin Harbor will provide software and website development services involving website design and basic website setup for our ACPAS system. The agreement provides that we will pay Twin Harbor: (a) $35 per month to be billed annually for website hosting; (b) $750 for website setup; (c) an initial $2,000 payment to build the master website and the plug in with all of our web services; and (d) upon completion of the master website with all plugins, we will issue 30,000 restricted common stock shares of UPAY to Twin Harbor.

The $750 website setup fee under clause (b) has since been renegotiated to $250.

Asset Purchase Agreement with Twin Harbor Web Solutions, Inc

We have an April 16, 2018 Asset Purchase Agreement with Twin Harbor, where we acquired the software known as “Theme Studio” from Twin Harbor in exchange for 2,000,000 restricted common stock shares of UPAY. The acquired software includes a customizable client loan or product website with templates that include a client and document management platform as well as an electronic document signature solution. This means that we now own all right, title and deed to the “Theme Studio “software and can further develop the platform.

1618

Software Acquisition Agreement with Finbond Mutual Bank

We have a January 9, 2019 Software Acquisition Agreement with Finbond Mutual Bank, where Finbond will acquire a copy of the current UPAY software, for $240,279. Our subsidiary, Rent Pay (Pty) Ltd, will then further develop and customize the software at an agreed development rate per hour. Upon successful completion of the further development, Finbond will use the software in their South African operations. Finbond paid a deposit to initiate the project of $141, 341.

Finbond subsequently decided not to continue with the project and forfeited the non-refundable deposit.

Agreements with James Byrd

We have a February 5, 2021 share purchase and services agreement with James S Byrd, PA (Consultant), where the company appointed the Consultant, for a period of 18 months from the date of the agreement, to provide legal, business, strategic and other consulting services to Company to assist the Company, by providing the names of possible financing capital sources for the Company’s growth and expansion plans, assist and advise on any potential up-listing, merger or acquisition that the company may pursue in future and assist in the preparation of documents pertaining thereto. The consultant will also assist the Company in developing corporate governance practices and strategies and assist with the preparation of documents to affect corporate governance measures, including those that will be consistent with an up-listing and review, edit, and comment on Regulation A offering document and amendments prepared by the Company’s securities counsel and provide advice on US distribution agreements for the Company’s products and refer possible US distributors for its products in the US.

In consideration and exchange for the Consultant’s services and a cash investment of $30,000 by the Consultant in UPAY, the Company agreed to issue (1,000,000 shares of common stock in the Company to the Consultant, effective upon execution of the agreement.

We also had an October 11, 2021 Director Agreement with James S Byrd, for a period of 12 months, through October 11, 2022, to serve as director on the Company’s Board of Directors. Mr. Byrd is to perform such duties and responsibilities as are customarily related to such position in accordance with Company’s bylaws, Code of Ethics, and applicable law, including, but not limited to, assisting the Company in the following: (a) obtaining DTC eligibility for the Company’s common stock; (b) assisting in the Company’s Regulation A filing; (c) advise the Company on its public company and business needs. Jim Byrd was paid $5000 per month for his services.

On November 2, 2022, we decided not to renew the James Byrd Director Agreement for an additional 12 months of Board Service, which decision was not in connection with any disagreement with our management regarding us, our operations, policies or practices.

Agreement with Pieter A. Swanepoel

We have a September 1, 2022 Director Agreement with Pieter A Swanepoel, for a period of 12 months, through August 31, 2023, to serve as our director. Mr. Swanepoel is to perform such duties and responsibilities as are customarily related to such position in accordance with Company’s bylaws, Code of Ethics, and applicable law, including, but not limited to, assisting the Company in the following: (a) assisting the Company with its cash flow planning and forecasts for budget and financial planning purposes; (b) assisting in the Company with preparing financial information ; (c) advise the Company on group structuring and business and financial needs (collectively, the “Services”). This agreement has since been extended until August 2026. Swanepoel will be paid 100,000 restricted common shares of the Company over a 12-month period for his services.

Agreement with Randall F. Greene

We have a March 1, 2023 Director Agreement with Randall F Greene for a period of 12 months through February 29, 2024 to serve as our director. We also ~~have~~had a March 1, 2023 Officer Agreement with Randall F Greene to serve as our Chief Operations Officer (“COO”). Pursuant to these agreements, Randall Greene iswere to perform such duties and responsibilities as are customarily related to those positions, including, but not limited to, assisting us in the following: a) identifying and assessing potential acquisitions ; (b) assisting in as Regulation A filing if pursued; (c) advise and assist us on public company and business strategy; (d) represent us as our COO, including to establish its business presence in the US, (e) assist us in opening US bank accounts, (f) establish business relationships with service providers and establish other business relationships, Randall Greene ~~will~~were be paid 100,000 shares for his Director Agreement for the 12 month period and 233,333 shares in return for his COO services.

Randall Greene’s Director Agreement was subsequently extended until August 2026. The Officer Agreement was not extended after its initial 12-month term.

17Agreement with

Richard K. Pellerin

We entered into a Director Agreement with Richard K. Pellerin effective September 20, 2025, for a term of thirty-six (36) months through August 19, 2028, pursuant to which Richard P

llerin serves as a director of the Company. Pursuant to the agreement, Richard Pellerin is to perform such duties and responsibilities as are customarily related to the position of director, including, but not limited to: (a) identifying potential acquisitions for the Company; and (b) advising and assisting the Company with its public company and business strategy. Richard Pellerin also agreed to comply with the Company’s bylaws, Code of Ethics and applicable laws and regulations, and to devote his best efforts toward the performance of his duties as a director.

In consideration for his services under the agreement, the Company agreed to issue Richard Pellerin 100,000 shares of UPAY restricted common stock per year for the three-year term, with vesting occurring in arrears in two installments per year after each six-month service period. The shares are subject to a three-year lock-up period beginning upon each issuance date. The agreement also provides for reimbursement of reasonable business expenses incurred in connection with the performance of his services. The agreement contains customary confidentiality, non-competition and non-solicitation provisions.

ITEM 1A. RISK FACTORS

As a “Smaller Reporting Company”, we are not required to provide this information.

ITEM 1B. UNRESOLVED STAFF COMMENTS

As a “Smaller Reporting Company”, we are not required to provide this information.

ITEM 1C.

CYBERSECURITY

Risk Management and Strategy

Securing our business information, intellectual property, customer and employee data and technology systems is essential for the continuity of our business, meeting applicable regulatory requirements and maintaining the trust of our stockholders. Cybersecurity is an important and integrated part of our enterprise risk management function that identifies, monitors and mitigates business, operational and legal risks.

To help protect us from a major cybersecurity incident that could have a material impact on operations or our financial results, the Company is in the process of implementing policies, programs and controls, including technology investments that focus on cybersecurity incident prevention, identification and mitigation.

The steps we expect to take to reduce our vulnerability to cyberattacks and to mitigate impacts from cybersecurity incidents include, but are not limited to: penetration testing by a third party vendor, agent based security scanning that runs continuously, establishing information security policies and standards, implementing information protection processes and technologies, monitoring our information technology systems for cybersecurity threats and implementing cybersecurity training. In addition, we annually purchase a cybersecurity risk insurance policy that would help defray the costs associated with a covered cybersecurity incident if it occurred.

Governance

Our Board of Directors is actively engaged in overseeing and reviewing our strategic direction and objectives, taking into account, among other considerations, our risk profile and related exposures, including oversight of risks from cybersecurity threats. As part of this oversight, the Company will update the Board periodically, and at least annually, on our cybersecurity program, including with respect to particular cybersecurity threats, cybersecurity incidents, new developments in our risk profile, the status of projects to strengthen our cybersecurity systems, assessments of our cybersecurity program, and the emerging threat landscape.

ITEM 2. PROPERTIES

We pay monthly rent of $

~~We pay monthly rent of $59.00 per month for our Texas office. Our office is adequate for our current needs. Our lease is on a month-to-month basis.~~6

9.00 per month for our Texas office. Our office is adequate for our current needs. Our lease is on a month-to-month basis.

On February 1, 202

On February 1, 2025, Rent Pay (Pty) Ltd entered a one-year lease with a two-year renewal option for office space in South Africa. Rental payments are due at the beginning of each month and increase at an annual escalation rate of 6~~%. The base monthly rental rate is $1,907 (R34,832). The interest rate underlying the obligation in the lease was 11% per annum.~~

, Rent Pay (Pty) Ltd entered a one-year lease with a two-year renewal option for office space in South Africa. Rental payments are due at the beginning of each month and increase at an annual escalation rate of

%. The base monthly rental rate is $

159

(R34,832). The interest rate underlying the obligation in the lease was 11% per annum.

Rent Pay’s offices are located at Centurion, South Africa and comprised of 2905 square feet. The South Africa offices are composed of reception area, two boardrooms, one sales and, support floor, an administration office and 3 separate offices for management and three toilets. There is also a fully fitted kitchen and entertainment area. The total office space currently is 2905 square feet.

ITEM 3. LEGAL PROCEEDINGS

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting us, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

1820

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Effective as of June 7, 2021, we became quoted on the OTCQB under the symbol, “UPYY”.

Common Stock

As of ~~March~~May 31( ), ~~2025~~2026, our common stock was held by 5456 stockholders of record and we had

1617,~~595~~615,211

shares of common stock issued and outstanding.

Dividend Policy

We have never declared or paid any cash dividends on our common stock. We do not anticipate paying any cash dividends to stockholders in the foreseeable future. In addition, any future determination to pay cash dividends will be at the discretion of the board of directors and will be dependent upon our financial condition, results of operations, capital requirements, and such other factors as the Board of Directors deem relevant. There are no restrictions in our articles of incorporation or bylaws that restrict us from declaring dividends.

ITEM 6. SELECTED FINANCIAL DATA

We are a smaller reporting company as defined by Rule 229.10(f) (1) and are not required to provide the information required by this Item.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objections of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

Forward-looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words and may include:

· projections about accounting and finances;

· plans and objectives for the future;

· projections or estimates about assumptions relating to our performance; or

· our opinions, views or beliefs about the effects of current or future events, circumstances or performance.

These forward-looking statements present our estimates and assumptions only as of the date of this report. Except for our ongoing securities laws, we do not intend, and undertake no obligation, to update any forward-looking statement.

Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any or our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The factors impacting these risks and uncertainties include, but are not limited to:

· Our results are vulnerable to economic conditions;

· Our ability to raise adequate working capital;

· Loss of customers or sales weakness;

· Inability to achieve sales levels or other operating results;

· The unavailability of funds for capital expenditures;

· Operational inefficiencies;

· Increased competitive pressures from existing competitors and new entrants;

1921

You should view these statements with caution. These statements are no guarantees of future performance, circumstances or events. They are based on facts and circumstances known to us as of the date the statements are made. All aspects of our business are subject to uncertainties, risks and other influences, many of which we do not control. Any of these factors, either alone or taken together, could have a material adverse effect on us and could change whether any forward-looking statement ultimately turns out to be true. Additionally, we assume no obligation to update any forward-looking statement as a result of future events, circumstances or developments. The following discussion should be read together with the Consolidated Financial Statements and the notes thereto. Outlined below are some of the risks that we believe could affect our business and financial statements for 2020 and beyond and that could cause actual results to be materially different from those that may be set forth in forward-looking statements that we make.

GENERAL

Overview

Off-Balance Sheet Arrangements

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Inflation

The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position. The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

Critical Accounting Policies and Estimates

Our significant accounting policies are more fully described in the notes to our consolidated financial statements included herein for our fiscal years ended February 28, ~~2024~~2026 and February 28, 2025.

Recent Accounting Pronouncements

The recent accounting pronouncements applicable to the Company are more fully described in the notes to our consolidated financial statements included herein for our fiscal years ended February 28, ~~2024~~2026 and February 28, 2025.

Management does not believe that any other recently issued, but not effective, accounting standards if currently adopted would have a material effect on the accompanying consolidated financial statements.

COMPARATIVE RESULTS FOR FISCAL YEARS ~~20254~~2026 AND ~~2024~~2025

Results of Operations:  

For the year ended February 28, ~~2025~~2026 and February 2928, ~~2024~~2025

Revenues

Our revenues for the years ended February 28, ~~2025~~2026 and February 2928, ~~2024~~2025 were $~~715~~746,~~269~~ 311 and 1$715,~~394~~269,~~408,~~ respectively, reflecting ~~decreased~~increased revenues of $~~679~~31,~~139~~042, which ~~decreased~~ increased revenues are primarily attributable to

the ~~loss~~growth ofin atransactional ~~large customer who had contributed a significant portion of our~~ revenue in ~~the~~our ~~prior~~South ~~period.~~African operations

20.

Net Profit/Net Loss

We had a net loss of $~~540~~1,~~062~~406,623 for the year ended February 28, ~~2025~~2026 and $~~726~~540,~~191~~062 for the year February 2928, ~~2024~~2025, respectively, reflecting aan ~~decreased~~increased net loss of $~~186~~866,~~129~~561, which ~~decreased~~increased net loss is primarily attributable to

~~reduced~~the ~~operating~~$904,400 ~~expenses~~loss on settlement of debt recognized during fiscal 2026, together with increased interest expense and ~~cost~~higher general and administrative expenses, partially offset by improved gross profit margins.

-We had a working capital deficit of (

~~control measures implemented during the period.~~$266,715)

at WeFebruary ~~had~~28, a2026 ~~working~~and ~~capital deficit of~~ ($386,487) at February 28, 2025 ~~and ($229~~,~~865)~~ ~~February 29, 2024,~~ respectively. The (~~$386,487) of working capital deficit in the fiscal year ended February 28, 2025 is primarily attributable to the f~~

~~unding of product development~~$266, ~~marketing campaigns (e.g., U.S. launch of HUNTPAL and expansion of AML GO~~715)

of working capital deficit in the fiscal year ended February 28, 2026 is primarily attributable to

outstanding accounts payable and accrued liabilities, and notes payable.

Operating Expenses

We incurred total expenses of $~~953~~1,~~220~~001,027 and $1953,~~416,478~~220 for the years ended February 28, ~~2025~~2026 and February 2928, ~~2024~~2025, respectively, reflecting aan ~~decrease~~increase in total expenses of $~~463,258, which decrease is primarily attributable to a decrease in general and administrative expenses.~~

~~Our net cash used in operating activities was ($764~~47,~~674) and ($145,611) for the years ended February 28, 2025 and February 29, 2024, respectively, representing increased net cash flows used in operating activities of $619,063.~~807

~~Our net cash provided by investing activities were $0 and ($23~~,~~268)~~ ~~for~~which ~~the years ended February 28, 2025 and February 29, 2024, respectively, reflecting a~~increase ~~$23,268~~is ~~decrease~~primarily ~~in net cash used in investing activities.~~

~~Our~~attributable ~~net~~to ~~cash~~higher ~~provided~~general ~~by financing activities was $150,000~~ and ~~$185,488~~administrative ~~for~~expenses ~~the~~incurred ~~fiscal~~to ~~years~~support ~~ended~~operations ~~February 28, 2025~~ and ~~February~~corporate ~~29, 2024, respectively, representing a $35,488 decrease~~activities.

WeOur ~~estimate~~net ~~that~~cash weused ~~will~~in ~~have~~ operating ~~costs~~activities ofwas $~~620~~(288,~~000~~039) ~~from~~and ~~1 June~~$(764,674) ~~2025~~for to the ~~remainder~~years ofended ~~the~~February ~~fiscal~~28, ~~year~~2026 ~~ended~~and February 28, 2025, ~~assuming~~respectively, werepresenting ~~receive~~a ~~sufficient~~decrease ~~funding~~in net cash flows used in operating activities of $476,635, which decrease is primarily attributable to improved working capital management, reduced accounts payable outflows, and favorable changes in prepaid expenses and other current assets.

~~Going~~Our ~~forward,~~net ~~our~~cash ~~monthly~~used ~~estimated~~in ~~cash~~investing ~~needs~~activities ofwas $31(1,~~000~~993) ~~over~~and $0 for the ~~next~~years 12ended ~~months~~February ~~from~~28, ~~June~~2026 and February 28, 2025, torespectively, ~~June~~reflecting ~~2026~~a ~~including~~$1,993 increase in net cash used in investing activities primarily attributable to the ~~following~~purchase ~~estimated~~of ~~expenditures:~~property and equipment during fiscal 2026.

Description	$ Amount
Rent $	$	1,947
Phone $	$	920
IT $	$	400
Legal fees $	$	350
Salaries $	$	30,541
SEC reporting $	$	70,000

Our net cash provided by financing activities was $320,000 and $150,000 for the fiscal years ended February 28, 2026 and February 28, 2025, respectively, reflecting an increase in net cash provided by financing activities of $170,000, which increase is primarily attributable to higher proceeds received from related party financing during fiscal 2026.

Going forward, our monthly estimated cash needs of $70,000 over the next 12 months from June 2025 to June 2026 including the following estimated expenditures:

Description	$ Amount
Rent $	$	3,500
Phone $	$	500
IT $	$	7,500
Legal fees $	$	6,000
Salaries $	$	65,000
SEC reporting $	$	12,500

These estimated expenditures are based upon current expenses and anticipated increases and growth.

We plan on meeting our cash needs over the next 12 months, including our SEC reporting costs, through our current cash position of $9896,~~000~~279 as of ~~5/31/2025 and our existing business in South Africa although we cannot provide any assurances whatsoever that we will generate sufficient revenues to meet these cash needs.~~

February 28, 2026

and our existing business in South Africa although we cannot provide any assurances whatsoever that we will generate sufficient revenues to meet these cash needs.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company, as defined by Rule 229.10(f) (1) and are not required to provide the information required by this Item.

2123

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

UPAY, Inc.

Consolidated Financial Statements

Index

	Index

Table of Contents

Report of Independent Registered Public Accounting Firm (PCAOB ID: 2738 )	F-2

Consolidated Balance Sheets	F-3

Consolidated Statements of Operations and Comprehensive Loss	F-4

Consolidated Statements of Stockholders’ Deficit and Accumulated Other Comprehensive Loss	F-5

Consolidated Statements of Cash Flows	F-6

Notes to the Consolidated Financial Statements	F-7

Table of Contents
Report of Independent Registered Public Accounting Firm (PCAOB ID: 2738)		F-2
Consolidated Balance Sheets		F-4
Consolidated Statements of Operations and Comprehensive Loss		F-5
Consolidated Statements of Stockholders’ Deficit and Accumulated Other Comprehensive Loss		F-6
Consolidated Statements of Cash Flows		F-7
Notes to the Consolidated Financial Statements		F-8

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

~~REPORT~~To OFthe ~~INDEPENDENT~~Board ~~REGISTERED~~of ~~PUBLIC~~Directors ~~ACCOUNTING FIRM~~and

~~To the Board of Directors and~~ Stockholders of UPAY, Inc. ~~and Subsidiaries~~

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of UPAY, Inc. and Subsidiaries (the Company) as of February 28, ~~2025~~2026 and ~~February 29~~2025, ~~2024,~~ and the related consolidated statements of operations and comprehensive loss, ~~changes in~~ stockholders’ deficit and accumulated other comprehensive loss, and cash flows for each of the years in the two-year period ended February 2928, ~~2025~~2026 and the related notes (collectively referred to as the "financial statements"). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of February 28, ~~2025~~2026 and ~~February 29~~2025, ~~2024,~~ and the results of its operations and its cash flows for each of the years in the two-year period ended February 28, ~~2025~~2026, in conformity with accounting principles generally accepted in the United States of America.

America.

Going Concern

The accompanying consolidated financial statements have been prepared assuming ~~that~~ the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the ~~Company~~company ~~suffered~~has aincurred ~~net~~recurring ~~loss~~losses from operations and ~~has~~had ~~insufficient~~not ~~revenues~~yet ~~and~~achieved ~~income~~profitable tooperations ~~fully~~as ~~fund~~of ~~the~~February ~~operations~~28, 2026 which raises substantial doubt about its ability to continue as a going concern. Management’s plans regarding ~~those~~these matters are also described in Note 2. 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 ~~the~~ 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.

sCritical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does 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 matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

critical audit matter communicated below is a matter arising from the current period audits 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 consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does 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 matter below, providing separate opinion on the critical audit matter or on the accounts or disclosures to which they

relate

F-2

Going Concern

As discussed in Note 2 to the consolidated financial statements, the Company has incurred continuing losses from operations and has a significant accumulated deficit.

Auditing management’s evaluation of a going concern can be a significant judgement given the fact that the Company uses management estimates on future revenues and expenses which are not able to be substantiated.

To evaluate the appropriateness of the going concern, we examined and evaluated the financial information that was the initial cause along with management’s plans to mitigate going concern and management’s disclosure on going concern.

~~We have served as the Company’~~/s/ ~~auditor~~M&K ~~since~~CPAS, ~~2018~~PLLC

~~The~~We ~~Woodlands,~~have ~~Texas~~served as the Company’s auditor since 2018.

2The Woodlands, TX

~~2738~~June 2, 2026

F-32

UPAY, INC.

Consolidated Balance Sheets

(Expressed in U.S. dollars)

	February 28,2025			February 29,2024
	February 28, 2026			February 28, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	5596,~~362~~279		$	~~642~~55,~~846~~362
Accounts receivable, net of allowance		3944,~~704~~553			7339,~~395~~704
Prepaid expenses and other current assets		5212,~~648~~779			252,~~884~~648
Total Current Assets		~~147~~153,~~714~~611			~~719~~147,~~125~~714
Property and Equipment, Net (Note 3)		1513,~~912~~048			2215,~~638~~912
Right-of-use Assets, Net (Note 4)		5948,~~716~~166			1859,~~169~~716
Deposit (Note 11)		1012,~~807~~584			10,~~408~~807
Total Assets	$	~~234~~227,~~149~~409		$	~~770~~234,~~340~~149
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and accrued liabilities	$	~~133~~138,~~172~~317		$	~~572~~133,~~904~~172
Due to related parties (Note 5)		8061,~~817~~484			5480,~~774~~817
Current portion of lease liabilities (Note 7)		1723,~~077~~383			1817,~~169~~077
Current portion of notes payable (Note 6)		1,~~635~~642			1,~~643~~635
Current portion of notes payable in default (Note 6)		50,500			50,500
Notes payable – Related parties (Note 5)		~~251~~145,000			251,000
Total Current Liabilities	$	~~534~~420,~~201~~326			~~948~~534,~~990~~201
Non-Current Liabilities
Lease liabilities (Note 7)		4224,~~639~~783			–42,639
Notes payable (Note 6)		76,~~165~~158			76,~~157~~165
Notes payable – Related parties (Note 5)		50220,000			–50,000
Total Liabilities	$	~~703~~741,~~005~~267			1703,~~025,147~~005
Stockholders’ Deficit
Preferred Stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding		–			–
Common Stock, $0.001 par value, 100,000,000 shares authorized; 16,595,211 and 15,708,544 shares issued and outstanding, respectively		16,595			15,708
Common Stock, $0.001 par value, 100,000,000 shares authorized; 17,595,211 and 16,595,211 shares issued and outstanding, respectively		17,595			16,595
Common Stock Issuable		~~103~~240,500			~~313~~103,~~331~~500
Additional Paid-in Capital		12,~~646~~865,037			1,~~116~~646,~~590~~037
Accumulated Deficit		(23,~~163~~569,~~251~~874	)		(12,~~623~~163,~~189~~251	)
Accumulated Other Comprehensive Loss		(7167,~~737~~116	)		(7771,~~247~~737	)
Total Stockholders’ Deficit		(~~468~~513,~~856~~858	)		(~~254~~468,~~807~~856	)
Total Liabilities and Stockholders’ Deficit	$	~~234~~227,~~149~~409		$	~~770~~234,~~340~~149

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

F-43

UPAY, Inc.

Consolidated Statements of Operations and Comprehensive Loss

(Expressed in U.S. dollars)

	Year			Year
	Ended			Ended
	February 28,			February 2928,
	2025			2024
	2026			2025
Revenue	$	~~715~~746,~~269~~311		$	1715,~~394,408~~269
Cost of revenue		(~~270~~198,~~906~~801	)		(~~659~~270,~~788~~906	)
Gross Profit		~~444~~547,~~363~~510			~~734~~444,~~620~~363
Expenses
Amortization of right-of-use assets (Note 4)		–			880
Depreciation (Note 3)		6,917			7,650
Depreciation (Note 3)		7,650			17,608
General and administrative		994,110			945,570
General and administrative		945,570			1,397,990
Total Expenses		1,001,027			953,220
Total Expenses		953,220			1,416,478
Loss Before Other Income (Expenses) and Income Taxes		(453,517	)		(508,857	)
Loss Before Other Income (Expenses) and Income Taxes		(508,857	)		(681,858	)
Other Income (Expenses)
Interest income		31,~~436~~129			113,~~816~~436
Interest expense		(3449,~~641~~835	)		(3334,~~430~~641	)
Gain on settlement of lease (Note 7)		–			1,042
Loss on settlement of debt (Note 5)		(904,400	)		–
Gain on disposal on equipment		–			620
Loss Before Income Taxes		(1,406,623	)		(540,062	)
Loss Before Income Taxes		(540,062	)		(701,810	)
Provision for income taxes		–			–
Provision for income taxes		–			(34,381	)
Net Loss		(1,406,623	)		(540,062	)
Net Loss		(540,062	)		(736,191	)
Other Comprehensive Income
Other Comprehensive Income (Loss)
Foreign currency translation adjustments		4,621			5,510
Foreign currency translation adjustments		5,510			(16,419	)
Comprehensive Loss	$	(1,402,002	)	$	(534,552	)
Comprehensive Loss	$	(534,552	)	$	(752,610	)
Net Loss Per Share – Basic and Diluted	$	(0.08	)	$	(0.03	)
Net Loss Per Share – Basic and Diluted	$	(0.03	)	$	(0.04	)
Weighted-average Common Shares Outstanding – Basic and Diluted		17,274,454			16,179,947
Weighted-average Common Shares Outstanding – Basic and Diluted		16,179,947			16,842,672

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

~~The accompanying notes are an integral part of these consolidated financial statements.~~F-4

F-5

UPAY, Inc.

Consolidated Statement of Stockholders’ Deficit and Accumulated Other Comprehensive Loss

(Expressed in U.S. dollars)

																Accumulated
							Additional			Common						Other
	Common Stock						Paid-in			Stock			Accumulated			Comprehensive
	Shares			Amount			Capital			Issuable			Deficit			Loss			Total
Balance – February 28, 2023		17,190,211		$	17,190		$	535,275		$	13,334		$	(886,998	)	$	(60,828	)	$	(382,027	)
Balance – February 29, 2024		15,708,544		$	15,708		$	1,116,590		$	313,331		$	(1,623,189	)	$	(77,247	)	$	(254,807	)
Cancellation of common stock		(2,035,000	)		(2,035	)		(21,465	)		–			–			–			(23,500	)
Common stock issuable for services		–			–			–			423,330			–			–			423,330
Common stock issued for cash		420,000			420			209,580			–			–			–			210,000
Common stock issued for services		133,333			133			123,200			(123,333	)		–			–			–
Stock-based compensation		–			–			200,000			–			–			–			200,000
Forgiveness of amount owing for repurchase of common stock		–			–			70,000			–			–			–			70,000
Net loss		–			–			–			–			(736,191	)		–			(736,191	)
Foreign currency translation adjustments		–			–			–			–			–			(16,419	)		(16,419	)
Balance – February 29, 2024		15,708,544			15,708			1,116,590			313,331			(1,623,189	)		(77,247	)		(254,807	)
Common stock issued for cash		200,000			200			99,800			–			–			–			100,000
Common stock issued for Huntpal LLC acquisition		220,000			220			(220	)		–			–			–			–
Common stock issuable for services		–			–			–			153,500			–			–			153,500
Common stock issued for services		466,667			467			429,867			(363,331	)		–			–			67,003
Net loss		–			–			–			–			(540,062	)		–			(540,062	)
Foreign currency translation adjustments		–			–			–			–			–			5,510			5,510
Balance – February 28, 2025		16,595,211		$	16,595		$	1,646,037		$	103,500		$	(2,163,251	)	$	(71,737	)	$	(468,856	)
Common stock issued for cash		200,000			200			99,800			–			–			–			100,000
Common stock issued for settlement of debt		800,000			800			1,119,200			–			–			–			1,120,000
Common stock issuable for services		–			–			–			137,000			–			–			137,000
Net loss		–			–			–			–			(1,406,623	)		–			(1,406,623	)
Foreign currency translation adjustments		–			–			–			–			–			4,621			4,621
Balance – February 28, 2026		17,595,211		$	17,595		$	2,865,037		$	240,500		$	(3,569,874	)	$	(67,116	)	$	(513,858	)

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

F-65

UPAY, Inc.

Consolidated Statements of Cash Flows

(Expressed in U.S. dollars)

	Year Ended February 28, 2025			Year Ended February 29, 2024
	Year Ended February 28, 2026			Year Ended February 28, 2025
Cash Flows from Operating Activities
Net Loss	$	(~~540~~1,~~062~~406,623	)	$	(~~736~~540,~~191~~062	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of right-of-use assets		–			~~880~~–
Common stock issued or issuable for services		~~181~~137,~~420~~000			~~423~~181,~~330~~420
Depreciation		76,~~650~~917			177,~~608~~650
Gain on disposal of equipment		–			(620	)
Loss on settlement of debt		904,400			–
Gain on settlement of lease		–			(1,042	)
Provision for bad debt		14,705			3,366
Interest expense on lease liability		–			66
Provision for bad debt		3,366			3,204
Stock-based compensation		–			200,000
Changes in operating assets and liabilities:
Accounts receivable		33(15,~~622~~450	)		(933,~~851~~622	)
Prepaid expenses and other current assets		~~(10~~40,~~575~~413	)		(110,~~418~~575	)
Deposits		–			32,097
Accounts payable and accrued liabilities		(9,572	)		(466,144	)
Accounts payable and accrued liabilities		(466,144	)		(98,868	)
Accounts payable – related party		40,171			26,049
Accounts payable – related party		26,049			25,194
Net Cash Used in Operating Activities		(288,039	)		(764,674	)
Net Cash Used in Operating Activities		(764,674	)		(145,611	)
Cash Flows from Investing Activities
Purchase of property and equipment		–(1,993	)		~~(24,095~~–	)
Proceeds received on disposal of property and equipment		–			827
Net Cash Used in Investing Activities		(1,993	)		–
Net Cash Used in Investing Activities		–			(23,268	)
Cash Flows from Financing Activities
Proceeds from common stock issued for cash		100,000			~~210~~100,000
Proceeds from notes payable to related party		50220,000			450,000
Repayment of notes payable to related party		–			(4,000	)
Net Cash Provided by Financing Activities		320,000			150,000
Repurchase and cancellation of common stock		–			(23,500	)
Effect of Exchange Rate Changes on Cash		10,949			27,190
Repayment of lease liabilities		–			(1,012	)
Change in Cash and Cash Equivalents		40,917			(587,484	)
Net Cash Provided by Financing Activities		150,000			185,488
Cash and Cash Equivalents - Beginning of Year		55,362			642,846
Effect of Exchange Rate Changes on Cash		27,190			(36,754	)
Cash and Cash Equivalents - End of Year	$	96,279		$	55,362
Change in Cash and Cash Equivalents		(587,484	)		(20,145	)
Cash and Cash Equivalents - Beginning of Year		642,846			662,991
Cash and Cash Equivalents - End of Year	$	55,362		$	642,846
Supplemental Disclosures of Cash Flow Information:
Interest paid	$	3449,~~641~~835		$	3334,~~430~~641
Income taxes paid	$	–		$	~~34,381~~–
Non-cash Investing and Financing Activities:
Forgiveness of amount owing for repurchase of common stock	$	–		$	70,000
Common stock issued for prepaid services	$	–		$	39,083
Common stock issued for prepaid services	$	39,083		$	–
Common stock issued to settle debt	$	1,120,000		$	–

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

F-76

Nature of Operations and Continuance of Business

~~change~~UPAY, AInc. (the “Company”) was incorporated in the State of Nevada on July 8, 2015. By a Share Exchange Agreement dated November 4, 2015, the Company agreed to acquire all of the issued and outstanding shares of Rent Pay (Pty) Ltd (“Rent Pay”), in exchange for 200,000 shares of the Company’s common stock. The acquisition was a capital transaction in substance and therefore was accounted for as a recapitalization. Rent Pay was incorporated in South Africa on February 1, 2012. Because Rent Pay was deemed to be the acquirer for accounting purposes, the consolidated financial statements are presented as a continuation of Rent Pay and include the results of operations of Rent Pay since incorporation on February 1, 2012, and the results of operations of the Company since the date of acquisition on November 4, 2015. On March 2, 2022, the Company acquired a controlling interest in Miway Finance Inc. (“Miway”), which was determined to be a transaction between entities under common control. On May 30, 2023, the Company incorporated a wholly-owned subsidiary, taking a 51% controlling interest in Huntpal LLC (“Huntpal”). On June 13, 2024, the Company acquired the remaining non-controlling interest in Huntpal, increasing its ownership to 100%. On May 28, 2024, the Company acquired a controlling interest in AML Go (Pty) Ltd (“AML”) which was incorporated on July 3, 2023. AML was determined to be an entity under common control, and the transaction was considered immaterial due to the nominal assets and liabilities at the time of acquisition.

wholly owned

subsidiary, taking a 51% controlling interest in Huntpal LLC (“Huntpal”). On June 13, 2024, the Company acquired the remaining non-controlling interest in Huntpal, increasing its ownership to 100%. On May 28, 2024, the Company acquired a controlling interest in AML Go (Pty) Ltd (“AML”) which was incorporated on July 3, 2023. AML was determined to be an entity under common control, and the transaction was considered immaterial due to the nominal assets and liabilities at the time of acquisition.

Rent Pay operates principally in South Africa and engages in software development and licensing and provides services to the credit provider industry.

Summary of Significant Accounting Policies

Basis of Presentation

These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company’s fiscal year end is February 28. The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, Rent Pay and Huntpal LLC, and its controlled subsidiaries, Miway and AML. The Company owns 48% of Miway and 51% of AML.

Miway is controlled by the Company as the Company has the power to direct its activities and has the obligation to absorb loss from, or right to receive benefits of, Miway.

All significant intercompany transactions and accounts have been eliminated in consolidation.

These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United

States and

are expressed in U.S. dollars. The Company’s fiscal year end is February 28. The consolidated financial statements include the accounts of the Company, its

subsidiaries, Rent Pay and Huntpal LLC, and its controlled subsidiaries, Miway and AML. The Company owns 48% of Miway and 51% of AML. All significant intercompany transactions and accounts have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Cash and Cash Equivalents

Cash includes cash on hand and cash held with banks. The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company’s accounts at each U.S. institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As at February 28, 2025, the Company did not have any cash held in U.S. institutions in excess of the FDIC insured limit.

’

s accounts at each U.S. institution are insured by the Federal Deposit Insurance Corporation (

“

FDIC

”

) up to $250,000. As at February 28, 2026, the Company did not have any cash held in U.S. institutions in excess of the FDIC insured limit.

Accounts Receivable

Trade accounts receivable are recorded at net invoice value and such receivables are non-interest bearing. Receivables are considered past due based on the contractual payment terms.

~~Trade accounts receivable are recorded at net invoice value and such receivables are non-interest bearing.~~ Receivables ~~are considered past due based on the contractual payment terms. Receivables are reviewed and specific amounts are reserved if collectability is no longer reasonably assured.~~

are reviewed and specific amounts are reserved if collectability is no longer reasonably assured.

As at February 28, ~~2025~~2026, the Company has recognized an allowance for doubtful accounts of $19,~~892~~030 (~~February~~2025 ~~29, 2024~~ - $~~536~~1,892)

F-87

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation, and any impairment in value. Depreciation is computed using the straight-line method over the following estimated lives of the assets:

Computer equipment			3 years
Computer software			5 years
Office equipment			5 years
Vehicles			5 years
Furniture and fixtures			6 years

The Company periodically performs impairment testing on its long-lived assets either annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360. All property and equipment assets were deemed recoverable at February 28, ~~2025~~2026, and ~~February 29, 2024~~2025.

Right-of-use Assets

Right-of-use assets are stated at cost, less accumulated amortization and any impairment in value. Amortization is computed using the straight-line method over the following estimated lives of the assets:

Right-of-use building			Term of lease
Right-of-use vehicles			5 years

The Company periodically performs impairment testing on its long-lived assets either annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with ASC 360. All right-of-use assets were deemed recoverable at February 28, ~~2025~~2026, and ~~February 29, 2024~~2025.

Value of Financial Instruments

The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy in accordance with ASC 820, “

Fair Value Measurements and Disclosures

”. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available.

The three-level hierarchy is defined as follows:

Level 1 – quoted prices for identical instruments in active markets.

Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets.

Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Financial instruments consist principally of cash and cash equivalents, accounts receivable, accounts payable, due to related parties, taxes payable and notes payable. There were no transfers into or out of “Level 3” during the year ended February 28, ~~2025~~2026, and ~~February 29, 2024~~2025. The recorded values of all financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial statement. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Foreign Currency Translation

Management has adopted ASC 830, “

Foreign Currency Translation Matters

”, as the functional currency of the Company is the South African rand and the reporting currency is U.S. dollars. Assets and liabilities are translated into U.S. dollars at rates of exchange in effect at the balance sheet date. Average rates for the period are used to translate revenues and expenses. The cumulative translation adjustment is reported as a

of accumulated other comprehensive loss.

F-98

i) ~~Leases~~

Leases

Effective March 1, 2019, the Company adopted FASB ASC Topic 842,

Leases

(“ASC 842”). This standard requires lessees to recognize in the statement of financial position a liability to make lease payments and a right-of-use (“ROU”) asset representing the Company’s right to use the underlying asset for the lease term. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances within the arrangement. A lease is identified where an arrangement conveys the right to control the use of identified property, plant, and equipment for a period of time in exchange for consideration. Leases which are identified within the scope of ASC 842 and which have a term greater than one year are recognized on the Company’s balance sheet as ROU assets and lease liabilities. Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. The lease term includes any renewal options and termination options that are reasonably certain to be exercised. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses it’s incremental borrowing rate. The incremental borrowing rate is determined based on the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment. The interest rate implicit in lease contracts to calculate the present value is typically not readily determinable. As such, significant management judgment is required to estimate the incremental borrowing rate.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606,

Revenue from Contracts with Customers

. The guidance under ASC 606 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Under ASC 606, the Company recognizes revenue by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied.

The Company derives revenue through licensing its software and by collecting various transaction fees from third party debit orders.

The Company has several revenue streams and they are recognized as below:

Branch Setup Fees

This is a once off, non-refundable cost that the company charges when a customer is onboarded. Revenue is recognized immediately and is collected in the same month. This results in no accounts receivable at the end of the month as revenue is recognized and collected immediately.

Data Migration Fees

This only applies to a customer applying to migrate client data from a previous system to our system. We invoice for this service as soon as data is successfully transferred, imported and verified by our customer. Revenue is recognized upon invoicing and payment is collected within two days due to debit order mandates signed by the customer as part of the agreement. This results in no outstanding accounts receivable as of the end of each month.

Monthly Rental Fees

Our software is made available on a web-based software platform and is offered as software as a service. Our agreement is an evergreen agreement (auto-renewed) and if not terminated by a customer, remains intact. Termination may occur by either party at any point with 30 days’ notice. The monthly software rental fee is payable every month per branch. Monthly software rental fees are payable in the beginning of each month. The monthly rental fees are invoiced during the first few days of a month and is recognized over the period of the month. Payments are collected via debit order a few days later, prior to the end of that month, due to debit order mandate signed by the customer. This results in no accounts receivable as invoicing and payment happens within the same month.

Development Service Fee

We have some clients that we do custom software development for, on some versions of our software. Here we adopt a scrum methodology with 2-week development sprints. We agree on a price per hour for development with these clients, typically through email communication. We send an invoice for the work completed and usually get paid within the same month. On this revenue stream we do not run a debit order, but clients need to pay invoices before we continue with the next development increment. Payments are due and revenue is recognized upon invoicing. At times collecting payment can take up to 30 days. Unpaid invoices, if any, are recorded to accounts receivable at the end of each month, but invoicing and payment usually happen within the same month.

F-109

Transactional Fees

We offer an integrated debit order facility built into our software. When our clients (lenders) create loans with consumers, the consumer contracts directly with us on a separate agreement. We then act as a third-party payment provider, to facilitate the repayment of loans from the consumer to the lender by debit order. We are registered as a third-party payment provider and all payments collected on this stream are settled by the bank directly into our bank account. We only charge a fee on successful debit order collections and retain that fee when we distribute funds collected on behalf of consumers. The transaction fees charged for these transactions are called CTC and they are displayed on the signed agreement that the consumer signs with us. The CTC fees are paid by the consumer, in addition to the loan installment collected. The loan installment and CTC are collected as one amount, but the CTC is retained by us upon distribution of funds to lenders. Revenue is recognized as each new order is processed and the transaction fee is charged. Our software system counts and accounts for each individual transaction and its amount and this is generated on a report on our Acpas software. We use this report to confirm the revenue recognition in our billing system. If there are any CTC that has yet to be collected at an end of a period, it is recorded as accounts receivable.

Credit Protection Insurance Commission

Some insurance companies offer insurance products on loans that cover the consumer for the full repayment of their debt to the lender, in case of unforeseen events. There is an insurance product from one of our suppliers (an insurance company) that we make available for the insurance company on our software program. In return for making this product available the insurance company would pay us monthly commission on premiums they received. This is a product offered by the insurance company directly to the consumer and we only make it available on our software platform. If this option is selected when a loan is created, an additional fee is added to the loan repayment amount. The software system calculates the insurance premiums and all premiums for a given month are paid by lenders to the insurance company, or lenders use our payment service and instruct us to manage the payments on their behalf. After receiving the premiums and supporting reports, the insurance company will then calculate and verify the premiums paid and premium claw back to this point and work out the commission payable based on the premiums received. Upon collection of the premiums, the insurance company will complete their final calculations and the insurance company will then pay all commissions earned by us and the lenders. We distribute the commission amounts due to the lenders within two days of receiving such payments from the insurance company. Revenue is recognized upon collection of the premiums from the consumers.

Credit Bureau transactions

Some credit bureaus like XDS or VeriCred, offer consumer screening products, that we make available on our software platform as integration. Lenders can sign up for these service and access credit information of consumers that they would like to screen, directly from our software platform. In return for making these products available on a seamless integration, we charge a fee on the products. The Company enters into an agreement with the credit bureau and lender to the agreed fees. The agreement with the credit bureau determines the commission fee paid or the markup to be charged on transactions by the company,

~~Some credit bureaus like XDS or VeriCred, offer consumer screening products, that we make available on our software platform~~ as integration. Lenders can sign up for these service and access credit information of consumers that they would like to screen, directly from our software platform. In return for making these products available on a seamless integration, we charge a fee on the products. The Company enters into an agreement with the credit bureau and lender to the agreed fees. The agreement with the credit bureau determines the commission fee paid or the markup to be charged on transactions by the company, as reseller. If there are any credit bureau fees that has yet to be collected at an end of a period, it is recorded as accounts receivable.

reseller. If there are any credit bureau fees that has yet to be collected at an end of a period, it is recorded as accounts receivable.

Payroll Transactions

Some of our client (lenders) have arrangements with employers where these employers deduct loan installments payable to the lender from the payroll of that employer, on behalf of the lender. The deduction is made from employees that have taken loans from the lender. We provide these payroll lenders with adequate reporting in our software, that can be used to help identify the amounts to be deducted from each individual consumer, with unique identifiers, which is sent to the employers. We also assist lenders to capture payments received from employers on our software in bulk, where requested. We charge a payroll transaction fee to the lender, for each successful payment made in a month on the system. The fee is charged as a combined amount for the payments received on payroll for that month. The payroll transaction fees are set out and agreed to with the lender on the signed agreement they have with us. Our software system counts and accounts for each individual payment receipted, and this is generated on a payment report on our ACPAS software. We use this report for revenue recognition in our billing system. Revenue is recorded as a lump sum based on this report at the end of each month. If there are any payroll transaction fees, that still needs to be recognized at an end of a period, it is recorded as accounts receivable.

can be used to help identify the amounts to be deducted from each individual consumer, with unique identifiers, which is sent to the employers. We also assist lenders to capture payments received from employers on our software in bulk, where requested. We charge a payroll transaction fee to the lender, for each successful payment made in a month on the system. The fee is charged as a combined amount for the payments received on payroll for that month. The payroll transaction fees are set out and agreed to with the lender on the signed agreement they have with us. Our software system counts and accounts for each individual payment receipted, and this is generated on a payment report on our ACPAS software. We use this report for revenue recognition in our billing system. Revenue is recorded as a lump sum based on this report at the end of each month. If there are any payroll transaction fees, that still needs to be recognized at an end of a period, it is recorded as accounts receivable.

Stock-based Compensation

The Company records stock-based compensation in accordance with ASC 718, “

Compensation – Stock Compensation

” and ASC 505, “

Equity ~~Based Payments to Non-Employees~~

Based Payments to Non-Employees

”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

F-1110

Comprehensive Income (Loss)

ASC 220, “

Comprehensive Income”,

establishes standards for the reporting and display of comprehensive income (loss) and its components in the financial statements. As at February 28, ~~2025,~~2026 and ~~February 29~~2025, ~~2024,~~ the only item that represents comprehensive income (loss) was foreign currency translation.

Earnings (Loss) Per Share

The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “

Earnings per Share

”. ASC 260 requires presentation of both basic and diluted earnings per share on the face of the statement of operations. EPS is calculated using the weighted-average number of common shares outstanding during the period. Diluted EPS if applicable is calculated by dividing net income available to common stockholders for the period by the diluted weighted-average number of common shares outstanding during the period. Diluted EPS would reflect the potential dilution from common shares issuable through stock options, performance-based restricted stock units that have satisfied their performance factor and restricted stock units using the treasury stock method.

Income Taxes

Pursuant to ASC 740,

Income Taxes

, the Company is required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years.

The Company must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes.

Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of the Company’s net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards.

Going Concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of February 28, ~~2025~~2026, the Company does not have revenues sufficient to execute its business plan. The Company intends to fund operations through equity financing arrangements. There is no assurance that this will be successful. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Segment Information

In accordance with the provisions of ASC 280-10,

“Disclosures about Segments of an Enterprise and Related Information,”

the Company is required to report financial and descriptive information about its reportable operating segments. The Company has one operating segment as of February 28, 2026, and February 28, 2025. The Company manages its operations as a single operating segment for the purpose of assessing performance and making operating decisions. Accordingly, all assets are considered to relate to the single operating segment and are consistent with the total assets presented on the Company’s consolidated balance sheet. The Company’s Chief Operating Decision Maker (“CODM”) is its executive management committee. The CODM allocates resources and evaluates the performance of the Company using information about combined net income from operations. All significant operating decisions are based upon an analysis of the Company as one operating segment, which is the same as its reporting segment.

Recent Accounting Pronouncements

In ~~November~~December 2023, the ~~Financial Accounting Standards Board (~~FASB) issued ~~Accounting~~ASU ~~Standards Update No.~~ 2023-0709, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments require enhanced disclosures about significant segment expenses, and the measures used by the CODM to assess segment performance, and the nature and amount of segment assets used in decision making. The CODM uses segment-level asset information to evaluate efficiency and allocate resources among segments. The amendments do not change how operating segments are determined, aggregated, or how quantitative thresholds are applied for identifying reportable segments.“

~~The~~Improvements ~~Company~~to ~~adopted~~Income ~~ASU~~Tax ~~2023-07 during the year ended February 28, 2025, and the adoption had no material impact on the Company’s financial statements or segment disclosures.~~Disclosure

~~The~~”, ~~Company~~which ~~has~~enhances ~~implemented~~the ~~all~~transparency ~~new~~and ~~accounting~~decision ~~pronouncements~~usefulness ~~that~~of ~~are~~income intax ~~effect~~disclosures. ~~and~~The ~~that~~standard ~~may~~is ~~impact~~effective ~~its~~for ~~consolidated~~public ~~financial~~companies ~~statements~~for ~~and~~annual ~~does~~periods ~~not~~beginning ~~believe~~after ~~that~~December ~~there~~15, ~~are~~2024. ~~any~~Early ~~other~~adoption ~~new~~is ~~accounting~~available. ~~pronouncements~~The ~~that~~Company ~~have~~adopted ~~been~~ASU ~~issued~~2023-09 ~~that~~during ~~might~~the ~~have~~year aended ~~material~~February ~~impact~~28, on2026, ~~its~~and ~~financial~~the ~~position~~adoption orhad ~~results~~no ofmaterial ~~operations~~impact on the Company’s financial statements.

F-1211

In November 2024, the FASB issued ASU 2024-03, “

Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”

(“ASU 2024-03”). This ASU requires disclosures about specific types of expenses included in the expense captions presented on the face of the statement of operation as well as disclosures about selling expenses. The standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company will evaluate the full extent of the potential impact of the adoption of ASU 2024-03.

In December 2025, the FASB issued ASU 2025-12, “

Codification Improvements”

(“ASU 2025-12"). ASU 2025-12 addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. The Company is still evaluating the full extent of the potential impact of the adoption of ASU 2025-12, but believes it will not have a material impact on its consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU 2025-11, “

Interim Reporting (Topic 270): Narrow-Scope Improvements

” ("ASU 2025-11"). ASU 2025-11 is intended to improve the navigability of guidance in ASC 270, Interim Reporting, and clarify when it applies. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, and permits prospective or full retrospective adoption. The Company is still evaluating the full extent of the potential impact of the adoption of ASU 2025-11, but believes it will not have a material impact on its consolidated financial statements and disclosures.

The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are

any

other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Property and Equipment, Net

Property and equipment, net, consists of the following:

Cost

~~Accumulated Depreciation~~AccumulatedDepreciation

February 28,2026Net ~~2025 Net Carrying Value~~CarryingValue

February 2928,2025Net ~~2024 Net Carrying Value~~CarryingValue

Computer equipment

1417,~~123~~010

(1215,~~211~~904

)

1,~~912~~106

41,~~186~~912

Computer software

206,000

(~~205~~206,~~995~~000

)

5–

~~325~~5

Furniture and fixtures

912,~~972~~787

(810,~~424~~531

)

12,~~548~~256

21,~~074~~548

Motor vehicle

2422,~~561~~651

(1213,~~447~~074

)

129,~~114~~577

1512,~~414~~114

Office equipment

4,~~289~~976

(34,~~956~~867

)

~~333~~109

~~639~~333

Total

~~258~~263,~~945~~424

(~~243~~250,~~033~~376

)

1513,~~912~~048

2215,~~638~~912

During the year ended February 28, ~~2025~~2026, the Company recorded depreciation expense of $76,~~650~~917 (~~2024 – $17,608). During the year ended February 28,~~ 2025, ~~the Company acquired $nil (February 29, 2024 – $2,312) of computer equipment and $nil (February 29, 2024 – $21,783) of motor vehicles.~~

–

$7,650). During the year ended February 28, 2026, the Company acquired $842 (2025

–

$nil) of computer equipment and $1,151 (2025

–

$nil) of furniture and fixtures.

Right-Of-Use Assets, Net

Right-of-use assets, net, consist of the following:

	Cost		Accumulated Amortization			February 28,2026Net ~~2025 Net Carrying Value~~CarryingValue		February 2928,2025Net ~~2024 Net Carrying Value~~CarryingValue
Right-of-use building (operating lease)	$	61,~~850~~038	$	(6112,~~850~~872	)	$	–48,166	$	1859,~~169~~716
Right-of-use building (operating lease)	$	61,038	$	(1,322	)	$	59,716	$	–
Total	$	61,038	$	(12,872	)	$	48,166	$	59,716
Total	$	122,888	$	(63,172	)	$	59,716	$	18,169

During the year ended February 28, ~~2025~~2026, the Company recorded rent expense of $2124,~~698~~054 (~~2024~~2025 - $2021,~~000~~698) related to Company’s right-of-use building ~~and amortization expense of $nil (2024 - $880) related to the Company’s right-of-use vehicles~~. During the year ended February 29, 2024, the Company settled a lease obligation on a right-of-use vehicle with a carrying value of $1,894 and a remaining lease liability of $2,936, which resulted in a gain on settlement of lease of $1,042.

F-12

Due to Related Parties

a) On March 24, 2021, the Company entered into a promissory note with the Chief Executive Officer (“CEO”) of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matured on March 24, 2022. As at February 28, ~~2025~~2026, the outstanding principal is $10,000 (~~February~~2025 ~~29, 2024~~ – $10,000) and the Company has recognized accrued interest of $34,937 (~~February~~2025 ~~29, 2024~~ – $23,~~963~~937), which is included in due to related parties.

b) On September 7, 2021, the Company entered into a promissory note with the CEO of the Company for $10,000, which is unsecured, bears interest of 10% per annum and matured on March 7, 2022. As at February 28, ~~2025~~2026, the outstanding principal is $10,000 (~~February~~2025 ~~29, 2024~~ – $10,000) and the Company has recognized accrued interest of $34,479 (~~February~~2025 ~~29, 2024~~ – $23,479) which is included in due to related parties.

On February 11, 2022, the Company entered into a promissory note with the CEO of the Company for $20,000, which is unsecured, bears interest of 10% per annum and matured on February 11, 2023. As at February 28, 2026, the outstanding principal is $20,000 (2025

–

$20,000) and the Company has recognized accrued interest of $8,099 (2025

–

$6,099), which is included in due to related parties.

On April 14, 2021, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $26,000, which is unsecured, bears interest of 10% per annum and matured on October 13, 2023. As at February 28, 2026, the outstanding principal is $nil (2025

–

$26,000) and the Company has recognized accrued interest of $nil (2025

–

$10,087), which is included in due to related parties. On October 17, 2025, the Company issued 140,007 shares of common stock with a fair value of $196,010 to settle the outstanding principal of $26,000 and accrued interest of $11,732, resulting in a loss on settlement of debt of $158,278 (Note 8(b).

On February 11, 2022, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $130,000, which is unsecured, bears interest of 10% per annum and matures on February 11, 2023. As at February 28, 2026, the outstanding principal is $nil (2025

–

$130,000) and the Company has recognized accrued interest of $nil (2025

–

$39,641), which is included in due to related parties. On October 17, 2025, the Company issued 659,993 shares of common stock with a fair value of $923,990 to settle the outstanding principal of $130,000 and accrued interest of $47,868, resulting in a loss on settlement of debt of $746,122 (Note 8(b)

During the year ended February 28, 2022, a third-party lender purchased a promissory note from a company controlled by a significant shareholder of the Company in the amount of $15,000, which is unsecured, bears interest of 10% per annum and matured on October 13, 2023. As at February 28, 2026, the outstanding principal is $15,000 (2025

–

$15,000) and the Company has recognized accrued interest of $7,319 (2025

–

$5,819), which is included in due to related parties.

On May 2, 2022, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $25,000, which is unsecured, bears interest of 10% per annum and matured on March 2, 2023. As at February 28, 2026, the outstanding principal is $25,000 (2025

–

$25,000) and the Company has recognized accrued interest of $9,575 (2025

–

$7,075), which is included in due to related parties.

On September 9, 2022, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $15,000, which is unsecured, bears interest of 10% per annum and matured on September 9, 2023. As at February 28, 2026, the outstanding principal is $15,000 (2025

–

$15,000) and the Company has recognized accrued interest of $5,211 (2025

–

$3,711), which is included in due to related parties.

On January 31, 2025, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $50,000, which is unsecured, bears interest of 10% per annum and matured on January 31, 2027. As at February 28, 2026, the outstanding principal is $50,000 (2025 - $50,000) and the Company has recognized accrued interest of $5,383 (2025 - $383), which is included in due to related parties.

On March 3, 2025, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $50,000, which is unsecured, bears interest of 10% per annum and matures on March 3, 2027. As at February 28, 2026, the outstanding principal is $50,000 and the Company has recognized accrued interest of $4,959, which is included in due to related parties.

On May 9, 2025, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $29,000, which is unsecured, bears interest of 10% per annum and matures on May 9, 2027. As at February 28, 2026, the outstanding principal is $29,000 and the Company has recognized accrued interest of $2,344, which is included in due to related parties.

On May 22, 2025, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $41,000, which is unsecured, bears interest of 10% per annum and matures on May 22, 2027. As at February 28, 2026, the outstanding principal is $41,000 and the Company has recognized accrued interest of $3,168, which is included in due to related parties.

F-13

cm) On ~~February~~July 1123, ~~2022~~2025, the Company entered into a promissory note with ~~the~~a ~~CEO~~company controlled by a significant shareholder of the Company for $2050,000, which is unsecured, bears interest of 10% per annum and ~~matured~~matures on ~~February~~July 1123, ~~2023~~2027. As at February 28, ~~2025~~2026, the outstanding principal is $2050,000 ~~(February 29, 2024 – $20,000)~~ and the Company has recognized accrued interest of $63,~~099 (February 29~~014, ~~2024 – $4,099),~~ which is included in due to related parties.

dn) On ~~April~~September 1412, ~~2021~~2025, the Company entered into a promissory note with a company controlled by a significant shareholder of the Company for $2650,000, which is unsecured, bears interest of 10% per annum and ~~matured~~matures on ~~October~~September 1312, ~~2023~~2027. As at February 28, ~~2025~~2026, the outstanding principal is $2650,000 ~~(February 29, 2024 – $26,000)~~ and the Company has recognized accrued interest of $102,~~087 (February 29~~315, ~~2024 – $7,487),~~ which is included in due to related parties.

eo) OnAs at February 1128, ~~2022~~2026, the Company ~~entered~~owes ~~into~~ a ~~promissory~~total ~~note~~of ~~with~~$681 a(2025 ~~company~~– ~~controlled~~$600) byto aofficers ~~significant shareholder~~ of the Company for ~~$130~~advances,~~000,~~ which isare unsecured, ~~bears~~ non-interest ofbearing ~~10% per annum~~ and ~~matures~~due on ~~February 11, 2023~~demand. As at February 28, 2025, the outstanding principal is $130,000 (February 29, 2024 – $130,000) and the Company has recognized accrued interest of $39,641 (February 29, 2024 – $26,641), which is included in due to related parties.

fp) During the year ended February 28, ~~2022~~2026, ~~a third-party lender purchased a promissory note from a company controlled by a significant shareholder of~~ the Company inincurred ~~the~~salary ~~amount~~expenses of $15114,~~000,~~294 ~~which is unsecured~~(R1, ~~bears interest of 10% per annum and matured on October 13~~992,741) ~~2023. As at February 28,~~ (2025, ~~the~~– ~~outstanding principal is~~ $15108,~~000~~028 (~~February 29~~R1, ~~2024 – $15~~973,~~000~~032) ~~and~~to the ~~Company~~CEO ~~has recognized accrued interest~~ of ~~$5,819~~the ~~(February 29, 2024 – $4,319), which is included in due to related parties~~Company.

gq) OnDuring ~~May 2, 2022,~~ the ~~Company~~year ~~entered~~ended ~~into a promissory note with a company controlled by a significant shareholder of the Company for $25,000, which is unsecured, bears interest of 10% per annum and matured on March 2, 2023. As at~~ February 28, ~~2025~~2026, the ~~outstanding~~Company ~~principal~~incurred isdirectors’ fees of $2567,000 (~~February~~2025 ~~29, 2024~~ – $2591,~~000~~875) ~~and~~to ~~the~~a ~~Company~~Director ~~has recognized accrued interest~~ of ~~$7,075~~the ~~(February~~Company ~~29,~~pursuant ~~2024~~to –a ~~$4,575),~~Director ~~which~~Agreement is(Note ~~included in due to related parties~~10(a).

hr) OnDuring ~~September 9, 2022,~~ the ~~Company~~year ~~entered~~ended ~~into a promissory note with a company controlled by a significant shareholder of the Company for $15,000, which is unsecured, bears interest of 10% per annum and matured on September 9, 2023. As at~~ February 28, ~~2025~~2026, the ~~outstanding principal is $15,000 (February 29, 2024 – $15,000) and the~~ Company ~~has~~incurred ~~recognized~~directors’ ~~accrued~~fees ~~interest~~ of $35,~~711~~162 (~~February 29~~R90,000) ~~2024~~(2025 – $24,~~211)~~928 (R90,000) ~~which~~to isa ~~included~~Director inof ~~due~~the ~~to related parties~~Company.

is) OnDuring ~~January~~the 31year ended February 28, ~~2025~~2026, the Company ~~entered~~incurred ~~into~~director afees ~~promissory note with a company controlled by a significant shareholder~~ of ~~the Company for~~ $5070,000, ~~which~~(2025 is- ~~unsecured~~$70,000) ~~bears~~to ~~interest~~the ofDirector ~~10% per annum~~ and ~~matures~~former onChief ~~January~~Operating ~~31,~~Officer ~~2027.~~(“COO”) Asof ~~at February 28, 2025,~~ the ~~outstanding principal is $50,000 and the~~ Company ~~has~~pursuant ~~recognized~~to ~~accrued~~a ~~interest~~Director ofand ~~$383,~~Officer ~~which~~Agreement is(Note ~~included in due to related parties~~10(b).

j) As at February 28, 2025, the Company owes a total of $600 (February 29, 2024 – $nil) to officers of the Company for advances, which are unsecured, non-interest bearing and due on demand.

k) During the year ended February 28, 2025, the Company incurred salary expenses of $108,028 (R1,973,032) (2024 – $126,511 (R2,364,887) to the CEO of the Company.

l) During the year ended February 28, 2025, the Company incurred directors’ fees of $91,875 (2024 – $65,000) to a Director of the Company pursuant to a Director Agreement (Note 10(b)).

m) During the year ended February 28, 2025, the Company incurred directors’ fees of $4,928 (R90,000) (2024 – $nil) to a Director of the Company.

n) During the year ended February 28, 2025, the Company incurred management fees of $nil (2024 - $174,998) and director fees of $70,000 (2024 - $75,000) to the Director and former Chief Operating Officer (“COO”) of the Company pursuant to a Director and Officer Agreement (Note 10(c)).

Notes Payable

a) On May 20, 2020, the Company entered into a promissory note with a third-party lender for $25,000, which is unsecured, bears interest of 10% per annum and matured on May 20, 2023. As at February 28, ~~2025~~2026, the Company has recognized accrued interest of $1114,~~952~~452 (~~February~~2025 ~~29, 2024~~ – $911,~~452~~952), which is included in accounts payable and accrued liabilities. ~~This note is currently in default.~~

~~F-14~~b) On May 27, 2020, the Company entered into a promissory note with the U.S. Small Business Administration for $77,800, which is secured by the assets of the Company, bears interest of 3.75% per annum and matures on May 27, 2050. Instalment payments, including principal and interest, of $380 per month will begin 12 months from the date of the promissory note. As at February 28, 2026, the Company has recognized accrued interest of $16,030 (2025 – $13,112), which is included in accounts payable and accrued liabilities.

bc) On ~~May~~October 2722, ~~2020~~2021, the Company entered into a promissory note with ~~the~~a ~~U.S.~~third-party ~~Small~~lender ~~Business Administration~~ for $7725,~~800~~500, which is ~~secured by the assets of the Company~~unsecured, bears interest of ~~3.75~~10% per annum and ~~matures~~matured on ~~May~~October 2713, ~~2050~~2023. ~~Instalment payments, including principal and interest, of $380 per month will begin 12 months from the date of the promissory note.~~ As at February 28, ~~2025~~2026, the Company has recognized accrued interest of $1311,~~112~~108 (~~February~~2025 ~~29, 2024~~ – $108,~~195~~558), which is included in accounts payable and accrued liabilities.

c) On October 22, 2021, the Company entered into a promissory note with a third-party lender for $25,500, which is unsecured, bears interest of 10% per annum and matured on October 13, 2023. As at February 28, 2025, the Company has recognized accrued interest of $8,558 (February 29, 2024 – $6,008), which is included in accounts payable and accrued liabilities. This note is currently in default.

Lease Liabilities

On February 1, 2025, the Company entered a one-year lease with a two-year renewal option for office space in South Africa. Rental payments are due at the beginning of each month and increase at an annual escalation rate of 6%. On January 19, 2026, the Company entered into an amendment to the original lease which amended the annual escalation rate to 4%. The base monthly rental rate is $2,078 (R36,225). The interest rate underlying the obligation in the lease was 11% per annum.

OnThe ~~May~~following ~~10,~~is ~~2023, the Company settled the motor vehicle finance leases for~~ a ~~settlement~~schedule ~~fee~~by ofyears ~~$2,530 (R47,204) resulting in a gain on settlement~~ of ~~$1,052~~future ~~(R19,480).~~minimum ~~Upon~~lease ~~the~~payments ~~payment~~under of the ~~settlement~~remaining ~~fee,~~finance ~~the~~leases ~~vehicle~~together ~~title~~with ~~was transferred immediately to~~ the ~~Company~~present ~~and~~value ~~has~~of ~~been allocated to~~ the ~~Company’s~~net ~~property~~minimum ~~and~~lease ~~equipment~~payments toas ~~be depreciated over the remainder~~ of ~~its~~February ~~useful~~28, ~~life.~~2026:

On February 1, 2021, the Company entered a two-year lease with a renewal option for office space in South Africa. The term of the renewal agreement is for an additional two years and commenced on February 1, 2023. Rental payments are due at the beginning of each month and increase at an annual rate of 7%. The base monthly rental rate is $1,209 (R22,000) for the first year, $1,294 (R23,540) in the second year, $1,384 (R25,188) in the third year, and $1,481 (R26,951) in the final year of the lease. On January 26, 2023, the Company executed the renewal option for two additional years of its lease, commencing on February 1, 2023. Rental payments are due at the beginning of each month. The base monthly rental rate is $1,704 (R31,000) for the first year and $1,806 (R32,860) in the second year. The office space lease was classified as an operating lease. The interest rate underlying the obligation in the lease was 7% per annum.

Years ending February 28:	Building Lease (Operating Lease)

2027	$	27,534
2028		26,171

Net minimum lease payments		53,705
Less: amount representing interest payments		(5,539	)

Present value of net minimum lease payments		48,166
Less: current portion		(23,383	)

Long-term portion	$	24,783

~~On February 1, 2025, the Company entered a one~~F-year lease with a two-year renewal option for office space in South Africa. Rental payments are due at the beginning of each month and increase at an annual escalation rate of 6%. The base monthly rental rate is $1,907 (R34,832). The interest rate underlying the obligation in the lease was 11% per annum.14

Years ending February 28:	Building Lease(Operating Lease)
2025	$	–
2026		22,812
2027		24,180
2028		23,390
Net minimum lease payments		70,382
Less: amount representing interest payments		(10,666	)
Present value of net minimum lease payments		59,716
Less: current portion		(17,077	)
Long-term portion	$	42,639

F-15

Common Stock

Share transactions for the year ended February 28, 2026:

On October 8, 2025, the Company issued 100,000 shares of common stock for proceeds of $50,000.

On November 11, 2025, the Company issued 800,000 shares of common stock with a fair value of $1,120,000 to settle notes payable to related parties and accrued interest totaling $215,600, resulting in a loss on settlement of debt of $904,400.

On February 24, 2026, the Company issued 100,000 shares of common stock for proceeds of $50,000.

During the year ended February 28, 2026, the Company accrued 200,000 shares of common stock issuable with a fair value of $137,000 pursuant to Director Agreements (Note 10(a) and Note 10(b).

Share transactions for the year ended February 28, 2025:

On June 13, 2024, the Company issued 220,000 shares of common stock with a fair value of $147,400 to the acquire the remaining 49% non-controlling interest in Huntpal LLC

. At the date of acquisition, the carrying value of the non-controlling interest was $nil, resulting in a loss of $147,180 which was offset against additional paid-in capital.

On July 22, 2024, the Company issued 200,000 shares of common stock for proceeds of $100,000.

On September 6, 2024, the Company issued 100,000 shares of common stock with a fair value of $67,000 for legal services, which vest on September 6, 2025. The fair value was recorded of the shares of common stock will be amortized over the 12-month vesting period. The issuance is also subject to a 5-year service condition, for which the shares of common stock will be clawed back on a pro-rated basis for any portion of the service term not provided. During the year ended February 28, 2025, the Company recognized legal fees of $27,917 related to this issuance. As at February 28, 2025, the Company has recognized $39,083 in prepaid expenses and other current assets.

d) On February 26, 2025, the Company issued a total of 250,000 shares of common stock with a fair value of $250,000 to the former COO and director of the Company for services pursuant to a Director Agreement and Officer Agreement (Note 10(cb)).

e) On February 26, 2025, the Company issued 116,667 shares of common stock with a fair value of $113,334 to a director of the Company pursuant to a Director Agreement (Note 10(ba)).

f) During the year ended February 28, 2025, the Company accrued $111,875 of common stock issuable for 162,500 common stock pursuant to Director Agreements (Note 10(ba) and Note 10(cb)).

Share transactions for the year ended February 29, 2024:

a) On July 17, 2023, the Company issued 200,000 shares of common stock with a fair value of $ 200,000 to the COO of the Company for proceeds of $ 100,000, resulting in the recognition of stock-based compensation of $ 100,000. The Company also issued a total of 133,333 shares of common stock for services with a fair value of $123,333, pursuant to a Director Agreement (Note 10 (b)) and Officer Agreement (Note 10(c)).

b) On July 17, 2023, the Company issued 20,000 shares of common stock to an arms length party for proceeds of $10,000.

c) On September 19, 2023, the Company repurchased 2,035,000 shares of common stock from the former CEO of the Company for $23,500, pursuant to the amended Share Purchase and Separation Agreement described in Note 10. In addition, the former CEO of the Company agreed to forgive $70,000 of amounts owing for the repurchase of common stock under the original Share Purchase and Separate Agreement, which has been recognized in additional paid-in capital.

d) On January 18, 2024, the Company issued 200,000 shares of common stock with a fair value of $200,000 to a company controlled by a Director of the Company for proceeds of $100,000, resulting in the recognition of stock-based compensation of $100,000.

e) During the year ended February 29, 2024, the Company accrued $163,334 of stock payable for 166,667 shares of common stock pursuant to Director Agreements (Notes 10(b) and (c)) and $ 149,997 of stock payable for 149,997 shares of common stock pursuant to an Officer Agreement (Note 10(b)).

F-16

Concentrations

The Company~~’s revenues were concentrated among two customers for the year ended February 28, 2025, and three customers for the year ended February 29, 2024.~~

Customer		Year Ended February 28, 2025
1		23%
2		12%

’

Customer		Year Ended February 29, 2024
1		29%
2		20%
3		11%

s revenues were concentrated among two customers for the year ended February 28, 2026 and 2025.

The Company’s receivables were concentrated among three customers as at February 28, 2025, and one customer as at February 29, 2024:

Customer	Year Ended February 28, 2026

1		24	%
2		9	%

Customer	~~February~~YearEndedFebruary 28, ~~2024~~2025
1	~~27%~~	23	%
2	~~20%~~	12	%
3	18%

Customer		February 29, 2024
1		65%

The Company

’

s receivables were concentrated among two customers as at February 28, 2026, and three customers as at February 28, 2025:

Customer	February 28, 2026

1		26	%
2		13	%

Customer	February 28, 2025

1		27	%
2		20	%
3		18	%

F-15

10.

Commitments and Contingencies

a) On ~~February~~September 31, 2022, (the ~~“Effective~~Company ~~Date”),~~entered ~~the~~into ~~former~~an ~~CEO~~agreement ofwith ~~the~~a ~~Company~~Director ~~and~~of the Company ~~entered~~for ~~into~~ a ~~Share~~term ~~Purchase~~of ~~and~~12 ~~Separation~~months. ~~Agreement~~In ~~(the~~consideration ~~“Agreement”)~~for ~~with~~ the ~~following~~services ~~terms:~~to ~~(a)~~be ~~former~~provided, ~~CEO sells~~ the Company ~~7,125,000~~agreed ~~shares~~to ofpay ~~common stock of~~ the ~~Company~~Director ~~and 3~~100,~~700,~~000 restricted shares of common stock ofthat ~~MiWay~~will ~~Finance,~~vest ~~Inc.~~bi-monthly (over the ~~“Purchased~~12 ~~Shares”),~~months. ~~for~~During ~~$240,000,~~the ~~payable~~year ~~with~~ended aFebruary ~~$150~~28,~~000~~ ~~cash~~2023, ~~payment~~the ~~within~~Company 10recognized ~~days~~board ofmember ~~the~~compensation ~~Effective~~of ~~Date; and (b)~~ $1040,000 ~~per month for 9 consecutive months commencing April 1~~, ~~2022;~~representing ~~(c)~~ the ~~Company~~fair ~~will~~value ~~pay the former CEO current salary through February 2022; (d) former CEO shall retain ownership~~ of 250,000~~,000~~ shares of ~~the Company’s~~ common stock ~~subject~~issuable tofor aservices ~~lockup/leak~~rendered ~~out~~for ~~whereby~~ the ~~former~~period ~~CEO~~from isSeptember ~~prohibited~~2022 ~~from~~to ~~selling~~February ~~any~~2023. ofDuring the ~~2,000,000~~year ~~Shares~~ended ~~for~~February a28, ~~period~~2023, ofthe 18Company ~~months~~issued ~~and thereafter~~33,333 ~~shall~~of bethe ~~permitted to sell no more than 5~~50,000 shares ~~per month. In addition~~issuable, ~~the~~leaving ~~former~~a ~~CEO~~balance ~~agreed~~of ~~to forgive the $10~~16,~~000~~667 ~~promissory~~shares ~~note~~still ~~and~~issuable ~~accrued~~at ~~interest~~February ~~entered on September 7~~28, ~~2021~~2023. ~~with~~During the ~~Company,~~year asended ~~well~~February as29, $12024,~~170~~ inthe ~~expenses~~Company ~~incurred~~recognized onboard ~~behalf~~member ofcompensation ~~the Company. As~~ of ~~February 28~~$40, ~~2022~~000, representing the ~~Company~~fair ~~received~~value ~~7,025,000~~ of ~~the 7~~50,~~125,~~000 shares of common stock ofissuable ~~the~~for ~~Company.~~services ~~The~~rendered ~~transaction~~for ~~closed~~the onperiod from March 2,2023 ~~2022,~~to ~~and~~August ~~the~~2023. ~~Company~~During ~~received~~ the ~~remaining~~year ~~100,000~~ended ~~shares~~February of29, ~~common~~2024, ~~stock~~another ~~of the Company and 3~~50,~~700,~~000 shares ofwere ~~common stock of Miway Finance Inc~~issued.

~~F-17~~6 months

over the term. Pursuant to the terms of the extended agreement, the Company recognized board member compensation of $50,000, representing a fair value of 50,000 shares of common stock issuable for services rendered for the period from March 2024 to August 2024. On February 26, 2025, the Company issued the 50,000 shares of common stock issuable.

On12 September 1, 2023, the Company amended the Agreement with the former CEO of the Company. The amendment stipulates a revised payment structure, with the Company agreeing to pay a total of $170,000 for the Purchased Shares, including a $150,000 cash payment post-closing and two $10,000 monthly payments from April 1, 2022, all of which have been paid at the amendment date. As a result of the amendment, a total of $70,000 was forgiven related to the revised payments for the Purchased Shares resulting in a corresponding reduction in accounts payable and accrued liabilities, and additional paid-in capital. The Company and the former CEO of the Company have mutually released each other from all claims and liabilities related to the former CEO’s employment and termination, excluding those specified in the agreement. Additionally, the Company agreed to repurchase a total of 2,035,000 shares of common stock held by the former CEO of the Company in consideration for $23,500. All other terms of the original agreement remain in effect unless specifically modified by this addendum. On September 19, 2023, the Company repurchased and cancelled the 2,035,000 shares of common stock.months

over the term. Pursuant to the terms of the extended agreement, the Company recognized board member compensation of $33,500, representing a fair value of 50,000 shares of common stock issuable for services rendered for the period from September 2024 to February 2025. Pursuant to the terms of the extended agreement, the Company recognized board member compensation of $67,000, representing a fair value of 100,000 shares of common stock issuable for services rendered for the period from March 2025 to February 2026.

b) On September 1, 2022, the Company entered into an agreement with a Director of the Company for a term of 12 months. In consideration for the services to be provided, the Company agreed to pay the Director 100,000 restricted shares of common stock that will vest bi-monthly over the 12 months. During the year ended February 28, 2023, the Company recognized board member compensation of $40,000, representing the fair value of 50,000 shares of common stock issuable for services rendered for the period from September 2022 to February 2023. During the year ended February 28, 2023, the Company issued 33,333 of the 50,000 shares issuable, leaving a balance of 16,667 shares still issuable at February 28, 2023. During the year ended February 29, 2024, the Company recognized board member compensation of $40,000, representing the fair value of 50,000 shares of common stock issuable for services rendered for the period from March 2023 to August 2023. During the year ended February 29, 2024, another 50,000 shares were issued.

On August 16, 2023, the Company extended its agreement with the Director for a new term of 12 months, effective September 1, 2023. In consideration of services to be rendered, the Company shall pay the director 100,000 restricted shares of common stock, of which 50,000 shares will vest every 6 months over the term. Pursuant to the terms of the extended agreement, the Company recognized board member compensation of $50,000, representing a fair value of 50,000 shares of common stock issuable for services rendered for the period from March 2024 to August 2024. On February 26, 2025, the Company issued the 50,000 shares of common stock issuable.

On September 1, 2024, the Company extended its agreement with the Director for a new term of 24 months, effective September 1, 2024. In consideration of services to be rendered, the Company shall pay the director 200,000 restricted shares of common stock, of which 100,000 shares will vest every 12 months over the term. Pursuant to the terms of the extended agreement, the Company recognized board member compensation of $33,500, representing a fair value of 50,000 shares of common stock issuable for services rendered for the period from September 2024 to February 2025.

As at

February 28, ~~2025~~2026

, a total of 50150,000 shares (~~February~~2025 ~~29, 2024 – 66,667 shares) of common stock remain issuable to the director.~~

c) On March 1, 2023, the Company entered into agreements with a Director and COO of the Company for director services and management services for a term of 12 months and 3 years, respectively. In consideration for the services to be provided as a director, the Company agreed to pay the Officer and Director 100,000 restricted shares of common stock that will vest bi-monthly over the 12 months. In consideration for the services to be provided as the COO, the Company also agreed to pay the Officer and Director an additional 700,000 shares of common stock that will vest quarterly with 12 equal payments of 58,333 shares. During the year ended February 29, 2024, the Company recognized management fees of $233,330 and board member compensation of $100,000, representing the fair value of 333,330 shares of common stock issuable for services rendered for the period from March 2023 to February 2024. The Company did not renew the Officer Agreement and on February 26, 2025, issued 250,000 shares of common stock with a fair value of $250,000.–

30 50,000 shares) of common stock remain issuable to the director.

Asb) atOn ~~February~~March 281, ~~2025~~2023, the Company entered into agreements with a ~~total~~Director and COO of the Company for director services and management services for a term of 12 months and 3 years, respectively. In consideration for the services to be provided as a director, the Company agreed to pay the Officer and Director 100,000 (restricted shares of common stock that will vest bi-monthly over the 12 months. In consideration for the services to be provided as the COO, the Company also agreed to pay the Officer and Director an additional 700,000 shares of common stock that will vest quarterly with 12 equal payments of 58,333 shares. During the year ended February 29, 2024, –the ~~249~~Company recognized management fees of $233,~~997~~330 ~~shares)~~and board member compensation of $100,000, representing the fair value of 333,330 shares of common stock ~~remain~~ issuable for services rendered for the period from March 2023 to February 2024. The Company did not renew the ~~officer~~Officer Agreement and ~~director~~on February 26, 2025, issued 250,000 shares of common stock with a fair value of $250,000.

On March 1, 2024, the Company extended its agreement with the Director for a new term of 30 months, effective March 1, 2024. In consideration of services to be rendered, the Company shall pay the director 250,000 restricted shares of common stock, of which 100,000 shares will vest on or about September 1, 2025, with the remaining 150,000 shares vesting on or about September 1, 2026. Pursuant to the terms of the extended agreement, the Company recognized board member compensation of $70,000 representing a fair value of 100,000 shares of common stock issuable for services rendered for the period from March 2024 to February 2025. Pursuant to the terms of the extended agreement, the Company recognized board member compensation of $70,000 representing a fair value of 100,000 shares of common stock issuable for services rendered for the period from March 2025 to February 2026.

As at February 28, 2026, a total of 200,000 (2025

–

100,000 shares) shares of common stock remain issuable to the officer and director.

11.

Deposit

On October 15, 2021, the Company paid a R800,000 deposit to set up an electronic funds transfer debit facility with a vendor, which does not

~~On October 15, 2021, the Company paid a R800,000 deposit to set up an electronic funds transfer debit facility with a vendor, which does not~~ require a physical facility. During the year ended February 29, 2024, R600,000 of the deposit was returned to the Company. As at February 28, 2025, the balance of the deposit was $10,807 (R200,000) (February 29, 2024 – $10,408 (R200,000). The deposit will remain for as long as the Company uses the facility.

a physical facility. During the year ended February 29, 2024, R600,000 of the deposit was returned to the Company. As at February 28, 2026, the balance of the deposit was $12,584 (R200,000) (2025

~~F-18~~–

$10,807 (R200,000). The deposit will remain for as long as the Company uses the facility.

F-16

12.

Income Taxes

The potential benefit of net operating losses for the Company have not been recognized in the consolidated financial statements because the Company cannot be assured that it is more likely than not that it will utilize the net operating losses carried forward in future years. The Company did not incur any income tax expense to the Internal Revenue Services for the years ended February 28, ~~2025~~2026 and ~~February 29, 2024~~2025. Rent Pay incurred an income tax expense of $nil for the year ended February 28, ~~2025~~2026 (~~February~~2025 ~~29, 2024~~ – $nil). Given the short history of the Company and the uncertainty as to the likelihood of future taxable income, the Company has recorded a 100% valuation reserve against the anticipated recovery from the use of the net operating losses. The Company will evaluate the appropriateness of the valuation allowance on an annual basis and adjust the allowance as considered necessary. The Company’s US net operating loss is approximately $1,~~210~~392,000 (~~February~~2025 ~~29, 2024~~ – $1,~~000~~210,000) at February 28, ~~2025~~2026, which starts to expire in 2037.

The table below reconciles the US federal income tax rate to the effective rate for the years ended February 28, ~~2025,~~2026 and ~~February 29, 2024~~2025.

Income Tax at Statutory Rate	(21	)%
Effect of Operating Losses	21	%
Foreign Income Tax	18	%
	18	%

A reconciliation of the Company’s effective tax rate as a percentage of income before taxes and federal statutory rate for the years ended February 28, ~~2025,~~2026 and ~~February 29~~2025, ~~2024,~~ is summarized as follows:

	2025$			2024$
	2026$			2025$
Loss before income taxes		(~~540~~1,~~062~~406,623	)		(~~736~~540,~~191~~062	)
Income tax recovery at statutory rates		(~~114~~295,000	)		(~~154~~114,000	)
Permanent differences		–190,000			~~42,000~~–
Temporary differences		21,000			42,000
Change in statutory, foreign tax, foreign exchange rates and other		~~112~~104,000			~~142~~112,~~381~~000
Income tax expenses		–			~~34,381~~–

The unrecognized deferred tax assets include US net operating losses as follows:

	2025$			2024$
	2026$			2025$
Deferred tax assets:
Non-capital losses available for future periods		~~254~~292,000			~~210~~254,000
Valuation allowance		(~~254~~292,000	)		(~~210~~254,000	)
Deferred income taxes recovered		–			–

The Company has US net operating losses available to offset future taxable income as follows:

2016	$	35,000
2017		78,000
2018		71,000
2019		6,000
2020		5,000
2021		130,000
2022		431,000
2023		109,000
2024		135,000
2025		210,000
	$	1,210,000
2026		182,000
	$	1,392,000

13.

Subsequent Event

Management has evaluated subsequent events through the date that these financial statements were issued, and none were identified.

F-1917

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our principal executive and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) as of the end of the period covered by this report. Based on that evaluation, our principal executive and principal financial officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were ineffective such that the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our principal executive and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

Management’s Annual Report on Internal Control over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) for the Company. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Because of its inherent limitations, internal control over financial reporting may not prevent nor detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

2224

Management has assessed the effectiveness of our internal control over financial reporting as of ~~May~~February 2928, ~~2025~~2026. In making its assessment of internal control over financial reporting, management used the criteria established in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission. This assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of those controls. Based on the results of this assessment, management has concluded that our internal controls over financial reporting were ineffective as of February 28, ~~2025~~2026. A material weakness is a deficiency, or combination of deficiencies, in internal controls over financial reporting, 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. The company has no formal control process related to the identification of related party transactions at this point in time.

Management’s assessment was not subject to attestation by the Company’s independent registered public accounting firm and as such, no attestation was performed pursuant to SEC Final Rule Release Nos. 33-8934; 34-58028 that permit the Company to provide only management’s assessment report for the years ended February 28, 202

and 202

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting that occurred in our fiscal year ended 28 February 2025, that has materially adversely affected, or is reasonably likely to materially adversely affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

None.

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

All board of Directors and Committee Members were in attendance for all required meetings pursuant to our compliance calendar.

Directors and Executive Officers, Promoters and Control Persons

All directors of our directors and officers hold office until the next annual meeting of our shareholders and until such director’s successor is elected and has been qualified, or until such director’s earlier death, resignation or removal. The following table sets forth the names, positions and ages of our executive officers and directors. Our board of directors elect officers and their terms of office are at the discretion of our board of directors.

Name:

Name:	Age	Position

Jacob Fölscher	46	President, CEO/CFO/CAO /Director
Pieter Swanepoel	47	Director
Randall Greene	59	Director
Richard K. Pellerin	58	Director

Name:	Age	Position
Jacob Fölscher	46	President, CEO/CFO/CAO /Director
Pieter Swanepoel	47	Director
Randall Greene	59	COO/Director

Background of Officers and Directors

Jacob C. Fölscher

Jacob C Fölscher has been our President, and Director since January 25, 2015 and our Chief Financial Officer/Chief Accounting Officer since June 10, 2016. He currently serves as Chief Executive Officer of UPAY Inc and is the cofounder. He has been the Operational director of Rent Pay (Pty) Ltd, since July 2008 and he currently serves as the Chief Executive Officer of Rent Pay (Pty) Ltd. Rent Pay (Pty) Ltd is our wholly owned subsidiary in South Africa and is a credit related Software Company. He was also the founder of Isidingo Financial Services (“Isidingo”) in March 2009. Isidingo is a financial services company operating in Pretoria South Africa and still in operation today. From March 2006 to February 2009, Jacob Fölscher was the Regional Manager/Operations Manager of Credicor Financial Services, a micro lending firm operating in South Africa. From January 2004 to February 2006, he was the Group Accounting Officer for that same company and from January 2000 to December 2003, he was the NCR compliance officer and Branch Manager, also for Credicor. He currently serves as director on the board of directors of ~~Microfinance~~the Credit Association of South Africa (~~MFSA~~CASA), a non-profit member association of ~~Microlenders~~Credit providers in South Africa.

Pieter Swanepoel

On September 1, 2022, our Board of Directors appointed Peter A. Swanepoel as a Director of our Board. Pursuant to a Director Agreement. Since January 2004, Pieter A. Swanepoel has been the Group Financial Director of Tri-Star Group Holdings (Pty) Ltd. He has 20 years of seasoned corporate executive experience and brings to our Board a unique blend of corporate, financial management, accounting, and financial planning skills and

expertise

Randall F. Greene

Randall F. Greene was appointed in 2020 by A

GAME Beverages Inc. as its C.E.O. and a Director. He is also currently the C.E.O. of Stahl Faust Holdings, a private equity and real estate development company, and has worked in an executive capacity since 1984 in the banking, finance, and real estate development industries. He is also Chairman of three governmental agencies: the Bonnet Creek Resorts Development District at the Walt Disney World Resorts Complex, the Westwood–Orange County Convention Center Development District, and the Bella Collina Development District, all based in the Orlando metro area. Effective March 1, 2023, our Board of Directors appointed Randall Greene as our Chief Operations Officer and Director for a one‐year term. Following the conclusion of that term, his director agreement was extended to terminate on August 31, 2026.

Effective September 20, 2025, our Board of Directors appointed Richard Pellerin as a Director of the Company. Richard . Pellerin is an experienced business executive and entrepreneur with extensive experience in finance, capital markets, strategic business development, and corporate operations.

Richard Pellerin is affiliated with RKP Securities LLC, a shareholder of the Company, and has been involved in various investment, consulting, and business development activities supporting emerging growth companies. Throughout his career, Mr. Pellerin has participated in business financing initiatives, operational strategy, corporate advisory services, and relationship development across multiple industries.

The Company believes Mr. Pellerin’s experience in corporate finance, business development, capital markets, and strategic growth initiatives provides valuable insight and guidance to the Board of Directors as the Company continues expanding its fintech, compliance software, and digital marketplace operations within Southern Africa and internationally.

Litigation

None

Section 16(a) Beneficial Ownership Compliance

Section 16(a) of the Securities Exchange Act requires our executive officers and directors, and persons who own more than 10% of our common stock, to file reports regarding ownership of, and transactions in, our securities with the Securities and Exchange Commission and to provide us with copies of those filings. Based solely on our review of the copies of such forms received by us, or written representations from certain reporting persons, we believe that during fiscal year ended February 28, 2025 all filing requirements applicable to our officers, directors and greater than 10% percent beneficial owners were complied with, with the exception of Randall Greene, ~~and~~ Pieter Swanepoel ~~who~~and ~~will be filing Forms 3 over the next 10 days.~~

24Richard Pellerin

who will be filing Forms 3 over the next 10 days.

Code of Ethics

We adopted a Code of Business Conduct and Code of Ethics that applies to, among other persons, our company’s president (being our principal executive officer, principal financial officer and principal accounting officer), as well as persons performing similar functions. As adopted, our Code of Business Conduct and Ethics sets forth written standards that are designed to deter wrongdoing and to promote;:

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the Securities and Exchange Commission and in other public communications made by us;

3. Compliance with applicable governmental laws, rules and regulations;

4. The prompt internal reporting of violations of the Code of Business Conduct and Ethics to an appropriate person or persons identified in the Code of Business Conduct and Ethics; and

5. Accountability for adherence to the Code of Business Conduct and Ethics

Our Code of Business Conduct and Ethics requires, among other things, that all of our personnel shall be accorded full access to our president with respect to any matter which may arise relating to the Code of Business Conduct and Ethics. Further, all of our company’s personnel are to be accorded full access to our board of directors if any such matter involves an alleged breach of the Code of Business Conduct and Ethics by our president.

In addition, our Code of Business Conduct and Ethics emphasizes that all employees, and particularly managers and/or supervisors, have a responsibility for maintaining financial integrity within our company, consistent with generally accepted accounting principles, and federal, provincial and state securities laws. Any employee who becomes aware of any incidents involving financial or accounting manipulation or other irregularities, whether by witnessing the incident or being told of it, must report it to his or her immediate supervisor or to our company’s president. If the incident involves an alleged breach of the Code of Business Conduct and Ethics by the president, the incident must be reported to any member of our board of directors. Any failure to report such inappropriate or irregular conduct of others is to be treated as a severe disciplinary matter. It is against our policy to retaliate against any individual who reports in good faith the violation or potential violation of our company’s Code of Business Conduct and Ethics.

Our Code of Business Conduct and Ethics was filed as an exhibit with our Registration Statement on Form S-1 filed with the Securities and Exchange Commission on July 31, 2016. We will provide a copy of the Code of Business Conduct and Ethics to any person without charge, upon request. Requests can be sent to the Company address listed above.

Nomination Process

As of February 29, 2020, we did not affect any material changes to the procedures by which shareholders may recommend nominees to the board of directors and there were no subsequent events and directors have remained the same. We do not have any defined policy or procedure requirements for shareholders to submit recommendations or nominations for directors. The board of directors believes that, given the current stage of our development, a specific nominating policy would be premature and of little assistance until our operations develop to a more advanced level. We do not currently have any specific or minimum criteria for the election of nominees to the board of directors and there is no specific process or procedure for evaluating such nominees. The board of directors assesses all candidates, whether submitted by management or shareholders, and makes recommendations for election or appointment.

2527

A shareholder who wishes to communicate with the board of directors may do so by directing a written request addressed to our Chief Executive Officer or the Chief Financial Officer at the address appearing on the face page of this report.

Committees and Board Resolutions

We have no corporate governance committees, including no nomination or audit committees; as such, our Board of Directors as a whole acts in the capacity of those committees.

All proceedings of the board of directors were conducted by resolutions consented to in writing by all the directors and filed with the minutes of the proceedings of the directors. Such resolutions consented to in writing by the directors entitled to vote on that resolution at a meeting of the directors are, according to the Nevada Business Corporation Act and our Bylaws as valid and effective as if they had been passed at a meeting of the directors duly called and held.

ITEM 11. EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION

Name

Position

Year

Salary

Bonus

Jacob C Folscher

CEO/CFO

~~2025~~2026

~~107~~110,~~911.36~~168

Jacob C Folscher

CEO/CFO

~~2024~~2025

~~102~~107,~~664.81~~911

~~20,407.83~~0

Randall F Greene

COO

2024

Randall F Greene

COO

2025

233,333 UPAY shares

BOARD OF DIRECTOR COMPENSATION

Name	Position		Year		Salary		Bonus
Jacob C Folscher		Director		2026	$	0	$	0
Jacob C Folscher		Director		2025	$	0	$	0
Jacob C Folscher		Director		2024	$	0	$	0
Randall F Greene		Director		2026	$	100,000 UPAY shares	$	0
Randall F Greene		Director		2025	$	100,000 UPAY shares	$	0
Randall F Greene		Director		2024	$	0	$	0
Pieter A Swanepoel		Director		2026	$	100,000 UPAY shares	$	0
Pieter A Swanepoel		Director		2025	$	100,000 UPAY shares	$	0
Pieter A Swanepoel		Director		2024	$	100,000 UPAY shares	$	0

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

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

The following table sets forth certain information as of May 3127, ~~2025~~2026 with respect to the beneficial ownership of our Common Stock by: (i) all persons known by the Company to be beneficial owners of more than 5% of our Common Stock, (ii) each director and Named Executive Officer, and (iii) by all executive officers and directors as a group.

Beneficial Owners over 5%

2628

Name	Shares Held		Percentage
TWIN HARBOR WEB SOLUTIONS INC		2,030,000		12.2	%
Jacob C Fölscher		9,125,000		51.80	%
EMERGING MARKETS CONSULTING		2,003,432		12.1	%
Twin Harbor Web Solutions Inc.		2,030,000		11.52	%
Total over 5%		4,033,432		24.3	%
Emerging Markets Consulting LLC		2,003,432		11.37	%
RKP Securities LLC		1,000,000		5.68	%

Executive Officers/Directors (3)

Name	Shares Held		Percentage
Pieter A Swanepoel		300,000		1.870	%
Jacob C Fölscher (7)		9,025,000		54.4	%
Jacob C Fölscher		9,125,000		51.80	%
Randall F Greene		333,333		2.0	%
Randall F Greene (including TMI Trust)		533,333		3.03	%
Total – All officers		9,658,333		58.2	%
Richard Pellerin (RKP Securities LLC)		1,000,000		5.68	%
Total – All over 5% shareholders and officers		13,691,765		82.5	%
Total – All officers		10,858,333		61.64	%
Total – All over 5% shareholders and officers		14,991,765		84.54	%

We presently have

1617,~~595~~615,211

~~_common~~common shares outstanding. Of these shares,

62,~~536~~623,~~878~~ 446

common shares are held by non-affiliates and

1014,~~058~~991,~~333~~ 765

common shares are held by affiliates, which Securities Act of 1933 Rule 144 defines as restricted securities.

Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided.

Based on

1617,~~595~~615,211

issued and outstanding shares of common stock.

5. The principal of Twin Harbor Web Solutions is Michael McCloy, who has sole dispositive and voting power over the shares. The business address of Twin Harbor Web Solutions is 29 Creek Road, Bayville, NY 11709 US. Twin Harbor Web Solutions is a beneficial owner and a related party.

The address for Chief Executive Officer Jacob C. Fölscher is no 92 Jean avenue, Centurion 0157, South Africa.

Jacob C. Fölscher’s ownership is composed of: (a) 9,025,000 shares he individually owns; (b) 100,000 shares in the name of Fölscher Family Trust, a trust he controls through which he has dispositive and voting power; and (c) 50,000 shares owned by his wife, Kim Elizabeth Fölscher.

2729

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Due to Related Parties

On March 24, 2021, we entered into a promissory note with our Chief Executive Officer (“CEO”) for $10,000, which is unsecured, bears interest of 10% per annum and matured on March 24, 2022. As at February 28, 2025, the outstanding principal is $10,000 (February 29, 2024 – $10,000) and we have recognized accrued interest of $3,937 (February 29, 2024 – $2,963), which is included in due to related parties.

~~On September 7, 2021, we entered into a promissory note with our CEO for $10,000, which is unsecured, bears interest of 10% per annum and matured on March 7, 2022.~~ As at February 28, ~~2025~~2026, the outstanding principal is $10,000 (February 2928, ~~2024~~2025 – $10,000) and we have recognized accrued interest of $34,~~479~~937 (February 2928, ~~2024~~2025 – $23,~~479~~937), which is included in due to related parties.

On ~~February~~September 117, ~~2022~~2021, we entered into a promissory note with our CEO for $2010,000, which is unsecured, bears interest of 10% per annum and matured on ~~February~~March 117, ~~2023~~2022. As at February 28, 2025, the outstanding principal is $20,000 (February 29, 2024 – $20,000) and we have recognized accrued interest of $6,099 (February 29, 2024 – $4,099), which is included in due to related parties.

On April 14, 2021, we entered into a promissory note with a company controlled by a significant shareholder of the Company for $26,000, which is unsecured, bears interest of 10% per annum and matured on October 13, 2023. As at February 28, ~~2025~~2026, the outstanding principal is $2610,000 (February 2928, ~~2024~~2025 – $2610,000) and we have recognized accrued interest of $104,~~087~~479 (February 2928, ~~2024~~2025 – $73,~~487~~479), which is included in due to related parties.

On February 11, 2022, we entered into a promissory note with aour ~~company~~CEO ~~controlled by a significant shareholder of the Company~~ for $~~130~~20,000, which is unsecured, bears interest of 10% per annum and ~~matures~~matured on February 11, 2023. As at February 28, 2025, the outstanding principal is $130,000 (February 29, 2024 – $130,000) and we have recognized accrued interest of $39,641 (February 29, 2024 – $26,641), which is included in due to related parties.

As at February 28, 2026, the outstanding principal is $20,000 (February 28, 2025 – $20,000) and we have recognized accrued interest of $8,099 (February 28, 2025 – $6,099), which is included in due to related parties.

~~During~~On ~~the~~April ~~year ended February 28~~14, ~~2022~~2021, awe ~~third-party~~entered ~~lender~~into ~~purchased~~ a promissory note ~~from~~with a company controlled by a significant shareholder of the Company infor ~~the amount of~~ $1526,000, which is unsecured, bears interest of 10% per annum and matured on October 13, 2023. As at February 28, 2025, the outstanding principal is $1526,000 ~~(February 29, 2024 – $15,000) and we have recognized accrued interest of $5,819 (February 29, 2024 – $4,319), which is included in due to related parties.~~

On May 2, 2022, we entered into a promissory note with a company controlled by a significant shareholder of the Company for $25,000, which is unsecured, bears interest of 10% per annum and matured on March 2, 2023. As at (February 28, 2025, ~~the outstanding principal is $25,000 (February 29, 2024~~ – $2526,000) and we have recognized accrued interest of $~~7,075~~nil (February 2928, ~~2024~~2025 – $410,~~575~~087), which is included in due to related parties.

On ~~September~~October 917, 2025, the Company issued 140,007 shares of common stock with a fair value of $196,010 to settle the outstanding principal of $26,000 and accrued interest of $11,732, resulting in a loss on settlement of debt of $158,278.On February 11, 2022, we entered into a promissory note with a company controlled by a significant shareholder of the Company for $15130,000, which is unsecured, bears interest of 10% per annum and matured on ~~September~~February 911, 2023. As at February 28, ~~2025~~2026, the outstanding principal is $~~15,000~~nil (~~February~~2025 ~~29, 2024~~ – $15130,000) and we have recognized accrued interest of $~~3,711~~nil (~~February~~2025 ~~29, 2024~~ – $239,~~211~~641), which is included in due to related parties. On October 17, 2025, the Company issued 659,993 shares of common stock with a fair value of $923,990 to settle the outstanding principal of $130,000 and accrued interest of $47,868, resulting in a loss on settlement of debt of $746,122.

On January 31, 2025, we entered into a promissory note with a company controlled by a significant shareholder of the Company for $50,000, which is unsecured, bears interest of 10% per annum and matured on January 31, 2027. As at February 28, 2025, the outstanding principal is $50,000 and we have recognized accrued interest of $383, which is included in due to related parties.30

As at February 28, 2026, the outstanding principal is $15,000 (2025 – $15,000) and we have recognized accrued interest of $7,319 (2025 – $5,819), which is included in due to related parties.

As at February 28, 2026, the outstanding principal is $25,000 (2025 – $25,000) and we have recognized accrued interest of $9,575 (2025 – $7,075), which is included in due to related parties.

On September 9, 2022, we entered into a promissory note with a company controlled by a significant shareholder of the Company for $15,000, which is unsecured, bears interest of 10% per annum and matured on September 9, 2023.

As at February 28, 2026, the outstanding principal is $15,000 (2025 – $15,000) and we have recognized accrued interest of $5,211 (2025 – $3,711), which is included in due to related parties.

As at February 28, 2026, the outstanding principal is $50,000 (2025 – $50,000) and we have recognized accrued interest of $5,383 (2025 – $383), which is included in due to related parties.

On March 3, 2025, we entered into a promissory note with a company controlled by a significant shareholder of the Company for $50,000, which is unsecured, bears interest of 10% per annum and matures on March 3, 2027. As at February 28, 2026, the outstanding principal is $50,000 and we have recognized accrued interest of $4,959, which is included in due to related parties.

On May 9, 2025, we entered into a promissory note with a company controlled by a significant shareholder of the Company for $29,000, which is unsecured, bears interest of 10% per annum and matures on May 9, 2027. As at February 28, 2026, the outstanding principal is $29,000 and we have recognized accrued interest of $2,344, which is included in due to related parties.

On May 22, 2025, we entered into a promissory note with a company controlled by a significant shareholder of the Company for $41,000, which is unsecured, bears interest of 10% per annum and matures on May 22, 2027. As at February 28, 2026, the outstanding principal is $41,000 and we have recognized accrued interest of $3,168, which is included in due to related parties.

On July 23, 2025, we entered into a promissory note with a company controlled by a significant shareholder of the Company for $50,000, which is unsecured, bears interest of 10% per annum and matures on July 23, 2027. As at February 28, 2026, the outstanding principal is $50,000 and we have recognized accrued interest of $3,014, which is included in due to related parties.

On September 12, 2025, we entered into a promissory note with a company controlled by a significant shareholder of the Company for $50,000, which is unsecured, bears interest of 10% per annum and matures on September 12, 2027. As at February 28, 2026, the outstanding principal is $50,000 and we have recognized accrued interest of $2,315, which is included in due to related parties.

As at February 28, 2025, we owe a total of $600 (February 29, 2024 – $nil) to our officers for advances, which are unsecured, non-interest bearing and due on demand.

During the year ended February 28, ~~2025~~2026, we incurred salary expenses of $~~108~~110,~~028~~168 (R1,~~973~~970,~~032~~905) (~~2024~~2025 – $~~126~~107,~~511~~911 (R2R1,~~364~~976,~~887~~929) to our CEO.

~~During the year ended February 28, 2025, we incurred directors’ fees of $91,875 (2024 – $65,000) to a Director of the Company pursuant to a Director Agreement (Note 10(b)).~~31

During the year ended February 28, 2025, we incurred directors’ fees of $91,875 (2024 – $65,000) to a Director of the Company pursuant to a Director Agreement (Note 10(b).

During the year ended February 28, 2025, we incurred directors’ fees of $4,928 (R90,000) (2024 – $nil) to a Director of the Company.

During the year ended February 28, 2025, we incurred management fees of $nil (2024 - $174,998) and director fees of $70,000 (2024 - $75,000) to the Director and former Chief Operating Officer (“COO”) of the Company pursuant to a Director and Officer Agreement (Note 10(c)).

Stock Issuances to our Founders

On October 1, 2015, we issued 9,025,000 shares to our co-founder, Wouter A. Fouche, at an aggregate value of $12,033.

Under the February 3, 2022, Share Purchase and Separation Agreement, the Company repurchased 7,125,000 of those shares and, following the September 1, 2023 amendment, acquired the remaining 2,035,000 shares.

Wouter A. Fouche is no longer a shareholder, director or in any way associated with the company.

On October 1, 2015, we issued 9,025,000 shares to our co-founder, Jacob C Fölscher, at an aggregate value of $12,033.

On November 5, 2015, pursuant to the Share Exchange with Rent Pay, we issued 100,000 common stock shares to LoanTech Trust, a trust controlled by our officer, Wouter Fouche, at an aggregate value of $10,000.

On November 5, 2015, pursuant to the Share Exchange with Rent Pay, we issued 100,000 common stock shares to Fölscher Family Trust, a trust controlled by our officer, Jacob C Fölscher, at an aggregate value of $10,000.

On April 20, 2016, we issued 50,000 shares to Kim Elizabeth Fölscher, Jacob Fölscher’s wife, at an aggregate value of $5,000.

On December 12, 2015, we issued 40,000 shares to Desiree Fouche, Wouter Fouche’s wife, at an aggregate value of $4,000.

Verbal Agreements with our Founders

Verbal Agreement with Wouter Fouche

We had a February 2014 verbal agreement with our Chief Executive Officer, Wouter Fouche, to pay him a monthly salary of $6,000 for our fiscal years 2015 and 2016 based upon available funds. This monthly salary has since increased to $9,000, for 2018 and 2019 and $9,500 for 2021 dependent on available funds. There is also a 13

check that is payable yearly. A $10,000 relocation expense for relocating to the US was also paid to Wouter Fouche previously. This monthly salary and $10,000 relocation expense already paid were the sole terms of this verbal agreement. This agreement has terminated pursuant to a February 3, 2022 Share Purchase and Separation agreement between us and Wouter Fouche.

Wouter Fouche has since resigned from all previous positions at the Company.

2932

Verbal Agreement with Jacob C Fölscher

We have a February 2014 verbal agreement with our Chief Financial Officer, Jacob C. Fölscher, to pay him a monthly salary of $6,000 for our fiscal years 2015 and 2016 based upon available funds. This monthly salary has since increased to $9,000 for 2018 and 2019 and $9,500 for 2021 dependent on available funds. There is also a 13

check that is payable yearly. Additionally, we verbally agreed to pay Jacob C. Fölscher a $10,000 relocation expense for relocating, should this be needed in future. The $9,500 monthly salary and $10,000 relocation expense are the sole terms of this verbal agreement. Since February 2022, he has also assumed the role of CEO. Although he is not currently receiving compensation for this additional responsibility, the board has verbally agreed to consider awarding Jacob C. Fölscher a performance-based bonus in the future.

Consulting Agreement

We have a June 3, 2016 consulting agreement with Ferdinand Labuschagne to perform business advisory services in return for 300,000 restricted common stock shares for an aggregate value of $30,000 and two million cashless warrants, the details of which are contained in our Material Agreements Section beginning at page 39. Ferdinand Labuschagne is Wouter A. Fouche’s brother-in-law. The consulting agreement has since come to an end and the 300,000 shares were issued previously. The two million cashless warrants have since expired.

Twin Harbor Web Solutions (“Twin Harbor”) individually owns more than 5% of our common stock. On 16 April 2018, we acquired the Theme Studio software from Twin Harbor in exchange for 2,000,000 common shares for an aggregate purchase price of $200,000. In addition, we have a service level agreement for development and hosting solutions with Twin Harbor. The transactions are related party transactions and Twin Harbor is a related party.

Apart from the above transaction, none of our Officers or Directors has any direct or indirect material interest in any transaction to which we are a party during the past two years, or in any proposed transaction to which we are proposed to be a party.

Given our small size, we have not adopted formal policies and procedures, apart from our company Bylaws and Code of Ethics, for the review, approval or ratification of related party transactions with our executive officer(s), Director(s) and significant stockholders. We intend to establish more formal policies and procedures in the future so that such transactions will be subject to the stricter review, approval or ratification of our Board of Directors, or an appropriate committee thereof. On a moving forward basis, our Directors will continue to approve or disapprove any and all related party transaction.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Audit Fees

Audit fees and related accounting fees for the year ended February 2928, ~~2025~~2026 amounted to $ __

All Other Fees

None

3033

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

31.1*	Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer

31.2*	Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer

32.1*	Section 1350 Certification of Chief Executive Officer

32.2*	Section 1350 Certification of Chief Financial Officer

101.INS*	XBRL Instance Document

101.XSD*	XBRL Taxonomy Extension Schema Document

101.CAL*	XBRL Taxonomy Calculation Linkbase Document

101.DEF*	XBRL Taxonomy Definition Linkbase Document

101.LAB*	XBRL Taxonomy Label Linkbase Document

101.PRE*	XBRL Taxonomy Presentation Linkbase Document

Filed herewith

3134

Signatures

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

UPAY, Inc.

By:	/s/ Jacob C. Folscher
	Jacob C. Fölscher
	Chief Executive Officer/Chief Financial
	Officer/Chief Accounting Officer
	(Principal Executive Officer/Financial
	Officer)

Dated: June 2, ~~2025~~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 and on the dates indicated:

By:	/s/ Jacob C. Folscher
	Jacob C. Fölscher
	Chief Executive Officer/Financial
	Officer/Chief Accounting Officer
	Principal Executive Officer/Principal
	Financial Officer

Dated: June 2, ~~2025~~2026

By:	/s/ Jacob C. Folscher
	Jacob C. Fölscher
	Director

3235

Filing Compare · UPAY