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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 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: 001-43286

AMASS Brands Inc.

(Exact name of registrant as specified in its charter)

Delaware		81-5227282
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

860 E Stowell Road Santa Maria, CA		93454
(Address of principal executive offices)		(Zip Code)

(909) 293-8495

(Registrant’s telephone number, including area code)

N/A

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

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.00001 per share		AMSS		Nasdaq Global Market

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒

Yes

☐

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	x	Smaller reporting company	x
		Emerging growth company	x

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

☐

As of

June 2

, 2026

, the registrant had a total of

11,424,315

shares of Common Stock, $0.00001 par value, issued and outstanding.

AMASS BRANDS INC

INDEX TO FORM 10-Q

		Page

PART I - FINANCIAL INFORMATION		1

Item 1.	Interim Financial Statements	1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49

Item 4.	Evaluation of Disclosure Controls and Procedures	50

PART II - OTHER INFORMATION		51

Item 1.	Legal Proceedings	51

Item 1A.	Risk Factors	51

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51

Item 3.	Defaults Upon Senior Securities	52

Item 4.	Mine Safety Disclosures	52

Item 5.	Other Information	52

Item 6.	Exhibits	52

PART III - SIGNATURES		53

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this Quarterly Report on Form 10-Q are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business plan and strategy, future revenue, timing and likelihood of success, plans and objectives of management for future operations, future results of anticipated products and prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements contained in this Quarterly Report on Form 10-Q may include, but are not limited to, statements about:

he implementation of our business model and our strategic plans for our business, product, services and technology;

our commercialization and marketing capabilities and strategy;

our ability to establish or maintain collaborations or strategic relationships or obtain additional funding;

our competitive position;

the scope of protection that we able to establish and maintain for intellectual property rights covering our products, services and technology;

developments and projections relating to our competitors and our industry;

our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

the period over which we estimate our existing cash and cash equivalents will be sufficient to fund our future operating expenses and capital expenditure requirements; and

the impact of new or existing laws and regulations on our business and strategy.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” of our Prospectus dated May 18, 2026, in any subsequent filing we make with the SEC, as well as in any documents incorporated by reference that describe risks and factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on the forward-looking statements included in this Form 10-Q as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.

PART I - FINANCIAL INFORMATION

Item 1. Interim Financial Statements.

AMASS BRANDS INC

INDEX TO THE FINANCIAL STATEMENTS

	Page

Condensed Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025	2

Condensed Statements of Operations for three and nine months ended March 31, 2026	4

Condensed Statements of Changes in Shareholders’ Deficit for three and nine months ended March 31, 2026	5

Condensed Statements of Cash Flows for the nine months ended March 31, 2026	6

Notes to the Condensed Financial Statements (Unaudited)	8

Amass Brands, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

	March 31,		December 31,
	2026		2025
Assets
Current Assets
Cash and cash equivalents	$	991,806	$	824,962
Accounts receivable, net		3,107,561		2,317,514
Due from related parties		-		1,389,996
Inventory, net		11,940,537		10,873,408
Interest receivable		68,112		68,112
Prepaid expenses and other current assets		310,305		178,205

Total current assets		16,418,321		15,652,197

Property and equipment, net		8,287		12,369
Intangible assets, net		1,959,039		2,202,579
Goodwill		2,972,280		2,972,280
Securities pledged as collateral, at fair value		3,347,564		3,347,564
Investments at cost		862,419		823,746
Deposits		13,640		14,015

Total assets	$	25,581,550	$	25,024,750

See accompanying notes to these condensed consolidated financial statements.

Amass Brands, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

	March 31,			December 31 ,
	2026			2025

Liabilities and stockholders' deficit
Current liabilities
Accounts payable	$	9,588,404		$	8,257,052
Accrued expenses		5,182,409			4,306,428
Secured credit facility, current		2,928,161			3,277,034
Loans payable, current		750,000			897,854
Contract liabilities		2,961,166			3,042,044
Promissory notes payable, current		1,650,000			2,498,714
Derivative liabilities		1,207,705			37,962
Customer deposits		413,838			417,000
Interest payable		484,522			694,649
Obligation under repurchase agreement		400,000			400,000

Total current liabilities		25,566,205			23,828,737

Loans payable		681,570			831,568
Promissory notes payable, net		-			100,000
Convertible notes payable		1,731,710			378,725
SAFE notes		530,668			520,242

Total liabilities		28,510,153			25,659,272

Commitments and contingencies (Note 15)

Stockholders' deficit:
Series B Preferred Stock , $0.00001 par, 27,789,708 shares authorized, 9,044,513 and 8,304,185 shares issued and outstanding and liquidation value of $15,718,978 and $14,634,844 as of March 31, 2026 and December 31, 2025, respectively		89			82
Series A Preferred Stock, $0.00001 par, 873,734 shares authorized, 873,734 shares issued and outstanding and liquidation value of $3,633,038 as of March 31, 2026 and December 31, 2025		9			9
Series Seed Preferred Stock, $0.00001 par , 12,529,020 shares authorized, 12,529,020 shares issued and outstanding and liquidation value of $15,741,343 as of March 31, 2026 and December 31, 2025		125			125
Common stock, 0.00001 par, 250,000,000 and 66,700,000 shares authorized, 3,600,420 and 3,364,984 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		38			34
Additional paid-in capital		39,802,580			37,661,354
Treasury stock, 158,700 and 0 shares at cost as of March 31, 2026 and December 31, 2025, respectively		(1,393,713	)		-
Accumulated other comprehensive income		55,172			55,172

Accumulated deficit		(43,740,731	)		(40,705,027	)

Total Amass stockholders’ deficit		(5,276,431	)		(2,988,251	)
Non-controlling interest		2,347,828			2,353,729

Total stockholders’ deficit		(2,928,603	)		(634,522	)

Total liabilities and stockholders' deficit	$	25,581,550		$	25,024,750

See accompanying notes to these condensed consolidated financial statements.

Amass Brands, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

	For the three months ended
	March 31,
	2026			202 5

Net revenues
Spirits & wine revenues	$	3,986,436		$	4,159,776
Other revenues		162,910			180,768

Total net revenues		4,149,346			4,340,544

Cost of net revenues
Cost of spirits & wine revenues		2,809,393			2,786,867
Cost of other revenues		267,009			338,917

Total cost of net revenues		3,076,402			3,125,784

Gross profit		1,072,944			1,214,760

Operating expenses
Sales and marketing		967,477			993,405
General and administrative		2,516,805			2,118,102
Impairment loss		110,402			-

Total operating expenses		3,594,684			3,111,507

Loss from operations		(2,521,740	)		(1,896,747	)

Other income (expense)
Interest income		3,709			6,483
Interest expense		(454,856	)		(1,544,260	)
Change in fair value of derivative liabilities		(49,216	)		-
Change in fair value of SAFEs		(10,426	)		-
Other expense, net		(9,076	)		(285,097	)

Total other income (expense)		(519,865	)		(1,822,874	)

Net loss		(3,041,605	)		(3,719,621	)

Net loss attributable to noncontrolling interest		(5,901	)		(62,579	)

Net loss attributable to parent		(3,035,704	)		(3,657,042	)

Total comprehensive loss	$	(3,035,704	)	$	(3,657,042	)

Weighted average common shares outstanding - basic and diluted
Basic		3,470,628			3,029,130
Diluted		3,470,628			3,029,130
Net loss per common share

Basic	$	(0.87	)	$	(1.21	)
Diluted	$	(0.87	)	$	(1.21	)

See accompanying notes to these condensed consolidated financial statements.

Amass Brands, Inc. and Subsidiaries

Consolidated Statements of Stockholders’ Deficit

(Unaudited)


	Series B				Series A				Series Seed								Additional			Treasury						Other								Total
	Preferred Stock				Preferred Stock				Preferred Stock				Common Stock				Paid-In			Common Stock						Comprehensive		Accumulated			Noncontrolling			Stockholders'
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Deficit		Capital			Shares			Amount			Income		Deficit			Interest			Equity (Deficit)
Balances at December 31, 2024		8,304,185	$	82		873,734	$	9		12,529,020	$	125		2,899,343	$	29	$	35,881,552			-		$	-		$	57,459	$	(26,127,313	)	$	4,987,142		$	14,799,085
Exercise of stock options		-		-		-		-		-		-		2,084		-		375			-			-			-		-			-			375
Exercise of stock warrants		-		-		-		-		-		-		214,229		2		51,406			-			-			-		-			-			51,408
Stock-based compensation - options		-		-		-		-		-		-		-		-		44,548			-			-			-		-			-			44,548
Warrants issued with promissory notes payable		-		-		-		-		-		-		-		-		615,427			-			-			-		-			-			615,427
Offering costs		-		-		-		-		-		-		-		-		(106,970	)		-			-			-		-			-			(106,970	)
Net loss attributable to noncontrolling interest		-		-		-		-		-		-		-		-		-			-			-			-		-			(62,579	)		(62,579	)
Net loss attributable to controlling interest		-		-		-		-		-		-		-		-		-			-			-			-		(3,657,042	)		-			(3,657,042	)

Balances at March 31, 2025		8,304,185	$	82		873,734	$	9		12,529,020	$	125		3,115,656	$	31	$	36,486,338			-		$	-		$	57,459	$	(29,784,355	)	$	4,924,563		$	11,684,252

Balances at December 31, 2025		8,304,185	$	82		873,734	$	9		12,529,020	$	125		3,364,984	$	34	$	37,661,354			-		$	-		$	55,172	$	(40,705,027	)	$	2,353,729		$	(634,522	)
Issuance of Common Stock		-		-		-		-		-		-		77,776		1		693,658			-			-			-		-			-			693,659
Exercise of stock options		-		-		-		-		-		-		4,667		-		1,260			-			-			-		-			-			1,260
Exercise of stock warrants		740,328		7		-		-		-		-		222,026		2		986,217			-			-			-		-			-			986,226
Shares issued for extinguishment of interest payable		-		-		-		-		-		-		86,342		1		276,474			-			-			-		-			-			276,475
Repurchase of Common Stock		-		-		-		-		-		-		-		-		-			(155,375	)		(1,393,713	)		-		-			-			(1,393,713	)
Stock-based compensation - options		-		-		-		-		-		-		-		-		220,932			-			-			-		-			-			220,932
Offering costs		-		-		-		-

AMASS BRANDS 10-Q