Appendix B · Historical Financials
Historical Financial Statements
Audited-to-source financial statements from inception (November 2024) through December 31, 2025. All figures pulled directly from the accounting system. Pre-revenue entity — all spend is operational development burn funded by Class B Shares exchange.
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Source Documents
Accounting Note: Positive cash balance at Dec 31, 2025 reflects Class B shares capital infusions throughout the year. A $100K bridge loan was received in January 2026 (not reflected in the 2025 statements), to cover operations through April 2026. All statements prepared on an accrual basis via VIBEUP INC's accounting system.
Income Statement — Annual Summary
| Period | Revenue | Contractors | Software Dev | Legal | Accounting | Travel | Meals | Rent | Other | Total Expenses | Net Loss |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 (Nov–Dec) | $0 | $13,886 | $43,229 | $4,888 | $0 | $0 | $0 | $0 | $1 | $62,004 | -$62,004 |
| 2025 Full Year | $0 | $297,362 | $68,157 | $0 | $11,349 | $22,634 | $8,765 | $43,572 | $37,771 | $490,110 | -$490,110 |
Balance Sheet — Dec 31, 2024 & Dec 31, 2025
| Line Item | Dec 31, 2024 | Dec 31, 2025 | Notes |
|---|---|---|---|
| ASSETS | |||
| Cash & Equivalents (Main Account) | $186,736 | $189,048 | Positive cash position at Dec 31, 2025 reflecting Class B capital infusions |
| Accounts Receivable | $0 | $0 | Pre-revenue — no A/R |
| Property, Plant & Equipment | $0 | $0 | No capitalized fixed assets recorded |
| Total Assets | $186,736 | $189,048 | |
| LIABILITIES | |||
| Accounts Payable | $0 | $0 | No outstanding AP recorded |
| Total Liabilities | $0 | $0 | |
| EQUITY | |||
| Founder Capital Contributions | $249,757 | $555,443 | Class B shares capital contributed in exchange for equity |
| Retained Earnings / Opening Balance | -$63,020 | -$66,147 | Accumulated from inception |
| Profit for the Year | -$63,020 | -$599,729 | Actual net loss per P&L |
| Total Equity | $186,737 | $189,048 | |
Cash Flow Statement
| Period | Operating Cash Flow | Investing | Financing (Equity Capital) | Net Change | Ending Cash Balance | Notes |
|---|---|---|---|---|---|---|
| 2024 (Nov–Dec) | -$62,004 | $0 | $249,757 | $187,753 | $186,736 | Financing = Class B shares capital received |
| 2025 Full Year | -$490,110 | $0 | $355,686 | $52,312 | $189,048 | Financing = additional Class B shares ($305K) + Promissory Note ($50K USD). Ending Dec 2025 before Jan 2026 bridge. |
| Q1 2026 YTD | -$75,000 | $0 | $100,000 | $25,000 | $25,000 | $100K bridge loans received Jan 2026 (two tranches: $50K Marc Dussault, $50K Alexandre Froes Couto) + 600K options at $0.37/share. Promissory Note outstanding (~$50K USD, due on demand post-May 17, 2026 with 8% interest). |