AIAI Holdings上市前首季淨虧損271.8萬美元 子公司CCCI收入跌5.7%

10-Q
 
 
 
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 Table of Contents

  

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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
OR

 
 
 
 
 

 
 ☐

 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: 001-43271
 
AIAI HOLDINGS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
 
 

 
 
 
 
 

 
 Delaware

 33-4103471

 

 
 ( State or other jurisdiction of
incorporation or organization)

 (I.R.S. Employer
Identification No.)

 

 
  
 17304 Preston Road 
Suite 410, Dallas, TX

 75252

 

 
 (Address of principal executive offices)

 (Zip Code)

 

 Registrant’s telephone number, including area code: (214) 396-3330
 
Securities registered pursuant to Section 12(b) of the Act: 
 

 
 
 
 
 
 

 
 Title of each class

 Trading
Symbol(s)

 Name of each exchange on which registered

 

 
 Class A Common stock, par value $0.001 per share

 AIAI

 The Nasdaq Stock Market LLC 
(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 ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 ☒ 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐
As of the close of business on June 22, 2026, the registrant had 70,313,990 shares of common stock, $0.001 par value per share, outstanding.
 
 

  

 
 Table of Contents

  

 Table of Contents
 

 
 
 
 
 
 

 
  

  

 Page

 

 
  

  

  

 

 
 PART I.

 FINANCIAL INFORMATION

 2

 

 
 Item 1.

  

  

 

 
  

 AIAI HOLDINGS CORPORATION

  

 

 
  

  

  

 

 
  

 Financial Statements (unaudited)

  

 

 
  

 Condensed Balance Sheets as of March 31, 2026 and December 31, 2025 

 2

 

 
  

 Condensed Statements of Operations for the three months ended March 31, 2026 and 2025 

 3

 

 
  

 Condensed Statements of Stockholders’ Deficit for the three months ended March 31, 2026 and 2025

 4

 

 
  

 Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025 

 5

 

 
  

 Notes to Condensed Financial Statements 

 6

 

 
  

  

  

 

 
  

 C.C. CARLTON INDUSTRIES, LTD.

  

 

 
  

  

  

 

 
  

 Financial Statements (unaudited)

  

 

 
  

 Condensed Balance Sheets as of March 31, 2026 and December 31, 2025 

 9

 

 
  

 Condensed Statements of Operations for the three months ended March 31, 2026 and 2025 

 10

 

 
  

 Condensed Statements of Changes in Partners’ Capital for the three months ended March 31, 2026 and 2025

 11

 

 
  

 Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025 

 12

 

 
  

 Notes to Condensed Financial Statements 

 14

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 24

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 37

 

 
 Item 4.

 Controls and Procedures

 37

 

 
  

  

  

 

 
 PART II.

 OTHER INFORMATION

 38

 

 
  

  

  

 

 
 Item 1.

 Legal Proceedings

 38

 

 
 Item 1A.

 Risk Factors

 38

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 38

 

 
 Item 3.

 Defaults Upon Senior Securities

 38

 

 
 Item 4.

 Mine Safety Disclosures

 38

 

 
 Item 5.

 Other Information

 38

 

 
 Item 6.

 Exhibits

 39

 

 
 Signatures

 40

 

  

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 FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the federal securities laws. Any statements that do not relate to historical or current facts or matters are forward-looking statements. You can identify some of the forward-looking statements by the use of forward-looking words, such as “may,” “will,” “could,” “would,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “continue,” “potential,” “plan,” “forecast,” and the like, or the use of future tense. Statements concerning current conditions may also be forward-looking if they imply a continuation of current conditions. Examples of forward-looking statements include, but are not limited to, statements concerning: the impact of the global macroeconomic environment, including tariffs; expectations regarding demand trends and market conditions for our services; expectations regarding our tax resolutions, effective tax rate and unrecognized tax benefits; expectations regarding the merits of our positions and plans with respect to certain litigation matters; and our beliefs regarding our capital allocation plans and the sufficiency of our available liquidity to meet our working capital, debt and capital expenditure needs.
These forward-looking statements are based on management’s current expectations, represent the most current information available to us as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and other factors that could cause actual results or performance to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to: 
 
•the implementation of our business model and strategic plans and the timing, progress and results of our acquisition program;

•our ability to compete effectively with existing and new competitors across markets, products, and pricing environments;

•unanticipated technology needs or developments and our ability to integrate new and enhanced technology into our ecosystem;

•our ability to meet existing performance obligations and maintain the operations of our portfolio companies;

•the rate and degree of market acceptance of our acquisition and operating strategy;

•the increased expenses and operational demands associated with being a public company;

•our ability to meet expectations regarding revenue, cost of revenue, operating expenses, liquidity, and future profitability;

•our ability to establish and maintain collaborations, strategic relationships, and key customer relationships;

•adverse global or regional economic and social conditions, including changes in U.S. trade policy and the impact of tariffs or trade restrictions, and our responsive actions thereto; 

•disruptions to our operations or our supply chain, including damage or disruption to our operations or to those of our suppliers; 

•our ability to attract and retain key employees; 

•compromise, damage or interruption from cybersecurity incidents or other data or system security risks; 

•the competitive environment, including actions by our competitors and the impact of competitive pricing; 

•risks associated with cost saving initiatives, restructurings, acquisitions, divestitures, mergers, joint ventures and our strategic relationships; 

•changes to our relationships with key customers; 

•our level of debt and other financial obligations; 

•changes in tax laws or unanticipated tax liabilities; 

•risks associated with compliance with changing legal and regulatory requirements and the outcome of legal proceedings; 

•any decisions to reduce or discontinue paying cash dividends; and 

•the other factors set forth under “Risk Factors” in our Registration Statement on Form S-1/A (File No. 333-292963), as filed with the Securities and Exchange Commission on May 1, 2026.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this Quarterly Report on Form 10-Q or to conform such statements to actual results or revised expectations, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not rely on our forward-looking statements in making your investment decision. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

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 PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
AIAI HOLDINGS CORPORATION
CONDENSED BALANCE SHEETS
(Amounts in thousands, except share and per-share amounts) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

 March 31,

  

  

  

 December 31,

  

 

 
  

  

  

 2026

  

  

  

 2025

  

 

 
  

  

  

 (Unaudited)

  

  

  

  

  

 

 
 ASSETS

  

  

  

  

  

  

  

  

 

 
 Current assets:

  

  

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

  

 —

  

  

 $

  

 —

  

 

 
 Noncurrent assets:

  

  

  

  

  

  

  

  

 

 
 Property and equipment, net

  

  

  

 5

  

  

  

  

 —

  

 

 
 Deferred tax assets

  

  

  

 —

  

  

  

  

 —

  

 

 
 Total assets

  

 $

  

 5

  

  

 $

  

 —

  

 

 
 LIABILITIES AND STOCKHOLDERS’ DEFICIT

  

  

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

  

  

 

 
 Accrued liabilities

  

 $

  

 2,400

  

  

 $

  

 1,412

  

 

 
 Total current liabilities

  

  

  

 2,400

  

  

  

  

 1,412

  

 

 
 Total non-current liabilities

  

  

  

 —

  

  

  

  

 —

  

 

 
 Total liabilities

  

 $

  

 2,400

  

  

 $

  

 1,412

  

 

 
 Commitments and contingencies (Note 1)

  

  

  

  

  

  

  

  

 

 
 Stockholders’ deficit:

  

  

  

  

  

  

  

  

 

 
 Common stock, $0.001 par value per share, zero shares authorized, issued and outstanding as of March 31, 2026 and 10,000,000 shares authorized, 1,000 shares issued and outstanding as of December 31, 2025

  

 $

  

 —

  

  

 $

  

 —

  

 

 
 Class A common stock, $0.001 par value per share, 500,000,000 shares authorized, 1,000 shares issued and outstanding as of March 31, 2026 and zero shares authorized, issued and outstanding as of December 31, 2025

  

  

  

 —

  

  

  

  

 —

  

 

 
 Class B common stock, $0.001 par value per share, 60,000,000 shares authorized, 1,000 shares issued and outstanding as of March 31, 2026 and zero shares authorized, issued and outstanding as of December 31, 2025

  

  

  

 —

  

  

  

  

 —

  

 

 
 Preferred stock, $0.001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026 and zero shares authorized, issued and outstanding as of December 31, 2025

  

  

  

 —

  

  

  

  

 —

  

 

 
 Stock subscription receivable

  

  

  

 —

  

  

  

  

 —

  

 

 
 Additional paid-in capital

  

  

  

 4,222

  

  

  

  

 2,487

  

 

 
 Accumulated deficit

  

  

  

 (6,617

 )

  

  

  

 (3,899

 )

 

 
 Total stockholders’ deficit

  

  

  

 (2,395

 )

  

  

  

 (1,412

 )

 

 
 Total liabilities and stockholders’ deficit

  

 $

  

 5

  

  

 $

  

 —

  

 

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

 2

 
 Table of Contents

  

 AIAI HOLDINGS CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per-share amounts)
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended March 31,

  

  

 Three Months Ended March 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Revenue

  

  

  

  

  

  

  

  

 

 
 Products

  

 $

  

 —

  

  

 $

  

 —

  

 

 
 Services

  

  

  

 —

  

  

  

  

 —

  

 

 
 Total revenue

  

  

  

 —

  

  

  

  

 —

  

 

 
 Cost of sales

  

  

  

 —

  

  

  

  

 —

  

 

 
 Gross profit

  

  

  

 —

  

  

  

  

 —

  

 

 
 General and administrative expenses

  

  

  

 18

  

  

  

  

 —

  

 

 
 Transaction advisory costs

  

  

  

 2,700

  

  

  

  

 —

  

 

 
 Operating loss

  

  

  

 (2,718

 )

  

  

  

 —

  

 

 
 Other income (expense), net

  

  

  

 —

  

  

  

  

 —

  

 

 
 Loss before income taxes

  

  

  

 (2,718

 )

  

  

  

 —

  

 

 
 Provision for income tax

  

  

  

 —

  

  

  

  

 —

  

 

 
 Net loss

  

 $

  

 (2,718

 )

  

 $

  

 —

  

 

 
 Per share data

  

  

  

  

  

  

  

  

 

 
 Net loss per share attributable to common stockholders-basic and diluted

  

 $

  

 (2,717.66

 )

  

 $

  

 —

  

 

 
 Weighted average common shares outstanding-basic and diluted

  

  

  

 1,000

  

  

  

  

 344

  

 

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

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 Table of Contents

  

 AIAI HOLDINGS CORPORATION
CONDENSED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(Amounts in thousands, except share and per-share amounts)
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Common Stock

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Shares Outstanding

  

  

 Amount

  

  

 Stock subscription receivable

  

  

 Additional Paid‑in Capital

  

  

 Accumulated deficit

  

  

 Total stockholders’ deficit

  

 

 
 Balance as of December 31, 2024

  

  

 —

  

  

 $

 -

  

  

 $

 -

  

  

 $

 -

  

  

 $

 -

  

  

 $

 -

  

 

 
 Issuance of common stock

  

  

 1,000

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Stock subscription receivable

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Stockholder contribution

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Balance as of March 31, 2025

  

  

 1,000

  

  

 $

 -

  

  

 $

 -

  

  

 $

 -

  

  

 $

 -

  

  

 $

 -

  

 

  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Common Stock

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Shares Outstanding

  

  

 Amount

  

  

 Stock subscription receivable

  

  

 Additional Paid‑in Capital

  

  

 Accumulated deficit

  

  

 Total stockholders’ deficit

  

 

 
 Balance as of December 31, 2025

  

  

 1,000

  

  

 $

 -

  

  

 $

 -

  

  

 $

 2,487

  

  

 $

 (3,899

 )

  

 $

 (1,412

 )

 

 
 Issuance of common stock

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Stock subscription receivable

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Stockholder contribution

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 1,735

  

  

  

 —

  

  

  

 1,735

  

 

 
 Net loss

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (2,718

 )

  

  

 (2,718

 )

 

 
 Balance as of March 31, 2026

  

  

 1,000

  

  

 $

 -

  

  

 $

 -

  

  

 $

 4,222

  

  

 $

 (6,617

 )

  

 $

 (2,395

 )

 

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

 4

 
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 AIAI HOLDINGS CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended
March 31,

  

  

 Three Months Ended
March 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Cash flows from operating activities

  

  

  

  

  

  

  

  

 

 
 Net loss

  

 $

  

 (2,718

 )

  

 $

  

 —

  

 

 
 Adjustment to reconcile net loss to net cash used in operating activities:

  

  

  

  

  

  

  

  

 

 
 Deferred income taxes

  

  

  

 —

  

  

  

  

 —

  

 

 
 Change in accrued liabilities

  

  

  

 988

  

  

  

  

 —

  

 

 
 Net cash used in operating activities

  

  

  

 (1,730

 )

  

  

  

 —

  

 

 
 Cash flows from investing activities

  

  

  

  

  

  

  

  

 

 
 Purchases of property, plant and equipment

  

  

  

 (5

 )

  

  

  

 —

  

 

 
 Net cash used in investing activities

  

  

  

 (5

 )

  

  

  

 —

  

 

 
 Cash flows from financing activities

  

  

  

  

  

  

  

  

 

 
 Proceeds from stock issuance

  

  

  

 —

  

  

  

  

 —

  

 

 
 Stockholder contribution

  

  

  

 1,735

  

  

  

  

 —

  

 

 
 Net cash provided by financing activities

  

  

  

 1,735

  

  

  

  

 —

  

 

 
 Net increase (decrease) in cash and cash equivalents

  

  

  

 —

  

  

  

  

 —

  

 

 
 Cash and cash equivalents, beginning of period

  

  

  

 —

  

  

  

  

 —

  

 

 
 Cash and cash equivalents, end of period

  

 $

  

 —

  

  

 $

  

 —

  

 

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

 5

 
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 AIAI HOLDINGS CORPORATION
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. Organization, Basis of Presentation, and Summary of Significant Accounting Policies
Organization, Formation and Description of Business
AIAI Holdings Corporation (the “Company”) was formed as a Delaware corporation on July 19, 2024 under the name MXLII Corporation. On November 3, 2025, MXLII Corporation amended its certificate of incorporation to change its legal name to AIAI Holdings Corporation. The Company was formed for the purpose of completing a direct listing of the Company’s common equity on a U.S. stock exchange (“Direct Listing”) and creating an AI-powered ecosystem through acquiring, integrating, and scaling companies that have high potential for increased operating results through the application of AI. 
Financial Statement Preparation
The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“U.S. GAAP”) and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the Company's opinion, all necessary adjustments have been made for the fair presentation of the results of the interim periods presented.
Use of Estimates
The preparation of the accompanying financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in the financial statements and accompanying notes. Estimates and judgments are based on various assumptions that the Company believes are reasonable under the circumstances. Actual results could differ from those estimates.

Commitments and Contingencies
The Company is not a party to any pending claims or legal proceedings and is not aware of any other claims that it believes could, individually or in the aggregate, have a material adverse effect on the Company’s financial position, results of operations or cash flows. 
See Note 3, Transaction Advisory Costs for certain contingent fee arrangements that the Company has entered into with service providers.

Liquidity and Capital Resources 
Prior to the completion of the Direct Listing of our common stock and the contemporaneous closing of the acquisition transactions for our Portfolio Companies, our liquidity needs primarily consist of working capital requirements associated with transaction advisory costs incurred in connection with the Direct Listing of our common shares. Our principal sources of liquidity are funded through capital contributions provided by our Founder or affiliated entities under common control of our Founder. As of March 31, 2026 and December 31, 2025, we did not have cash or financial assets of our own, nor did we have any indebtedness. During these periods, we did not conduct any substantive business operations, and all liquidity needs were met exclusively through capital contributions by our Founder and our affiliates who made payments to service providers on our behalf.
Following completion of the Direct Listing and the contemporaneous closing of the acquisition transactions for our Portfolio Companies our liquidity needs will primarily consist of working capital requirements for the operations of our Portfolio Companies as well as incremental general and administrative costs associated with operating as a public company, acquisition funding, capital expenditures, and research and development investments. Our principal sources of liquidity are expected to be cash generated from operations, available cash and cash equivalents, loans from or additional capital contributions provided by our Founder or affiliated entities, borrowings under one or more credit facilities, and access to capital markets.

 
2. Stockholders’ Equity
On March 1, 2025 the Company issued 1,000 shares of common stock at par value in connection with a $1.00 stock subscription agreement entered into with its sole stockholder. As of December 31, 2025, the Company was authorized to issue 10,000,000 shares of common stock, par value $0.001 per share. 

 6

 
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 Effective on January 29, 2026, the Company’s Certification of Incorporation was amended and the 1,000 outstanding shares of common stock were converted to Class A common stock. As of March 31, 2026, the Company was authorized to issue 500,000,000, 60,000,000, and 25,000,000 shares of Class A common stock, Class B common stock, and Preferred stock, par value $0.001 per share, respectively. 

3. Transaction Advisory Costs 
In connection with the planned Direct Listing, the Company has incurred transaction advisory costs for legal, accounting advisory, valuation, and investor relations services during the three months ended March 31, 2026 and 2025. These costs were funded through capital contributions from the Company’s sole stockholder. Refer to Note 4, Related Party Transactions, for further discussion. To the extent that costs have been incurred but not yet remitted to third party vendors, unpaid amounts have been presented within Accrued liabilities on the balance sheets as of March 31, 2026 and December 31, 2025. Of the total transaction advisory costs incurred through March 31, 2026, $0.4 million is payable in common stock of the Company with the remainder payable in cash.
Additionally, the Company has engaged certain third-party service providers to provide transaction advisory services under contingent fee arrangements for which compensation will become due upon the date of the Direct Listing. Compensation for those services includes contingent fees ranging from $2.85 million to $10.85 million; of this amount $0.85 million is payable in cash with the remainder payable in common stock of the Company. The amount of contingent fees owed will be determined based upon the market capitalization of the Company as of the six-month anniversary of the Direct Listing. Furthermore, the Company has entered into a contingent fee arrangement with a service provider under which the provider will receive a grant of common shares equal to 1% of the fully diluted shares outstanding as of the date of the Direct Listing.

4. Related Party Transactions
In connection with transaction advisory costs paid on its behalf, the Company received capital contributions totaling $1.7 million and $0 during the three months ended March 31, 2026 and 2025, respectively, from an affiliated entity under common control of its sole stockholder as discussed in the Note 3, Transaction Advisory Costs. 

5. Employment Agreements 
The Company had three employees as of March 31, 2026 and no employees as of December 31, 2025. On January 15, 2026, the Company entered into employment agreements with certain executive officers which commence upon the date of the Direct Listing. These executive officers will be entitled to stock-based compensation in the form of an aggregate of 850,000 restricted common stock awards, granted upon the date of the Direct Listing, with one-third vesting upon each of the first, second, and third anniversary dates of the Direct Listing. In addition to the restricted common stock awards, executive officers are entitled to annual cash compensation totaling $2.75 million and discretionary bonuses pursuant to their respective employment agreements.
In November 2025, the Company’s Board of Directors adopted an Outside Director Compensation Policy, which was subsequently approved by the stockholders. Under this policy, each non-employee director (an “Outside Director”) is eligible to receive compensation in the form of cash and equity awards commencing upon effectiveness of the Direct Listing. Each Outside Director is entitled to receive annual cash compensation of $100,000, with additional compensation in an aggregate amount of $150,000 payable to committee chairs. Each Outside Director is also entitled to receive an initial equity award of $150,000 in restricted stock on the first trading day on or after such individual first becomes an Outside Director. This award vests in equal installments on each of the first, second, and third anniversary dates of the grant date. Furthermore, commencing on the first anniversary of services, each Outside Director is entitled to receive an annual grant of $150,000 restricted stock awards, which will vest on the earlier of (i) the one year anniversary of the annual award’s grant date, or (ii) the day immediately before the date of the next annual meeting following the annual award’s grant date. 

6. Income Taxes
The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. The Company has net operating loss carryforward deferred tax asset of $1.39 million and $0.82 million as of March 31, 2026 and December 31, 2025, respectively, which may be carried forward indefinitely. A full valuation allowance has been recorded on the net operating loss carryforward deferred tax asset as of March 31, 2026 and December 31, 2025.

 
7. Subsequent Events
Subsequent events were evaluated through June 22, 2026, the date the financial statements were issued.
 
On May 6, 2026, the Company completed the acquisition of C.C. Carlton Industries, Ltd. (“CCCI”), Constellation Network, Inc. 

 7

 
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 (“Constellation”), gTC MediGuide LP (“MediGuide”), Vanguard Health Solutions, LLC (“Vanguard”), AI Research Corporation (“AIR”), and Bond Street Limited, LLC (“Bond Street”) (each referred to individually as a “Portfolio Company” and collectively as the “Portfolio Companies”). Consideration transferred in exchange for all outstanding equity interests in the Portfolio Companies included 27.47 million shares of AIAI Class A common stock, 3.75 million fully vested options in AIAI Class A common stock, and $20.7 million estimated contingent consideration payable in the form of AIAI Class A common stock. Purchase consideration for certain Portfolio Companies is subject to adjustment for (i) net indebtedness as of the closing date, and (ii) at the Company’s election, up to 1.25 million shares of AIAI Class A common stock upon the occurrence of a specified event, in accordance with the acquisition agreements. In addition, certain transaction-related costs incurred by the Portfolio Companies in an amount of up to $4.05 million will be reimbursed to former equity holders and accounted for as purchase consideration; outstanding unpaid transaction costs as of the closing date will be recognized as acquired liabilities.
 
Also on May 6, 2026, the Company issued 16.3 million shares of Class A common stock in exchange for an investment in non-voting preferred stock of Messier Blocker Corporation, and issued 25.1 million shares of Class A common stock to Messier 42, LLC (“M42”) as consideration for a perpetual license to M42 AI technology.
 
On May 14, 2026, the Company’s Class A common stock commenced trading on the Nasdaq Global Market under the ticker symbol "AIAI" pursuant to the Direct Listing. As a result of the Direct Listing, the Company became subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Nasdaq Stock Market LLC.
 
Following the effectiveness of our Registration Statement on May 6, 2026, and continuing through the date of this filing our Founder or affiliated entities under common control of our Founder funded approximately $7.0 million in payment obligations of the Company. Additionally, our Founder and affiliated entities have committed to providing approximately $45.0 million in cash funding to the Company to satisfy certain capital and/or contractual commitments in connection with our merger agreements for acquisition of the Portfolio Companies and costs associated with completion of our Direct Listing. Repayment is not required prior to June 30, 2027.

 
 

 8

 
 Table of Contents

  

 C.C. CARLTON INDUSTRIES, LTD.
CONDENSED BALANCE SHEETS
(Amounts in thousands)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 March 31,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
  

  

 (Unaudited)

  

  

  

  

 

 
 ASSETS

  

  

  

  

  

  

  

  

 

 
 CURRENT ASSETS

  

  

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

  

 13,259

  

  

 $

  

 15,634

  

 

 
 Accounts receivable

  

  

  

  

  

  

  

  

 

 
 Contracts receivable

  

  

  

 17,864

  

  

  

  

 25,505

  

 

 
 Retainage receivable - closed contracts

  

  

  

 3,619

  

  

  

  

 6,765

  

 

 
  

  

  

  

 21,483

  

  

  

  

 32,270

  

 

 
 Contract assets classified as:

  

  

  

  

  

  

  

  

 

 
 Costs and estimated earnings in excess of billings on contracts in progress

  

  

  

 13,426

  

  

  

  

 2,738

  

 

 
 Retainage receivable - open contracts

  

  

  

 15,434

  

  

  

  

 11,884

  

 

 
 Other current assets

  

  

  

 397

  

  

  

  

 —

  

 

 
 TOTAL CURRENT ASSETS

  

  

  

 63,999

  

  

  

  

 62,526

  

 

 
 PROPERTY AND EQUIPMENT, NET

  

  

  

 23,981

  

  

  

  

 23,883

  

 

 
 OTHER ASSETS

  

  

  

  

  

  

  

  

 

 
 Due from related party, net

  

  

  

 267

  

  

  

  

 568

  

 

 
 Other non-current assets

  

  

  

 92

  

  

  

  

 100

  

 

 
 Finance right-of-use assets, net

  

  

  

 4,830

  

  

  

  

 5,873

  

 

 
 Operating right-of-use assets, net

  

  

  

 1,512

  

  

  

  

 1,761

  

 

 
 TOTAL ASSETS

  

 $

  

 94,681

  

  

 $

  

 94,711

  

 

 
 LIABILITIES AND PARTNERS' CAPITAL

  

  

  

  

  

  

  

  

 

 
 CURRENT LIABILITIES

  

  

  

  

  

  

  

  

 

 
 Accounts payable

  

  

  

  

  

  

  

  

 

 
 Trade

  

 $

  

 35,189

  

  

 $

  

 34,981

  

 

 
 Retainage payable - close