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\n目录

美国
\n证券交易委员会
\n华盛顿特区 20549

表 10-Q

☒ 根据 1934 年《证券交易法》第 13 或 15(d) 条提交的季度报告

☐ 根据 1934 年《证券交易法》第 13 或 15(d) 条提交的过渡报告

截至 September 30, 2026 的季度

委员会档案编号： 000-53239

$\"A$

Cavitation Technologies, Inc.
（注册人在其章程中指定的准确名称）

\n \n \n \n \n \n \n

Nevada	20-4907818
（注册成立或组织所在州或其他司法管辖区）	（美国国税局雇主识别号码）

10019 CANOGA AVENUE, CHATSWORTH, CALIFORNIA 91311
\n（主要行政办公室地址，包括邮政编码）

(818) 718-0905
\n（注册人电话号码，包括区号）

根据该法案第 12(b) 条注册的证券：

\n \n \n \n \n \n \n \n \n

各类别名称	交易代码	注册所在交易所名称
N/A	N/A	N/A

请勾选以表明注册人是否 (1) 已提交《1934 年证券交易法》第 13 或 15(d) 条要求在此前 12 个月内（或注册人须提交报告的较短期间内）提交的所有报告，且 (2) 在过去 90 天内一直受此类申报要求约束。是 ☒ 否 ☐

请勾选以表明注册人是否已在此前 12 个月内（或注册人须提交此类文件的较短期间内），以电子方式提交根据 S-T 条例第 405 条（本章 § 232.405）要求提交的每个交互式数据文件。是 ☒ 否 ☐

请勾选以表明注册人是大型加速申报公司、加速申报公司、非加速申报公司、小型报告公司还是新兴成长型公司。参见《交易法》第 12b-2 条中“大型加速申报公司”“加速申报公司”“小型报告公司”和“新兴成长型公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

大型加速申报公司	☐	加速申报公司	☐
非加速申报公司	☒	小型报告公司	☒
		新兴成长型公司	☐

如果是新兴成长型公司，请勾选以表明注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新的或修订后的财务会计准则的延长过渡期。 ☐

请勾选以表明注册人是否为空壳公司（定义见《交易法》第 12b-2 条）。是 ☐ 否 ☒

截至 October 27, 2026，发行人已发行 324,320,459 股普通股。

		页码

第一部分.	财务信息	3

第 1 项.	简明合并财务报表（未经审计）	3

	简明合并资产负债表	3

	简明合并经营报表	4

	简明合并股东亏绌表	5

	简明合并现金流量表	6

	简明合并财务报表附注	7

第2项。	管理层对财务状况和经营业绩的讨论与分析	19

第3项。	有关市场风险的定量和定性披露	29

第4项。	控制与程序	29

第二部分	其他信息	30

第1项。	法律诉讼	30

第2项。	未注册证券的出售及所得款项用途	30

第3项。	优先证券违约	30

第4项。	矿山安全披露	30

第5项。	其他信息	30

第6项。	附件	31

签名	33

证明

第一部分 - 财务信息

第1项。简明合并财务报表。

CAVITATION TECHNOLOGIES,\nINC.

简明合并资产负债表


	2026年9月30日,			2026年6月30日,
	（未经审计）
资产

流动资产：
现金及现金等价物	$	94,000			$	17,000
应收账款		–				–
预付费用		13,000				17,000
流动资产总额		107,000				34,000

其他资产		11,000				11,000
资产总额	$	118,000			$	45,000

负债和股东亏绌

流动负债：
应付账款和应计费用	$	158,000			$	174,000
应计利息		40,000				19,000
应计工资——关联方		157,000				129,000
应付过桥票据，扣除折价		175,000				103,000
应付本票——关联方		115,000				115,000
应付可转换票据，扣除折价		45,000				34,000
衍生负债		17,000				14,000
流动负债总额		707,000				588,000

非流动应付票据		150,000				150,000
负债总额		857,000				738,000

承诺和或有事项		–

股东亏绌：
优先股，面值$0.001，授权发行10,000,000股，截至2026年9月30日和2026年6月30日均无已发行和流通股		–				–
普通股，面值$0.001，授权发行1,000,000,000股，截至2026年9月30日和2026年6月30日已发行和流通股分别为324,320,459股和317,220,739股		324,000				317,000
额外实收资本		27,509,000				27,354,000
累计亏损		(28,572,000				(28,364,000	)
股东亏绌总额		(739,000	)			(693,000
负债和股东亏绌总额	$	118,000			$	45,000

参见简明合并财务报表附注

CAVITATION TECHNOLOGIES,\nINC.

简明合并经营报表（未经审计）

截至2026年9月30日\n及2025年


	截至三个月
	9月30日,
	2026			2025

收入	$	–			$	3,000

经营费用：
一般及行政费用		165,000				245,000
研发费用		–				7,000
经营费用总额		165,000				252,000

经营亏损		(165,000	)			(249,000	)

其他收入（费用）
利息及其他费用，净额		(40,000	)			(9,000	)
衍生负债公允价值变动		(3,000	)			–
净亏损	$	(208,000	)		$	(258,000	)

每股净亏损
基本和稀释	$	(0.00	)		$	(0.00	)

加权平均流通股数，
基本和稀释		319,229,936				289,156,340

参见简明合并财务报表附注

CAVITATION TECHNOLOGIES,\nINC.

简明合并股东亏绌变动表

（未经审计）
\n截至2026年和2025年9月30日止三个月

\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	截至2026年9月30日止三个月（未经审计）
	普通股		额外实缴			累计
	股数		金额			资本		赤字		总计
截至2026年6月30日的余额		317,220,739		$	317,000		$	27,354,000		$	(28,364,000	)	$	(693,000	)
出售普通股所得款项		4,666,665			5,000			135,000			–			140,000
为服务发行的普通股公允价值		500,000			–			22,000			–			22,000
无现金行使认股权证		1,933,055			2,000			(2,000	)		–			–
净亏损		–			–			–			(208,000	)		(208,000	)
截至2026年9月30日的余额		324,320,459		$	324,000		$	27,509,000		$	(28,572,000	)	$	(739,000	)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至2025年9月30日止三个月（未经审计）
	普通股		额外实缴			累计
	股数		金额			资本		赤字	总计
截至2025年6月30日的余额		289,156,340		$	289,000		$	26,740,000	$	(26,960,000	)	$	69,000
净亏损		–			–			–		(258,000	)		(258,000	)
截至2025年9月30日的余额		289,156,340		$	289,000		$	26,740,000	$	(27,218,000	)	$	(189,000	)

参见随附的\n简明合并财务报表附注

CAVITATION TECHNOLOGIES,\nINC.

简明合并\n现金流量表（未经审计）


	截至9月30日止三个月，
	2026			2025
经营活动：
净亏损	$	(208,000	)		$	(258,000	)
将净亏损调节为经营活动所用现金净额的调整项：
债务折价摊销		18,000				–
衍生负债公允价值变动		3,000				–
为服务发行的普通股公允价值		22,000				–
以下项目变动的影响：
应收账款		–				5,000
预付费用		4,000				13,000
应付账款及应计费用		(16,000	)			14,000
应计工资——关联方		28,000				–
应计利息		21,000				7,000
经营活动所用现金净额		(128,000	)			(219,000	)

融资活动：
普通股认购所得款项		140,000				–
过桥票据应付账款所得款项		65,000				–
融资活动提供的现金		205,000				–

现金及现金等价物净增加（减少）额		77,000				(219,000	)

期初现金及现金等价物		17,000				249,000
期末现金及现金等价物	$	94,000			$	30,000

现金流量信息补充披露：
支付的利息	$	2,000			$	2,000
支付的所得税	$	–			$	–

参见随附的\n简明合并财务报表附注

CAVITATION TECHNOLOGIES,\nINC.

未经审计简明合并\n财务报表附注

截至2026年和2025年\n9月30日止三个月

附注1 – 组织架构\n及重要会计政策概要

Cavitation Technologies, Inc.（“公司”、“CTi”、“我们”、“CVAT”和“我们的”）是一家内华达州公司，最初于2007年1月以BioEnergy, Inc.之名注册成立。公司最初开发、申请专利并商业化了专有技术，该技术随后于2024年10月根据专利转让及回授许可协议出售给Desmet Ballestra。

要约收购

European Guarantee Services S.à.r.l

2026年8月14日，公司收到与European Guarantee Services S.à.r.l.（“EGS”）签订的要约收购协议。根据该协议，EGS同意以现金3500万美元收购或寻求收购公司所有已发行普通股，扣除某些债务及应计负债（“净购买价”）。EGS须在满足适用的SEC监管要求后10个工作日内启动要约收购。该要约将至少开放60个工作日，以便股东评估该协议及相关要约文件。

2026年10月，要约收购已终止。

BrightFlixx Finance Luxembourg S.A

2026年10月9日，公司与 Alchemy Beverages Inc.（一家私人持有的特拉华州公司，公司持有其17%的股权）与 BrightFlixx Finance Luxembourg S.A.（“BrightFlixx”，一家卢森堡股份有限公司）签订了最终要约收购协议。一份协议涉及公司（“BF-CVAT协议”），另一份涉及 Alchemy Beverages Inc.（“BF-ABI协议”）。这两份协议合称“BrightFlixx协议”。BF-CVAT协议取代公司于2026年8月14日与 European Guarantee Services S.à r.l.（“EGS”）签订的要约收购协议；BF-ABI协议取代 EGS 与 Alchemy 于2026年8月19日签订的要约收购协议。

根据 BF-CVAT协议，BrightFlixx拟发起现金要约收购，以总价3,500万美元收购公司全部已发行普通股，扣除公司的未偿负债。每股收购价将根据记录日已发行股份总数确定，记录日将在要约收购开始后45个工作日设定。

截至本报告日期，要约收购尚未开始。该要约最初计划于开始后60个工作日到期，但可延期，其中包括为股东提供至少30个工作日评估最终报价的延期。交易完成须满足惯常交割条件，包括有效交付至少90%的已发行股份、获得美国外国投资委员会（CFIUS）监管批准或其作出无需进一步行动的决定，以及同时完成对 Alchemy 的要约收购。协议还包含惯常的陈述、保证、承诺和终止条款。

拟议的要约收购仍须接受监管审查并获得批准，尚未最终确定或完成。

持续经营

随附的未经审计简明合并财务报表按照持续经营基础编制，该基础假设资产能够变现，负债和承诺能够在正常经营过程中清偿。随附的未经审计简明合并财务报表反映，公司在截至2026年9月30日的三个月内净亏损$208,000，经营活动使用现金$128,000；截至2026年9月30日，公司股东权益为负$739,000。这些因素以及其他因素引发了对公司持续经营能力存在重大疑虑。此外，公司独立注册会计师事务所在其关于公司2026年6月30日财务报表的报告中，也对公司持续经营能力表示了重大疑虑。随附的未经审计简明合并财务报表未包含因公司无法持续经营而可能产生的任何调整。

截至 2026 年 9 月 30 日，公司持有现金 94,000 美元。公司的持续经营能力取决于其能否继续实施业务计划。目前，管理层的计划是利用其保留的回授许可，通过将技术应用于以下领域来增加收入：(i) 水和废水处理、回收、再循环及净化（包括油田废水）；以及 (ii) 酒精饮料的制造、蒸馏、酿造、改良、销售和营销，以上统称为许可领域。公司拥有全球范围内独家、可转让且免版税的许可和权利，可在许可领域内设计、制造、使用、出口、改进、销售和营销 Nano Reactor® 设备及系统（及产品），前提是这些设备及系统（及产品）纳入或使用 Nano Reactor® 设备；并可继续在许可领域内的业务、系统和产品中使用 Nano Reactor® 商标。此外，公司将继续开发其以下业务：(i) Permian Basin 的水处理和修复；(ii) 农业领域的水修复和消毒；(iii) 与 Alchemy Beverages, Inc. 合作开发用于酒精饮料的智能家用厨房电器；(iv) 水力等离子体技术；以及 (v) 用于加密货币挖矿和高密度数据中心浸没式冷却的非热等离子体，以创造收入并维持运营。尽管公司相信其增加收入战略具有可行性，但无法对此作出保证。管理层估计，公司现有现金不足以维持这些财务报表发布后十二个月内的运营。

公司也可能尝试筹集额外债务和/或股权融资，为运营提供资金并增加营运资金。无法保证未来能够获得此类融资，或能够筹集足够资金以满足公司的需求；也无法保证公司能够实现盈利运营，或履行未来的合同义务。如果管理层未能获得此类融资，公司可能会缩减运营。

列报基础

未经审计的简明合并财务报表包括 Cavitation Technologies, Inc. 及其全资子公司 Hydrodynamic Technology, Inc. 和 Xyra Corp. 的账目。合并时已抵销公司间交易和余额。

估计的使用

按照美国公认会计原则编制未经审计的简明合并财务报表时，管理层需要作出估计和假设，这些估计和假设会影响资产和负债的报告金额、财务报表日或有资产和负债的披露，以及报告期内收入和费用的报告金额。重要估计包括权益法投资和衍生负债的估值、用于评估股票认股权证及作为服务对价发行的普通股的假设，以及递延所得税资产的估值备抵等。实际结果可能与这些估计不同。

衍生金融工具

公司会评估其金融工具，以确定这些工具是否属于衍生工具或包含符合嵌入式衍生工具定义的特征。对于按负债核算的衍生金融工具，初始按公允价值入账，并在每个报告日重新估值，公允价值变动计入经营报表。每个报告期末都会评估衍生工具的分类，包括是否应将其记为负债或权益。衍生工具负债在资产负债表中归类为流动或非流动，具体取决于是否可能需要在资产负债表日起12个月内以现金净额结算该衍生工具。

公司在衍生负债估值方法中采用第三级输入值，因为其公允价值是使用可变期权定价模型确定的。公司在每个报告日调整衍生负债以反映公允价值，公允价值的任何增减均计入经营报表。

公允价值计量

FASB ASC 820-10要求实体披露金融工具的公允价值，包括资产负债表内确认和未确认、且能够实际估计公允价值的资产和负债。ASC 820-10将金融工具的公允价值定义为该工具在当前交易中由自愿交易双方交换的金额。

除定义公允价值外，该准则还扩大了公允价值相关披露要求，并建立了公允价值计量输入值层级。该层级根据计量公允价值时所用输入值在市场中的可观察程度，将其优先级划分为三个层级。每项公允价值计量均归入三个层级之一，层级由对整体公允价值计量具有重大影响的最低层级输入值决定。这些层级为：

第1级——输入值基于活跃市场中相同工具未经调整的报价。

第2级——输入值基于除第1级所含报价以外的重大可观察输入值，例如非活跃市场中相同或类似工具的报价，以及基于模型的估值技术；对于后者，所有重大假设均可在市场中观察到，或可通过资产或负债几乎整个期限内的可观察市场数据加以佐证。

第3级——输入值通常无法观察，且一般反映管理层对市场参与者在资产或负债定价时会采用的假设所作估计。因此，公允价值是使用基于模型的技术确定的，包括期权定价模型、贴现现金流模型及类似技术。

截至2026年9月30日和2026年6月30日，由于相关工具期限较短，应收账款、应付账款、应计费用和应计工资等某些账户的账面价值接近其公允价值。由于票据利率的原因，应付票据的账面价值接近其公允价值。

公司截至2026年9月30日的衍生负债采用第3级输入值确定。

收入确认

公司遵循财务会计准则委员会（“FASB”）《会计准则汇编》（“ASC”）606《与客户签订的合同收入》（“ASC 606”）的指引。ASC 606 建立了一个五步模型，要求实体在考量合同条款时运用判断，其中包括：(1) 识别与客户签订的合同或协议；(2) 识别合同或协议中的履约义务；(3) 确定交易价格；(4) 将交易价格分摊至各项单独的履约义务；以及 (5) 在各项履约义务得到履行时确认收入。只有在公司很可能收取其因向客户转让服务而有权获得的对价时，公司才会对合同应用该五步模型。Nano Reactors 销售收入在产品从公司制造设施发货时确认，因为发货是这些合同下公司唯一的履约义务，且公司对客户没有持续义务。

对于许可费收入，公司根据相关许可协议，在履行履约义务且确定能够收回款项时确认收入。

公司还确认某些反应堆的使用费收入。使用费根据客户的实际使用情况确认，且须确定能够收回款项。

此外，公司还确认 Nano Reactors 的短期租赁收入。租赁收入在协议期限内确认，且须确定能够收回款项。截至2026年9月30日的三个月内，公司确认的收入为零。

股份薪酬

我们会不时向员工和非员工发行认股权证和普通股，以换取服务或用于融资交易。我们根据 FASB ASC 718 的指引核算股份支付，该准则要求按估计公允价值计量并确认向员工、高管、董事和顾问授予的所有股份支付奖励的薪酬费用，包括员工股票期权。我们使用期权定价模型估算授予日员工和董事股票期权及认股权证奖励的公允价值，并在经营报表中于规定的服务期内确认预计最终可归属部分的奖励价值，作为费用。我们以授予日公司普通股的市场价格估算授予员工和董事的限制性股票奖励的公允价值，并在经营报表中于规定的服务期内确认预计最终可归属部分的奖励价值，作为费用。非员工薪酬费用的确认期间和方式，与公司以现金支付服务费用时相同。

每股净亏损

公司计算的每股净亏损（“EPS”）包括基本每股收益和稀释每股收益。基本每股收益以可供普通股股东享有的收益除以该期间加权平均发行在外普通股股数计算。稀释每股收益反映潜在稀释影响，并采用库存股法计算：假设发行普通股的证券或其他合约被行使或转换为普通股，或因此发行的普通股参与分享公司收益，视同其在所列期间期初（或较晚的发行日）已转换。计算稀释每股收益时，库存股法假设未行使的期权和认股权证已行使，并将所得款项用于按该期间平均市价购买普通股。只有当该期间普通股平均市价高于期权和认股权证的行权价时，期权和认股权证才可能根据库存股法产生稀释影响。具有反稀释影响的潜在普通股（即提高每股收益或降低每股亏损的潜在普通股）不计入稀释每股收益的计算。

计算稀释每股收益时，无需对净亏损作任何调整。截至2026年和2025年9月30日，公司未将下表所列、赋予持有人购买普通股权利的未偿证券纳入稀释每股收益计算，因为这些证券会产生反稀释影响，其认股权证行权价高于公司普通股股价。

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反稀释股份明细表
	9月30日 2026		9月30日 2025
认股权证		14,269,400		49,041,323
可转换票据		1,320,845		–
		15,590,245		49,041,323

集中度

截至2025年9月30日止三个月，我们的收入100%来自一名租赁客户。截至2026年9月30日止三个月，我们未确认任何租赁收入。

截至2026年9月30日，三家供应商分别占公司应付账款的22%、14%和12%。截至2026年6月30日，两家供应商分别占公司应付账款的18%和15%。

分部

公司在产品开发和分销方面经营于一个业务分部。根据 ASC 的“分部报告”专题，公司首席运营决策者（CODM）被认定为首席执行官，其负责审查经营业绩，以就整个公司的资源分配和业绩评估作出决策。现行指引基于分部报告的管理方法，要求按季度报告选定的分部信息，并按年度披露有关产品和服务以及主要客户的实体范围信息。由于各重大经营单位的客户群相似，且共用销售团队、营销部门、客户服务部门、运营部门以及为其运营提供支持的财务和会计部门，并且在经济特征、产品和服务性质以及采购、制造和分销流程方面相似，因此均符合“分部报告”规定的汇总条件。由于公司仅经营一个业务分部，“分部报告”要求的所有财务信息均可见附注9。

近期会计公告

2024年11月，FASB发布了 ASU 2024-03《损益表——综合收益报告——费用分类披露》（子主题 220-40）：损益表费用分类，要求上市实体在中期和年度财务报表附注中披露特定费用类别的更多信息。ASU 2024-03 对2026年12月15日之后开始的财政年度以及2027年12月15日之后开始的中期期间生效，并允许提前采用。公司目前正在评估采用 ASU 2024-03 的影响。

FASB（包括其新兴问题工作组）、美国注册会计师协会和证券交易委员会发布的其他近期会计公告，管理层认为其未对或不会对公司的当前或未来合并财务报表产生重大影响。

附注2 – 过桥票据应付

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过桥票据应付明细表
	9月30日			6月 30日
	2026			2026
本金
过桥票据 #1	$	111,000			$	111,000
过桥票据 #2		74,000				–
小计		185,000				111,000

债务折价
过桥票据 #1		(8,000	)			(11,000	)
过桥票据 #2		(9,000	)			–
折价摊销		7,000				3,000
小计		(10,000	)			(8,000	)

过桥票据应付净额	$	175,000			$	103,000

2026年5月11日，公司与一名贷款方签订了一笔金额为 $111,000 的过桥票据，扣除 $11,000 的直接费用后，净所得款项为 $100,000；该直接费用记作债务折价，并将在票据期限内摊销。该票据于发行日后十个月到期，即 2027年3月11日。过桥票据的利息为票据金额的 24%（$27,000），不受还款日期影响；按还款计划计算的实际利率为 30.2%。截至2027年5月11日的12个月内，还可获得额外融资，累计金额最高为 $500,000。

过桥票据分五期偿还：2026年10月30日偿还 $70,000，并于2026年11月30日、2026年12月30日、2027年1月30日和2027年2月28日分别偿还 $17,000。

2026年7月13日，公司与同一贷款方签订了一份类似的过桥票据，金额为$74,000，扣除$9,000的直接费用后净收入为$65,000，该金额作为债务折价入账，并将在票据期限内摊销。该票据于发行日后十个月，即May 15, 2027到期。过桥票据的利息按票据价值的24%计收（$17,640），无论还款日期如何，按还款计划计算的实际利率为29.7%。截至May 11, 2027的12个月内，可获得额外融资分期，累计最高为$500,000。

过桥票据分五期偿还：2027年1月15日偿还$46,000，并于2027年2月15日、3月15日、4月15日和5月15日各偿还$11,400。

如发生违约，票据本金余额将增加150%；180天期满后，贷款方可选择将票据转换为普通股，转换价格为转换前十个交易日内公司普通股最低收盘买价的65%，且转换比例不得超过转换时已发行在外普通股总数的4.99%。

自发行日起180天内可提前还款，提前还款折扣为包括利息在内的未偿还总额的95%至98%。

附注3 – 应付关联方本票

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关联方应付票据明细
	9月30日		6月 30日
	2026		2026
本金
应付关联方本票	$	115,000		$	115,000

2026年1月9日至2026年5月4日期间，公司与一家与公司首席执行官有关联的实体签订了五份本票协议，该实体向公司垫付总计$115,000用于运营。本票无担保，年利率为8%，并在每笔垫款后十二个月到期，相关条款经修订。

附注4 – 应付可转换票据

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可转换票据明细
	9月30日			6月 30日
	2026			2026
本金
应付可转换票据	$	60,000			$	60,000

债务折价
债务折价		(26,000	)			(38,000	)
折价摊销		11,000				12,000
小计		(15,000	)			(26,000	)

净额	$	45,000			$	34,000

2025年12月和2026年1月，公司的全资子公司Xyra Corp.发行了三份为期一年的可转换票据，金额共计$60,000，到期日为December 5, 2026至January 30, 2027，规定年利率为8%。公司可在到期日前选择将票据到期日延长六个月。票据可随时提前偿还，无需支付罚金。

公司书面通知持有人其已在美国任何认可的全国性或地区性证券交易所，或OTC Markets Group运营的任何市场公开上市后，持有人可在六个月内选择将可转换票据本金转换为Xyra普通股。转换价格为转换前紧接的5日平均收盘价的50%。Xyra可自行决定允许在本金转换期限内将未付利息转换为Xyra普通股。

如果 Xyra 未能在 2026 年 12 月 5 日前进行公开发行，持有人可选择在 2026 年 12 月 5 日起的六个月内，将未偿还本金转换为本公司的普通股。转换价格为 80% × $0.06 或当前 CTI 市场价格两者中的较高者。市场价格将按公司股票在 5 天期间内的最高和最低交易价格加权平均值确定。公司可自行决定，在到期日之后以及 Xyra 行使的任何延期期间内，允许将利息转换为股份。

公司根据 ASC 815《衍生工具与套期保值》分析了转换选择权是否应采用衍生工具会计处理，并认定转换选择权应作为衍生负债核算，因为其未明确限制结算转换选择权时交付的股份数量（见附注 5）。发行日可转换应付票据所附衍生负债的累计公允价值为 $38,000，并作为债务折价入账，该折价将在相应应付票据期限内摊销至利息费用。

附注 5 – 衍生负债

2025 年 12 月和 2026 年 1 月，公司发行了可转换应付票据，其转换选择权根据 ASC 815《衍生工具与套期保值》作为衍生负债核算（见附注 4）。衍生负债在每个报告期末重新计量公允价值，公允价值变动在随附的经营报表中确认为收益或损失。公司使用可变期权定价模型估算转换选择权衍生负债的公允价值。

下表列示截至 2026 年 9 月 30 日期间，使用不可观察的第 3 级输入值按经常性基础计量的衍生负债变动情况：

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衍生负债变动情况表
	9 月 30 日
	2026
期初衍生负债公允价值	$	14,000
衍生负债公允价值变动		3,000
期末衍生负债公允价值	$	17,000

以下为公司在衍生负债估值中使用的平均输入值：

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衍生负债估值表
股价	$	0.048
无风险利率		4.11% 至 4.27%
预期波动率		137.7% 至 200.0%
预期期限（月）		2 至 4 个月
可发行普通股数量		1,295,639 至 1,320,845

附注 6 – 应付票据

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应付票据明细表
	9 月 30 日		6 月 30 日
	2026		2026
本金
应付票据 - EIDL	$	150,000		$	150,000

2020 年 7 月，公司根据 SBA 的经济损害灾难贷款（EIDL）援助计划获得了一笔 $150,000 贷款。该 EIDL 贷款需在 30 年内偿还，年利率为 3.75%，并以公司的所有有形及无形财产作担保。

根据公司上一年度与 SBA 达成的协议，该协议解决了此前的付款违约和逾期余额，月分期付款首先用于支付应计未付利息。截至 2026 年 9 月 30 日和 2026 年 6 月 30 日，应付票据未偿余额分别为 $150,000 和 $150,000。

附注 7 – 股东权益亏绌

普通股

2026 年 8 月和 9 月，公司与五名合格投资者签订协议，投资者认购了 4,666,665 股普通股，每股价格为 $0.03，所得款项总额为 $140,000。作为协议的一部分，部分投资者同意没收于 2026 年 5 月授予其的合计 2,499,999 份权益分类认股权证，其行权价为每股 $0.045。根据 ASC 505《权益》及其他适用会计准则，与发行普通股换取现金相关的这些权益分类认股权证取消事项作为一项单一权益交易入账。该取消事项导致额外实收资本（“APIC”）作抵销调整，不影响公司的合并净亏损。

2026 年 9 月，公司向一名顾问发行了合计 500,000 股普通股，以支付已提供的服务。所发行普通股按授予日的公允价值计价，为 $22,000。

2026 年 9 月 10 日，一名认股权证持有人根据认股权证协议条款，以无现金方式行使了合计涉及 3,000,000 股普通股的认股权证。因此，公司发行了 1,933,055 股普通股。

认股权证

以下汇总了截至 2026 年 9 月 30 日公司的认股权证活动：

\n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

认股权证活动明细表
	认股权证			加权平均行权价格			加权平均剩余合同期限（年）

截至 2026 年 6 月 30 日未行使		31,571,784			$	0.056		2.47
- 已授予		–				–		–
- 已行使		(3,000,000	)			0.017		–
- 已没收		(2,499,999	)			0.045		–
- 已到期/注销		(11,802,385	)			0.090		–
截至 2026 年 9 月 30 日未行使		14,269,400			$	0.038		3.57

截至 2026 年 9 月 30 日，这些股票购买认股权证的内在价值为 $139,200。

下表汇总了截至 2026 年 9 月 30 日未行使和可行使认股权证的其他信息：

未行使及可行使认股权证明细表
	未行使认股权证		可行使认股权证
			加权		加权			加权
			平均		平均			平均
行权	数量		剩余		行权		数量	剩余
价格	股数		期限（年）		价格		股数	期限（年）

$0.013		2,000,000		3.14		$	0.013		2,000,000	3.14
$0.017		1,500,000		3.41			0.017		1,500,000	3.41
$0.030		5,000,000		3.26			0.030		5,000,000	3.26
$0.060		5,769,400		4.02			0.060		5,769,400	4.02
		14,269,400		3.57		$	0.038		14,269,400	3.57

附注 8 – 关联方交易

应计工资及工资税

公司计提应付给公司现任股东以及现任高管和董事的薪酬及估计工资税。截至 2026 年 9 月 30 日和 2026 年 6 月 30 日，应计工资及工资税总额分别为 $157,000 和 $129,000。

附注 9 – 分部信息

公司以一个可报告经营分部的形式运营和管理其业务。公司的首席运营决策者（CODM）会审阅所呈列的财务信息，并根据净收益（亏损）决定如何分配资源。净收益（亏损）用于评估财务业绩。

重要分部费用包括研发、薪酬、保险和股权薪酬。运营费用包括经营业务所需的所有其他成本，主要包括外部专业服务费及其他行政费用。下表列示了我们的 CODM 定期审阅的重要分部费用和其他分部项目：

分部信息明细表
	截至9月30日的三个月，
	2026			2025
收入	$	–			$	3,000

研发		–				(7,000	)
薪酬		(66,000	)			(123,000	)
咨询费		(14,000	)			(25,000	)
专业服务费		(35,000	)			(51,000	)
租金支出		(8,000	)			(9,000	)
差旅费		–				(18,000	)
股权薪酬		(22,000	)			–
其他运营费用		(20,000	)			(19,000	)
运营费用总额		(165,000	)			(252,000	)

运营净亏损		(165,000	)			(249,000	)

利息及其他费用净额		(40,000	)			(9,000	)
衍生负债公允价值变动		(3,000	)			–
净亏损	$	(208,000	)		$	(258,000	)

注释10 – 承诺和或有事项

特许权使用费协议

2008年7月1日，公司的全资子公司与两方签订了专利转让协议：公司总裁，以及公司的前首席执行官（CEO）兼现任技术高级经理。根据协议，总裁及前CEO/现任技术高级经理发明的、涉及流体动力空化工艺的某些设备和方法已转让给公司。作为交换，公司同意就该技术的许可及包含该技术的相关设备租赁，分别向总裁和前CEO/现任技术高级经理支付相当于总收入5%的特许权使用费。2010年5月13日，这些协议随后转让给 Cavitation Technologies。公司的前CEO/现任技术高级经理和总裁均已放弃收取截至2026年9月30日通过所产生的任何总收入已计提或可能计提的特许权使用费的权利。

2008年4月30日（经2010年11月22日修订），公司的全资子公司与化学和分析部门总监（“发明人”）签订雇佣协议。协议规定，在公司首次收到该发明人依法列名为发明人的专利所产生的特许权使用费的年度，发明人应获得公司实际收到的该特许权使用费收入的5%；此后每年，发明人应获得公司因该专利实际收到的特许权使用费收入的3%。截至2026年9月30日和2026年6月30日，尚无该人士依法列名为发明人的专利获批。

其他

公司可能不时因日常经营活动而被列入索赔。目前，没有针对公司或涉及公司的待决法律程序，管理层认为这些程序可能对公司的业务或财务状况造成重大不利影响。

注释11 – 期后事项

除上述披露外，公司评估了后续事项对简明合并财务报表及披露的潜在影响，评估期间截至简明合并财务报表发布之日，并确定未发生预计会对本文所列简明合并财务报表产生影响的其他后续事项。

第2项。管理层对财务状况和经营成果的讨论与分析。

以下讨论与分析应结合我们的财务报表及相关附注阅读。本讨论包含基于当前预期的前瞻性陈述，涉及风险和不确定性，例如我们的计划、目标、预期和意图。我们的实际结果以及某些事件发生的时间可能与这些前瞻性陈述所预期的情况存在重大差异。

要约收购

European Guarantee Services S.à.r.l

2026年8月14日，公司收到与 European Guarantee Services S.à.r.l.（“EGS”）签订的要约收购协议。根据该协议，EGS同意以3500万美元现金收购或寻求收购公司所有已发行普通股，金额扣除某些债务和应计负债（“净购买价”）。EGS须在满足适用的SEC监管要求后10个工作日内启动要约收购。该要约将至少持续开放60个工作日，以便股东评估协议及相关要约文件。

2026年10月，要约收购已终止。

BrightFlixx Finance Luxembourg S.A

2026年10月9日，公司与 Alchemy Beverages Inc.（一家非上市特拉华州公司，公司持有其17%的股权）与 BrightFlixx Finance Luxembourg S.A.（“BrightFlixx”），一家卢森堡股份有限公司，签订了最终要约收购协议。其中一份协议涉及公司（“BF-CVAT协议”），另一份涉及 Alchemy Beverages Inc.（“BF-ABI协议”）。这两份协议统称为“BrightFlixx协议”。BF-CVAT协议取代了公司于2026年8月14日与 European Guarantee Services S.à r.l.（“EGS”）签订的要约收购协议；BF-ABI协议则取代了EGS与Alchemy于2026年8月19日签订的要约收购协议。

根据BF-CVAT协议，BrightFlixx拟启动现金要约收购，以总购买价3500万美元收购公司所有已发行普通股，金额扣除公司的未偿负债。每股购买价格将根据要约收购开始后45个工作日确定的记录日已发行股份总数计算。

截至本报告日期，要约收购尚未启动。该要约最初计划于启动后 60 个工作日到期，但可能延期，包括延期以便股东至少有 30 个工作日评估最终要约价格。交易完成须满足惯常交割条件，包括至少 90% 的已发行股份被有效提交、获得 CFIUS 监管批准或其作出无需进一步行动的决定，以及同时完成 Alchemy 要约收购。该协议还包含惯常的陈述、保证、约定和终止条款。

拟议的要约收购仍需接受监管审查并获得批准，且尚未最终确定或完成。

业务概览

Cavitation Technologies, Inc.（除非另有说明，以下简称“公司”“CTi”“我们”）是一家内华达州公司，最初以 BioEnergy, Inc. 的名称注册成立。我们是一家工艺和产品开发公司，已开发、取得专利并商业化环保型技术系统，旨在服务于大型且不断增长的全球市场，例如可再生燃料、水处理、葡萄酒和烈酒改良、藻油提取、水油乳液以及提高原油采收率。我们的系统旨在以更短的处理时间、更低的运营成本和更高的产出处理工业液体，同时以环保方式运行。我们的专利产品 Nano Reactor® 和 LPN™ 是我们业务的关键组成部分；我们此前的全部收入均来自使用这些组件。

植物油精炼

我们的技术首个商业应用是 CTi Nano Neutralization® System ，该系统已用于改进食用植物油精炼工艺。事实证明，我们的环保工艺能够降低精炼成本、提高出油率，并减少植物油化学精炼中所用化学添加剂的种类。该专利工艺（美国专利号 7,762,715 和 # 8,042,989）旨在应用于新建和现有的大豆、油菜籽、芥花籽及棕榈植物油精炼厂。

Desmet Belgium Group（前称 Desmet Ballestra）协议

Desmet 及其关联公司是一家全球性工程和设备供应公司，致力于开发、设计和供应用于油脂加工设施的工艺设备，涉及植物油精炼、生物燃料、油脂化学品、油籽压榨、表面活性剂和洗涤剂市场。Desmet 以全球采购的最新技术为这些市场提供服务。Desmet 与全球主要精炼商建立了合作关系。全球植物油精炼厂中有相当一部分属于 Archer Daniels Midland Company、Cargill, Inc. 和 Bunge Limited 等主要精炼商。Desmet 拥有 40 多名销售代表，在北美、南美、欧洲和亚洲开展销售。Desmet 报告称，自 1946 年成立以来，已建立起一个全球网络，拥有 1,300 名员工、17 个全球办事处和 8 个代表处，并在各种应用领域拥有 6,000 多条生产线。Desmet 针对上述各市场分别设立了独立部门；Desmet Oils & Fats 部门已向 150 个国家约 1,900 家油厂供应大小型工厂，涵盖 6,300 多个工艺环节。

2012 年 5 月 14 日，我们与比利时公司 Desmet Ballestra Group s.a.（Desmet）签署了一份全球研发、营销和技术许可协议。该公司正积极向大豆及其他植物油精炼商推广NANO Neutralization® System，其核心组件是我们的Nano Reactor®。该协议向 Desmet（被许可方）授予有限的独家许可及权利，使其能够在全球范围内开发、设计和供应用于植物油、油脂及油脂化学品应用的NANO Neutralization® System，该系统集成了Nano Reactor®设备。协议于 2015 年 5 月到期。

2016 年 1 月 22 日，Desmet 与本公司签署了一份新的三年期许可协议，其条款基本与 2012 年 5 月的协议相同，生效日期为 2015 年 8 月 1 日。作为协议的一部分，在满足某些条件的情况下，Desmet 提供每月最高 50,000 美元的有限预付款，用于抵扣未来销售产生的毛利分成。协议于 2018 年 8 月到期。

2018 年 10 月 1 日，Desmet 与本公司签署了一份新的三年期许可协议，其条款基本与 2016 年 1 月的协议相同。作为协议的一部分，在满足某些条件的情况下，Desmet 向我们提供每月最高 50,000 美元的有限预付款，直至 2021 年 10 月 1 日，用于抵扣未来销售产生的毛利分成。协议于 2021 年 10 月到期。

2021 年 10 月 1 日，Desmet 与本公司签署了一份新的三年期许可协议，其条款基本与 2018 年 10 月的协议相同。作为协议的一部分，Desmet 每月向本公司预付 40,000 美元，直至 2024 年 11 月 1 日，该款项从反应器销售收入中抵扣；但本公司不再享有未来销售的毛利分成。该协议于 2024 年 2 月终止并由新协议取代。

2024年2月15日，Desmet与本公司终止了2021年10月的协议，并签署了一份新的、但内容相似的三年期协议（“2024年2月协议”）。根据2024年2月协议，Desmet将每月向本公司预付25,000美元，直至2027年2月，但须遵守相关限制；这些款项将用于抵扣未来反应器销售的货款。此外，Desmet还放弃了对根据2021年10月协议已支付的未偿预付款要求偿还的权利，金额合计最高为498,000美元。

2024年10月，我们与Desmet签订了《专利转让及回授许可协议》，将与植物油精炼相关的某些专利、知识产权和商标转让给Desmet。作为专利转让的对价，Desmet向本公司支付了880,000美元现金。该交易为本公司的持续运营和业务发展提供了资金。该协议实际上取代了与Desmet签订的2024年2月协议，其中包括终止每月25,000美元的预付款。

2024年10月协议的要点包括：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	·	保留许可：我们保留了在水和废水处理、回收、再利用和净化（包括油田废水）领域，以及酒精饮料的制造、蒸馏、酿造、改良、销售和营销领域（“许可领域”）实践和使用已转让专利的全球性、独占性、可转让、免版税许可。

	·	回授许可：我们获得了在与保留许可范围一致的范围内，实践和使用已转让专利及相关技术信息的全球性、独占性、可转让、免版税许可。

	·	商标使用：我们保留了在许可领域相关业务、系统和产品中使用“Nano Reactor®”商标的独占权利。

根据保留许可和回授许可，本公司均拥有在全球范围内设计、制造、使用、出口、改进、销售和营销 Nano Reactor® 设备，以及包含或使用 Nano Reactor® 设备的 Nano Reactor® 系统和产品的独占性、可转让、免版税许可和权利，但限于许可领域内的一种或多种用途和应用。

由于该协议，本公司预计Desmet将开始自行制造Nano Reactor，且未来期间本公司向Desmet销售Nano Reactor的数量将大幅减少。我们将继续拥有并运营大量与植物油精炼无关的专利和知识产权组合。以下是管理层今后创收并维持本公司运营的计划及其当前状况：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	1.	二叠纪盆地的水处理与修复
	2.	农业水体修复与消毒
	3.	与Alchemy Beverages, Inc.的商业合资
	4.	新技术：水力等离子体
	5.	非热等离子体（Xyra Corp.）

1. 二叠纪盆地的水处理与修复

Enviro WaterTek, LLC

2019 年 4 月，本公司与 Delaware Water Company, LLC（Delaware）成立了一家名为 Enviro WaterTek LLC（“Enviro”、“EW”）的有限责任公司。Enviro 由本公司和 Delaware 各持股 50%，本公司采用权益法核算其对 Enviro 的投资。2019 至 2024 年，Enviro 的业务规模微不足道。本协议标志着我们首次商业化进入采出水和压裂水工业处理领域。过去十年，压裂行业显著增长，每日用水量已超过 5800 万桶。我们新设计的低压纳米反应器（LPN™）专为与采出水处理系统集成而开发，并结合我们的专有化学配方；相较行业标准流程和设备，该技术已展现出可衡量、可量化的优势。我们与 EW 的协议规定了 LPN™ 销售，以及根据采出水和压裂水处理量及设备使用情况产生的经常性收入。我们与 EW 的协议期限为 15 年。

2020 年 3 月，全球 COVID-19 疫情对全球石油和天然气行业造成负面影响，因此也妨碍了我们快速扩大 LPN™ 销售及经常性收入流的能力。目前我们的业务仅限于系统试验，尚未产生有意义的收入。该系统每天可处理约 17,000 桶采出水（BPD）。

2023 年 6 月，本公司认定对 EW 的投资已减值，因此确认了约 110 万美元的减值费用。2026 和 2025 财年均未发生反应器销售及使用费相关交易。

目前，我们已在德克萨斯州一家大型水处理公司安装系统，运行已超过六个月，但仍需进一步测试。我们继续寻求更多客户，主要面向二叠纪盆地。

我们的行业差异化优势：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	·	水处理无需使用化学品，可大幅降低运营成本。
	·	可在 24 小时内集成到现有流程中，且不会中断正在进行的运营。
	·	系统紧凑，能耗极低。
	·	处理后的水可再利用或安全处置。

2. 农业用水处理与消毒

2024 年，我们在加拿大的 Hacienda Farms（B&F Greenhouse Services, Inc.）安装了首套系统。目前该系统正在试验中，旨在提高水中氧气含量、消除藻类并控制细菌生长，全程无需使用刺激性化学品。这项创新技术旨在改善水质，促进作物健康生长。

Hacienda Farms 大量依赖伊利湖的水，这带来了重大的水处理挑战，原因包括藻类和细菌污染等问题。此外，Hacienda Farms 一直面临水中钠含量过高的问题，这会影响植物对钙的吸收；真菌问题也会损害根系健康，最终导致作物产量下降。这些水质挑战要求采用先进的处理解决方案，以确保其温室运营的可持续性和生产力。我们的技术通过控制微生物、加快营养生长和根系生长，以及增加植物总体生物量来解决这些问题。这不仅能提高作物产量，还能支持可持续农业实践。

加拿大水处理市场总规模约为 25.1 亿美元，随着农业和工业应用对可持续解决方案的需求不断增长，市场也在持续扩张。

3. 与 Alchemy Beverages, Inc. 的商业合作

在 2014 财年，我们的一位股东兼前任高管 Roman Gordon 成立了一家公司 Cameo USA LLC（Cameo）。自成立以来，Cameo 没有收入、没有运营，也没有资产或负债。2018 年 6 月 4 日，Gordon 先生将其持有的 Cameo 100% 股权出资转让给 Cavitation Technologies, Inc.。由于 Gordon 先生没有合理且有客观依据支持其对 Cameo 投资的估值，因此此次出资未赋予 Cameo 任何价值。

On June 29, 2018, we\nsold Cameo to Alchemy Beverages Inc. (“ABI”). In addition, we have agreed to provide certain licensing rights related to our\nminiature low pressure nano-reactor (MLPN) to be used in developing and manufacturing of small home appliances to enhance alcoholic beverages.\nIn consideration for this, ABI has agreed to issue 19.9% of ABI’s outstanding common shares to us (limited to 20 million shares\nof ABI). ABI is a private company and in the business of producing and selling alcoholic beverages, equipment, and home appliances. Prior\nto this agreement, ABI was independent of CTI and had no relation to us nor to our management.

Pursuant to the licensing\nagreements, ABI will have the exclusive global marketing and distribution rights of Cameo and our patented and patent pending technologies\nfor the processing of alcoholic beverages. We have agreed to assist in the installation and maintenance of the MLPN to ABI and will receive\nroyalty payments ranging from 1% to 3% on all net revenues, as defined in our license agreement for the life of the applicable patents.\nIn addition, we will receive leasing, consulting, and manufacturing fees as defined in the licensing agreement.

Over the past several years, we have worked closely\nwith ABI to develop the smart home kitchen appliance Barmuze and alcoholic beverages. Significant work has been done on Barmuze branding,\nincluding launching a new website and creating animations throughout the year to showcase how the appliance works. ABI is actively pursuing\nthe commercial production of Barmuze, licensing the technology to third parties, and considering the opportunity to develop its own alcohol\nbrands, leveraging our cutting-edge technology to transform any alcohol into a smooth, top-shelf experience.

ABI is in the process\nof completing its financial audit, which is estimated to be completed in fiscal 2027, engaging focus groups for Barmuze acceptance, refining\nmarketing and distribution strategies, and securing additional capital for production. The Company also plans on obtaining additional\nfinancing in fiscal 2027.

As of September 30, 2026 and the date of this\nreport, ABI has not generated any sales under the Cameo brand. The earliest sales and revenue for Barmuze are anticipated in the first\nhalf of 2027. Also, ABI is working on creating its own line of alcoholic beverages and licensing of the technology to other brands. For\nmore information, www.alchemybeveragesinc.com and www.barmuze.com.

During fiscal 2026 and\n2025, there were no sales or royalties generated pertaining to our agreement with Alchemy Beverages, Inc. The investment in ABI has no\nvalue assigned to it, which approximates its fair value.

4. New Technologies: Hydro-Plasma

Along with improving our existing technologies,\nwe have developed Hydro Plasma, an innovative process combining cavitation and cold plasma technology to enhance our water treatment efficiency,\nwhich:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	·	Breaks down both organic and inorganic compounds.
	·	Is highly scalable – from 15 to 40 GPM.
	·	Eliminates microorganisms and diseases.
	·	Has multiple industrial applications.
	·	The technology is patent pending.

This cutting-edge technology creates reactive agents, such as hydroxyl\nradicals and hydrogen peroxide, that break down pollutants, bacteria, and viruses in water more effectively than traditional methods.\nIt’s an environmentally friendly and scalable solution, with applications in water treatment, agriculture, sulfur removal from bunker\nfuel, and more.

The global cold plasma market is projected\nto grow from $1.5 billion in 2021 to $3.1 billion by 2027, fueled by increasing demand for sustainable water solutions. Our technology\nhas the potential to revolutionize water treatment on a global scale. To accelerate this development, we have established partnerships\nwith New Mexico State University, the University of Guadalajara, and the Brackish Groundwater National Desalination Research Facility\n(BGNDRF), NM, to collaborate on water remediation programs.

In order to develop these markets, we may need\nadditional funding and may attempt to raise additional debt and/or equity financing to fund operations and additional working capital.\nHowever, there is no assurance that we will be successful in obtaining such financing or obtain sufficient amounts necessary to meet our\nbusiness needs, or that we will be able to meet our future contractual obligations.

Testing of the technology is currently underway.\nUpon completion of multiple trials, if successful, sales and revenue are anticipated in the first half of fiscal 2027.

5. Xyra Corp: Non-Thermal\nPlasma

In August 2025, we incorporated\na wholly owned subsidiary, Xyra Corp., and licensed our technology to Xyra Corp., our wholly owned subsidiary. Xyra is focused on identifying\nand capitalizing on opportunities in the crypto technologies market. Xyra holds an exclusive license for Cavitation Technologies Inc.’s\npatented Cavitation Non-Thermal Plasma™ (CNTP) systems, developed initially for immersion cooling in crypto mining\nand high-density data centers. This technology solves critical pain points such as fluid degradation, contamination, and system downtime\nin next-generation computing environments. That same technology now underpins Xyra’s infrastructure backbone, giving it a rare\ndual strength: precision fluid management to keep the physical computing layer efficient and secure, and to deliver AI-driven, quantum-secure\nremittances and tokenization rails at a global scale.

Xyra launched the first\nAI-driven, quantum-secure remittance and tokenization network designed for the global economy. The platform addresses the inefficiencies\nof today’s outdated cross-border systems, tapping into multi-trillion-dollar markets while introducing the first credit card issuance\nlinked directly to remittance flows.

Quantum-Secure Technology

At the core of Xyra’s\nvision is a unified ecosystem built on interconnected pillars:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

§	AI Intelligence Layer
	Serves as the “brain,” monitoring remittance flows, detecting anomalies, automating Know Your Customer (“KYC”) and Anti- Money Laundering (“AML”) and transforming raw transactions into insights.

§	Quantum Security Layer
	Uses post-quantum cryptography (PQC) and decentralized infrastructure to protect every transaction, ensuring resilience against future quantum attacks.

	Stablecoin Network & Licensed Compliance
	Xyra is building its own regulated infrastructure, obtaining and operating under Money Transmitter Licenses (MTLs) across multiple jurisdictions. At the core of this framework is the issuance of fully asset-backed, quantum-secure stablecoins, creating instant, compliant fiat-to-stablecoin rails for remittances, cross-border B2B, and tokenized settlements.

§	Rewards & Loyalty Engine
	Every remittance becomes an engagement point, with AI delivering real-time rewards, loyalty features, and personalized incentives to boost retention. AI also optimizes margins and creates new revenue streams, turning loyalty into a direct driver of income for the ecosystem.

§	Asset Tokenization Layer
	Converts verified remittance and financial data into programmable, globally tradable tokens, turning information flows into yield-bearing digital assets.

Inflation

Global inflation remains\na factor in fiscal 2027 and 2026, with interest rates in the US remaining at higher levels and increasing. The current uncertainty in\nthe global markets around the implementation of trade tariffs by the US government has resulted in market fluctuations. In addition, the\nimpact of tariffs on all imported goods into the U.S. is expected to have a significant inflationary impact on all imports. The Iranian,\nRussia and Ukraine and other geopolitical conflicts, as well as related international response, have exacerbated inflationary pressures,\nincluding causing increases in the price for goods and services and global supply chain disruptions, which have resulted and may continue\nto result in shortages in food products, materials and services. Such shortages have resulted and may continue to result in inflationary\ncost increases for labor, fuel, food products, materials and services, and could continue to cause costs to increase as well as result\nin the scarcity of certain materials. We cannot predict any future trends in the rate of inflation or other negative economic factors\nor associated increases in our operating costs and how that may impact our business. To the extent we and our customers we service are\nunable to recover higher operating costs resulting from inflation or otherwise mitigate the impact of such costs on our and their business,\nour revenues and gross profit could decrease, and our financial condition and results of operations could be adversely affected.

Results of Operations for the Three Months\nEnded September 30, 2026 Compared to the Three Months Ended September 30, 2025

The following is a comparison of our results\nof operations for the three months ended September 30, 2026 and 2025.

	For the Three Months Ended
	September 30,
	2026			2025			$ Change		% Change

Revenue	$	–			$	3,000		$	(3,000	)	(100.0)%

General and administrative expenses		165,000				245,000			(80,000	)	(32.7)%
Research and development expenses		–				7,000			(7,000	)	(100.0)%
Total operating expenses		165,000				252,000			(87,000	)	(34.5)%
Loss from operations		(165,000	)			(249,000	)		84,000		(33.7)%
Interest and other expense, net		(40,000	)			(9,000	)		(31,000	)	344.4%
Change in fair value of derivative liability		(3,000	)			–			(3,000	)	100.0%
Net loss	$	(208,000	)		$	(258,000	)	$	50,000		(19.4)%

Revenue

The Company generates\nrevenues from the sale of the Nano Reactor® to customers/distributor. Additionally, the Company generates revenues from\nshort-term rental of these Nano Reactors.

Revenue was $0 and $3,000\nfor the three months ended September 30, 2026 and 2025, respectively, a decrease of $3,000 or 100.0%. Revenue for the prior year represented\nincome received for the rental of a Nano Reactor to one customer.

General and administrative\nexpenses

General and administrative\nexpenses were $165,000 and $245,000 for the three months ended September 30, 2026 and 2025, respectively, a decrease of $80,000 or 32.7%.\nThe decrease is primarily due to the following:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	·	Salary expenses decreased by $57,000 due to the termination of employment by one of our employees,
	·	Travel expenses decreased by $18,000 primarily due to fewer promotional trips undertaken during the current year,
	·	Professional fees decreased by $16,000, primarily due to a decrease in legal related expenses,
	·	Consulting fees decreased by $11,000 primarily due to the decrease in consulting fees incurred in Xyra Corporation during the prior year,
	·	Rent expense decreased by $1,000 due to an increase in sub-lease income which is offset against rental expense.
	·	Stock compensation increased by $22,000 due to a share-based compensation agreement entered into with a consultant during the current year with no similar transaction in the prior period.
	·	The aggregate of all other expenses increased by $1,000; the increase in these expenses is individually insignificant.

Research and development\nexpenses

Research and development expenses were $0 and\n$7,000 for the three months ended September 30, 2026 and 2025, respectively, a decrease of $7,000 or 100.0%. During the prior year, the\nCompany began another R&D project consisting of the design and manufacture of an experimental installation for plasma activation of\nwater by generating a plasma discharge in a water stream. There were no similar expenses during the current period and the research and\ndevelopment expenditure is dependent on progress made on the development.

Interest and other\nexpense, net

Interest and other expense,\nnet was $40,000 and $9,000 for the three months ended September 30, 2026 and 2025, respectively. The increase is primarily related to\ninterest incurred and debt discount amortized on bridge notes, convertible notes and related party notes advanced to the Company during\nthe current and prior year.

Change in fair\nvalue of derivative liability

The change in fair value\nof derivative liability was $3,000 and $0 for the three months ended September 30, 2026 and 2025, respectively. The increase is primarily\nrelated to the valuation of the conversion feature on the convertible notes payable issued during the prior year accounted for as derivative\nliabilities and the subsequent mark-to-market of these derivative liabilities at our reporting period end.

Net loss

Net loss was $208,000\nand $258,000 for the three months ended September 30, 2026 and 2025, respectively, a decrease in loss of $50,000. The decrease in net\nloss is primarily due to the decrease in operating expenses, offset by a decrease in revenue, an increase in interest and other expense,\nnet, and the movement in the fair value of derivative liabilities, as discussed above.

Liquidity and Capital\nResources

The accompanying condensed consolidated financial\nstatements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities\nand commitments in the normal course of business. As reflected in the accompanying condensed consolidated financial statements, during\nthe three months ended September 30, 2026, the Company incurred a loss from operations of $165,000 and used cash in operations of $128,000.\nIn addition, we had a stockholders’ deficit of $739,000 as of September 30, 2026. These factors, among others, raise substantial\ndoubt about the Company’s ability to continue as a going concern. In addition, the Company’s independent registered public\naccounting firm, in its report on the Company’s June 30, 2026, financial statements, raised substantial doubt about the Company’s\nability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments that\nmay result from the inability of the Company to continue as a going concern.

As of September\n30, 2026, the Company has cash in the amount of $94,000. The Company’s ability to continue as a going concern is dependent upon\nits ability to continue to implement its business plan. Currently, management’s plan is to increase revenues by using its Reserved\nGrant Back License to apply the technology to: (i) water and wastewater processing, recovery, recycling and purification (including\noilfield wastewater) and (ii) manufacture, distillation, brewing, enhancements, sale and marketing of alcoholic beverages, together the\nLicensed Fields. The Company will have a worldwide, exclusive, transferable and royalty-free\nlicense and right to design, build, use, export, improve, sell and market Nano Reactor® devices and systems that incorporate or utilize\nNano Reactor® devices, in each case within the Licensed Fields, and to continue to use the Nano Reactor® trademark in connection\nwith its business, systems and products within the Licensed Fields. While the Company believes in the viability of its strategy to increase\nrevenues, there can be no assurances to that effect. The Company believes it does not have enough cash to sustain operations through September\n2027.

The Company\nmay also attempt to raise additional debt and/or equity financing to fund operations and to provide additional working capital. There\nis no assurance that such financing will be available in the future or obtained in sufficient amounts necessary to meet the Company’s\nneeds, that the Company will be able to achieve profitable operations or that the Company will be able to meet its future contractual\nobligations. Should management fail to obtain such financing, the Company may curtail its operations.

Cash Flow

Net cash used in operating activities was $128,000\nand $219,000 for the three months ended September 30, 2026 and 2025, respectively. The decrease in cash used in operating activities is\nprimarily due to a reduction in operating expenses and the movement in working capital during the current period.

Net cash provided by financing activities amounted\nto $205,000 and $0 for the three months ended September 30, 2026 and 2025, respectively. The increase was due to proceeds received from\ncommon stock subscriptions and bridge notes payable during the current period.

Critical Accounting Policies

Revenue Recognition

The Company follows the\nguidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. ASC 606 creates a five-step\nmodel that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts\nor agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction\nprice, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation\nis satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration\nit is entitled to in exchange for the services it transfers to its clients.

Revenue from sale of\nour Nano Reactor® and LPN™ was recognized when products were shipped from our manufacturing facilities\nas this was our sole performance obligation under these contracts and we had no continuing obligation to the customer.

For the license fee revenue,\nrevenue is recognized when the Company satisfies the performance obligation based on the related license agreement.

The Company also recognizes\nrevenues from usage fees of certain reactors. Usage fees are recognized based on actual usage by the customer.

In addition, the Company also recognizes revenues\nfrom short-term rental of Nano Reactors. Rental revenue is recognized over the term of the agreement and when collectability is certain.

Derivative Financial Instruments

The Company evaluates its financial instruments\nto determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments\nthat are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each\nreporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments,\nincluding whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative\ninstrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the\nderivative instrument could be required within 12 months of the balance sheet date.

Certain convertible notes have a variable priced\nconversion feature which qualifies as a derivative liability which is valued using a variable option pricing model using Level 3 inputs.\nThe Company’s derivative liabilities are adjusted to reflect fair value at each reporting date, with any increase or decrease in\nthe fair value being recorded in the statement of operations.

Share-Based Compensation

The Company periodically\nissues stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs.\nThe Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided\nby the Financial Accounting Standards Board whereas the value of the award is measured on the date of grant and recognized over the vesting\nperiod. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative\nguidance of the Financial Accounting Standards Board whereas the value of the stock compensation is based upon the measurement date as\ndetermined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to\nearn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period\non a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants\nare immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

Recently Issued Accounting Standards

See Note 1 of the Condensed Consolidated Financial\nStatements for a discussion of recently issued accounting standards.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not applicable for smaller reporting companies.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

In accordance with Rule 13a-15(a), CTi management\nmust maintain disclosure controls and procedures as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, or the Exchange\nAct, to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under\nthe Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission\nrules and forms, and accumulated and communicated to the Company’s management, including its principal executive officer and principal\nfinancial officer, as appropriate to allow timely decisions regarding required disclosure.

In accordance with Rule 13a-15(b) and (c), management\nmust also evaluate the effectiveness of these disclosure controls and procedures at the end of each fiscal year. As of September 30, 2026,\nthe Company carried out an evaluation, under the supervision and with the participation of its principal executive officer and principal\nfinancial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based upon\nthat evaluation, the Company’s principal executive officer and principal financial officer concluded that these disclosure controls\nand procedures were not effective as of September 30, 2026.

Changes in Internal Control over Financial\nReporting

There were no changes in internal control over\nfinancial reporting during the first quarter of fiscal 2027 that have materially affected or are reasonably likely to materially affect\nthe Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

We know of no material, existing or pending legal\nproceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings\nin which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material\ninterest adverse to our interest.

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

Between August 2026 and September 2026, we sold\n4,666,665 shares of common stock for gross proceeds of $140,000.

During September 2026, we issued 500,000 shares\nof common stock to a consultant for consulting work rendered. The common stock issued was valued at fair market value on the grant date\nat $22,000.

During September\n2026, a warrant holder exercised warrants on a cashless basis for 3,000,000 shares with an exercise price of $0.017 per share resulting\nin the issue of 1,933,055 shares of common stock.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

During the quarter ended September 30, 2026, no\ndirector or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule\n10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits, Financial Statement Schedules.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n

Incorporated by Reference

Exhibit

Filed

Number

Exhibit Description

Herewith

Form

Pd. Ending

Exhibit

Filing Date

3(i)(a)

Articles of Incorporation - original name of Bioenergy, Inc.

SB-2

N/A

3.1

October 19, 2006

3(i)(b)

Articles of Incorporation - Amended and Restated

10-Q

December 31, 2008

3.1

February 17, 2009

3(i)(c)

Articles of Incorporation - Amended and Restated

10-Q

June 30, 2009

3.1

May 14, 2009

3(i)(d)

Articles of Incorporation - Amended; increase in authorized shares

8-K

N/A

October 29, 2009

3(i)(e)

Articles of Incorporation - Certificate of Amendment; forward split

10-Q

December 31, 2009

3.1

November 16, 2009

10.1

Patent Assignment Agreement between the Company and Roman Gordon dated July 1, 2008

8-K

June 30, 2009

10.1

May 18, 2010

10.2

Patent Assignment Agreement between the Company and Igor Gorodnitsky dated July 1, 2008

8-K

June 30, 2009

10.2

May 18, 2010

10.3

Assignment of Patent Assignment Agreement between the Company and Roman Gordon

8-K

June 30, 2009

10.3

May 18, 2010

10.4

Assignment of Patent Assignment Agreement between the Company and Igor Gorodnitsky

8-K

June 30, 2009

10.4

May 18, 2010

10.5

Employment Agreement between the Company and Roman Gordon dated March 17, 2008

10-K/A

June 30, 2009

10.3

October 20, 2011

10.6

Employment Agreement between the Company and Igor Gorodnitsky dated March 17, 2008

10-K/A

June 30, 2009

10.4

October 20, 2011

10.7

Employment and Confidentiality and Invention Assignment Agreement between the Company and Varvara Grichko dated April 30, 2008

10-Q

December 31, 2010

10.3

February 11, 2011

10.8

Board of Director Agreement - James Fuller

10-Q

December 31, 2011

10.12

October 20, 2011

10.9

Technology and License Agreement with Desmet Ballestra dated 14 May 2012

10-K

June 30, 2012

10.1

October 15, 2012

10.10

Short Term Loan Agreement - CEO

10-K

June 30, 2012

10.11

October 15, 2012

\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

10.11

Loan Agreement - Desmet Ballestra - Oct. 26, 2010

14.1

Code of Business Conduct and Ethics*

10-K

June 30, 2011

14.1

September 28, 2011

31.1

Certificate of Principal Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002

31.2

Certificate of Principal Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002

32.1

Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (formatted in Inline XBRL, and included in Exhibit 101)

* In accordance with\nRegulation S-K 406 of the Securities Act of 1934, we undertake to provide to any person without charge, upon request, a copy of our “Code\nof Business Conduct and Ethics.” A copy may be requested by sending an email to info@cavitationtechnologies.com.

SIGNATURES

PURSUANT TO THE REQUIREMENTS\nOF THE SECURITIES EXCHANGE ACT OF 1934, THIS REPORT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS ON BEHALF OF THE REGISTRANT AND IN\nTHE CAPACITIES AND ON THE DATES INDICATED

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

SIGNATURE	TITLE	DATE


/s/ N. Voloshin	President; Member of Board of Directors	October 27, 2026
N. Voloshin	(Principal Executive Officer)

/s/ N. Voloshin	Chief Financial Officer	October 27, 2026
N. Voloshin	(Principal Financial Officer)

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