SEDAR Interim Financial Statements

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited interim condensed consolidated financial statements of the company have been prepared by and are the responsibility of the company’s management. No auditor has performed a review of these financial statements. “Ankit Bhandari” Chief Financial Officer Dated as of the 28th day of November 2025. Asian Television Network International Limited Three months ended September 30 Nine months ended September 30, Note 2025 2024 2025 2024 Operating revenue 5 $ 1,285,304 $ 1,617,028 $ 4,320,392 $ 5,252,389 Operating expenses Administrative expenses 346,908 360,690 649,984 1,139,450 Marketing and distribution costs 6 1,120,102 992,254 3,207,255 3,260,495 Employee costs 71,797 216,246 1,037,711 1,176,167 Depreciation and amortization 7 159,962 158,256 479,886 500,716 Finance costs 15,910 20,496 51,223 71,187 Loss (gain) on foreign exchange 4,761 352 10,927 1,420 Total operating expenses 1,719,440 1,748,294 5,436,986 6,149,435 Income (Loss) before tax (434,136) (131,266) (1,116,594) (897,046) Income tax expense (recovery) 8 - - - - Net Loss & Comprehensive Loss for the period $ (434,136) $ (131,266) $ (1,116,594) $ (897,046) Loss per share Basic 10 $ (0.02) $ (0.01) $ (0.05) $ (0.04) Diluted 10 $ (0.02) $ (0.01) $ (0.05) $ (0.04) See accompanying notes. Unaudited Interim Condensed Consolidated Income Statements For the three months and nine months ended September 30, 2025 and September 30, 2024 1 Asian Television Network International Limited Note 2025 2024 Current assets Cash and cash equivalents $ 3,138 $ 159,609 Short-term investments 15 524,200 524,200 Trade and other receivables 18 (a) (iii), 3 1,216,293 1,187,206 Total current assets 1,743,631 1,871,015 Non-current assets Plant and equipment 11 1,064,345 1,529,855 Intangible assets 12 263,125 265,000 Total non-current assets 1,327,470 1,794,855 TOTAL ASSETS $ 3,071,101 $ 3,665,870 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Current liabilities Accounts payable and accrued liabilities 14 $ 5,342,132 $ 4,033,075 Bank indebtedness 13, 15 240,000 230,000 Deferred revenue 10,233 364,000 Long-term debt - current portion 8,983 8,493 Lease liabilities - current portion $599,404 585,274 Total current liabilities 6,200,752 5,220,842 Non-current liabilities Long-term debt 18,315 25,115 Lease liabilities $410,400 861,685 TOTAL LIABILITIES 6,629,467 6,107,642 SHAREHOLDERS' EQUITY (3,558,366) (2,441,772) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,071,101 $ 3,665,870 Commitments (Note 16) See accompanying notes. (0) On behalf of the Board: Signed Signed Dr. Shan Chandrasekar Prakash Naidoo Director Director As at September 30, 2025 and December 31, 2024 Unaudited Interim Condensed Consolidated Statements of Financial Position 2 Asian Television Network International Limited Note Balances, January 1, 2025 24,402,914 $ 6,025,852 $ (8,467,624) $ (2,441,772) Net loss for the period - - (1,116,594) (1,116,594) Dividends paid or payable - - - - Balances, September 30, 2025 9 24,402,914 $ 6,025,852 $ (9,584,218) $ (3,558,366) Balances, January 1, 2024 24,402,914 $ 6,025,852 $ (5,999,120) $ 26,732 Net loss for the period - - (897,046) (897,046) Dividends paid or payable - --- - - - Balances, September 30, 2024 9 24,402,914 $ 6,025,852 $ (6,896,166) $ (870,314) See accompanying notes. Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity For the three months and nine months ended September 30, 2025 and September 30, 2024 Total shareholders' equity Retained earnings Number of common shares Common shares amounts 3 Asian Television Network International Limited Three months ended September 30, Nine months ended September 30, Note 2025 2024 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss for the period $ (434,136) $ (131,267) $ (1,116,594) $ (897,046) Adjustments for: Finance costs 15,910 20,496 51,223 71,187 Depreciation and amortization 7 192,499 249,855 571,935 771,932 Changes in working capital: (Increase) decrease in trade and other receivables (146,512) 441,819 (29,087) 482,123 Increase (decrease) in accounts payable and accrued liabilities 808,128 605,527 1,309,056 563,413 Increase (decrease) in deferred revenue 10,233 (353,767) Interest paid (15,909) (20,496) (51,224) (71,187) Recovery of income taxes - - - - NET CASH FLOWS FROM OPERATIONS 430,213 1,165,934 381,542 920,422 CASH FLOWS FROM INVESTING ACTIVITIES: Payments to acquire plant and equipment - (31,508) (14,375) (203,663) Payments to acquire intangible assets (14,154) (270,299) (90,175) (270,299) (Payments to acquire) Proceeds from disposition of investments - 585,800 - 1,085,800 NET CASH FLOWS (USED IN) FROM INVESTING (14,154) 283,993 (104,550) 611,838 CASH FLOWS FROM FINANCING ACTIVITIES: Advances from capital leases 4,970 - 14,621 - Repayment of long-term debt (2,309) - (6,800) - Repayment of finance lease obligation (151,643) (623,054) (451,285) (778,944) Advances from bank indebtedness (263,939) (150,000) 10,000 20,000 Repayment of long-term debt - (16,676) - - Proceeds from long-term debt - - - - Repayment of notes payable - (625,000) - (658,351) NET CASH FLOWS (USED IN) FROM FINANCING (412,921) (1,414,730) (433,464) (1,417,295) Net decrease in cash and cash equivalents 3,138 35,197 (156,471) 114,965 Cash and cash equivalents at beginning of period - 207,302 159,609 127,534 Cash and cash equivalents at end of period $ 3,138 $ 242,499 $ 3,138 $ 242,499 See accompanying notes. Unaudited Interim Condensed Consolidated Statements of Cash flows For the three months and nine months ended September 30, 2025 and September 30, 2024 4 Asian Television Network International Limited 1 Nature of Business 2 Summary of Significant Accounting Policies a. Basis of Presentation b. Basis of Consolidation 2025 2024 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 3 Taxes & Other Receivable 4 Segment Information During the year ended September 30, 2025, the Company incurred a net loss of $1,116,594 (2024 – net loss of $897,046), and a working capital deficiency of $4,457,121 (2024 – $3,349,827). As of September 30, 2025, the Company had an accumulated deficit of $9,584,218 (September 30, 2024 – $6,896,166). Included in the trade and other accounts receivable line on the statement of financial position are film tax credit receivable $461,901 (2024 - $82,944) and interest receivable of $11,213 (2024 - $23,936). Management has determined the Company has one operating segment. These consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to realize its assets and satisfy its liabilities in the normal course of business fo --- r the foreseeable future. Management is aware, in making its going concern assessment, of material uncertainties related to events and conditions that may cast significant doubt upon the Company’s ability to continue as a going concern. The continued operations of the Company are dependent on future profitable operations, management’s ability to manage costs, and the future availability of equity or debt financing. Whether and when the Company can generate sufficient operating cash flows to pay for its expenditures and settle its obligations as they fall due is uncertain. The Company has, over the last several years, been successful in claiming significant film tax credits, which represent a material portion of its net income each year; however, there is material uncertainty regarding the amount and timing of future such tax credits. In addition, the Company continues to engage in discussions with its vendors to negotiate payment terms on its outstanding payables, thereby allowing it to manage its working capital deficit. However, material uncertainties exist both in the settlement of new terms and in the timing of such settlement. These consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities, and the reported expenses and statement of consolidated financial position classifications that would be necessary were the going concern assumption inappropriate. These adjustments could be material. South Asian Television Canada Limited The consolidated financial statements have been prepared on a historical cost basis. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The consolidated statements of income present expenses based upon their nature. The presentation currency and the functional currency of the Company is the Canadian dollar. The consolidated financial statements include the accounts of Asian Television Network International Limited and its wholly-owned subsidiaries. All inter-companytransactions and balances are eliminated on consolidation. Significant subsidiaries are as follows: Percentage Owned Subsidiaries: Asian Television Network Inc. Commonwealth Broadcasting Ltd. JCTV Productions Ltd. South Asian Television Network Limited These unaudited interim condensed consolidated financial statements include the accounts of Asian Television Network International Limited and its subsidiaries. The notes presented in these unaudited interim condensed consolidated financial statements include in general only significant changes and transactions occurring since the Company's last year end, and are not fully inclusive of all disclosures required by IFRS for annual financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements, including the notes thereto, for the year ended December 31, 2024. Asian Television Network International Limited ("ATN" or the "Company") is incorporated under the laws of the province of Ontario and its shares are traded on the TSX Venture Exchange under the symbol SAT.V. The Company's executive offices are located at 330 Cochrane Drive, Markham, Ontario, Canada L3R 8E4. Its activities comprise providing specialty, pay television broadcasting and advertising primarily aimed at the South Asian community in Canada. ATN is the ultimate parent of the group --- of companies listed in Note 2 below. Notes to Unaudited Interim Condensed Consolidated Financial Statements For the three months and nine months ended September 30, 2025 and September 30, 2024 5 Asian Television Network International Limited 5 Operating Revenue Three months ended September 30 Nine months ended September 30, 2025 2024 2025 2024 Subscription $ 1,123,731 $ 1,231,129 $ 3,442,538 $ 3,825,468 Advertising 151,480 239,117 488,532 1,116,125 Programming 6,120 92,227 377,003 202,419 Finance income 3,973 54,555 12,319 108,377 Total $ 1,285,304 $ 1,617,028 $ 4,320,392 $ 5,252,389 6 Marketing and Distribution Costs Three months ended September 30 Nine months ended September 30, 2025 2024 2025 2024 Programming and broadcast costs $ 1,073,068 $ 954,425 $ 3,054,799 $ 3,071,330 Satellite and fibre costs 31,123 31,103 93,665 150,113 Advertising 15,491 420 57,531 1,486 Marketing and other distribution costs 420 6,306 1,260 37,566 Total $ 1,120,102 $ 992,254 $ 3,207,255 $ 3,260,495 7 Depreciation and amortization Depreciation and amortization for the period is recognized in the consolidated income statement as follows: Three months ended September 30 Nine months ended September 30, 2025 2024 2025 2024 Furniture and fixtures $ 870 $ 923 $ 2,609 $ 3,171 IT equipment - 1,406 558 7,710 Production equipment 821 1,320 2,465 5,724 Broadcast equipment 20,606 20,554 61,258 74,871 Leasehold improvements 9,577 7,780 28,732 26,214 Right of use - building 126,179 126,274 378,538 378,822 Other FA clearing - - - 4,204 Vehicles 1,909 - 5,726 - Depreciation 159,962 158,257 479,886 500,716 32,537 91,599 92,050 271,216 Impairments - - - - Total depreciation and amortization $ 192,499 $ 249,856 $ 571,936 $ 771,932 8 Income Taxes Three months ended September 30 Nine months ended September 30, 2025 2024 2025 2024 Current $ - $ - $ - $ - Deferred - - - - Income tax expense $ - $ - $ - $ - For the three months and nine months ended September 30, 2025 and September 30, 2024 Amortization - broadcast licenses included in marketing and distribution costs Notes to Unaudited Interim Condensed Consolidated Financial Statements 6 Asian Television Network International Limited 9 Authorized & Share Capital Issued capital Common shares Number Dollar amount Balance, December 31, 2024 24,402,914 6,025,852 Issued, repurchased or cancelled shares - - Balance, September 30, 2025 24,402,914 $ 6,025,852 10 Loss per Share The following table sets forth the computation of basic and diluted income (loss) per share for the comparable periods: Three months ended September 30 Nine months ended September 30, 2025 2024 2025 2024 Net income (loss) attributable to common shareholders $ (434,136) $ (131,266) $ (1,116,594) $ (897,046) 24,402,914 24,402,914 24,402,914 24,402,914 Effect of potentially dilutive instruments - - - - 24,402,914 24,402,914 24,402,914 24,402,914 Basic and dilutive income (loss) per share $ (0.02) $ (0.01) $ (0.05) $ (0.04) For the three months and nine months ended September 30, 2025 and September 30, 2024 The Company's authorized and issued capital are as follows: - An unlimited number of Class "A" preference shares, with no par value, with a $0.12 cumulative dividend, payable on the third anniversary date from issuance. They are non-voting, redeemable and retractable at the amount paid thereon after the third anniversary date from issuance and convertible at the option of the holder at the rate of $225,000 of preference shares in exchange for 1% issued and outstandi --- ng common shares. None of this class of shares are outstanding. - An unlimited number of Class "B" preference shares, with no par value, which have non-cumulative dividends, are non-voting, and are redeemable and retractable at the amount paid thereon. None of this class of shares are outstanding. - An unlimited number of common shares with no par value. The following details the issued and outstanding common shares for the periods ended September 30, 2025 and December 31 2024: Denominator for dilutive income (loss) per share - adjusted weighted average shares Denominator for basic income (loss) per share - weighted average number of shares outstanding Notes to Unaudited Interim Condensed Consolidated Financial Statements Numerator for basic and diluted income (loss) per share available to common shareholders 7 Asian Television Network International Limited 11 Plant and equipment September 30, 2025 December 31, 2024 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Furniture and fixtures $ 327,661 $ 312,877 $ 14,784 $ 327,661 $ 310,268 $ 17,393 IT equipment 474,321 474,321 0 474,321 473,762 559 Production equipment 544,725 540,599 4,126 544,725 538,134 6,591 Broadcast equipment 5,379,533 5,277,568 101,965 5,379,533 5,216,310 163,223 Leasehold improvements 480,955 400,243 80,712 466,580 371,511 95,069 Right of use - building 2,861,750 2,019,986 841,764 2,861,750 1,641,449 1,220,301 Vehicles 85,846 64,852 20,994 85,845 59,126 26,719 ROU - Other 109,680 109,680 - 109,680 109,680 - $ 10,264,471 $ 9,200,126 $ 1,064,345 $ 10,250,095 $ 8,720,240 $ 1,529,855 Changes in the net carrying amounts of plant and equipment during 2025 are summarized as follows: January 1, 2025 September 30, 2025 Net book value Additions Disposals Depreciation Disposals / Other Net book value Furniture and fixtures $ 17,393 $ - $ - $ (2,609) $ - $ 14,784 IT equipment 559 - - (559) - - Production equipment 6,591 - - (2,465) - 4,126 Broadcast equipment 163,223 - - (61,258) - 101,965 Leasehold improvements 95,069 14,375 - (28,732) - 80,712 Right of use - building 1,220,301 - - (378,538) - 841,764 Vehicles 26,719 - - (5,726) - 20,994 $ 1,529,855 $ 14,375 $ - $ (479,887) $ - $ 1,064,345 Changes in the net carrying amounts of plant and equipment during 2024 are summarized as follows: January 1, 2024 December 31, 2024 Net book value Additions Disposals Depreciation Disposals / Other Net book value Furniture and fixtures $ 21,741 $ - $ - $ (4,348) $ - $ 17,393 IT equipment 7,891 - - (7,332) - 559 Production equipment 11,570 - - (4,979) - 6,591 Broadcast equipment 250,012 - - (86,789) - 163,223 Leasehold improvements 126,191 0 - (31,122) - 95,069 Right of use - building 1,725,397 - - (505,096) - 1,220,301 Vehicles 34,353 - - (7,634) - 26,719 $ 2,177,155 $ - $ - $ (647,300) $ - $ 1,529,855 For the three months and nine months ended September 30, 2025 and September 30, 2024 Notes to Unaudited Interim Condensed Consolidated Financial Statements The total cash outflow, including interest and principal, for the building lease and other leases presented as right of use for the year ended September 30, 2025 was $467,000 (2024 – $641,437). The right of use - building lease represents the Company's head office as described in Note 1 above. The right of use - other assets primarily consist of broadcast equipment and vehicles that are being leased along with other software costs. The total amount of interest expense on right of use lease liabilities --- during the year was $29,794 (2024 - $55,628). 8 Asian Television Network International Limited 12 Intangible assets September 30, 2025 December 31, 2024 Cost Accumulated amortization Net book value Cost Accumulated depreciation Net book value Film Rights 265,000 1,875 263,125 265,000 - 265,000 Broadcast licenses $ 5,240,324 $ 5,240,324 $ - $ 5,150,149 $ 5,150,149 $ - $ 5,505,324 - 5,242,199 - 263,125 $ 5,415,149 5,150,149 $ 265,000 Changes in the net carrying amounts of intangible assets are summarized as follows: January 1, 2025 September 30, 2025 Net book value Additions Disposals Amortization Disposals / Other Net book value Film Rights 265,000 - - (1,875) - 263,125 Broadcast licenses $ - $ 90,175 $ - $ (90,175) $ - $ - $ - $ 90,175 $ - $ (92,050) $ - $ 263,125 Changes in the net carrying amounts of intangible assets are summarized as follows: January 1, 2024 December 31, 2024 Net book value Additions Disposals Amortization Disposals / Other Net book value Film Rights 175,000 90,000 - - - 265,000 Broadcast license $ 188,191 $ 6,000 $ - $ (194,191) $ - $ - $ 188,191 $ 6,000 $ - $ (194,191) $ - $ 265,000 13 Cash and Cash Equivalents September 30, December 31, 2025 2024 Cash on hand $ 817 $ 500 Bank balances 3,138 68,392 Total $ 3,955 $ 68,892 14 Accounts Payable and Accrued Liabilities September 30, December 31, 2025 2024 Accounts and other payable $ 4,784,678 $ 3,592,815 Accrued wages 109,478 133,140 Accrued liabilities 447,976 307,119 Total $ 5,342,132 $ 4,033,074 15 Bank indebtedness Notes to Unaudited Interim Condensed Consolidated Financial Statements For the three months and nine months ended September 30, 2025 and September 30, 2024 The Company has an authorized line of credit (the "Line") of a maximum of $500,000 at a Canadian financial institution. The interest rate applicable is the financial institution’s prime rate plus 0.5% per annum. As of September 30, 2025, $240,000 of the $500,000 line of credit is utilized (December 31, 2024 – $230,000). The Line is secured by a $500,000 Guaranteed Investment Certificate held with the same financial institution, which bears interest at the prevailing GIC rate at the time of renewal. 9 Asian Television Network International Limited 16 2025 602,478 2026 2,455,350 2027 2,265,192 Thereafter 1,586,997 $ 6,910,017 17 18 a. Risks Arising from Financial Instruments i ii In the normal course of business, the Company has exposure, consisting primarily of interest rate risk, credit risk, foreign exchange risk and liquidity risk, arising from its financial instruments. The Company manages these risk exposures on an ongoing basis. Notes to Unaudited Interim Condensed Consolidated Financial Statements Commitments For the three months and nine months ended September 30, 2025 and September 30, 2024 In the normal course of its operations, the Company has entered into agreements, with terms ranging from one to seven years, for the acquisition of program rights to be aired on its television network along with agreements for signal delivery to distribute the acquired rights to Broadcast Distribution Undertakings. The acquisition of the rights and related obligations is contingent on the actual delivery of programming by the supplying partners and on other contractual terms. The total commitment for programming rights, signal delivery and other commitments that are measurable, as at September 30, 2025, are estimated as follows. See also Note 18 to the 2024 Audited Consolidated Financial Statements: Finan --- cial Instruments During the nine months ended September 30, 2025, the Company incurred consulting fees of $126,000 (2024 - $107,500) to companies providing finance, accounting and CFO services to the Company and $49,400 (2024 - $49,400) to companies providing marketing services. Related Party Transactions Transactions with key management personnel include the directors and senior management of the Company that are primarily responsible for planning, directing and controlling the Company's business activities. Compensation expense for key management is included in employee costs. Compensation expense for key management is included in employee costs at $546,414 (2024 - $579,092). Interest rate risk Borrowing under the Company’s Line of credit is subject to interest rate fluctuations. The Company is not materially exposed to interest rate risk. Furthermore, interest rate fluctuations could have an impact on the Company’s interest income that it earns on its cash deposits. The Company has an investment policy designed to safeguard its capital and generate a reasonable return. The policy sets out the types of permissible investment instruments, their concentration and acceptable credit ratings. Interest rate fluctuations also have an impact on the Company’s consolidated net income and comprehensive income. With all other variables held constant, a 1% interest rate change would have an insignificant impact to the consolidated net income. Foreign currency risk A portion of the Company's revenue and expenses are in foreign currencies. Consequently, some assets and liabilities are exposed to foreign exchange fluctuations. 10 Asian Television Network International Limited 18 a. Risks Arising from Financial Instruments (continued) iii 2025 2024 Current $ 1,088,729 $ 670,507 31-60 days 75,882 229,163 61-90 days (2,882) 97,890 Over 90 days 121,850 361,508 $ 1,283,580 $ 1,359,068 Less: allowance for doubtful accounts (67,287) (171,862) $ 1,216,293 $ 1,187,206 19 Non-adjusting events after the reporting period On November 10, 2025, the Company successfully negotiated an agreement with one of its largest vendors to convert $1.625 million of outstanding accounts payable into a long-term payment arrangement. This agreement was reached after the reporting date, and therefore represents a non-adjusting subsequent event in accordance with IAS 10 — Events After the Reporting Period. Under the terms of the new arrangement, the Company is required to make the following scheduled payments: - $437,700 payable within the next 12 months - $480,000 payable in the subsequent 12 months - $708,000 payable over the following 6 months This post-year-end agreement does not affect the measurement of accounts payable as at the reporting date. However, due to its significance to the Company’s liquidity and future cash flows, the event has been disclosed to provide users of the financial statements with relevant information about conditions arising after the reporting period. Notes to Unaudited Interim Condensed Consolidated Financial Statements For the three months and nine months ended September 30, 2025 and September 30, 2024 The carrying values of cash, trade and other receivable, accounts payable and accrued liabilities approximate their fair values because of the short term nature of these financial instruments. The fair value of the Company’s long-term debt and lease obligation is not significantly different from its carrying amount, due to the market rate of interest --- charged on the balance. b. Fair Values Credit exposureonfinancial instruments arises from the possibility that a counterparty to an instrument forwhich the Company is entitled to receive payment fails to perform.Trade and other receivables arise mainly from monthly wholesale fees charged to BDUs in connection with specialty and pay television subscriptions and from the sales of advertising aired or posted on the Company’s television channels. Customers distributing the Company’s television services are generally large companies with stable financial conditions, thereby mitigating the Company’s credit risks related to accounts receivable from such customers. The Company’s credit exposure emanating from advertising transactions with advertising agencies and direct clients is influenced by the global economic environment. The Company performs ongoing customer credit evaluations. Allowances, which are estimated on the basis of historical loss rates adjusted for current events, are monitored by management on an ongoing basis. Accounts receivable are written off against the allowance for doubtful accounts only when the Company believes that an outstanding amount will not be recovered. The maximum credit risk to which the Company is exposed equals its accounts receivable. Trade and other receivables are aged as follows as of September 30, 2025 Credit risk 11