SEDAR Interim Financial Statements

PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Unaudited - Expressed in Canadian dollars) Notice of Disclosure of Non-auditor Review of the Condensed Interim Consolidated Financial Statements for the Three and Nine Months Ended December 31, 2025 and 2024 Pursuant to National Instrument 51-102 Continuous Disclosure Obligations, part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the interim financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim financial statements of Plaid Technologies Inc. (formerly, Veji Holdings Ltd.) for the interim periods ended December 31, 2025 and 2024, have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, as issued by the International Accounting Standards Board, and are the responsibility of management. The independent auditors, Kreston GTA LLP Chartered Professional Accountants, have not performed a review of these unaudited condensed interim financial statements. March 2, 2026 See accompanying notes to the condensed interim consolidated financial statements 1 PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Condensed Interim Consolidated Statements of Financial Position As at December 31, 2025 and March 31, 2025 (Expressed in Canadian dollars) December 31, 2025 March 31, 2025 Unaudited Audited As at, Notes $ $ Assets Current assets Cash 421,954 400,960 Accounts receivable 4 38,455 23,959 Prepaid expenses and deposits 5 - 5,102 Inventory 6,7 1,142,583 - Total assets 1,602,992 430,021 Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued liabilities 8 169,481 116,091 Loans and borrowings 9 2,105 2,105 Total liabilities 171,586 118,196 Shareholders' Equity Share capital 10 15,160,974 12,347,792 Contributed surplus 11 3,934,387 3,832,110 Accumulated deficit (17,663,955) (15,868,077) Total shareholders' equity 1,431,406 311,825 Total liabilities and shareholders' Equity 1,602,992 430,021 Going Concern (Note 2) Subsequent Event (Note 18) Approved on March 2, 2026, by the Board of Directors Director signed “Ryan Hounjet” Director signed “Amardeep Purewal” See accompanying notes to the condensed interim consolidated financial statements 2 PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) Three months ended December 31, Nine months ended December 31, 2025 2024 2025 2024 Notes $ $ $ $ Expenses Selling and distribution - - - 250 General and administrative expenses 12 110,150 79,769 342,483 198,718 Marketing 291,387 - 291,387 - Research and development 275,331 - 275,331 - Regulatory fees 18,067 - 80,524 - Share-based payments 11 102,484 - 102,484 - Total expenses 797,419 79,769 1,092,209 198,968 Other Items Loss on settlement of debt 10 - - - (44,161) Consideration paid in excess of net assets 6 250,000 - (695,129) - Foreign exchange loss (6,935) - (8,540) - Total other items 243,065 - (703,669) (44,161) Net comprehensive loss for the period (554,354) (79,769) (1,795,878) (243,129) Basic and diluted loss per share for the perio --- d 13 (0.01) (0.00) (0.03) (0.01) Weighted average number of common shares outstanding 67,949,999 32,198,640 59,417,447 29,366,057 On November 10, 2025, the Company completed a four-for-one stock split (“Stock Split”) of its issued and outstanding common shares. All share and per share information, including the number of common shares and basic and diluted loss per share, has been retrospectively adjusted for all periods presented to reflect the Stock Split. See accompanying notes to the condensed interim consolidated financial statements 3 PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Condensed Interim Consolidated Statements of Changes in Equity (Deficiency) For the nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) Number of shares Share Capital Contributed Surplus Deficit Total # $ $ $ $ Balance, March 31, 2024 16,169,768 11,521,066 3,765,828 (15,510,715) (223,821) Private placement, net of share issuance cost 16,000,000 133,333 66,667 - 200,000 Shares issued to settle liabilities 7,499,992 150,000 - - 150,000 Shares issued to settle loan 5,328,880 79,933 - - 79,933 Net loss and comprehensive loss for the period - - - (243,129) (243,129) Balance, December 31, 2024 44,998,640 11,884,332 3,832,495 (15,753,844) (37,017) Balance, March 31, 2025 49,396,692 12,347,792 3,832,110 (15,868,077) 311,825 Private placement, net of share issuance cost 3,123,200 960,000 - - 960,000 Shares for asset acquisition 16,800,000 2,100,000 - - 2,100,000 Shares return and cancellation (2,000,000) (250,000) - - (250,000) Warrant exercises 238,000 3,182 (207) - 2,975 Share-based payments - - 102,484 - 102,484 Net loss and comprehensive loss for the period - - - (1,795,878) (1,795,878) Balance, December 31, 2025 67,557,892 15,160,974 3,934,387 (17,663,955) 1,431,406 On November 10, 2025, the Company completed a four-for-one stock split of its issued and outstanding common shares. All share and per share information, including the number of common shares and basic and diluted loss per share, has been retrospectively adjusted for all periods presented to reflect the Stock Split. See accompanying notes to the condensed interim consolidated financial statements 4 PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Condensed Interim Consolidated Statements of Cash Flows For the nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) For the nine months ended December 31, 2025 2024 $ $ Cash flows used in for operating activities Net loss and comprehensive loss for the period (1,795,878) (243,129) Adjustments for items not involving cash: Share-based payments 102,484 - Research and development 12,288 - Loss on debt settlement - 44,161 Consideration paid in excess of net assets 695,129 - Changes in non-cash working capital items: Amounts receivable (14,496) (4,688) Prepaids expenses and deposits 5,102 (255) Accounts payable and accrued liabilities 53,390 133,110 Net cash used in operating activities (941,981) (70,801) Financing activities Proceeds from exercise of warrants 2,975 - Proceed from issuance of common shares 960,000 200,000 Proceeds of loans and borrowings - 8,152 Net cash received from financing activities 962,975 208,152 Change in cash 20,994 137,351 Cash, beginning of the period 400,960 61,318 Cash, ending 421,954 198,669 SUPPLEMENTAL DISCLOSURE Issuance of shares to settle liabilities - 150,000 Issuance of shares to settle loans - 79,933 Taxes paid - - Interest paid - - P --- LAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 5 1. REPORTING COMPANY Plaid Technologies Inc. (formerly Veji Holdings Ltd.) (“Plaid” or the “Company”) was incorporated on July 30, 2019 under the Business Corporations Act of British Columbia and changed its name from Veji Holdings Ltd. to Plaid Technologies Inc. on August 1, 2025. The Company's registered office is located at 905 West Pender Street, 6th Floor, Vancouver, British Columbia, V6C 1L6. The Company’s common share trade on the Canadian Securities Exchange (CSE: STIF), OTC Markets (OTC: STIFF) and Frankfurt Stock Exchange (FSE: 5QX0). The Company is focused on the development and commercialization of graphene-enhanced technology. The Company is also pursuing a range of applications for its graphene-infused concrete mixture, with an initial focus on wellbore cement and subsurface applications. On March 18, 2025, the Company entered into an agreement with Future Investments Holding (“FIHO”), an arm’s length party, to acquire 8,750 grams of graphene and a patent application by issuing 16,800,000 common shares at a deemed share price of $0.125 per share. The transaction closed on July 30, 2025. On November 25, 2025, the Company received the written search report and patentability opinion from the Italian patent and Trademark Office relating to the patent application, which identified issues that viability of the application. Accordingly, a FIHO shareholder returned 2,000,000 post–share-split common shares, representing the portion of consideration originally attributed to the patent application in the Transaction. (Note 6). 2. BASIS OF PRESENTATION Statement of compliance These condensed interim consolidated financial statements (“financial statements”), including comparatives, have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee applicable to the preparation of interim financial statements including International Accounting Standard 34 Interim Financial Reporting. These financial statements do not include all disclosures required for annual audited financial statements. Accordingly, they should be read in conjunction with the notes to the Company’s audited financial statements for the years ended March 31, 2025 and 2024 (the “Annual Financial Statements”), which include the information necessary or useful to understanding the Company’s business and financial statement presentation. These financial statements were approved by the Board of Directors on March 2, 2026. Basis of measurement These financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. Functional and presentation currency These financial statements are presented in Canadian dollars, which is the functional currency of the Company. The assets acquired from a foreign entity are translated into Canadian dollars, the Company’s presentation currency, at period-end exchange rates. Going concern These financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and settle its liabilities in the normal course of business. T --- he nature of the Company’s commencement of operations resulted in significant expenditures for setting up the operations to scale for a large volume of transactions. The eventual generation of profit is dependent upon several factors including expanding into various markets, the ability of the Company to obtain financing to support growth and scale of operations, and to meet working capital requirements and generate positive cash flows from operations. PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 6 To date, the Company has not generated positive cash flows from operations. As at December 31, 2025, the Company had an accumulated deficit of $17,663,955 (March 31, 2025 – $15,868,077) and a net working capital of $1,431,406 (March 31, 2025 – $311,825). These conditions give rise to a material uncertainty that may cast a significant doubt on the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to obtain additional funding from loans or equity financings provided by the Company’s existing shareholders and/or new shareholders or through other arrangements. There is no assurance that the Company will be successful in this regard. These events and conditions indicate a material uncertainty that may cast a significant doubt on the Company's ability to continue as a going concern. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and consolidated statement of financial position classifications that would be necessary were the going concern assumption deemed to be inappropriate. These adjustments could be material. Critical accounting estimates and judgments The preparation of condensed interim financial statements requires that the Company’s management make judgments and estimates of effects of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period. Actual future outcomes could differ from present estimates and judgments, potentially having material future effects on the Company’s condensed interim financial statements. Estimates are reviewed on an ongoing basis and are based on historical experience and other facts and circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively. Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the financial statements relate to the following: • the assessment of the Company’s ability to continue as a going concern • write-down of assets, liabilities, and debt obligations • business combination versus asset acquisition • Inventory valuation Asset acquisition Judgment is required to determine if the Company’s acquisition represented a business combination or an asset purchase. More specifically, management concluded that the acquisition of FIHO did not represent a business, as the assets acquired were not an integrated set of activities with inputs, processes and outputs. For acquisitions that represented the purchase of assets, no goodwill was recognized and acquisition costs were capitalized to the assets purchased. As the --- Company concluded that the acquisition was an asset acquisition, an allocation of the purchase price to the individual identifiable assets acquired, including identifiable and unidentifiable intangible assets, and liabilities assumed based on their fair values at the date of purchase was required. The fair values of the net assets acquired were calculated using significant estimates and judgments. If estimates or judgments differed, this could result in a materially different allocation of net assets on the consolidated statements of financial position. Inventory valuation The Company’s inventory consists of graphene. The market for graphene is developing with limited observable market pricing. Management exercises judgement in determining whether the cost of inventory is fully recoverable at each reporting date. PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 7 In making this assessment, the Company considers, among other factors, recent selling prices for similar grades and specifications and the opinions of industry experts. Where there is insufficient evidence to support recovery of cost, the inventory is written down to its estimated net realizable value. 3. MATERIAL ACCOUNTING POLICIES In preparing these condensed interim consolidated financial statements, the significant accounting policies and the significant judgments made by management in applying the Company’s significant accounting policies and key sources of estimation uncertainty were the same as those that applied to the Company’s audited financial statements for the year ended March 31, 2025, other than the following adopted material accounting policies: Business combination and asset acquisition The Company accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company. In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired is capable of being conducted and managed for the purpose of providing goods or services to customers. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. Intra‑group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra‑group transactions, are eliminated. Acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions. Consideration paid for an asset acquisition is allocated to the individual identifiable asset --- s acquired and liabilities assumed based on the fair value of the goods and services received. Asset acquisitions do not give rise to goodwill. Any consideration paid in excess of the identifiable assets and liabilities assumed is expensed to the consolidated statements of loss and comprehensive loss. Inventory Inventory is recorded at the lower of cost and net realizable value (NRV). Cost is determined using the weighted average method and includes all costs of purchases and all other costs incurred in bringing inventories to their present location and condition. Inventory consists of finished goods held for sale. NRV is the estimated selling price in the ordinary course of business, less selling expenses. The Company determines if the cost of any inventory exceeds its NRV, such as cases where prices have decreased, or inventory has spoiled or has otherwise been damaged. The Company records a write-down to reflect management’s best estimate of the net realizable value of inventory based on the above factors. PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 8 4. ACCOUNTS RECEIVABLE Accounts receivable consists of government remittance receivables of $38,455 (March 31, 2025 – $23,959). 5. PREPAID EXPENSES AND DEPOSITS Prepaid consists of deposits of $Nil (March 31, 2025 – $5,102). 6. ASSET ACQUISITION On March 18, 2025, the Company entered into an Asset Purchase Agreement (“the Transaction”) with FIHO, whereby the Company received 8,750 grams of graphene and a patent application (the “Acquired Assets”). In exchange, the Company issued 16,800,000 common shares with a fair value of $0.125 per share, based on the latest private placement prior to the Transaction date, for total consideration of $2,100,000. The transaction closed on July 30, 2025. In connection with the Transaction, the Company entered into a consulting agreement with Mr. Michael Turner, whom was the principal of FIHO. Mr. Turner will provide scientific and strategic services in support of the Company’s commercialization of the acquired FIHO assets and Mr. Turner will receive a consulting fee of $3,000 per month, effective August 1, 2025 for an initial term of two years. Included in the Acquired Assets, was a patent application. At the time of acquisition, the patent application did not meet the definition of an intangible asset. As such, the remaining unidentifiable assets in the amount of $945,129 was expensed to the Condensed Interim Consolidated Statement of Loss and Comprehensive Loss. On November 25, 2025, the Company received the written search report and patentability opinion from the Italian Patent and Trademark Office relating to the patent application, which identified issues that limited the viability of the application. As a result, the Company decided not to continue prosecuting and advance the patent application. The discontinuation of the patent application does not impact the Company’s existing intellectual property strategy, including its graphene dispersion and graphene conversion technologies, nor its ability to source or produce graphene; however, the Company will not hold patent protection for expanded-graphite technologies and may require new filings or additional investment for future development. In connection with the decision, a FIHO shareholder agreed to return 2,000,000 p --- ost–share-split common shares for cancellation with a fair value of $250,000, representing the portion of consideration originally attributed to the patent application in the Transaction. No further consideration is payable. As a result, the remaining unidentifiable assets was reduced to $695,129. The acquisition of these assets does not constitute a business combination because the assets acquired does not meet the definition of a business under IFRS 3 – Business Combination. As a result, the transaction has been measured at the fair value of equity consideration issued to acquire these assets. $ Fair value of consideration shares issued 2,100,000 Shares returned and cancelled (250,000) Consideration paid 1,850,000 Total net identifiable asset acquired 8,750 grams of graphene 1,154,871 Consideration paid in excess of net assets 695,129 PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 9 The purchase price allocations for the acquisition, as set forth in the tables above, reflect various preliminary fair value estimates and analyses that are subject to change within the measurement period as valuations are finalized. The Company expects to continue to obtain information to assist in determining the fair value of the net assets acquired at the acquisition date during the measurement period. Measurement period adjustments that the Company determines to be material will be applied retrospectively to the period of acquisition in the Company’s consolidated financial statements and, depending on the nature of the adjustments, other periods subsequent to the period of acquisition could be affected. 7. INVENTORY During the nine months ended December 31, 2025, the Company received 8,750 grams of graphene with a fair value of $1,154,871 (Note 6). As at December 31, 2025, The Company recognized $Nil (March 31, 2025 - $Nil) as an impairment of its inventory to the lower of cost and net realizable value. As at December 31, 2025, the Company had 8,657 grams of graphene with a net realizable value of $1,142,583 (March 31, 2025 - $Nil). The Company recorded research and development expenses of $12,288 (March 31, 2025 - $Nil). 8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of: December 31, 2025 March 31, 2025 $ $ Accounts payable 80,824 80,991 Accrued liabilities 88,657 35,100 Total 169,481 116,091 9. LOANS AND BORROWINGS Below is a summary of loans and borrowings of the Company: (i) The Company was advanced amounts totaling $2,105 from a current director and a former CEO and director. The advances are non- interest bearing and repayable on demand. 10. SHARE CAPITAL The Company is authorized to issue an unlimited number of common shares without par value. As at December 31, 2025, there were 67,557,892 (March 31, 2025 – 49,396,692) common shares issued and outstanding. Stock split On November 10, 2025, the Company completed a four-for-one stock split of its issued and outstanding common shares. All share and per share information, including the number of common shares and basic and diluted loss per share, has been retrospectively adjusted for all periods presented to reflect the Stock Split. December 31, 2025 $ March 31, 2025 $ Short-term debt: Due to related parties (i) 2,105 2,105 Total short-term debt 2,105 2,105 PLAID TECHNOLOGIES --- INC. (FORMERLY, VEJI HOLDINGS LTD.) Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 10 Issued During the nine months ended December 31, 2025, the Company issued the following common shares: On July 30, 2025, the Company issued 16,800,000 common shares at a price of $0.125 for total of $2,100,000 and acquired certain assets from FIHO with a fair value of $1,154,871. On November 24, 2025, a shareholder of FIHO returned 2,000,000 shares with a fair value of $250,000 as the Company is not pursuing the Graphite Patent Application. On August 18, 2025, the Company issued 238,000 common shares pursuant to a warrant exercise for gross proceeds of $2,975. The Company re-allocated $207 from contributed surplus to share capital. On October 24, 2025, the Company closed a non-brokered private placement and issued 2,723,200 common shares for gross proceeds of $851,000. On October 29, 2025, the Company closed a non-brokered private placement and issued 400,000 common shares for gross proceeds of $125,000. In connection with the private placements, the Company recorded $16,000 of share issuance costs as a reduction to share capital. During the year ended March 31, 2025, the Company issued the following common shares: On April 5, 2024, the Company settled an aggregate of $112,500 in debt (the “Debt”) through the issuance of 7,499,992 common shares of the Company with a fair value of $150,000. All securities issued in connection with the Debt Settlement are subject to a statutory hold period of four months and one day from the date of issuance. $65,000 of the Debt was held by companies wholly-owned by Amar Purewal and Ryan Hounjet, who are both directors of the Company. The Company recognized a loss on debt settlement of $37,500. On May 2, 2024, the Company settled a debt of $73,272 owing to a creditor through the issuance of 5,328,880 common shares with a fair value of $79,932. The Company recorded a loss on debt settlement of $6,661. On December 13, 2024, the Company closed a non-brokered private placement and issued 16,000,000 units (each, a “Unit”) at a price of $0.05 per Unit for gross proceeds to the Company of $200,000 (the “Private Placement”). Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (with two such half warrants equaling one whole “Warrant”). Each Warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at a price of $0.06 per common share for a period of thirty- six months from the date of issuance. On February 19, 2025, the Company closed a non-brokered private placement and issued 2,400,000 common shares for gross proceeds of $300,000. During the year ended March 31, 2025, the Company issued 442,000 common shares pursuant to a warrant exercise for gross proceeds of $5,525. The Company re-allocated $385 from contributed surplus to share capital. On March 7, 2025, the Company issued 1,556,052 common shares with a fair value of $157,550 and settled debt of $128,375. The Company recorded a loss on debt settlement of $29,175. 11. STOCK OPTION PLAN, WARRANTS AND ADVISOR OPTIONS An employee stock option plan (the "Stock Option Plan") was established by the Company to attract and retain employees, consultants, officers and directors of the Company. The Stock Option Plan provides for the granting of options to pu --- rchase common shares of the Company. PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 11 Under the Stock Option Plan, stock options generally vest over a period of two years and expire five years from the grant date. A restricted share unit plan (the “RSU Plan”) was established by the Company to attract and retain employees, officers and directors. The RSU Plan provides for a maximum number of common shares available and reserved for issuance shall not exceed 15% of the Company’s issued and outstanding common shares, less any shares reserved for issuance under the Stock Option Plan. As at December 31, 2025, no RSUs are issued and outstanding. OPTIONS The Company has outstanding options. Each option is convertible into one common share of the Company upon exercise. The following table summarizes the continuity of the stock options during the nine months ended December 31, 2025 and the year ended March 31, 2025: Number of options # Weighted Average Exercise Price $ Balance, March 31, 2025 and 2024 395,000 7.91 Additions 4,975,000 0.30 Expired (210,000) 8.45 Balance, December 31, 2025 5,160,000 0.55 The following table summarizes the number of options outstanding and exercisable as at December 31, 2025: Number of options outstanding Number of options exercisable Weighted average life Expiry date Exercise price $ 42,800 42,800 0.00 April 9, 2026 2.50 106,200 106,200 0.01 April 19, 2026 8.75 30,000 30,000 0.00 July 12, 2026 8.75 6,000 6,000 0.00 September 9, 2026 8.75 4,975,000 - 3.83 December 19, 2029 0.30 5,160,000 185,000 3.84 On December 19, 2025, the Company granted 4,975,000 stock options to certain directors, officers, and consultants of the Company. Each stock options entitled the holders to purchase one common share at an exercise price of $0.30 for a period of four years from the date of grant, and vest quarterly over a period of 12 months. The fair value of the options was estimated to be $1,485,600 using the Black-Scholes option pricing model with the following inputs: share price of $0.30, exercise price of $0.30, risk-free interest rate of 2.93%, expected life of four years, expected volatility of 281%, and expected annual dividend yield of 0%. For the nine months ended December 31, 2025, share based payments expense of $102,484 (2024 – $Nil) was recorded in the Statements of Loss and Comprehensive Loss. WARRANTS The Company has outstanding share warrants. Each warrant is convertible into one common share of the Company upon exercise. The following table summarizes warrants outstanding and exercisable: Number of warrants outstanding and exercisable Weighted average life Expiry date Exercise price $ 8,000,000 2 December 31, 2027 0.02 8,000,000 2 PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 12 The following table summarizes the continuity of the warrants during the nine months ended December 31, 2025 and the year ended March 31, 2025: Number of warrants # Weighted average exercise price Balance, March 31, 2024 1,880,000 2.93 Additions 8,000,000 0.18 Exercised (442,000) 0.01 Balance, March 31, 2025 9,438,000 0.60 Exercised (238,000) 0.01 Expired (1,200,000) 4.58 Balance, Decemb --- er 31, 2025 8,000,000 0.02 12. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses are comprised of the following for the nine months ended December 31, 2025 and 2024: December 31, 2025 December 31, 2024 $ $ Professional services 217,224 55,301 Consulting services 114,833 129,000 Software and IT expenses 102 369 Licenses, dues and subscriptions 9,194 12,841 Other 1,130 1,207 Total 342,483 198,718 13. BASIC AND DILUTED LOSS PER SHARE The calculation of basic and diluted net income per share for the nine months ended December 31, 2025 was based on the net loss attributable to common shareholders of $1,795,878 (December 31, 2024 - $243,129). The basic and diluted weighted average number of common shares outstanding were 59,417,447 (December 31, 2024 – 29,366,057). 14. RELATED PARTY TRANSACTIONS AND BALANCES Related parties and related party transactions are summarized below and include transactions with the following individuals or entities: Key management compensation Key management personnel, including companies controlled by them, are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including any directors (executive and non-executive) of the Company. PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 13 Remuneration attributed to key management personnel is summarized as follows for the period ended: December 31, 2025 December 31, 2024 $ $ Consulting fees paid to directors 24,000 36,000 Consulting fees paid to CEO 18,000 28,000 Consulting fees paid to CFO 7,000 - Share-based payments 7,725 - Total 56,725 64,000 As at December 31, 2025, the Company owes related parties a total of $41,350 (March 31, 2025 - $17,350) for services provided. The Company owes one director a total of $693 for funds advanced by the director and owes the former CEO and director a total of $1,412 for funds advanced by the former CEO and director 15. CAPITAL MANAGEMENT The Company’s objectives in managing its capital are as follows: ● To safeguard its ability to continue as a going concern; and ● To have sufficient capital to be able to meet its strategic objectives including the continued expansion of its services offerings and locales. The Company’s primary source of capital is derived from debt and equity issuances. Capital consists of equity attributable to common shareholders. The Company has no externally imposed capital requirements and manages its capital structure in accordance with its strategic objectives and changes in economic conditions. In order to maintain or adjust its capital structure, the Company may issue new shares in the form of private placements and/or secondary public offerings. There has been no change in the Company's approach to capital management during the nine months ended December 31, 2025. 16. FINANCIAL INSTRUMENTS Carrying value and fair value The Company’s financial instruments comprise cash, short term investments, accounts receivable, amounts due from related party, loans and borrowings, accounts payable and accrued liabilities and amounts due to related parties. Financial instruments recognized at fair value on the statement of financial position are classified in fair value hierarchy levels as follows: ● Level 1: Valuation based on unadjus --- ted quoted prices in active markets for identical assets or liabilities ● Level 2: Valuation techniques based on inputs other than Level 1 quoted prices that are observable for the asset or liability, either directly (prices) or indirectly (derived from prices) ● Level 3: Valuation techniques with unobservable market inputs (involves assumptions and estimates by management). Cash, accounts receivable, and amounts due from related party are recorded at amortized cost. Accounts payable and accrued liabilities and amounts due to related parties are classified as other financial liabilities and are recorded at amortized cost. PLAID TECHNOLOGIES INC. (FORMERLY, VEJI HOLDINGS LTD.) Notes to the Condensed Interim Consolidated Financial Statements For the three and nine months ended December 31, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 14 Fair value The carrying amounts of cash, accounts receivable, inventory, amounts due from and due to related parties, loans and borrowings, accounts payable and accrued liabilities do not materially differ from their fair values given their short-term period to maturity. 17. RISK MANAGEMENT AND LIQUIDITY The Company’s activities expose it to a variety of financial risks, including foreign exchange risk, credit risk and interest rate risk. Credit risk Credit risk is the risk of economic loss arising from a counterparty’s failure to repay or service debt according to the contractual terms. Financial instruments that potentially subject the Company to credit risk consist of cash. The carrying amount of the Company’s financial assets represents the Company’s maximum exposure to credit risk. The Company manages credit risk by placing cash and short-term investments with major Canadian financial institutions. The Company manages credit risk of its accounts receivable by only extending credit to creditworthy customers. Management believes the credit risk is low. Interest Rate Risk Interest rate risk is the risk that cash flows will fluctuate due to changes in market interest rates. While the Company’s financial assets are generally not exposed to significant interest rate risk because of their short-term nature, changes in interest rates will have a corresponding impact on interest income realized on such assets. The Company’s financial liabilities are not exposed to significant interest rate risk because they are either non interest bearing or carry a fixed interest rate. Changes in interest rates will not have a corresponding impact on interest expense incurred on such liabilities. Liquidity Risk Liquidity risk arises from the Company’s general and capital financing needs. The Company continuously monitors and reviews both actual and forecasted cash flows and matches the maturity profile of financial assets and liabilities, when feasible. 18. SUBSEQUENT EVENTS On January 21, 2026, the Company appointed Shawn Babcock as Chief Operating Officer to support day-to-day operations with a primary focus on commercialization of the Company’s cement additive and graphene dispersion technologies. In connection with the appointment, the Company granted 200,000 stock options exercisable at a price of $0.60 per share for a period of four years from the date of grant, and vest quarterly over a period of 12 months. In addition, the Company also granted Mr. Shawn Babcock 150,000 RSUs pursuant to the Company’s long term incentive plan. The RSUs will vest in three tranches upon the achievement of certain performance --- milestones, in accordance with the terms of the RSU award agreement, and will expire four years from the date of grant. On January 21, 2026, the Company issued 100,000 common shares pursuant to a warrant exercise for gross proceeds of $1,500. On February 5, 2026, the Company appointed Dr. Ian Flint as a technical advisor to support commercialization of graphene technologies. The Company granted 75,000 stock options exercisable at a price of $0.94 per share for a period of four years from the date of grant, and vest quarterly over a period of 12 months.