SEDAR Interim Financial Statements

Condensed Interim Financial Statements of GOURMET OCEAN PRODUCTS INC. For the three months ended December 31, 2025 and 2024 (Expressed in Canadian dollars) (Unaudited) 2 NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of 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 condensed interim financial statements of Gourmet Ocean Products Inc. have been prepared by, and are the responsibility of, the Company’s management. Gourmet Ocean Products Inc’s independent auditor has not performed a review of these condensed interim financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity’s auditor. 3 Gourmet Ocean Products Inc. Condensed Interim Statements of Financial Position (Expressed in Canadian Dollars) Note December 31, 2025 September 30, 2025 $ $ Current Assets Cash 641 659 Receivables 4 5,598 5,489 6,239 6,148 Current Liabilities Accounts payable and accrued liabilities 7 128,518 112,147 Shareholder loan 5,7 624,051 624,051 752,569 736,198 Shareholders' deficiency Share capital 6 9,471,337 9,471,337 Share-based payments reserves 901,194 901,194 Deficit (11,118,861) (11,102,581) (746,330) (730,050) 6,239 6,148 NATURE AND CONTINUANCE OF OPERATIONS (Note 1) Approved on behalf of the Board: “Bruce Qiu”_______________ “Peter Hughes”______________ Director Director See accompanying notes to unaudited condensed interim financial statements. 4 Gourmet Ocean Products Inc. Condensed Interim Statements of Comprehensive Loss (Expressed in Canadian Dollars) (Unaudited) Three Months Ended Three Months Ended December 31, December 31, Note 2025 2024 $.. $.. Expenses Consulting fees 7 14,100 14,100 Director fees 7 - 3,000 Office and general 2,180 2,196 Professional fees - 6,200 16,280 25,496 Net loss and comprehensive loss (16,280) (25,496) Loss per common share – basic and diluted $0.000 $0.000 Weighted average number of common shares outstanding 125,068,733 125,068,733 See accompanying notes to unaudited condensed interim financial statements. 5 Gourmet Ocean Products Inc. Condensed Interim Statements of Changes in Deficiency (Expressed in Canadian Dollars) Common Shares Number of Common Shares Share Capital Contributed Surplus Deficit Total Shareholders' Equity (Deficiency) $ $ $ $ Balance, September 30, 2024 125,068,733 9,471,337 901,194 (11,014,332) (641,801) Net loss and comprehensive loss for the period - - - (25,496) (25,496) Balance, December 31, 2024 (unaudited) 125,068,733 9,471,337 901,194 (11,039,828) (667,297) Balance, September 30, 2025 125,068,733 9,471,337 901,194 (11,102,581) (730,050) Net loss and comprehensive loss for the period - - - (16,280) (16,280) Balance, December 31, 2025 (unaudited) 125,068,733 9,471,337 901,194 (11,118,861) (746,330) See accompanying notes to unaudited condensed interim financial statements. 6 Gourmet Ocean Products Inc. Condensed Interim Statements of Cash Flows (Expressed in Canadian Dollars) (Unaudited) Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 $.. $.. OPERATING ACTIVITIES Net loss for the period (16,280) (25,496) Changes in non-cash working capital balances: Other receivables (109) (1,247) Accounts payable 16,371 8,847 Cash used in operating activities (18) (17,896) FINAN --- CING ACTIVITIES Shareholder loans - 15,000 Cash provided by financing activities - 15,000 Decrease in cash (18) (2,896) Cash, beginning 659 5,296 Cash, ending 641 2,400 Supplemental disclosure of cash flow information: Cash paid for interest -… -… Cash paid for income taxes -… -… See accompanying notes to unaudited condensed interim financial statements. Gourmet Ocean Products Inc. Notes to the Condensed Interim Financial Statements For the Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) (Unaudited) 7 1. NATURE AND CONTINUANCE OF OPERATIONS Gourmet Ocean Products Inc. (the “Company” or “Gourmet”) was incorporated under the Business Corporations Act (British Columbia) on July 8, 2008. Its registered office is located at #1250, 639 - 5th Avenue S.W., Calgary, Alberta, T2P 0M9. The Company’s common shares were trading as a Tier 2 Industrial Issuer on the TSX-V under the symbol “GOP”. The Company moved to the NEX board effectively December 11, 2018. The Company does not have any business and is actively looking for a new business. For the three months ended December 31, 2025, the Company had no source of operating revenues and incurred a net loss of $16,280 (December 31, 2024 – $25,496). The Company has an accumulated deficit of $11,118,861 and has been incurring losses since inception. These condensed interim financial statements ("interim financial statements") have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate if the Company is not expected to continue operations for the foreseeable future. The Company’s ability to continue as a going concern is dependent upon its ability to identify, evaluate and negotiate an acquisition of, a participation in or an interest in properties, assets or businesses. Such an acquisition will be subject to regulatory approval and may be subject to shareholder approval. In order to continue as a going concern and meet its corporate objectives, the Company will require additional financing through debt, shareholder loans or equity issuances or other available means. There is no assurance that the Company will be able to identify, obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. As such, there is material uncertainty related to these events and conditions that may cast significant doubt on the Company’s ability to continue as a going concern. These interim financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in these interim consolidated financial statements. Management’s plans to meet the Company’s current and future obligations are to rely on the financial support of its key shareholders and parties related to the current key shareholders, as well as raise equity capital through private placements. 2. SIGNIFICANT ACCOUNTING POLICIES a) Statement of compliance These interim financial statements are in compliance with International Accounting Standard 34, Interim Financial Reporting (“IAS 34”). Accordingly, certain informati --- on and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board ("IASB"), have been omitted or condensed. These interim financial statements should be read in conjunction with the Company’s financial statements for the year ended September 30, 2025 and 2024. The interim financial statements were authorized for issue by the Board of Directors on February 27, 2026. b) Basis of measurement The interim financial statements have been prepared on the historical cost basis except for certain financial instruments carried at fair value. Additionally, these interim financial statements have been prepared using the accrual basis of accounting, except for cash flow information. Gourmet Ocean Products Inc. Notes to the Condensed Interim Financial Statements For the Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) (Unaudited) 8 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of the interim financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which affect the application of accounting policies and the reported amounts of assets, liabilities and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. Significant estimates include: • Share-based Compensation Estimating fair value for granted stock options requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the option, volatility, dividend yield, and rate of forfeitures and making assumptions about them. Critical judgements in applying accounting policies that have the most significant effect on the amounts recognized in the interim financial statements include the following: • Deferred income taxes In assessing the probability of realizing income tax assets recognized, management makes estimates related to expectations of future taxable income, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. Estimates of future taxable income are based on forecasted cash flows from operations and the application of existing tax laws in each jurisdiction. Where applicable tax laws and regulations are either unclear or subject to ongoing varying interpretations, it is reasonably possible that changes in these estimates can occur that materially affect the amounts of income tax assets recognized. In addition, future changes in tax laws could limit the Company from realizing the tax benefits from the deferred tax assets. The Company reassesses unrecognized income tax assets at each reporting period. Judgement is applied by management when determining the likely tax treatment for certain items giving rise to deferred tax assets or obligations. • Going Concern Management makes an assessment about the Company’s ability to contin --- ue as a going concern by taking into the account the consideration of the various factors discussed in Note 1. Judgement is applied by management in determining whether or not the elements giving rise to factors that cause doubt about the ability of the Company to continue as a going concern are present. 4. RECEIVABLES December 31, 2025 September 30, 2025 $ $ GST/HST refundable 5,598 5,489 5,598 5,489 5. SHAREHOLDER LOANS A shareholder of the Company, Mr. Guonan Qiu, loaned the Company $624,051 (September 30, 2025 - $624,051), pursuant to a loan agreement. This loan is to be used by the Company for its future expenses, including operating costs, transaction costs and legal fees. The loan is non-interest bearing. The loan will mature on or before the completion of a transaction whereby Mr. Guonan Qiu would no longer be the controlling shareholder of the Company, as a result of the sale of all or part of his shares in a transaction that would be approved by the Board of the Company. Gourmet Ocean Products Inc. Notes to the Condensed Interim Financial Statements For the Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) (Unaudited) 9 6. SHARE CAPITAL Authorized: unlimited number of common shares without par value. Escrow Shares As at December 31 and September 30, 2025, the Company has nil of its shares held in escrow. Stock Options As at December 31 and September 30, 2025, the Company has no stock options outstanding. During the three months ended December 31, 2025 and 2024, no options were exercised. Stock Option Plan The Company has adopted an incentive stock option plan, which provides that the Board of Directors of the Company may from time to time, in its discretion, and in accordance with the TSX-V Exchange requirements, grant to directors, officers, employees and technical consultants to the Company, non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the issued and outstanding common shares of the Company. Such options will be exercisable for a period of up to ten years from the date of grant. In connection with the foregoing, the number of common shares reserved for issuance to any individual director or officer will not exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to all technical consultants will not exceed two percent (2%) of the issued and outstanding common shares. Options may be exercised after 90 days following cessation of the optionee’s position with the Company, provided that if the cessation of office, directorship, or technical consulting arrangement was by reason of death, the option may be exercised within a maximum period of one year after such death, subject to the expiry date of such option. The Company grants incentive stock options as permitted pursuant to the Company’s Stock Option Plan approved by the shareholders which complies with the rules and policies of the TSX-V. Warrants As at December 31 and September 30, 2025, there were no warrants outstanding and exercisable. 7. RELATED PARTY BALANCES AND TRANSACTIONS Related party balances $624,051 (September 30, 2025 - $624,051) shareholder loan balance payable to Guonan Qiu (Note 5). Related party transactions The Company has identified its directors and senior officers as its key management personnel. No post- employment benefits, other long-term benefits or termination be --- nefits were made during the three months ended December 31, 2025 and 2024. Short-term key management compensation consists of the following: Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 $.. $.. Consulting fees 14,100 14,100 Director fees - 3,000 14,100 17,100 Included in account payable and accrued liabilities is $62,060 (September 30, 2025 - $56,060) owing to the CEO, $42,435 (September 30, 2025 - $36,335) to the CFO, and $2,500 (September 30, 2025 - $2,500) to a former director. Gourmet Ocean Products Inc. Notes to the Condensed Interim Financial Statements For the Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) (Unaudited) 10 8. FINANCIAL INSTRUMENTS Fair values The Company’s financial instruments include accounts receivables, accounts payable and shareholder loans. The carrying amounts of these financial instruments are a reasonable estimate of their fair values because of their current nature. The following table summarizes the carrying values of the Company’s financial instruments: December 31, 2025 September 30, 2025 $ $ Cash 641 659 Receivables 5,598 5,489 Other financial liabilities (i) 752,569 736,198 (i) Accounts payable and accrued liabilities and shareholder loan The Company classifies its fair value measurements in accordance with the three-level fair value hierarchy as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices), and; Level 3 – Inputs that are not based on observable market data. The following table sets forth the Company’s financial assets measured at fair value by level within the fair value hierarchy as follows: Interest Rate and Credit Risk Credit risk is the risk of loss associated with counterparty’s inability to fulfill its payment obligations. Management evaluates credit risk on an ongoing basis and monitors activities related to amounts receivable including the amounts of counterparty concentrations. The primary sources of credit risk for the Company arise from its financial assets consisting of cash and amounts receivable. The carrying value of these financial assets represents the Company’s maximum exposure to credit risk. To minimize credit risk the Company only holds its cash with Canadian financial institutions. The Company’s receivable consists of amounts due from the Canadian government. Management is of the view that these amounts are fully collectible. Currency Risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the foreign currency exchange rates. The Company’s functional currency is the Canadian dollar. All financial instruments are denominated in Canadian dollars. In management’s opinion there is no significant foreign exchange risk to the Company. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's objective to managing liquidity risk is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company uses cash to settle its financial obligations as they fall due. The ability to do this relies on the Company maintaining sufficient cash on hand through equity financing and bank loans. Gourmet Ocean Products Inc. Notes to the C --- ondensed Interim Financial Statements For the Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) (Unaudited) 11 8. FINANCIAL INSTRUMENTS (continued) The following are the contractual maturities of financial liabilities: December 31, 2025 Carrying Amount Contractual Cash Flows Within 1 year Within 2 years Within 3 years $. $ $ $ $ Accounts payable and accrued liabilities 128,518 128,518 128,518 - -.. Shareholder loan 624,051 624,051 624,051 -.. -.. Total 752,569 752,569 752,569 -.. -.. September 30, 2025 Carrying Amount Contractual Cash Flows Within 1 year Within 2 years Within 3 years $. $ $ $ $ Accounts payable and accrued liabilities 112,147 112,147 112,147 - -.. Shareholder loan 624,051 624,051 624,051 -.. -.. Total 736,198 736,198 736,198 -.. -.. 9. CAPITAL MANAGEMENT The Company's objectives when managing capital are: • to safeguard the Company's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and • to provide an adequate return to shareholders through expansion correspondingly to the level of risk. The Company sets the amount of capital in proportion to risk. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, sell assets, reduce debt or increase its debt. There is no restriction on the Company’s capital and there was no change in the Company’s approach to capital management since last year.