Amended annual report

Summary

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• The amendment expands Note 3(w) segment reporting, Note 4 on the F-104 aircraft, and Note 12 tabular correction of immaterial errors, and states it does not change any previously reported financial results.
• The Company reported a net loss of $16,543,616 for the year ended December 31, 2025 and $7,908,777 for 2024, with an accumulated deficit of $33,430,431, and the auditor cites substantial doubt about the going concern.
• The Company closed its initial public offering on December 18, 2025 and trades on NYSE American under FJET, issuing 6,145,364 shares at $3.59 for gross proceeds of $22,061,857.
• Convertible debentures automatically converted on December 18, 2025 into 3,834,857 common shares at a conversion price of $2.154 per share, being a 40% discount of the IPO price.
• Subsequent events disclose that former CEO Rick Svetkoff withdrew $500,000 on February 3, 2026 and $1,395,869 on February 17, 2026 without Board or Audit Committee approval, then resigned on February 19, 2026 alongside former Secretary Brenda Svetkoff.
• On April 9, 2026, Rick Svetkoff filed a complaint against the Company and its board seeking $26 million in damages, which the Company denies and intends to defend.

Why it mattersThe amendment adds SEC-requested disclosures without altering reported results, while its subsequent-events note documents unapproved fund withdrawals by the former CEO, his resignation, a leadership change, and a $26 million lawsuit against the fleet operator.