UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________to_____________

Commission File Number 001-39569

BONK, INC.

(Exact name of registrant as specified in charter)

Delaware		83-2455880
(State or other jurisdiction of		(IRS Employer
incorporation or organization)		Identification No.)

60 E Rio Salado Pkwy, Suite 900 Tempe, AZ		85281
(Address of principal executive offices)		(Zip Code)

(888) 257-8061

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of exchange on which registered
Common Stock, $.001 par value per share	BNKK	Nasdaq
Warrants to purchase shares of common stock	BNKKW	Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ YES ☐ NO

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be pursuant to Rule 405 of Regulation S- T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ YES ☐ NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) ☐ YES ☒ NO

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of May 13, 2026, there were 8,000,940 shares of the registrant’s common stock outstanding.

FORM 10-Q

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	F-1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	12

Item 4.	Controls and Procedures	12

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	13

Item 1A.	Risk Factors	13

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3.	Defaults Upon Senior Securities	29

Item 4.	Mine Safety Disclosures	29

Item 5.	Other Information	29

Item 6.	Exhibits	29

SIGNATURES		30

Table of Contents

PART I - FINANCIAL INFORMATION

This Quarterly Report on Form 10-Q includes the accounts of Bonk, Inc., a Delaware corporation (“Bonk”). References in this Report to “we”, “our”, “us” or the “Company” refer to Bonk, Inc. and its consolidated subsidiaries unless the context dictates otherwise.

FORWARD LOOKING STATEMENTS

Certain statements in this report, including information incorporated by reference, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect current views about future events and financial performance based on certain assumptions. They include opinions, forecasts, intentions, plans, goals, projections, guidance, expectations, beliefs or other statements that are not statements of historical fact. Words such as “will,” “may,” “should,” “could,” “would,” “expects,” “plans,” “believes,” “anticipates,” “intends,” “estimates,” “approximates,” “predicts,” “forecasts,” “potential,” “continue,” or “projects,” or the negative or other variation of such words, and similar expressions may identify a statement as a forward-looking statement. Any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, our goals, strategies, focus and plans, and other characterizations of future events or circumstances, including statements expressing general optimism about future operating results and the development of our products, are forward-looking statements.

Although forward-looking statements in this Quarterly Report on Form 10-Q reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the heading “Risk Factors” below, as well as those discussed elsewhere in this Quarterly Report on Form 10-Q. Readers are urged not to place undue reliance on these forward- looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We file reports with the Securities and Exchange Commission (“SEC”). The public can read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. You can obtain additional information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us.

We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Quarterly Report on Form 10-Q. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this Quarterly Report on Form 10-Q, which attempt to advise interested parties of the risks and factors that may affect our businesses, financial condition, results of operations and prospects.

Table of Contents

Item 1. Financial Statements

Bonk, Inc.

	Page

Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025 (Audited)	F-2
Consolidated Statements of Operations for the Three-Months Ended March 31, 2026 and 2025 (Unaudited)	F-3
Consolidated Statements of Shareholders’ Equity for the Three-Months Ended March 31 2026 and 2025 (Unaudited)	F-4
Consolidated Statements of Cash Flows for the Three-Months Ended March 31, 2026 and 2025 (Unaudited)	F-5
Notes to the Consolidated Financial Statements (Unaudited)	F-6

F-1

Table of Contents

Bonk, Inc.

Consolidated Balance Sheets

As of March 31, 2026 and December 31, 2025

	Three Months Ended			Year ended
	31-Mar-26			31-Dec-25
	(Unaudited)			(Audited)
Assets
Current assets:
Cash	$	728,907		$	2,278,340
Marketable Securities		54,720			54,720
Digital Assets		1,941,431			630,605
Inventory		756,754			949,275
Account receivable		729,925			90,140
Prepaid expenses and deposits		1,293,489			1,839,484
Investment in Affiliate		107,016			1,600
Equity Securities		-			58,456
Note Receivable		798,000			-
Loans to affiliates		139,405			139,405
Total current assets		6,549,647			6,042,025
Non-current assets:
Non-current digital assets		14,479,094			17,344,636
Right of use assets		-			18,570
Goodwill		14,147,778			14,147,778
Related party revenue sharing - other asset, net of amortization		1,926,557			2,060,968
Intangible assets, net of amortization		1,233,670			1,293,247
Fixed assets, net of depreciation		51,013			66,191
Total non-current assets		31,838,112			34,931,390
Total Assets	$	38,387,759			40,973,415

Liabilities and Shareholders’ Equity
Accounts Payable	$	2,400,515		$	2,476,773
Accrued expenses		2,379,756			3,152,544
Note payable, current portion		275,000			275,000
Current portion of lease liability		-			23,544
Covid - 19 SBA Loan		48,986			49,210
Total current Liabilities		5,104,257			5,977,071

Long-term portion lease liability		-			-
Total liabilities		5,104,257			5,977,071

Preferred stock, $0.001 par value, 1,000,000 shares authorized of which176,806 are issued and outstanding		177			177
Common stock, $.001 par value, 1,000,000,000 shares authorized, of which 7,869,650 and 7,751,707 shares issued and outstanding as of March 31, 2026 and December 31, 2025		7,870			7,751
Additional paid-in capital		217,627,477			215,979,259
Common stock payable		968,800			2,501,336
Accumulated deficits		(185,320,822	)		(183,492,179	)
Total Shareholders’ Equity		33,283,502			34,996,344

Total Liabilities and Shareholders’ Equity	$	38,387,759		$	40,973,415

The accompanying notes are an integral part of these unaudited financial statements.

F-2

Table of Contents

Bonk, Inc.

Consolidated Statement of Operations

For the Three Months Ended March 31, 2026 and 2025

(Unaudited)

	2026			2025
	Three Months Ended March 31,
	2026			2025
Revenue
Sales	$	786,331		$	42,101
Related party revenue share		3,550,726			-
Cost of Sales		744,013			21,112
Gross profit		3,593,044			20,989

Operating expense
General and administrative expenses		2,218,968			5,411,324
Total operating expenses		2,218,968			5,411,324
Other income / (expense)
Interest income		8,255			11,376
Interest expense		(30,150	)		(103,450	)
Gain on sale of marketable securities		-			180,556
Realized gain on sale of stock		796,404			-
Realized gain / (loss) on exchange of digital assets		(207,529	)		-
Unrealized gain / (loss) on equity investment		48,556			-
Unrealized (loss) on digital asset		(3,831,935	)		-
Other income / (expense)		13,680			(25,080	)
Total other income (expense)		(3,202,719	)		63,402

Net Loss	$	(1,828,643	)	$	(5,326,933	)

Net (loss) per share:
Basic	$	(0.23	)	$	(2.69	)

Weighted average number of shares
Basic		7,917,594			1,978,811

The accompanying notes are an integral part of these unaudited financial statements.

F-3

Table of Contents

Bonk, Inc.

Consolidated Statement of Shareholders’ Equity

For the Three Months Ended March 31, 2026 and 2025

(Unaudited)

	Number of Shares		Par Value		Number of Shares		Par Value		Number of Shares		Par Value		Number of Shares		Par Value		Paid-In Capital		Stock Payable			Accumulated Deficits			Total
	Preferred A Stock				Preferred B Stock				Preferred C Stock				Common Stock				Additional		Common
	Number of Shares		Par Value		Number of Shares		Par Value		Number of Shares		Par Value		Number of Shares		Par Value		Paid-In Capital		Stock Payable			Accumulated Deficits			Total
Balance, December 31, 2024		-		-		-		-		-		-		1,789,724		1,789		110,917,570		1,997,936			(115,090,347	)		(2,173,052	)

Common Stock issued for serviced		-		-		-		-		-		-		44,857		45		1,715,455		(756,250	)		-			959,250
Common Stock due for bonus		-		-		-		-		-		-		-		-		-		347,500			-			347,500
Common Stock issued for litigation settlement		-		-		-		-		-		-		55,075		55		809,553		(809,608	)					-
Common Stock issued for private placement		-		-		-		-		-		-		258,247		258		3,806,515		1,165,198						4,971,971
Fair value of options granted		-		-		-		-		-		-		-		-		678,626		-			-			678,626
Net loss for the three months ended March 31, 2025		-		-		-		-		-		-		-		-		-		-			(5,326,933	)		(5,326,933	)
Balance, March 31, 2025		-	$	-		-	$	-		-	$	-		2,147,903	$	2,147	$	117,927,719	$	1,944,776		$	(120,417,280	)	$	(542,638	)

Balance, December 31, 2025		39,993	$	40		1,813	$	2		135,000	$	135		7,751,707	$	7,751	$	215,979,259	$	2,501,336		$	(183,492,179	)	$	34,996,344
Balance		39,993	$	40		1,813	$	2		135,000	$	135		7,751,707	$	7,751	$	215,979,259	$	2,501,336		$	(183,492,179	)	$	34,996,344

Common stock issued for stock payable														117,943		119		1,532,417		(1,532,536	)		-			-
Fair value of options granted		-		-		-		-		-		-		-		-		115,801		-			-			115,801
Net loss for the three months ended March 31, 2025		-		-		-		-		-		-		-		-		-		-			(1,828,643	)		(1,828,643	)
Balance, March 31, 2026		39,993		40		1,813		2		135,000		135		7,869,650		7,870		217,627,477		968,800			(185,320,822	)		33,283,502
Balance		39,993		40		1,813		2		135,000		135		7,869,650		7,870		217,627,477		968,800			(185,320,822	)		33,283,502

The accompanying notes are an integral part of these financial statements.

F-4

Table of Contents

Bonk, Inc.

Consolidated Statement of Cash Flows

For the Three Months Ended March 31, 2026 and 2025

(Unaudited)

	2026			2025
	Three Months Ended March 31,
	2026			2025
Cash flows from operating activities:
Net (loss)	$	(1,828,643	)	$	(5,326,933	)
Stock Based compensation		-			959,250
Depreciation & Amortization		209,166			110,792
Fair value of options granted		115,801			678,626
Fair value of stock due for bonus		-			347,500
Realized gain on sale of stock		(796,404	)		-
Realized loss on exchange of digital assets		207,529			-
Unrealized loss on equity investment		(48,556	)		-
Unrealized (gain) loss on digital assets		3,831,935			-
Related party revenue share		(3,550,726	)		-
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Prepaid expenses and deposits		545,995			(1,310,094	)
Right of Entry asset		18,570			47,287
Accounts receivable		33,933			254,857
Inventory		192,521			(105,485	)
Accounts payable		(76,257	)		622,856
Accrued liabilities		(773,012	)		44,355
Accrued Loss on Settlements		-			(900,001	)
Lease liability		(23,544	)		(51,124	)
Net cash (used in) operating activities		(1,941,692	)		(4,628,114	)

Cash flows from investing activities:
Fair value of digital assets sold for cash		392,259			-
Cash paid for investment GBB		-			(63,388	)
Cash paid for investment Yerbae Brands		-			(300,000	)
Net cash provided by (used in) investing activities		392,259			(363,388	)

Cash flows from financing activities:
Proceeds from private placements		-			4,971,971
Net cash provided by (used in) financing activities		-			4,971,971

Net (decrease) in cash and cash equivalents		(1,549,433	)		(19,531	)

Cash and cash equivalents at the beginning of the period		2,278,340			348,816

Cash and cash equivalents at the end of the period	$	728,907		$	329,285

SUPPLEMENTAL CASH FLOW INFORMATION:
Common Stock issued for service		1,532,536			756,250
Shares issued for loss on settlement with Intracoastal	$	-		$	809,608

The accompanying notes are an integral part of these unaudited financial statements.

F-5

Table of Contents

BONK, INC.

Notes to Financial Statements

For the Three Months Ended March 31, 2026 and Year Ended December 31, 2025

Note 1 - Organization and Business Operations

Bonk, Inc. (NASDAQ: BNKK) was formerly known as Safety Shot, Inc., and prior to that, Jupiter Wellness, Inc. In August 2023, the Company acquired certain assets of GBB Drink Lab Inc which included the blood alcohol reduction drink Sure Shot (the “Sure Shot Dietary Supplement”), an over-the-counter drink that can lower blood alcohol content to allow recovery from the effects of alcohol by supporting its metabolism. Concurrently with the purchase, the Company changed its name to Safety Shot, Inc. and changed its NASDAQ trading symbol to SHOT. The Company launched the Sure Shot Dietary Supplement in December 2023.

On January 8, 2025, the Company entered into an Arrangement Agreement on January 7, 2025 (the “Arrangement Agreement”) with Yerbaé Brands Corp. (“Yerbaé”), pursuant to which the Company agreed, among other things, to acquire all of the issued and outstanding common shares of Yerbaé (the “Yerbaé Shares”) in exchange for shares of common stock of Safety Shot (each, a “Safety Shot Share”) pursuant to a plan of arrangement (the “Plan of Arrangement”) under the Business Corporations Act (British Columbia) (the “Arrangement”). The Arrangement was consummated on June 27, 2025. Yerbaé’s principal subsidiaries are Yerbaé Brands Co. (“Yerbaé USA”) and Yerbaé LLC of which Yerbaé owns 100% interests in, together, “Yerbaé”.

On October 10, 2025, the Company changed its corporate name from Safety Shot, Inc. to Bonk, Inc., following the filing of a Certificate of Amendment with the State of Delaware on October 8, 2025. The name change, which became effective on the Nasdaq Capital Market under the new trading symbols “BNKK” and “BNKKW”, reflects the Company’s strategic repositioning and alignment with the BONK ecosystem and its broader focus on digital asset and decentralized finance initiatives.

Historically, the Company generated revenue through the sale of its Sure Shot dietary supplement and Yerbaé’s plant-based energy beverage products, which were distributed online and through various retail channels. During 2025, the Company implemented a digital asset strategy in addition to the Company’s beverage sales operations. The Company’s current activities are centered on developing, investing in, and participating in projects aligned with the BONK ecosystem and other blockchain-based initiatives and beverage sales.

Going Concern Consideration

As of March 31, 2026, and December 31, 2025, the Company had accumulated deficits of $185,320,822 and $183,492,179, respectively, and cash flow used in operations of $1,941,692 and $25,275,375 for the three months ended March 31, 2026, and year ended December 31, 2025. The Company has incurred and expects to continue to incur significant costs in pursuit of its expansion and development plans. At March 31, 2026 and December 31, 2025, the Company had $728,907 and $2,278,340 respectively, in cash and working capital of $1,445,390 and $64,954, respectively. These conditions have raised substantial doubt about the Company’s ability to continue as a going concern as noted by our auditors, M&K CPAS, PLLC.

Note 2 - Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of US Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Jupiter Wellness Investments, Inc, Yerbaé, and Bonk Holdings, LLC. All intercompany accounts and transactions have been eliminated.

F-6

Table of Contents

Business Combinations

The Company accounts for business combinations in accordance with ASC 805, Business Combinations. The purchase price of an acquired business is allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the purchase price over the estimated fair value of the net assets acquired is recorded as goodwill. Identifiable intangible assets are recognized separately from goodwill and are amortized over their estimated useful lives. The determination of fair values requires management to make significant estimates and assumptions. These estimates are inherently uncertain and may be refined for up to one year from the acquisition date as additional information becomes available. Transaction costs incurred in connection with business combinations are expensed as incurred.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all short-term investments with a maturity of three months or less when purchased to be cash and equivalents for purposes of the statement of cash flows. There were no cash equivalents as of three months ended March 31, 2026 and December 31, 2025.

Deconsolidation

The Company will use Deconsolidation Accounting upon the loss of control of a subsidiary determined to be less than 50% owned. Upon deconsolidation, the Company will no longer present the subsidiary’s assets, liabilities, and results of operations in its consolidated financial statements. If the Company owns more than 20% but less than 50% the Company will continue to report under the Equity Method.

Discontinued Operations

The Company recognized no loss from discontinued operations for the three months ended March 31, 2026 and three months ended March 31, 2025, respectively.

Trading Securities

Securities that the Company intends to sell are classified as trading securities. Trading securities are carried at fair value with gains and losses recognized in current period earnings.

Debt Extinguishment and Modification

Any changes or modification to debt instruments must be examined to determine if the modification has any significant effect. If the changes or modifications are material, the change or modification must be accounted for as an extinguishment. If determined to be an extinguishment, the change or modification to the original debt is derecognized and a new debt is recognized. Any difference in the fair value is recognized as a gain or loss on extinguishment.

F-7

Table of Contents

Equity Method for Investments

Investments in unconsolidated affiliates, which the Company exerts significant influence but does not control or otherwise consolidate, are accounted for using the equity method. Equity method investments are initially recorded at cost. These investments are included in investment in joint ventures in the accompanying consolidated balance sheets. The Company’s share of the profits and losses from these investments is reported in loss from equity method joint venture in the accompanying consolidated statements of operations. The Company monitors its investments for other-than-temporary impairment by considering factors such as current economic and market conditions and the operating performance of the investees and records reductions in carrying values when necessary.

Inventory

Inventories are stated at the lower of cost or market. The Company periodically reviews the value of items in inventory and provides write-downs or write-offs of inventory based on its assessment of market conditions. Write-downs and write-offs are charged to cost of goods sold. Inventory is based upon the average cost method of accounting. During the three months ended March 31, 2026, the Company took write downs of raw materials due to product expiration totaling $72,293. During the twelve months ended December 31, 2025, the Company had no write-downs or write-offs.

Digital Assets

Our Digital Assets consist of BONK tokens (“Bonk”), as part of its treasury strategy, that meet the scope requirements of ASC 350-60. The Company accounts for these assets at fair value in accordance with ASC 350-60 and ASC 820, with changes in fair value recognized in net income.

Digital Assets are classified as current or noncurrent in the consolidated balance sheet under ASC-210, based on the Company’s intended holding period and liquidity considerations. Assets expected to be sold or used within one year from the reporting date are classified as current assets. Treasury assets not intended to be sold or converted to cash within the operating cycle are classified as noncurrent assets.

Crypto assets are not offset against any related liabilities and are presented on a gross basis in the balance sheet, consistent with ASC 210-20.

The Company determines the fair value of crypto assets using quoted prices from active markets at the balance sheet date (Level 1 inputs under ASC 820).

Gains and losses resulting from changes in fair value are included in the statement of operations.

The Company discloses the composition of crypto assets, including fair value by major type of token, as well as the location on the balance sheet and significant changes during the reporting period, in accordance with the disclosure requirements of ASC 350-60.

Future sales or exchanges of coins will be accounted for on a first in first out basis (FIFO).

90% of revenue that is used to purchase BONK tokens is not legally or contractually restricted. Under the Revenue Sharing Agreement, 90% of gross revenues must be converted into BONK and deposited into the Treasuries Wallet. The agreement does not impose any lock-ups, use-restrictions, release conditions, or prohibitions on sale or transfer after the BONK is received. The BONK tokens are fully available for the Company’s use, without restriction. The Company has full control and the ability to sell, transfer, or use the tokens at any time. The Company has chosen, as part of its long-term economic strategy, not to sell these tokens. This is a voluntary internal policy, not an externally imposed restriction. The Company’s strategic objective is to accumulate BONK in treasury in order to support long-term token stability and ecosystem value, which is consistent with the economic purpose of the revenue-sharing arrangement. Because the tokens are fully under the Company’s control and are not subject to contractual release conditions, they are not “restricted assets”. The Company can access the economic benefits at any time if needed.

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Net Loss per Common Share

Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. If applicable, diluted earnings per share assume the conversion, exercise or issuance of all common stock instruments such as options, warrants, convertible securities and preferred stock, unless the effect is to reduce a loss or increase earnings per share. As such, options, warrants, convertible securities, and preferred stock are not considered in the calculations, as the impact of the potential common shares would be to decrease the loss per share.

Fair Value Measurements

SEC Form 10-Q filed by Bonk Inc.