$NXB

OFF THE HOOK YS INC.

CIK:0002067767|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Revenues

$ 59,063,204

$ 31,348,061

$ 88,906,943

$ 58,586,843

Cost of revenues

49,527,606

26,581,626

75,009,541

50,296,398

Gross profit

9,535,598

4,766,435

13,897,402

8,290,445

Operating expenses:

Depreciation and amortization

163,150

86,837

321,838

123,210

Selling, general and administrative

1,438,694

399,992

2,732,469

823,852

Advertising and marketing

349,410

47,609

940,303

376,655

Professional services

1,422,174

47,193

2,008,374

101,480

Salaries and wages

6,480,556

2,844,934

10,792,942

4,547,597

Rent expenses

715,563

227,403

1,003,418

384,561

Total operating expenses

10,569,547

3,653,968

17,799,344

6,357,355

(Loss) Income from operations

(1,033,949)

1,112,467

(3,901,942)

1,933,090

Other income (expenses):

Interest expense, net

(1,197,101)

(571,214)

(1,726,231)

(1,116,512)

Other income, net

(507)

12,588

92,126

27,037

Total other expenses

(1,197,608)

(558,626)

(1,634,105)

(1,089,475)

(Loss) profit before income taxes

(2,231,557)

553,841

(5,536,047)

843,615

Income tax (benefit) expenses

(161,882)

1,150

Net (Loss) Income

(2,069,675)

553,841

(5,537,197)

843,615

Net Loss attributed to non-controlling interest

(200,607)

Net (Loss) Income attributed to Nextboat Inc.

$ (1,869,068)

$ 553,841

$ (5,336,590)

$ 843,615

Basic Net (Loss) Income Per Common Share

$ (0.08)

$ 0.03

$ (0.22)

$ 0.04

Diluted Net (Loss) Income Per Common Share

$ (0.08)

$ 0.03

$ (0.22)

$ 0.04

Basic weighted average common shares outstanding

^[1],[2]

24,791,031

20,000,000

24,552,176

20,000,000

Diluted weighted average common shares outstanding

^[1],[2]

24,791,031

20,000,000

24,552,176

20,000,000

[1]	Due to the anti-dilutive effect, the computation of basic and diluted earnings per share did not include the shares underlying the exercise of RSUs as the Company had a net loss for the six months ended June 30, 2026.
[2]	For the six months ended June 30, 2026, 100,000 shares of common stock issuable in connection with the acquisition of Boats and Buyers, Inc. (see Note 5. Intangible Assets) have been included in the computation of basic earnings (loss) per share, as all necessary conditions for issuance have been satisfied.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net (loss) income	$ (5,537,197)	$ 843,615
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	321,838	123,210
Stock-based compensation	3,450,924
Stock issued for professional fees	475,889
Changes in operating assets and liabilities:
Accounts receivable	(1,063,464)	(157,170)
Private label receivable		190,492
Other receivable	27,486	6,821
Inventory	(17,950,151)	(1,981,591)
Prepaid expense	(525,579)	(135,061)
Other current assets	(91,338)	488,999
Due to and from related party	387,753	11,313
Right-of-use assets	82,283	215,894
Accounts payable	735,728	(375,299)
Accrued liabilities	513,015	17,448
Customer deposits	1,278,505	707,948
Other current liabilities	(196,887)	33,456
Lease liabilities		(208,784)
Net Cash Used in Operating Activities	(18,091,195)	(218,709)
Cash Flows from Investing Activities:
Capital expenditure for fixed assets	(2,957,803)	(17,297)
Acquisition of intangible assets	(75,714)	(150,000)
Business acquisition, net of cash acquired	(844,701)
Net Cash Used in Investing Activities	(3,878,218)	(167,297)
Cash Flows from Financing Activities:
Member distribution		(1,418,082)
Proceeds from short-term loan payable	3,500,000
Payment to short-term loan payable	(1,500,000)	(10,827)
Proceeds from floorplan notes payable	60,328,938	39,555,059
Payment to floor plan notes payable	(47,724,815)	(37,388,111)
Proceeds from long-term debt	1,953,806	59,428
Payment to long-term debt	(133,689)	(112,294)
Proceeds from related-party debt	1,354,000	9,103
Repayments of related party debts	(500,000)	(112,194)
Net Cash Provided by Financing Activities	17,278,240	582,082
Net Change in Cash	(4,691,173)	196,076
Cash and cash equivalents, beginning of period	12,428,774	2,927,126
Cash and Cash Equivalents, End of Period	7,737,601	3,123,202
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	1,461,957	1,079,072
Cash paid for income tax
Non-Cash Investing and Financing Activities:
Establishment of ROU assets and liabilities	12,996,510	368,620
Derecognition of ROU assets upon purchase of asset	1,492,416
Stock consideration recorded as contingent liability for assets acquisition		$ 350,000

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 7,737,601	$ 12,428,774
Accounts receivable, net	1,333,402	269,938
Inventory	60,393,869	26,035,844
Prepaid expense	1,397,605	706,256
Other current assets	569,048	434,584
Total Current Assets	71,431,525	39,875,396
Non-Current Assets
Property, plant and equipment, net	3,998,268	823,231
Other receivable		27,486
Right-of-use assets	18,920,775	6,516,415
Goodwill	5,499,795	570,000
Intangible assets, net	572,829	560,406
Total Non-Current Assets	29,061,579	8,542,161
Total Assets	100,493,104	48,417,557
Current Liabilities
Accounts payable	2,318,679	1,471,198
Accrued liabilities	1,699,465	790,804
Lease liabilities, current	2,550,653	963,731
Current portion of long-term debt	1,969,226	32,453
Customer deposits	2,857,835	1,210,447
Short-term debt	2,170,000
Floor plan notes payable	51,561,686	25,312,694
Total Current Liabilities	68,480,920	30,870,236
Long-Term Liabilities
Long-term debt, noncurrent	3,263,451	62,003
Lease liabilities, noncurrent	16,690,631	5,650,165
Total Long-Term Liabilities	19,954,082	5,712,168
Total Liabilities	88,435,002	36,582,404
Stockholders’ Equity
Common stock, $0.001 par value; 100,000,000 shares authorized; 25,084,128 and 24,020,000 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively	25,084	24,020
Additional paid-in capital	23,723,649	17,964,567
Common stock payable	350,000	350,000
Non-controlling interest	(200,607)
Accumulated deficit	(11,840,024)	(6,503,434)
Total Stockholders’ Equity	12,058,102	11,835,153
Total Liabilities and Stockholders’ Equity	100,493,104	48,417,557
Related Party [Member]
Non-Current Assets
Due from related party	69,912	44,623
Current Liabilities
Other current liabilities	2,776,442	315,088
Nonrelated Party [Member]
Current Liabilities
Other current liabilities	$ 576,934	$ 773,821