BNKKHIGH SIGNALRISK10-K

BNKK has pivoted to become a BONK cryptocurrency holding company with concentrated exposure to token volatility, while simultaneously experiencing substantially higher net losses.

The company has undergone a fundamental business model transformation from a dietary supplement company to a cryptocurrency treasury strategy focused on BONK tokens, creating significant concentration risk. The new risk disclosures explicitly warn that BONK token price volatility will directly impact financial results and the company's ability to meet financial obligations, representing a material shift in the investment thesis.

Comparing 2026-03-31 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows mixed signals with some operational improvements but continued losses. R&D expenses were substantially reduced while operating cash flow improved modestly, suggesting better expense management. However, net losses grew meaningfully to $68.2M, indicating the business transformation has not yet translated to profitability. The reduction in total and current liabilities by over one-third provides some balance sheet relief, but this occurs against the backdrop of a high-risk cryptocurrency concentration strategy.

FINANCIAL STATEMENT CHANGES
R&D Expense
P&L
-91.1%
$272K→$24K

R&D spending cut 91.1% — could signal cost discipline or concerning reduction in innovation investment.

Net Income
P&L
-38%
-$49.4M→-$68.2M

Net income declined 38% — review whether driven by operations, interest costs, or non-recurring items.

Total Liabilities
Balance Sheet
-37.2%
$9.5M→$6.0M

Liabilities reduced 37.2% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-36.4%
$9.4M→$6.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Operating Cash Flow
Cash Flow
+15.5%
-$7.6M→-$6.4M

Operating cash flow grew 15.5% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-28
ADDED
Employer incorporation or organization) Identification) 18801 N.
The market value of securities held by non-affiliates was $ 31,796,306 as of June 30, 2025, based on the closing price of $11.55 for the registrant s common stock on June 30, 2025.
The SEC maintains a website (www.sec.gov) that contains these publicly filed reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us.
Our significant risks may be summarized as follows: Risks Related to Our Business The BONK token is a highly volatile asset, and fluctuations in the price of the BONK token are likely to affect our financial results and the market price of our listed securities.
A significant decrease in the market value of our BONK token holdings could adversely affect our ability to satisfy our financial obligations.
The concentration of our BONK token holdings enhances the risks inherent in our BONK treasury strategy.
The emergence or growth of other digital assets, including those with significant private or public sector backing, could have a negative impact on the price of BONK tokens and adversely affect our business.
We are subject to government regulation, and unfavorable changes could substantially harm our business and results of operations.
Our reliance on third parties to manufacture and supply our products, including the Sure Shot Dietary Supplement and Yerba s plant-based beverages, may harm our business, financial condition and operating results.
Compliance with new and existing laws and governmental regulations could increase our costs significantly and adversely affect our results of operations.
REMOVED
Employer incorporation or organization) Identification) 1061 E.
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.
In August 2023, the Company successfully completed the asset purchase of the Safety Shot Dietary Supplement from GBB Drink Lab, Inc.
( GBB ), thereby gaining ownership of various assets, including the intellectual property, trade secrets, and trademarks associated with its dietary supplement (the Safety Shot Dietary Supplement ).
The Company launched its e-commerce sale of the Safety Shot Dietary Supplement in December 2023.
On October 9, 2024, the Company renamed the Safety Shot Dietary Supplement as the Sure Shot Dietary Supplement.
The Sure Shot Dietary Supplement has been formulated to reduce the accumulation of blood alcohol.
Under sections 201(s) and 409 of the Federal Food, Drug, and Cosmetic Act (the Act), any substance that is intentionally added to food is a dietary supplement, that is subject to premarket review and approval by the FDA, unless the substance is generally recognized, among qualified experts, as having been adequately shown to be safe under the conditions of its intended use, or unless the use of the substance is otherwise excepted from the definition of a dietary supplement.
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