Confidential — For Banking Purposes Only
Fongo Inc.
Financial Summary — Fiscal Year Ended December 31, 2025
Accrual Basis · All figures in CADTotal Revenue
$4.76M
Gross Profit
$3.55M
Net Income
$595K
Gross Margin
74.6%
Net Margin
12.5%
Cash Position
$120K
Revenue Analysis
Breakdown by business segment
Revenue Mix
Revenue by Segment ($)
Income Statement
For the year ended December 31, 2025
| Description | Amount ($) |
|---|---|
| Revenue | |
| Home Phone | 2,349,422 |
| Mobile | 1,704,136 |
| Fongo Works | 357,418 |
| Internet | 256,437 |
| Wireless | 95,244 |
| Other Revenue | (1,272) |
| Total Revenue | 4,761,385 |
| Cost of Goods Sold | |
| Intercompany Telecom Services | 373,636 |
| Commission Expense | 239,352 |
| Internet (wholesale) | 204,447 |
| Wireless Charges | 123,227 |
| Hosting | 105,034 |
| Freight & Shipping | 74,523 |
| SMS Fees | 42,936 |
| Advertising & Promotion | 41,494 |
| Dry Loop | 3,754 |
| Sales Subscriptions | 795 |
| Total COGS | 1,209,198 |
| Gross Profit | 3,552,187 |
| Operating Expenses | |
| Employment & Benefits | 1,095,688 |
| Consulting & Outsourcing | 930,592 |
| Development (Outsourcing) | 226,847 |
| Office Rent/Lease | 165,139 |
| Merchant & Bank Fees | 160,635 |
| Professional Fees | 117,668 |
| Dev Hardware & Software | 60,454 |
| Insurance | 57,684 |
| Office Expenses & Supplies | 44,376 |
| CCTS Complaint Fees | 36,063 |
| Repairs & Maintenance | 32,545 |
| Subscriptions & Software | 30,772 |
| Meals & Entertainment | 12,933 |
| Travel & Transport | 10,745 |
| Professional Development | 6,248 |
| General & Admin | 2,066 |
| Communication | 2,054 |
| Motor Vehicle | 1,498 |
| Total Operating Expenses | 2,994,007 |
| Operating Income | 558,180 |
| Other Income (net) | 37,196 |
| Net Income | 595,377 |
Balance Sheet
As of December 31, 2025
| Description | Amount ($) |
|---|---|
| Assets | |
| Current Assets | |
| Cash & Cash Equivalents | 119,774 |
| Accounts Receivable (net) | 133,631 |
| Prepaid Expenses | 854 |
| Deferred Costs (Wireless) | 17,107 |
| Payroll Advance Receivable | 3,750 |
| Total Current Assets | 275,115 |
| Intercompany & Related Party Receivables | |
| Due from Jody Schnarr (Shareholder Loan) | 430,085 |
| Due from 9090975 Canada Inc. | 174,116 |
| Due from Schnarr Family Holdings | 141,470 |
| Due from 833159 Canada Corp (Rack & Data) | 108,628 |
| Due from Nucleus AI | 85,000 |
| Due from Nucleus Technologies | 28,634 |
| Government Remittance Receivable | 78,711 |
| Due from Related Party | 410 |
| Total Intercompany Receivables | 1,047,053 |
| Property, Plant & Equipment | |
| Computer Hardware (net) | 32,179 |
| Computer Equipment | 6,786 |
| Equipment (net) | 98,095 |
| Furniture & Fixtures (net) | 560 |
| Motor Vehicle | 197,625 |
| Total PP&E | 335,246 |
| Intangible Assets (Domain Names) | 30,452 |
| Net Tax Receivable | 104,358 |
| Total Assets | 1,792,224 |
| Liabilities | |
| Current Liabilities | |
| Accounts Payable | 191,862 |
| Credit Card Payable | 2,269 |
| Accrued Liabilities | 48,818 |
| Deferred Revenue | 377,759 |
| Total Current Liabilities | 620,709 |
| Long-term Liabilities | |
| Vehicle Loan | 138,404 |
| Total Long-term Liabilities | 138,404 |
| Total Liabilities | 759,113 |
| Equity | |
| Capital Stock | 2,666,779 |
| Contributed Surplus | 221,892 |
| Accumulated Deficit | (2,470,421) |
| Current Year Net Income | 595,377 |
| Total Equity | 1,013,627 |
| Total Liabilities & Equity | 1,772,740 |
Key Financial Ratios
Performance and health indicators
Gross Margin74.6%
Net Margin12.5%
Debt-to-Equity0.75x
Total Assets$1.79M
Total Equity$1.01M
Deferred Revenue$377,759
SR&ED Receivable$113,667
Revenue$4.76M
Cash Position$119,774
Prepared by HelloFinance — Confidential — For Banking Purposes Only
Fongo Inc. · Fiscal Year Ended December 31, 2025 · Accrual Basis
Fongo Inc. · Fiscal Year Ended December 31, 2025 · Accrual Basis