NASDAQ: MAMO

We
are headquartered in a 376,000 sq. ft. facility, of which 280,000 sq. ft. is dedicated to Massimo Motor Sports LLC (“Massimo Motor
Sports”) and 96,000 sq. ft. to Massimo Marine LLC (“Massimo Marine”). Our Dallas, Texas, facility sits next to seven
acres of boat storage and includes a design center, two manual assembly lines, an automated robotic vehicle-assembly line, a parts department,
a test track, a dynamometer, and more than 30 loading docks. Our products are sold directly by us in the e-commerce marketplace and through
a network of dealerships, distributors, and chain stores. We have a significant in-store UTV retail partnership with Tractor Supply Co.
In March 2025, we expanded our distribution capabilities through an e-commerce platform in partnership with Ekho Dealer, enabling customers
to browse, configure, and purchase vehicles online while integrating directly with our dealer network for fulfillment and service. This
capability enhances our omnichannel distribution strategy.

We
manufacture and assemble our products in our Dallas facility and rely on an international network of strategic global partnerships to
supply us with parts and components. In 2017, we began a partnership with Linhai Yamaha Motor Co., located in Shanghai, China, which
allowed us to rapidly expand our product line and increase the performance of our vehicles.

On
June 11, 2024, we entered into a strategic partnership agreement with Armlogi Holding Corp (“Armlogi”), a U.S.-based warehousing
and logistics service provider, to gain access to Armlogi’s warehousing facilities and tailored logistics services for fast order
fulfillment of our UTVS, ATVs, Go-Karts and Golf Carts. Pursuant to the agreement, Armlogi will receive containers of our vehicle kits
arriving from Asian suppliers at its warehouses in Savannah, GA, Edison, NJ, and Walnut, CA. Massimo will provide vehicle assembly at
the warehouses, and Armlogi will supply inventory management, storage services, logistics, and delivery to final order destinations.

Strategic
Positioning

We
are evolving from a traditional powersports company into a utility mobility platform supported by a nationwide distribution and service
infrastructure. Our strategy is centered on expanding all-weather vehicle capabilities, strengthening our dealer and service network,
and enhancing our ability to serve both retail and commercial customers.

AI
Technology Expansion

In
December 2025, the Company established Massimo AI Technology, Inc., a wholly-owned subsidiary focused on exploring the integration
of advanced technologies into our operations and product ecosystem. These efforts are currently in the early research and
development stage and include evaluating applications in industrial automation, logistics, and intelligent systems. We are
developing capabilities in areas such as machine vision, sensor integration, and control systems; however, these initiatives are in
development and may not result in commercially viable products or services.

In
February 2026, the Company entered into a non-binding letter of intent to acquire 100% of FST Development Company Limited, a technology
firm specializing in intelligent hardware and AI-driven solutions, to accelerate our integration of AI and health-robotics technology
across our product lines. However, as the letter of intent is non-binding, there can be no assurance that a definitive agreement will
be executed or that the transaction will be completed; furthermore, even if completed, the acquisition may not achieve the expected strategic
benefits or synergies.

Corporate
History

Massimo
Motor Sports was initially formed as a limited liability company in Texas on June 30, 2009. Massimo Marine was formed as a limited liability
company in Texas on January 6, 2020. At the time of the respective formations, Mr. David Shan had held one hundred percent (100%) of
the issued and outstanding membership interests of Massimo Motor Sports and Massimo Marine.

3

On
October 10, 2022, Massimo was formed, with Mr. David Shan as the sole stockholder. On June 1, 2023, the Company effectuated an internal
reorganization whereby (i) Asian International Securities Exchange Co., Ltd. (“AISE”) entered into two separate contribution
agreements with Massimo Marine and Massimo Motor Sports, respectively, whereby AISE contributed $1,000,000 to Massimo Marine and $1,000,000
to Massimo Motor Sports in exchange for fifteen percent (15%) of membership interests in both entities, and (ii) simultaneously, on the
same date, Mr. David Shan and AISE contributed their membership interests in Massimo Marine and Massimo Motor Sports, which was eighty-five
percent (85%) and fifteen percent (15%) respectively, to Massimo in exchange for shares of common stock, par value $0.001 (“common
stock”) of Massimo, the end result being that Mr. David Shan and AISE owned eighty-five percent (85%) and fifteen percent (15%)
of Massimo (the “Reorganization”) prior to our initial public offering.

Listing

Our
common stock began trading on April 2, 2024, on The Nasdaq Capital Market (“Nasdaq”) under the symbol “MAMO.”

Competitive
Strengths

We
believe the following strengths position us to continue to grow our business and expand our market presence:

All-Weather
Product Innovation and Differentiation

We
are focused on advancing the utility vehicle category through the introduction of fully enclosed, HVAC-equipped vehicles designed for
year-round use. These all-weather platforms, including our Sentinel series, enable operation across a wide range of climates and applications,
expanding the traditional use cases of UTVs beyond seasonal recreation into daily utility and commercial use. We believe this differentiation
enhances our competitive positioning and increases our addressable market.

Scaled
Distribution and Service Network

We
have developed a broad distribution and service infrastructure across the United States, including a large network of independent dealers,
national retail partners, and third-party service providers. This network enables us to reach customers across rural, agricultural, and
commercial markets while providing ongoing service and support. Our parts and service capabilities, including rapid fulfillment and nationwide
technician support, contribute to customer satisfaction and long-term relationships with dealers and end users.

Omnichannel
Sales and Dealer Integration

We
utilize a multi-channel distribution strategy that includes dealers, national retail partners, and e-commerce platforms. In 2025, we
enhanced our digital capabilities through an e-commerce platform integrated with our dealer network, enabling customers to browse, configure,
and purchase vehicles online while supporting dealer fulfillment and service. This omnichannel approach allows us to meet evolving customer
purchasing preferences while strengthening dealer relationships.

Diversified
Product Platform

We
offer a diversified portfolio of products across multiple categories, including UTVs, ATVs, golf carts and electric utility carts, motorcycles,
youth products and pontoon boats. This breadth allows us to serve a wide range of customer needs and reduces our reliance on any single
product category. In addition, our product lineup includes both recreational and utility-focused vehicles, as well as entry-level and
higher-value offerings, supporting customer acquisition and long-term brand engagement.

Utility-Focused
Customer Base

A
significant portion of our customers are engaged in agriculture, land management, and other utility-driven applications. This positions
our business within essential-use demand segments, which we believe are more resilient than purely discretionary recreational markets.

Scalable
and Flexible Supply Chain

We
maintain relationships with a global network of manufacturing partners, enabling us to offer competitively priced products while maintaining
quality standards. At the same time, we are actively working to diversify our supply chain by expanding sourcing across multiple regions
and evaluating assembly and manufacturing opportunities outside of China. These initiatives are intended to improve resilience, reduce
risk, and enhance operational flexibility.

Integrated
Operations and Distribution Infrastructure

We
operate from a 376,000 sq. ft. facility in Dallas, Texas, which serves as a central hub for assembly, product development, parts distribution
and logistics. The facility includes design and testing capabilities, assembly lines, parts operations, and logistics infrastructure
with more than 30 loading docks, supporting efficient product handling and shipment.

This
centralized infrastructure allows us to assemble, accessorize, and prepare vehicles for shipment efficiently, enabling timely delivery
to dealers, retailers, and customers. In addition, we have expanded our logistics capabilities through a partnership with Armlogi, providing
access to strategically located warehousing facilities and enhanced inventory management and distribution services across key regions
in the United States.

We
believe our integrated operations and distribution capabilities support scalability, improve fulfillment speed, and enhance our ability
to serve our dealer network and retail customers.

Experienced
Management and Operational Leadership

Our
management team has extensive experience in product development, sourcing, distribution, and retail execution within the powersports
and outdoor industries. The team has demonstrated the ability to identify market opportunities, introduce new products, and expand
distribution channels. We believe our leadership team is well-positioned to execute on our strategic initiatives, including
expanding our all-weather vehicle platform, strengthening our dealer network, developing commercial and fleet sales channels, and
enhancing our operational capabilities.

4

Strategy

Our
strategy is focused on expanding our position as a provider of utility-focused vehicles and mobility solutions, supported by a scalable
distribution and service platform. We are focused on increasing market share through product innovation, distribution expansion, and
entry into new customer segments, including commercial and fleet applications.

Our
key strategic initiatives include:

●
Expand
All-Weather Vehicle Platform

○
We
are focused on expanding our portfolio of fully enclosed, HVAC-equipped vehicles designed for year-round use. We believe these all-weather
platforms represent a significant evolution in the UTV category, enabling broader use cases across agricultural, commercial, and
recreational applications. We plan to extend HVAC capabilities across our lineup, including future models such as the Sentinel 1500.

●
Expand
Distribution and Omnichannel Capabilities

○
We
continue to strengthen our nationwide distribution footprint through dealer expansion, retail partnerships, and logistics infrastructure.
Through our partnership with Armlogi, we have expanded our distribution center network across key regions in the United States, improving
delivery times, reducing logistics costs, and enhancing dealer and customer responsiveness.

○
In
addition, we are expanding our omnichannel capabilities through our e-commerce platform, enabling customers to browse, configure,
and purchase vehicles online while integrating with our dealer network for fulfillment and service.

●
Develop
Fleet and Commercial Sales Channels

○
We
are expanding into commercial and fleet markets through a dedicated fleet sales program launching in 2026. This initiative targets
institutional, municipal, and commercial customers seeking utility vehicles for operational use. We have received early interest
from fleet operators, particularly for our HVAC-equipped electric carts, which offer enhanced comfort and usability in year-round
working environments.

●
Expand
Product Portfolio and Innovation

○
We
continue to introduce new models and enhance existing products across our portfolio, including UTVs, ATVs, golf carts, and electric
utility vehicles. Our product development efforts focus on improving functionality, durability, and user experience, as well as expanding
into adjacent categories such as electric vehicles and technology-enabled products.

○
We
are also exploring opportunities to introduce AI-enabled products through partnerships with third-party manufacturers, which may
include applications in agriculture, security, and logistics.

●
Diversify
and Strengthen Supply Chain

○
We
are actively working to diversify our supplier base and reduce reliance on any single geographic region. Our strategy includes expanding
sourcing across multiple countries and evaluating assembly and manufacturing opportunities outside of China to mitigate geopolitical
and tariff-related risks and improve supply chain resilience.

●
Invest
in Infrastructure and Operational Efficiency

○
We
continue to invest in our operational capabilities, including assembly automation, logistics infrastructure, and information systems.
These investments are intended to improve efficiency, support growth, and enhance our ability to scale our business.

○
We
are also investing in our dealer development and regional sales capabilities to support network expansion, strengthen partner relationships,
and improve execution as we introduce new product offerings.

Products

We
offer a diversified portfolio of utility-focused and recreational vehicles, including UTVs,
ATVs, golf carts and electric utility carts, motorcycles, pontoon boats, and a range of accessories
and related products. Our product strategy is centered on delivering practical, durable, and feature-rich vehicles designed for both
work and recreational use across rural, agricultural, and commercial applications.

5

The
majority of our products are imported directly from our manufacturer network to our facility in Dallas where they are assembled, accessorized
and inspected before shipment to a distributor or direct to the customer, with the exception of our Pontoon Boats, which are wholly manufactured
at our Dallas facility. With the exception of our products designed for industry usage, our products are designed to serve both
recreational and utility-focused applications, with increasing emphasis on commercial, agricultural and fleet use cases.

We
constantly monitor the consumer market and consult with suppliers to determine what new products we can offer customers. In determining
whether to commence distributing a product, among other things, we consider the quality and reliability of the product, the value we
believe we can deliver to the consumer based on the price to be paid to the supplier and the reliability of the supplier.

ATV
and UTV

Our ATV and UTV lineup include
a range of models designed for both recreational and utility use, with applications including farming, land management, property maintenance,
and outdoor recreation. Our UTV platform is a core focus of our product strategy, particularly as we expand into all-weather, HVAC-equipped
models designed for year-round use.

We offer both gas-powered and electric models across our ATV and UTV categories, supported by a full line of accessories
and replacement parts. We continue to prioritize product enhancements that improve durability, functionality, and operator comfort.

Massimo
Sentinel 1500 HVAC Crew UTV

Massimo
Sentinel 770 HVAC UTV

6

Massimo
Buck 550-6 Crew UTV

Massimo
T-Boss 560 UTV

7

Massimo MSA 760 ATV

Massimo MSA 450F ATV

8

Massimo
MVR 2X and Massimo MVR Cargo Max Electric Golf Carts

Golf
Carts and Electric Utility Carts

Our
golf cart and electric utility cart lineup represents a growing segment of our business, serving both recreational and commercial applications.
These vehicles are used in a variety of settings, including residential communities, campuses, hospitality environments, and light industrial
and commercial operations.

We
offer a range of electric golf carts and utility carts with features focused on comfort, efficiency, and customization. Our newer models
include premium features such as enclosed cabins and HVAC systems, which are particularly attractive for commercial and fleet applications
requiring year-round usability.

We
believe our electric cart platform is well-positioned for expansion, particularly as we develop our fleet sales program targeting commercial
customers seeking reliable, low-maintenance, and environmentally friendly transportation solutions.

Massimo
MVR HVAC Pro

Massimo
MVR HVAC Cargo Max Pro

9

Recreational
Pontoon Boats

Our
marine division focuses on recreational pontoon and tritoon boats designed for leisure, fishing, and family-oriented activities.

We
entered the pontoon boat market in 2020 and have since developed a portfolio of both gas-powered and electric-powered models, supported
by a full line of replacement parts and accessories.

We
manufacture our pontoon boats at our Dallas, Texas facility and continue to evaluate opportunities to optimize product offerings, distribution
and operational efficiency within this segment as part of our broader portfolio strategy.

We
have also expanded our presence in electric marine propulsion through a partnership with Vision Marine Technologies Inc. (“Vision
Marine”), under which certain of our pontoon boats are equipped with Vision Marine’s E-Motion™ 180E Powertrain System,
a turnkey electric propulsion solution.

Massimo Marine Pontoon Boat

Massimo
Marine Tritoon Boat

10

For
the 2026 model year, we are introducing product enhancements across our marine lineup. Our 22-foot and 24-foot models will include optional
removable modular kitchen units featuring an integrated sink, handheld sprayer, refrigeration, and grilling capabilities. In addition,
our 25-foot models will include updated design and performance features, including new fencing configurations, enhanced stern design,
wraparound windshield options, upgraded seating layouts, and dual helm configurations.

Motorcycles,
Go Karts, Youth Products and Accessories

In
addition to our core vehicle categories, we offer a broad range of gas-powered and electric-powered motorcycles, minibikes, go karts,
and youth-oriented products. This segment represents a meaningful portion of our unit volume, with annual sales of youth and entry-level
products in the tens of thousands of units.

Our
youth product lineup includes go karts, minibike, and electric balance bikes designed for younger riders, as well as entry-level recreational
vehicles for new powersports users. These products are designed to be accessible, easy to operate, and aligned with customer demand for
recreational and family-oriented outdoor activities.

We
believe this category plays an important role in introducing new customers to our brand, supporting long-term customer engagement, and
providing a foundation for progression into our higher-value utility and recreational vehicle offerings.

Massimo
MB200S Mini Bike

Massimo
Mini 125 Go Kart

11

Massimo
GKD200S Go Kart

Massimo
MB200 Mini Bike

12

We
offer a wide range of accessories for all of our vehicles including replacement parts and supplies, along with seasonal equipment such
as snowplows and enclosures specially designed for our UTVs. Our outdoor accessories include EV chargers, portable solar panels, electric
coolers and power stations.

Marketing

Our
marketing strategy is focused on reaching rural, agricultural and commercial customers who rely on utility-oriented vehicles for work,
property management and recreational use. A significant portion of our customer base consists of farmers, landowners, ranchers, and small
business operators, positioning our products within essential-use applications rather than purely discretionary spending.

We
primarily market and sell our products through a nationwide network of dealers and retail partners, supported by in-store merchandising,
dealer-led marketing initiatives, and national retail relationships. These channels allow us to maintain strong local market presence
while benefiting from broader brand visibility.

We
have also expanded our digital capabilities to support evolving customer purchasing behavior. In March 2025, we launched an enhanced
e-commerce platform through our partnership with Ekho Dealer, enabling customers to browse, configure, and purchase vehicles online while
integrating with our dealer network for fulfillment and service. This omnichannel approach allows us to support both traditional in-store
purchasing and online engagement.

Our
product positioning emphasizes utility, durability and year-round usability. We are increasingly focused on promoting our HVAC-equipped,
all-weather vehicles, which are designed to expand use cases beyond seasonal recreation and support daily operational needs in a variety
of environments.

In
addition, we are developing targeted marketing initiatives for commercial and fleet customers as we expand our presence in these segments.
These efforts include direct engagement with fleet operators and businesses seeking utility vehicles for operational use.

We
continue to leverage a combination of digital marketing, dealer partnerships, retail placement, and customer engagement programs to drive
brand awareness, customer acquisition and long-term retention.

Multiple
Distribution Channels

We sell our products through a
diversified, omnichannel distribution platform that includes independent dealers, national retail partners, and e-commerce channels. We
have established a broad dealer network with approximately 2,800 locations across the United States, including relationships with major
retailers such as Tractor Supply Co., Lowe’s, Walmart, and others.

Our dealer network represents
a core component of our go-to-market strategy, enabling localized sales, service, and customer engagement. We maintain long-term relationships
with our dealer partners and support them through marketing programs, inventory management, and sales initiatives designed to drive product
visibility and sell-through.

We have also expanded our digital
capabilities through our e-commerce platform, including our partnership with Ekho Dealer, which enables customers to browse, configure,
and purchase vehicles online while integrating with our dealer network for fulfillment and service. This omnichannel approach allows us
to support evolving customer purchasing behavior while strengthening dealer relationships.

In addition, we maintain relationships
with distributors and are selectively expanding into international markets, including initial efforts in Europe through independent distribution
partners. We believe our diversified distribution model provides broad market access, enhances brand visibility and supports scalable
growth across multiple customer segments.

13

Dedicated Customer Support and Service Infrastructure

Our customer engagement extends
beyond the point of sale through a comprehensive service and support platform designed to maintain long-term customer relationships and
ensure product performance. Post-sale activities include delivery confirmation, warranty registration, maintenance reminders and ongoing
customer communication.

We maintain a dedicated team of
full-time employees, including trained technicians, who provide support to both customers and dealers through online and telephone channels.
Our support infrastructure is designed to assist with product operation, diagnostics, and maintenance across our full product portfolio.

We operate an approximately 40,000
sq. ft. parts facility that stocks a full line of parts, accessories, and maintenance items, enabling us to fulfill most parts orders
within 48 hours. We also provide detailed parts diagrams and service manuals to support efficient maintenance and repair.

In addition, we have implemented a mobile
technician program, with trained technicians deployed nationwide to provide on-site support to dealers and customers. These technicians
assist with maintenance, training, diagnostics, and repair services, improving service responsiveness and reducing vehicle downtime.

Product
Warranties

We
provide warranty coverage designed to support product reliability and customer confidence across our product portfolio. We provide
limited warranty coverage for defects in materials and workmanship in our ATVs, UTVs, golf carts, Go-Karts and motorcycles for a
period of one year. The warranty is non-transferable for the period of coverage if the vehicle is resold. Our limited warranty is
void if the vehicle is used as a rental, racing or any modifications are made to the product. Although we employ quality control
procedures, a product is sometimes distributed which needs repair or replacement. Historically, product recalls have not had a
material effect on our business.

We
have entered into an exclusive arrangement with Mercury Marine, a division of Brunswick corporation (“Mercury Marine” or
“Mercury”), so all of our Pontoon Boats come equipped with a Mercury outboard engine and parts. Our Mercury warranty and
service program gives our customers access to 5,500 approved service centers in the United States. Like most luxury brands, we offer
a ten-year warranty on the deck of the Pontoon Boats and a lifetime warranty on aluminum on many materials and workmanship and a three-year
warranty for defects in critical parts including the structure, pontoons, fencing, channels, motor mounts and rotomold seat frames caused
by poor workmanship. Because we are Mercury exclusive, our customers receive a three-year warranty offered by Mercury on everything supplied
by Mercury, which includes digital control, hydraulic steering, throttle, steering system, engine, cables, and electrical. Our warranty,
along with the Mercury are transferable during the original warranty period and are in line with top level original equipment manufacturers.

14

Financing
Arrangements

We support
our dealer network and end customers through a range of financing solutions designed to facilitate product accessibility and drive sales
growth.

For dealer
financing, we maintain floor plan arrangements with multiple providers, including Northpoint Commercial Finance, Automotive Finance Corporation
(AFC), and Dealer Direct. These programs enable dealers and distributors to finance inventory purchases, with the Company typically receiving
payment shortly after shipment. To support dealer adoption and inventory turnover, we offer promotional programs under which we subsidize
interest costs for an initial period, generally up to 90 days.

For retail
customers, we work with a network of third-party financing partners to provide installment loan and lease options across our product portfolio,
including UTVs, ATVs, golf carts, and pontoon boats. These programs are designed to support a broad range of customers, including both
prime and non-prime borrowers. We also offer promotional financing programs, including opportunities for qualified buyers to access low
or zero percent APR financing on select models.

In addition,
we have partnered with Horsepower Financial to offer lease financing options, providing customers with additional flexibility in how they
acquire and use our vehicles.

As we
continue to expand our portfolio of higher-value, HVAC-equipped vehicles and premium product offerings, we believe our financing relationships
will play an increasingly important role in supporting customer adoption and driving sales growth by improving affordability and purchasing
flexibility.

These
financing programs are an important component of our go-to-market strategy, particularly as we expand into higher-priced product categories.

Manufacturing
and Sourcing

We
manufacture our Pontoon Boats in our 376,000 sq. ft. facility of which 280,000 sq. ft. is dedicated to Massimo Motor Sports and 96,000
sq. ft. to Massimo Marine. Our facility is adjacent to a seven-acre storage area for boats in Dallas, Texas. This space houses a design
center, two assembly lines, training rooms, an approximately 40,000 square foot parts department, and over thirty loading docks. Structural
components and other materials are sourced locally from a variety of suppliers and electrical components and engines are obtained through
an exclusive arrangement with Mercury. We have entered into an exclusive arrangement with Mercury, so all of our Pontoon Boats come equipped
with a Mercury outboard engine and parts.

Apart
from the brand name items we offer to our customers, such as the outboard motor, depth finder, radio and stereo system, the materials
and components used in our pontoons are generally available from multiple suppliers. If any supplier was unable to fulfill our needs,
alternate sources are available. More than 60% of the value of our boats are USA sourced, thus limiting our risk for overseas interruption.

Substantially
all products other than our boats, in particular our ATVs and UTVs, are sourced from select global manufacturers with which we have ongoing
relationships. Our in-house sourcing and logistics personnel reach out to possible vendors, suppliers and raw material providers, and
review their products and background to ensure that their products will meet our standards and that they can meet our needs on a timely
basis. We review market trends with our major suppliers to coordinate manufacturing volumes and delivery dates and determine whether
there is an opportunity to upgrade or accessorize a product to increase its customer appeal, the sales price and our margins. We currently
have ongoing supply agreements in place with approximately 30 suppliers, two of which are located in the United States, one in Taiwan,
one in Vietnam, and the majority in China.

In
2017, we entered into a partnership for engines with Linhai Yamaha Motor Co. which enabled us to increase the performance of our vehicles
and offer new products. An agreement reached in 2019 with Kubota Japan enabled us to obtain a reliable diesel engine with which to enter
the diesel UTV market. Currently, our top three suppliers are Linhai Powersports USA Corporation (“Linhai Powersports”),
Huzhou Meiwen Textile Imp. & Exp. Co., Ltd. and Linhai Co., Ltd., all of which are located in China and supplied us with approximately
79% and 8% (by cost) of our products in the fiscal years ended December 31, 2024 and 2025, respectively.

We
do not currently expect to suspend our production, sales or maintenance of any of our products or experience higher costs due to
constrained capacity or materially increased commodity prices or challenges sourcing materials. We believe our supply chain can
respond to expected consumer demand and we will be able to continue to supply products to our customers at reasonable prices. While
we have not experienced material supply disruptions to date, we continue to monitor supply chain conditions and maintain flexibility
in our sourcing strategy. There can be no assurance that future disruptions will not occur. We have not been affected by export
restrictions or sanctions. Nevertheless, we are focusing on broadening our base of suppliers to reduce our dependence on a limited
number of suppliers for the majority of our products, to minimize the risk of relying upon Chinese manufacturers, including the risk
of fluctuations in the exchange rate between the U.S. Dollar and the legal currency of China (“Chinese RMB”) and impact
of tariffs. Our ability to meet customer demand is significantly impacted by tariffs on imported components. The evolving tariff
landscape, including tariffs applicable to Chinese imports, has introduced uncertainty and may directly affect our cost structure.
While we continue exploring ways to mitigate this impact, including potential pricing adjustments, it remains uncertain whether we
can pass these costs on to customers or if higher prices will negatively affect sales. For further details please see “Risk
Factors - There is no assurance there will not be disruptions to trade between China and the United States.”

15

Research
and Development

We invest
in research and development (“R&D”) to support the design, enhancement, and expansion of our product portfolio, with a
focus on improving performance, functionality, and user experience across our vehicle platforms.

In recent
periods, we have invested over $2 million in the development of new products, including our premium Sentinel series UTVs and MVR Pro series
electric carts, with a particular emphasis on fully enclosed, HVAC-equipped platforms designed for year-round use. These investments support
our strategy to expand into higher-value, utility-focused, and commercial applications.

In addition
to our internal development efforts, we work closely with our manufacturing partners to design and refine our products. This collaborative
approach allows us to leverage supplier expertise while maintaining an asset-efficient operating model.

We believe
our R&D approach enables us to introduce new products and features efficiently while aligning our product development efforts with
evolving customer needs and market trends.

Information
Technology

We utilize information technology
systems to support our operations, including product development, supply chain management, inventory control, sales processing and customer
engagement. Our systems are designed to enable efficient coordination across our internal teams, suppliers, dealers and retail partners.

We have invested in integrating our enterprise resource
planning (“ERP”) systems with our sales and distribution platforms, including our e-commerce capabilities, to improve visibility
into inventory, streamline order processing and enhance overall operational efficiency.

Our technology infrastructure supports our omnichannel
distribution strategy by enabling coordination between online sales platforms and our dealer network for fulfillment and service. In addition,
our systems facilitate communication and collaboration with customers, distributors, and service providers.

As we continue to grow, we expect
to further invest in our technology systems to enhance scalability, improve data visibility and support ongoing operational efficiency.

Intellectual
Property

We
currently hold eight issued patents in the United States that protect certain aspects of our products, design and technologies. Each
of our patents has a term of 14 years with the exception of one, which has 15 years. As part of our ongoing efforts to prevent infringements
on our intellectual property rights and to keep abreast of critical technology developments by our competitors, we closely monitor patent
applications in the United States and China. The following is a summary of our patent portfolio:

No.

Name
of Patents

Patent
No.

Grant
Date

Expiration
Date

1

Motorbike
design patent

US
D643783S

August
23, 2011

August
23, 2025

2

Motorbike
design patent

US
D645791S

September
27, 2011

September
27, 2025

3

ATV
design patent

D775563

January
3, 2017

January
3, 2031

4

ATV
design patent

D701143

March
18, 2014

March
18, 2028

5a

Design
patents acquired

D691924

October
22, 2013

October
22, 2027

5b

Design
patents acquired

D788653

June
6, 2017

June
6, 2032

5c

Design
patents acquired

D682750

May
21, 2013

May
21, 2027

5d

Design
patents acquired

D709015

July
15, 2014

July
15, 2028

We
also rely upon a combination of registered and unregistered trademarks, service marks, and trade names to strengthen our position as
a branded motor sports company with increasing brand recognition. We hold various registered trademarks in the United States with respect
to our brands and product lines. We carefully review the brands and trademarks being used by our competitors in the United States and
other jurisdictions before using a new trademark and in determining the jurisdictions in which to register any new trademark used by
us. As we continue to enter new product categories and develop new models of our current products, we plan to develop and register new
trademarks to differentiate such products.

We
intend on entering into confidentiality agreements with our suppliers, employees and consultants who may have access to our proprietary
information. These agreements will provide that all inventions, ideas, discoveries, improvements, and copyrightable material made or
conceived by the individual arising out of the employment or consulting relationship and all confidential information developed or made
known to the individual during the term of the relationship are our exclusive property. See “Risk Factors-Risks Relating to
Our Business, Strategy, and Industry-We have not made use of confidentiality agreements in the past and, although we intend to rely on
such agreements in future dealings with suppliers, employees, consultants, and other parties, the prior lack or the breach of such agreements
could adversely affect our business and results of operations.”

16

Employees

As of March 25, 2026, we had approximately
100 employees, including personnel in management and administration, sales and service, manufacturing, quality control, and research and
development functions.

We operate with a scalable and
asset-efficient model that leverages a combination of internal personnel, third-party manufacturing partners, and an extensive dealer
and service network. This approach allows us to maintain operational flexibility while supporting growth across our product lines and
distribution channels.

None of our employees are represented
by a union, and we believe our relationship with our employees is satisfactory.

Competition

ATV
and UTV Markets

The
major players in the market include Polaris, Bombardier Recreational Products (BRP), Honda and Yamaha. We seek to differentiate ourselves
by offering products with the latest design features and options and by providing superior aftermarket support to our customers and distributors.

Pontoon
Boats Market

The
United States Pontoon Boats market is fragmented and there is a significant number of vendors which offer Pontoon Boats across the country.
Competition among vendors is based on product offerings and pricing, putting a premium on offering up to date models with high-end accessories.

Seasonality

The
ATV and UTV markets do experience some seasonality, but we have developed our product lines to appeal to seasonal customers to minimize
any disruptions. In the spring and summer months, we focus on outdoor campaigns tailored to spring cleaning, planting, fishing and family
outdoor activities. We promote our complimentary lines of outdoor accessories including electric coolers, outdoor power stations and
solar panels. In the fall and winter months, we have a heavy push for hunting season in the United States, and we promote our winter
accessories including snow blowers, snowplows and enclosures, in addition we recently launched the winter series of our T-Boss UTV series
with cab enclosure to provide protection from the elements.

With
Pontoon Boats, we are both a distributor and a retailer, which provides some seasonal protection. Dealers order higher volumes between
October to March while retail orders are higher April to September. This gives us an overall balance. While winter months are always
slower than summer months, it allows us to maintain cash flow during the winter season.

Product
Liability

Product
liability claims are made against us from time to time. We do not believe that the outcome of any pending product liability litigation
will have a material adverse effect on our operations. However, no assurance can be given as to whether any material product liability
claims against us will be made in the future.

Our
commercial general liability insurance provides us with coverages of $2,000,000 general aggregate limit and $2,000,000 products-completed
operations aggregate limit, with a minimal amount of deductible per claim. We also have umbrella liability insurance with coverage of
$5,000,000 aggregate on top of general liability insurance and workers’ compensation insurance. We believe our current coverage
is adequate for our existing business and will continue to evaluate the coverages in the future in line with our expanding sales and
product breadth.

17

Insurance

We
carry various insurance coverage policies to protect against certain risks consistent with the exposures associated with the nature of
our operations. The most significant insurance policies that we carry include:

●
commercial
general liability insurance for bodily injury and property damage resulting from operations and our products;

●
property
insurance covering the replacement value of all real and personal property damage, including damages arising from earthquake, flood
damage and business interruption;

●
cargo
insurance to protect against loss or damage to goods while in transit;

●
workers’
compensation coverage in the United States to required statutory limits;

●
directors
and officers insurance; and

●
cyber
insurance to mitigate risk exposure by offsetting recovery costs following a cyber-related security breach or similar event.

All
policies are subject to certain deductibles, limits or sub-limits and policy terms and conditions.

Inflation

While
our business has been impacted by rising inflation, our management does not believe that it has had a material negative impact on our
business and results of operations. In recent years, our China-based suppliers have increased the cost of their products as a result
of inflation. However, these increases have thus far been offset by the exchange rate fluctuation of the Chinese RMB, which has resulted
in there being no material change to our costs. Although we are looking to broaden our supplier base outside of China to reduce our dependence
upon Chinese-based suppliers in general, there is no assurance we will be able to broaden our supplier base outside of China or that
increases in in our cost of goods will continue to be offset by exchange rate fluctuations.

In
addition, to reduce the impact of inflation, we have worked with our suppliers to enter into letters of credit pursuant to which we can
make purchases and incur interest and fees at a lower rate than had we made the purchases using our existing bank loan.

Regulatory
Issues

We
are subject to extensive laws and regulations at many steps in the design, importing, production, marketing and distribution of our products.
In addition to the laws and regulations applicable to any business, there are certain requirements applicable only to powersports vehicles,
Pontoon Boats, recreational products and outdoor accessories such as those we distribute. These regulations include standards related
to safety, construction rules, sound and gaseous emissions, and the sale and marketing of products, and have generally become stricter
in recent years.

We
endeavor to take appropriate measures to provide a safe, clean working environment for our employees. We strive to ensure and work with
our manufacturing partners to ensure that the products we offer comply with current regulations and with more stringent regulations anticipated
to become effective in the foreseeable future. Such measures include the development of new engines and vehicle designs, independently
and with our supplier partners, as well as the development of new energy-efficiency related technologies. The failure to comply with
applicable laws, rules and regulations regarding employees and product safety, health, environmental and noise pollution could cause
us to incur fines or penalties and our compliance programs require significant time and expense.

Distributor
& Dealer Regulation

Our
contractual relationships with distributors and dealerships throughout the country are subject to extensive regulation at the local,
state and national level. Each state’s Department of Motor Vehicles sets rules concerning pricing, competition, warranty claims
and other aspects of the vehicular dealership business. These laws are further supported by state-wide “lemon laws.” Lemon
laws provide remedies for consumers who seek to be compensated for defective vehicles that fall short of accepted standards of quality
and performance. The distribution of our vehicles is also regulated by state-wide licensing regimes, federal agency regulation and federal
common law pertaining to the Uniform Commercial Code. We have taken efforts to comply with these regulations governing our relationships
with our distributors and dealers by vetting our distributors and dealers to ensure their compliance with regulations statewide. The
licenses and required compliance to do business in each state can become expensive, and we may allow our licenses to lapse if we ascertain
that the costs outweigh the benefits. For example, in 2016, we allowed our Illinois license to expire and then in 2019, we reapplied
for our Illinois license once we were confident that we would continue to generate revenue in the state to mitigate the costs.

18

Safety
Regulation

Our
products are subject to extensive laws, rules and regulations relating to product safety promulgated by the federal and state governments
or regulatory authorities of the United States and the federal and provincial provinces in Canada. These requirements pertain to the
design, production, distribution and use of our products. We are a member of several industry and trade associations in Canada, the United
States, and other countries whose mandate is to promote safety in the manufacture and use of powersports products. Some of those trade
associations promulgate voluntary industry product safety standards with which we and our suppliers comply. While we strive to meet the
safety standards set by state and federal authorities, we have been subject to several inquiries by the U.S. Consumer Product Protection
Commission regarding defective products. We have also been subject to penalties including a Stop Sale order on one of our electric balance
bikes.

Use
Regulation

In
Canada, the United States and other countries, laws, rules and regulations have been promulgated or are under consideration relating
to the use of powersports vehicles and boats. Some countries, provinces, states, municipalities and local regulatory bodies have adopted,
or are considering the adoption of, legislation and local ordinances that restrict the use of snowmobiles, ATVs, UTV, Pontoon Boats and
outboard engines to specified hours and locations. The use of many of these products has been restricted in some national parks and federal
lands in Canada, the United States and other countries. In some instances, this restriction has consisted of a ban on the recreational
use of these vehicles in specific locations.

Emissions
Regulation

Our
products are subject to sound and gaseous emissions laws, rules and regulations promulgated by the governments and regulatory authorities
of Canada (Environment and Climate Change Canada), the United States (Environmental Protection Agency), individual American states (such
as the California Air Resources Board) and other jurisdictions. Such laws, rules and regulations may require the development of new engines
and vehicle designs, as well as the development of new energy-efficient technologies. The failure to comply with the laws, rules and
regulations regarding product safety, health, environmental and noise pollution and other issues could result in fines or penalties and
our efforts to comply with such regulations require significant time and expense.