TGLO 10-K & 10-Q changes, risk factors and insider trading

As of December 31, 2024,2025, we borrowed a total of $1,113,000$1,220,000 under the amended and restated Promissory Note from Delfin which was further amended and restated in November 2024.Delfin,

As of December 31, 2024,2025, our majority stockholder, Delfin Midstream LLC,Inc., holds approximately 70.9% of the issued and outstanding shares of our Common Stock. Accordingly, Delfin continues to be in a position to control the vote on all corporate actions in the future.

In March 2018, the Company executed a promissory note with Delfin for $50,000 (as amended and restated from time to time, the “Promissory Note”), which was amended and restated several times over the years and in November 2024 to $1,113,000,$1,220,000, which was our balance at December 31, 2024.2025. The Promissory Note is used to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66 day year, as applicable. The Promissory Note is due upon demand. It may be prepaid in whole or in any part at any time prior to demand. Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company. In January 2026, the Company restated the Promissory Note an additional $36,000, which is included in the exhibits below.

There have been no material changes to the Company’s risk factors disclosed in Part I, Item 1A. “Risk Factors” inof ourthe Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

You should carefully consider the factors discussed in Part I, “Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial position, or future results of operations. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025,2025 are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial position, or future results of operations.

As of MarchJune 31,30, 2026, as reflected in our accompanying condensed balance sheet, our current liabilities exceed our total assets.

THREE MONTHS ENDED MARCHJUNE 31,30, 20262026, COMPARED TO THE THREE MONTHS ENDED MARCHJUNE 31,30, 2025

NET REVENUE. Commensurate with the sale of our Tralliance business on September 29, 2008, we became a shell company, and we have not had any material operations since then. As a result, net revenue for both the three months ended MarchJune 31,30, 2026 and 2025 was $0.

GENERAL AND ADMINISTRATIVE. General and administrative expenses include only customary public company expenses, including accounting, legal, audit, insurance and other related public company costs. General and administrative expenses totaled approximately $33,000$40,000 in the firstsecond quarter of 2026 as compared to approximately $34,000 for the same quarter of the prior year. This increase was due to an increase in legal and accounting fees.

RELATED PARTY INTEREST EXPENSE. Related party interest expense for the three months ended MarchJune 31,30, 20262026, totaled approximately $25,000 compared to approximately $22,000$23,000 for the three months ended MarchJune 31,30, 2025. This increase consisted of interest due and payable to Delfin for additional loan amounts.

NET LOSS. Net loss for the three months ended MarchJune 31,30, 20262026, was approximately $58,000$66,000 as compared to a net loss of approximately $56,000$57,000 for the three months ended MarchJune 31,30, 2025. This increase was primarily due to an increase in legal and accounting fees as well as interest expense on related party interest expense.loans.

As of MarchJune 31,30, 2026, we had $27,765$15,115 in cash as compared to $3,632 as of December 31, 2025. Net cash flows used in operating activities totaled approximately $12,000$73,000 for the threesix months ended MarchJune 31,30, 20262026, compared to net cash flows used in operating activities of approximately $45,000$74,000 for the threesix months ended MarchJune 31,30, 2025. The net cash flows moved due to payment of expenses .

Net cash flows provided by financing activities totaled $36,000$84,000 for the threesix months ended MarchJune 31,30, 20262026, andcompared $42,000to $70,000 for the threesix months ended MarchJune 31,30, 2025. The increase was due to an increase in funding for loans made by Delfin.

As of MarchJune 31,30, 2026, as reflected in our accompanying balance sheet, our current liabilities exceed our total assets. We prefer to avoid filing for protection under the U.S. Bankruptcy Code. However, unless we are successful in raising additional funds through the offering of debt or equity securities, we may not be able to continue to operate as a going concern beyond the next twelve months. Notwithstanding the above, we currently intend to continue operating as a public company and making all the requisite filings under the Exchange Act.

In March 2018, the Company executed a promissory note with Delfin for $50,000 (as amended and restated from time to time, the “Promissory Note”), which was amended and restated several times over the years to $1,220,000, which was our balance at December 31, 2025. In January 2026 it was amended and restated to $1,256,000,$1,256,000 and further amended in May 2026 to $1,304,000, which is our balance as of MarchJune 31,30, 2026. The Promissory Note is used to pay certain accrued expenses, accounts payable and to allow the Company to have working capital. Interest accrues on the unpaid principal balance at a rate of 8% per annum, calculated on a 365/66366 day year, as applicable. The Promissory Note is due upon demand. It may be prepaid in whole or in any part at any time prior to demand. Management anticipates continued funding from Delfin over the next twelve months as it determines the direction of the Company.

At MarchJune 31,30, 2026, the Company had a net working capital deficit of approximately $1,767,000.$1,833,000. Such working capital deficit included accrued expenses of approximately $16,000,$22,000, accounts payable of approximately $39,000$12,000 and approximately $1,741,000$1,814,000 in principal and accrued interest owed under the DelfinPromissory Note.Note (as defined in Note 3) with Delfin.