{"url_path":"/sec/cik-0001293818/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-12","source_url":"https://www.sec.gov/Archives/edgar/data/1293818/0001829126-26-006444-index.html","accession_number":"0001829126-26-006444","cik":"0001293818","ticker":null,"issuer_name":"CapForce Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1293818/0001829126-26-006444-index.html","primary_entity_key":"0001293818","primary_entity_name":"CapForce Inc."},"word_count":1664,"has_tables":true,"body_markdown":"false\n2026\nQ1\n--12-31\n0001293818\n\n0001293818\n\n2026-01-01\n2026-03-31\n\n0001293818\n\n2026-06-10\n\n0001293818\n\n2026-03-31\n\n0001293818\n\n2025-12-31\n\n0001293818\n\nus-gaap:SeriesDPreferredStockMember\n\n2026-03-31\n\n0001293818\n\nus-gaap:SeriesDPreferredStockMember\n\n2025-12-31\n\n0001293818\n\n2025-01-01\n2025-03-31\n\n0001293818\n\ncfor:ListingSponsorshipServicesMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:ListingSponsorshipServicesMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\nus-gaap:CommonStockMember\n\n2024-12-31\n\n0001293818\n\nus-gaap:PreferredStockMember\n\n2024-12-31\n\n0001293818\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2024-12-31\n\n0001293818\n\ncfor:CommonStockIssuableMember\n\n2024-12-31\n\n0001293818\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2024-12-31\n\n0001293818\n\nus-gaap:RetainedEarningsMember\n\n2024-12-31\n\n0001293818\n\n2024-12-31\n\n0001293818\n\nus-gaap:CommonStockMember\n\n2025-12-31\n\n0001293818\n\nus-gaap:PreferredStockMember\n\n2025-12-31\n\n0001293818\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2025-12-31\n\n0001293818\n\ncfor:CommonStockIssuableMember\n\n2025-12-31\n\n0001293818\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2025-12-31\n\n0001293818\n\nus-gaap:RetainedEarningsMember\n\n2025-12-31\n\n0001293818\n\nus-gaap:CommonStockMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\nus-gaap:PreferredStockMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\ncfor:CommonStockIssuableMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\nus-gaap:RetainedEarningsMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\nus-gaap:CommonStockMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\nus-gaap:PreferredStockMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:CommonStockIssuableMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\nus-gaap:RetainedEarningsMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\nus-gaap:CommonStockMember\n\n2025-03-31\n\n0001293818\n\nus-gaap:PreferredStockMember\n\n2025-03-31\n\n0001293818\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2025-03-31\n\n0001293818\n\ncfor:CommonStockIssuableMember\n\n2025-03-31\n\n0001293818\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2025-03-31\n\n0001293818\n\nus-gaap:RetainedEarningsMember\n\n2025-03-31\n\n0001293818\n\n2025-03-31\n\n0001293818\n\nus-gaap:CommonStockMember\n\n2026-03-31\n\n0001293818\n\nus-gaap:PreferredStockMember\n\n2026-03-31\n\n0001293818\n\nus-gaap:AdditionalPaidInCapitalMember\n\n2026-03-31\n\n0001293818\n\ncfor:CommonStockIssuableMember\n\n2026-03-31\n\n0001293818\n\nus-gaap:AccumulatedOtherComprehensiveIncomeMember\n\n2026-03-31\n\n0001293818\n\nus-gaap:RetainedEarningsMember\n\n2026-03-31\n\n0001293818\n\n2025-01-01\n2025-12-31\n\n0001293818\n\n2024-01-01\n2025-12-31\n\n0001293818\n\n2026-12-31\n\n0001293818\n\n2024-06-01\n2024-06-05\n\n0001293818\n\nsrt:MinimumMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\nsrt:MaximumMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:FirstCustomerMember\nus-gaap:AccountsReceivableMember\nus-gaap:CustomerConcentrationRiskMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:SecondCustomerMember\nus-gaap:AccountsReceivableMember\nus-gaap:CustomerConcentrationRiskMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:FirstCustomerMember\nus-gaap:AccountsReceivableMember\nus-gaap:CustomerConcentrationRiskMember\n\n2025-01-01\n2025-12-31\n\n0001293818\n\ncfor:SecondCustomerMember\nus-gaap:AccountsReceivableMember\nus-gaap:CustomerConcentrationRiskMember\n\n2025-01-01\n2025-12-31\n\n0001293818\n\ncfor:OneCustomerMember\nus-gaap:SalesRevenueNetMember\nus-gaap:CustomerConcentrationRiskMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:OneCustomerMember\nus-gaap:SalesRevenueNetMember\nus-gaap:CustomerConcentrationRiskMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\ncfor:EngagementAgreementMember\n\n2025-04-01\n2025-06-30\n\n0001293818\n\ncfor:EngagementAgreementMember\n\n2025-10-01\n2025-12-31\n\n0001293818\n\nus-gaap:EmployeeStockOptionMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\nus-gaap:EmployeeStockOptionMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\ncfor:EngagementAgreementMember\n\n2024-10-01\n2024-12-31\n\n0001293818\n\ncfor:ShareSaleAgreementMember\ncfor:AEICapitalLtdMember\n\n2025-10-01\n2025-12-31\n\n0001293818\n\n2025-05-01\n2025-05-31\n\n0001293818\n\n2025-05-31\n\n0001293818\n\n2024-05-01\n2024-05-31\n\n0001293818\n\n2024-05-31\n\n0001293818\n\nus-gaap:SeriesDPreferredStockMember\n\n2023-10-31\n\n0001293818\n\ncfor:October2023PurchaseAgreementMember\n\n2023-10-31\n\n0001293818\n\ncfor:October2023PurchaseAgreementMember\n\n2026-03-31\n\n0001293818\n\n2023-10-31\n\n0001293818\n\n2023-10-01\n2023-10-31\n\n0001293818\n\n2024-08-01\n2024-08-31\n\n0001293818\n\ncfor:AEICapitalLtdMember\ncfor:SecuritiesPurchaseAgreementMember\n\n2024-01-01\n2024-12-31\n\n0001293818\n\ncfor:AEICapitalLtdMember\n\n2024-01-01\n2024-12-31\n\n0001293818\n\ncfor:AEICapitalLtdMember\n\n2025-01-01\n2025-12-31\n\n0001293818\n\ncfor:N2026PlanMember\n\n2026-02-28\n\n0001293818\n\ncfor:N2026PlanMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:N2026PlanMember\n\n2024-12-30\n2025-01-31\n\n0001293818\n\nus-gaap:StockOptionMember\n\n2026-03-31\n\n0001293818\n\nus-gaap:StockOptionMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\nus-gaap:StockOptionMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\nus-gaap:RestrictedStockUnitsRSUMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\nus-gaap:RestrictedStockUnitsRSUMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\nus-gaap:RestrictedStockUnitsRSUMember\n\n2026-03-31\n\n0001293818\n\ncfor:NovemberTwoThousandTwentyMember\ncfor:WarrantsExercisePriceOneMember\n\n2026-03-31\n\n0001293818\n\ncfor:NovemberTwoThousandTwentyMember\ncfor:WarrantsExercisePriceOneMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:NovemberTwoThousandTwentyMember\ncfor:WarrantsExercisePriceOneMember\n\n2025-12-31\n\n0001293818\n\ncfor:FebruaryTwoThousandTwentyOneMember\ncfor:WarrantsExercisePriceOneMember\n\n2026-03-31\n\n0001293818\n\ncfor:FebruaryTwoThousandTwentyOneMember\ncfor:WarrantsExercisePriceOneMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:FebruaryTwoThousandTwentyOneMember\ncfor:WarrantsExercisePriceOneMember\n\n2025-12-31\n\n0001293818\n\ncfor:MayTwoThousandTwentyThreeMember\ncfor:WarrantsExercisePriceOneMember\n\n2026-03-31\n\n0001293818\n\ncfor:MayTwoThousandTwentyThreeMember\ncfor:WarrantsExercisePriceOneMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:MayTwoThousandTwentyThreeMember\ncfor:WarrantsExercisePriceOneMember\n\n2025-12-31\n\n0001293818\n\ncfor:OctoberTwoThousandTwentyThreeMember\ncfor:WarrantsExercisePriceOneMember\n\n2026-03-31\n\n0001293818\n\ncfor:OctoberTwoThousandTwentyThreeMember\ncfor:WarrantsExercisePriceOneMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:OctoberTwoThousandTwentyThreeMember\ncfor:WarrantsExercisePriceOneMember\n\n2025-12-31\n\n0001293818\n\ncfor:CostOfServicesMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:CostOfServicesMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\ncfor:ResearchAndDevelopmentExpensesMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:ResearchAndDevelopmentExpensesMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\ncfor:GeneralAndAdministrativeExpensesMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:GeneralAndAdministrativeExpensesMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\ncfor:SellingAndMarketingExpensesMember\n\n2026-01-01\n2026-03-31\n\n0001293818\n\ncfor:SellingAndMarketingExpensesMember\n\n2025-01-01\n2025-03-31\n\n0001293818\n\ncfor:CapForceMember\n\n2025-04-30\n\n0001293818\n\ncfor:EuropeanCreditInvestmentBankMember\n\n2025-04-30\n\n0001293818\n\n2025-04-01\n2025-04-30\n\n0001293818\n\ncfor:ICapXMember\n\n2025-11-29\n2025-12-01\n\n0001293818\n\ncfor:ICapXMember\n\n2025-12-01\n\n0001293818\n\nus-gaap:SubsequentEventMember\ncfor:SecuritiesPurchaseAgreementMember\ncfor:AEICapitalLtdMember\n\n2026-04-01\n2026-04-30\n\n0001293818\n\nus-gaap:SubsequentEventMember\ncfor:AgreementMember\ncfor:DirectorsAndOfficersMember\n\n2026-05-01\n2026-05-31\n\niso4217:USD\n\nxbrli:shares\n\niso4217:USD\n\nxbrli:shares\n\nxbrli:pure\n\n \n\n \n\n \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n \n\n \n\n \n\n**FORM 10-Q**\n\n \n\n \n\n \n\n**(Mark one)**\n\n☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the quarterly period ended March 31, 2026**\n\n \n\n**or**\n\n \n\n☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the transition period from __________ to __________**\n\n \n\n**Commission File Number 001-37367**\n\n \n\n \n\n \n\n**CAPFORCE INC.**\n\n**(Exact name of registrant as specified in its charter)**\n\n \n\n \n\n \n\n**Delaware**\n \n**06-1614015**\n\n**(State or other jurisdiction of**\n\n**incorporation or organization)**\n\n**(I.R.S. employer**\n\n**identification no.)**\n\n \n \n \n\n**23219 Stringtown Road, Suite 300, Clarksburg, MD**\n \n**20871**\n\n**(Address of principal executive offices)**\n \n**(Zip code)**\n\n \n\n**Registrant’s telephone number, including area code: (240) 813-1260**\n\n \n\n \n\n \n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act.\n\n \n\n**Title of each class**\n \n**Trading Symbols**\n \n**Name of each exchange on which registered**\n\nCommon Stock\n \nCFOR\n \nOTC Markets Group, Inc.\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\n \nLarge accelerated filer\n☐\nAccelerated filer\n☐\n\n \nNon-accelerated filer\n☒\nSmaller reporting company\n☒\n\n \nEmerging growth company\n☐\n \n \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No ☒\n\n \n\n12,384,142 shares of the Company’s common stock, par value $0.01 per share, were outstanding as of June 10, 2026.\n\n \n\n \n\n \n\n \n\n \n\n \n\n**CAPFORCE INC.**\n\n \n\n**TABLE OF CONTENTS FOR FORM 10-Q**\n\n \n\n[INFORMATION REGARDING FORWARD-LOOKING STATEMENTS](#a_001)\n \nii\n\n \n \n \n \n \n\n[PART I.](#a_002)\n \n[FINANCIAL INFORMATION](#a_002)\n \n1\n\n \n \n \n \n\n[Item 1.](#a_003)\n \n[Unaudited Condensed Consolidated Financial Statements](#a_003)\n \n1\n\n \n \n[Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025](#a_004)\n \n1\n\n \n \n[Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2026 and 2025](#a_005)\n \n2\n\n \n \n[Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025](#a_006)\n \n3\n\n \n \n[Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#a_007)\n \n4\n\n \n \n[Notes to Unaudited Condensed Consolidated Financial Statements](#a_008)\n \n5\n\n[Item 2.](#a_009)\n \n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_009)\n \n21\n\n[Item 3.](#a_010)\n \n[Quantitative and Qualitative Disclosures About Market Risk](#a_010)\n \n24\n\n[Item 4.](#a_011)\n \n[Controls and Procedures](#a_011)\n \n25\n\n \n \n \n \n\n[PART II.](#a_012)\n \n[OTHER INFORMATION](#a_012)\n \n26\n\n \n \n \n \n\n[Item 1.](#a_013)\n \n[Legal Proceedings](#a_013)\n \n26\n\n[Item 1A.](#a_014)\n \n[Risk Factors](#a_014)\n \n26\n\n[Item 2.](#a_015)\n \n[Unregistered Sales of Equity Securities and Use of Proceeds](#a_015)\n \n26\n\n[Item 3.](#a_016)\n \n[Defaults Upon Senior Securities](#a_016)\n \n26\n\n[Item 4.](#a_017)\n \n[Mine Safety Disclosures](#a_017)\n \n26\n\n[Item 5.](#a_018)\n \n[Other Information](#a_018)\n \n26\n\n[Item 6.](#a_019)\n \n[Exhibits](#a_019)\n \n27\n\n \n \n \n \n\n[SIGNATURES](#a_020)\n \n28\n\n \n\ni\n\n \n\n \n\n**INFORMATION REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In this quarterly report, we refer to CapForce Inc. as the “Company”, “CapForce”, “we”, “our” or “us”. All statements, other than statements of historical facts contained herein, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “design”, “intend”, “expect” or the negative version of these words and similar expressions are intended to identify forward-looking statements.\n\n \n\nWe have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in Part I Item 1A “Risk Factors” of our most recent annual report on Form 10-K. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances included herein may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements include, but are not limited to, statements about:\n\n \n\n \n●\nour liquidity and working capital requirements, including our cash requirements over the next 12 months;\n\n \n\n \n●\nour ability to execute upon and achieve the benefits of the Company’s new strategic direction;\n\n \n\n \n●\nour ability to identify and realize the benefits of potential strategic transactions, including our recent acquisition of iCapX Sdn. Bhd. (“iCapX”);\n\n \n\n \n●\nadverse effects on our business condition and results of operations from general economic and market conditions and overall fluctuations in the United States and international markets, including deteriorating market conditions due to investor concerns regarding inflation;\n\n \n\n \n●\nthe development of a market for our common stock, which is currently quoted on the OTC Expert Market and eligible only for unsolicited quotes, resulting in the absence of market makers for our common stock;\n\n \n\n \n●\nif, once we are current in our filings with the U.S. Securities and Exchange Commission, our common stock is traded on a market other than the OTC Expert Market and a market in our common stock develops, actions by third parties to either sell or purchase our common stock in quantities may have a significant effect on our stock price;\n\n \n\n \n●\nour use of proceeds from capital financing transactions;\n\n \n\n \n●\ncompliance with U.S. and international regulations applicable to our business; and\n\n \n\n \n●\nour expectations regarding future revenue and expenses.\n\n \n\nAlthough we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. These factors should not be construed as exhaustive and should be read in conjunction with our other disclosures, including but not limited to the risk factors described in Part I Item 1A “Risk Factors” of our most recent annual report on Form 10-K. Other risks may be described from time to time in our filings made under the securities laws. New risks may emerge from time to time. It is not possible for our management to predict all risks. All forward-looking statements in this quarterly report speak only as of the date made and are based on our current beliefs and expectations. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.\n\n \n\nii\n\n \n\n \n\n**Part I. FINANCIAL INFORMATION**"}