Annual Report

 false 2023 FY 0000828530 1

 2024-07-01

 2025-09-18

 2023-07-01

 2022-07-01

 2000-06-30

 2000-06-30

 2000-06-30

 2000-07-01

 2000-07-01

 2000-07-01

 2023-07-01

 2023-07-01

 2023-07-01

 2024-07-01

 2024-07-01

 2024-07-01

 2022-06-30

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 ———————

 FORM 10-K

 ———————

 ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended: June 30, 2025

 or

 TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from: _____________ to
_____________

 (Exact name of registrant as specified in its
charter)

 florida

 0-17214

 59-2806414

 (State or Other Jurisdiction

 (Commission

 (I.R.S. Employer

 of Incorporation or Organization)

 File Number)

 Identification No.)

 7101 Southwest 67 Avenue, South Miami, Florida 33143

 (Address of Principal Executive Office) (Zip
Code)

 305 - 904-4400

 (Registrant's telephone number, including
area code)

 Securities registered pursuant to Section 12(b)
of the Act:

 None

 Securities registered pursuant to Section 12(g)
of the Act:

 Common Stock, par value $.001 per share

 (Title of Class)

 Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act. Yes No

 Indicate 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

 Indicate 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

 Indicate 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 the definitions of
"large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth
company" in Rule 12b-2 of the Exchange Act.

 Large Accelerated Filer

 Accelerated Filer

 Non-Accelerated Filer

 Smaller reporting company

 Emerging growth company

 If 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.

 Indicate by check mark whether the registrant has filed a report on
and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If
 securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether
 the financial statements of the registrant included in the filing reflect the correction
 of an error to previously issued financial statements.

 Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Act). Yes No

 Aggregate market value of the voting stock held by non-affiliates
of the Registrant as of September 27, 2024 (based on the last closing sale price as reported on the OTC Bulletin Board on such date)
was NO BID. 0

 Number of shares of common stock outstanding as of September 18, 2025,
was 10,985,046.

 DOCUMENTS INCORPORATED BY REFERENCE

 None

 FORM 10-K

 Page

 PART 1

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
 Equity Securities

 Item 6.

 [Reserved]

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operation.

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes In and Disagreements With Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits, Financial Statement Schedules

 Item 16.

 Form 10–K Summary

 PART
I

 Item 1.
 Business.

 ADMIRAL FINANCIAL CORP. ("ADMIRAL"), an
inactive corporation, is currently seeking to recapitalize the Company in order to resume its prior activities with respect to the acquisition
and investment in interest-earning assets and specialty real estate, as well as other new lines of business, as yet unidentified.

 Admiral is presently conducting virtually no business
operation, other than its efforts to effect a merger, exchange of capital stock, asset acquisition, recapitalization, or other similar
business combination (a "Recapitalization") with an operating or development stage business which Admiral considers having significant
growth potential. Admiral currently receives no cash flow. Admiral anticipates no capital infusions prior to effectuating a Recapitalization.
Until such time as Admiral effectuates a Recapitalization, with the exception of certain other professional fees and costs for such a
transaction, Admiral currently expects that it will incur minimal future operating costs.

 No officer or director of Admiral is paid any type
of compensation by Admiral and presently, there are no arrangements or anticipated arrangements to pay any type of compensation to any
officer or director in the near future. Admiral expects that it will meet its cash requirements until such time as a Recapitalization
occurs. However, in the event Admiral depletes its present cash reserves, or in the event that Admiral Management ceases to perform its
duties on a non-compensatory basis, Admiral may cease operations and a Recapitalization may not occur. There are no agreements or understandings
of any kind with respect to any loans from officers or directors of Admiral on the Company's behalf.

 This discussion may contain statements regarding
future financial performance and results. The realization of outcomes consistent with these forward-looking statements is subject to numerous
risks and uncertainties to the Company including, but not limited to, the availability of equity capital and financing sources, the availability
of attractive acquisition opportunities once such new equity capital and financing is secured (if at all), the successful integration
and profitable management of acquired businesses, improvement of operating efficiencies, the availability of working capital and financing
for future acquisitions, the Company's ability to grow internally through expansion of services and customer bases without significant
increases in overhead, seasonality, cyclicality, and other risk factors.

 Item 1A.
 Risk Factors.

 Item 1B.
 Unresolved Staff Comments.

 None.

 Item 1C.
 Cybersecyruty.

 Item 2.
 Properties.

 Admiral Financial Corp.'s principal office is located
in South Miami, Florida. The Company is currently being allowed to share, free of charge, certain office facilities and office equipment
located at 7101 Southwest 67 Avenue, South Miami, Florida 33143. Admiral does not have any lease obligations.

 Item 3.
 Legal Proceedings.

 Admiral is not a party to any legal proceedings.

 Item 4.
 Mine Safety Disclosures.

 Item 5.
 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 Admiral's common stock currently trades by appointment
on the Over-The- Counter Market (often referred to as the Pink Sheets or the Grey Market) under the symbol ADFK.PK.

 On June 21, 1988, Admiral's common stock began
trading on the National Association of Securities Dealers Automatic Quotation System (NASDAQ) under the symbol ADFC. In 1989, Admiral
was notified by NASDAQ that Admiral's net worth did not meet the minimum standards for listing on the NASDAQ National Market System and
that Admiral's stock would begin trading in the "over-the-counter" market after September 30, 1989, if the minimum capital
standards were not met.

 From September 30, 1989 until October 1999,
Admiral's shares were listed in the over-the-counter market on the OTC Bulletin Board. Admiral was notified in October 1999 that
as an inactive Company, trading on the OTC Bulletin Board would no longer be allowed. There is currently no firm making an active market
in Admiral stock. The Company was notified of a change in the stock symbol from ADFC to ADFK in January 1999.

 The following table sets forth, for the periods indicated,
the high and low sales prices as reported on the OTC Bulletin Board.

 Ask

 Bid

 High

 Low

 High

 Low

 2024:

 First Quarter

 N/A

 Second Quarter

 N/A

 Third Quarter

 N/A

 Fourth Quarter

 N/A

 2025:

 First Quarter

 N/A

 N/A

 Second Quarter

 N/A

 N/A

 Third Quarter

 N/A

 N/A

 Fourth Quarter

 N/A

 N/A

 As of June 30, 2025, there were 497 stockholders
of record.

 The Company has not paid cash dividends since inception.
The Company anticipates that for the foreseeable future any earnings from future operations will be retained for use in its business and
no cash dividends will be paid on its common stock. Declaration of dividends in the future will remain within the discretion of the Company's
Board of Directors, which will review its dividend policy from time to time on the basis of the company's financial condition, capital
requirements, cash flow, profitability, business outlook and other factors.

 Item 6.
 [Reserved]

 Item 7.
 Management's Discussion and Analysis of Financial Condition and Results of Operation.

 Results of Operations

 Admiral was formed in 1987 and has had no operations
since 1990. Admiral has been inactive since 1990.

 Comparison of Years Ended June 30, 2025 and 2024

 Admiral was inactive, and recorded no revenues or expenses
during either period.

 Comparison of Years Ended June 30, 2025 and 2024

 Admiral was inactive, and recorded no revenues or
expenses during either period.

 Liquidity and Capital Resources

 Admiral is currently inactive. There is no corporate
liquidity, no available capital resources, and no immediately foreseeable prospects for the future improvement of Admiral's financial
picture. Admiral management intends to seek a new line of business, as yet unidentified. In connection therewith, Admiral's management
believes that a restructuring of Admiral may be necessary in order to raise capital for new operations, and any such restructuring may
have a substantial dilutive effect upon Admiral's existing shareholders. Admiral has no known ongoing commitments or obligations.

 Item 8.
 Financial Statements and Supplementary Data.

 The financial statements and schedules listed in
Item 14 hereof and included in this report on Pages F-1 through F-6 are incorporated herein by reference.

 Item 9.
 Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.

 Item 9A.
 Controls
and Procedures.

 Item 9B.
 Other Information.

 Insider Trading Arrangements and Policies

 During the quarter ended June 30, 2025, no director
or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement"
as each term is defined in Item 408(a) of Regulation S-K.

 Other Information

 None.

 Item 9C.
 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

 PART
III

 Item 10.
 Directors, Executive Officers and Corporate Governance.

 The following table sets forth, as of June 30,
2025, certain information with respect to the directors and executive officers continuing in office until their successors have been elected
and qualified.

 Name

 Age

 Position

 Officer
 And/or

 Director Since

 Wm. Lee Popham

 Chairman of the
 Board, Chief Executive Officer, President and Chief Financial Officer

 1987

 Certain background information for the director is
set forth below.

 WM. LEE POPHAM is Chairman of the Board and President
of Admiral since its inception in 1987. He has served as an independent corporate planning and acquisition consultant, and Realtor-Associate
with Jeanne Baker International Realty, Inc., Miami, Florida, since 2015, and from 1990-1996, and 2002-2008. He was Chief Financial Officer,
South Florida Council, BSA Inc., from June 2013 to November 2015. He was Sr. Vice President - Finance of IES Daniel Electrical Contractors,
Inc., Miami, Florida, (a wholly-owned electrical contractor subsidiary of Integrated Electrical Services, Inc., Houston, Texas, -IESC)
from 1997 to 2006; and Vice President – U.S. Region Finance Director and National Business Manager with AECOM Technology Corp.,
Los Angeles, CA from April 2006 to August 2012. He previously served as President of First Atlantic Capital Corporation, Miami, Florida
(a private investment company) from July 1983 to May 1985. Prior thereto, he was a Partner in the accounting firm of KPMG Peat
Marwick, LLP, Miami, Florida, where he practiced as a Certified Public Accountant. He also served as a director of Cruise America, Inc.(AMEX-RVR),
Mesa, Arizona (a recreational vehicle rental and sales corporation), which shares were traded on the American Stock Exchange until its
sale to Budget Group, Inc.(NYSE-BD), from 1984 until 1991, and as Director of City National Bank Corporation (Miami, Fla.) and it's
subsidiary, City National Bank of Florida, from 1984-1987.

 Item 11.
 Executive Compensation.

 Cash Compensation

 The following table sets forth certain information
with respect to the Chief Executive Officer, and each other executive officer of Admiral whose total cash compensation exceeded $100,000
during the year ended June 30, 2020.

 Annual
 Compensation Awards

 Name
 and Principal Position

 Year

 Salary

 Bonus

 Other

 Wm. Lee Popham

 2025

 $ -

 -

 -

 Chairman and President

 2024

 -

 -

 -

 Chief Executive Officer

 2025

 -

 -

 -

 Incentive Bonus Plan

 Admiral has a policy of paying discretionary bonuses
to eligible officers and employees based upon the individual's performance. Under the plan, Admiral and its subsidiaries distribute approximately
20% of Admiral's consolidated pre-tax profits in the form of cash bonuses awarded by the Compensation Committee of the Board of Directors,
based on management's recommendations and evaluations of performance. No bonuses have been paid during the periods covered by this Report
on Form 10K.

 Retirement Plan

 No Admiral employee is currently covered under any
form of retirement plan.

 In prior years, Admiral employees were covered under
a non- contributory trusteed pension plan, which was replaced by a contributory Section 401(k) plan for Admiral employees on March 31,
1989. Employees were permitted to contribute amounts up to 6% of their annual salary to this plan, with the employer providing matching
contributions at a rate of 50% of such employee's contributions (to a maximum of 3% of such employee's salary), together with a discretionary
contribution amount not exceeding 1% of covered compensation. No payments have been required to be paid during the periods covered by
this Report on Form 10K.

 Stock Compensation Program

 The Board of Directors and shareholders of Admiral
adopted the 1988 Stock Compensation Program (the "Program"), effective December 19, 1988, for the benefit of directors,
officers and other employees of Admiral and its subsidiaries, including Haven, who are deemed to be responsible for the future growth
of Admiral. Under the Program, Admiral has reserved 1,100,000 shares of authorized but unissued Common Stock for the future issuance of
option grants. Options granted under the Program can be in the form of incentive options, compensatory options, stock appreciation rights,
performance shares, or any combination thereof.

 There have been no grants of any rights or options
to any director, officer or employee of Admiral or any affiliate. The Company expects to distribute such option grants in the event of
any Recapitalization transaction.

 Employee Stock Purchase Plan

 The Board of Directors and shareholders of Admiral
approved the 1988 Employee Stock Purchase Program on December 19, 1988, enabling the directors, officers and employees of Admiral
and its affiliates to acquire a proprietary interest in Admiral's Common Stock through a payroll deduction program. This plan has been
suspended by Admiral management.

 Employment Agreements

 There are no employment agreements between Admiral
and any of Admiral's employees.

 Indebtedness of Management

 Admiral has made no loans to its directors, officers
or employees.

 Compensation of Directors

 While each Director is entitled to receive $500 plus
reasonable out-of-pocket expenses for attending each meeting, each Director volunteered to suspend the receipt of all director fees due
to Admiral's current financial condition, beginning with the meeting held during the third fiscal quarter of the fiscal year ended June 30,
1989. This suspension of payments includes additional compensation paid for attendance of committee meetings.

 Item 12.
 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 The following table sets forth information regarding
the beneficial ownership of Admiral's Common Stock as of June 30, 2024 by (i.) each person who is known by Admiral to own beneficially
5% or more of Admiral's Common Stock, (ii.) each Director and/or officer of the Company, and (iii.) all Directors and executive officers
of Admiral as a group. Except as indicated below, each person has sole dispositive and voting power with respect to the shares of Common
Stock indicated.

 Name
 and Address of Beneficial Owner

 Beneficial

 Ownership

 Common

 Stock

 Wm. Lee Popham (l)

7101 Southwest 67 Avenue

South Miami, Florida 33143

 1,923,684

 17.51%

 Ti-Aun Plantations, N.V.

Suite 600

600 Brickell Avenue

Miami, Florida 33131

 889,007

 8.09%

 David C. Popham (2)

12400 South Dixie Highway

Pinecrest, Florida 33156

 668,651

 6.09%

 All directors and executive officers as a group

(1 person)

 1,923,684

 17.51%

 ———————

 (1)
 Includes 46,278 shares held in a testamentary trust for members of Wm. Lee Popham's family, for which Mr. Popham disclaims
 beneficial ownership. Does not include any shares directly or beneficially owned by David C. Popham (his brother) or the estate
 of Jeanne M. Baker (his mother).

 (2)
 Includes 76,185 shares held jointly by David C. Popham and Valerie P. Popham, his wife. Also includes 119,928 shares previously
 held jointly by David C. Popham and Jeanne M. Baker (deceased), the mother of David C. Popham and Wm. Lee Popham. Does not include any shares
 beneficially owned by Wm. Lee Popham, the brother of David C. Popham.

 Item 13.
 Certain Relationships and Related Transactions, and Director Independence.

 Wm. Lee Popham, together with certain members of
his family (including David C. Popham and Jeanne M. Baker) and certain family affiliates participated in a transaction which capitalized
Admiral in order to effect the acquisition of Haven Federal Savings and Loan Association, Winter Haven, Florida, in a contributed property
exchange offer. The total historical cost of the property contributed by Wm. Lee Popham, his family and affiliates in the exchange was
$1,228,227, the aggregate appraised value of such contributed property was $12,586,553, and the net contribution value was $7,022,965.
Mr. Popham and his family and affiliates received an aggregate of 4,330,208 shares of Admiral Common Stock in the exchange, which
occurred on June 16, 1988.

 Item 14.
 Principal Accountant Fees and Services.

 PART
IV

 Item 15.
 Exhibits, Financial Statement Schedules.

 (a.)1. Admiral Financial Corp.:

 Page

 Statement Regarding Sec. 210.3-11 of Regulation S-K

 Consolidated Balance Sheets as of June 30, 2025 and 2024

 Consolidated Statement of Operations for the three years

 ended June 30, 2025

 Consolidated Statement of Stockholders' (Deficit) Equity

 for the three years ended June 30, 2025

 Consolidated Statement of Cash Flows for the three years

 ended June 30, 2025

 Notes to Consolidated Financial Statements

 (a.)2. There are no financial statement schedules required to be
filed by Item 8 of this Form 10-K, or by paragraph (d) of Item 14.

 (a.)3. Exhibits

 (3)
 The Articles of Incorporation and By-Laws of Admiral are incorporated herein by reference to Exhibits 3.1 and 3.2 of Admiral's Form S-4
Registration Statement filed with the Securities and Exchange Commission on January 22, 1988.

 (4)
 A specimen copy of Admiral's common stock certificate is incorporated herein by reference to Exhibit 4.1 in Amendment No. 1
of Admiral's Form S-4 Registration Statement filed with the Securities and Exchange Commission on April 5, 1988.

 (10)
 Admiral hereby incorporates by reference the sections entitled Appendix A - Agreement and Plan of Reorganization, as amended,
dated October 26, 1987, and related Agreement and Plan of Merger, as amended and Contributed Property Exchange Offer contained in
Haven's Prospectus/Proxy Statement filed pursuant to Section 14(a) of the Securities Exchange Act of 1934 in connection with Haven's
special meeting held on June 3, 1988.

 (31)
 31.1
 Certification Pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 31.2
 Certification Pursuant to Rule 13a-14(a)/15d-14(a) and pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 (32)
 Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002

 Item 16.
 Form 10-K Summary.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d)
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

 Date: September 18, 2025

 By:

 /s/ Wm. Lee Popham

 Wm. Lee Popham

 President, Chief Executive Officer

 And Chief Financial Officer

 Pursuant to the requirements of the Securities Exchange
Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates
indicated.

 Signature

 Title

 Date

 /s/ Wm. Lee Popham

 Chairman of the Board of Directors, Chief Executive Officer, President, and Chief Financial Officer

(Principal Executive Officer)

(Principal Financial Officer)

 September 18, 2025

 Wm. Lee Popham

 FINANCIAL STATEMENTS
OF AN INACTIVE REGISTRANT

 Pursuant to Sec. 210.3-11 of Regulation S-X,
Admiral Financial Corp. qualifies as an inactive entity, meeting all of the following conditions:

 (A.)
 Gross receipts from all sources for the fiscal year are not in excess of $100,000;

 (B.)
 Admiral has not purchased or sold any of its own stock, granted options therefor, or levied assessments upon outstanding stock;

 (C.)
 Expenditures for all purposes for the fiscal year are not in excess of $100,000;

 (D.)
 No material change in the business has occurred during the fiscal year, including any bankruptcy, reorganization, readjustment or
succession or any material acquisition or disposition of plants, mines, mining equipment, mine rights or leases; and

 (E.)
 No exchange upon which the shares are listed, or governmental authority having jurisdiction, requires the furnishing to it or the
publication of audited financial statements.

 Accordingly, the attached financial statements of
Admiral Financial Corp. are unaudited.

 Auditor Firm ID: 1none

 Auditor Location: None

 Auditor Name: None

 F- 1

 ADMIRAL FINANCIAL
CORP. AND SUBSIDIARY

 Consolidated Balance Sheets

 (Amounts in Thousands)

 June
 30,

 2025

 2024

 (Unaudited)

 Assets

 Cash

 $

 $

 Prepaid expenses and other assets

 Net assets of Haven Federal Savings and Loan Association (note 2)

 Total assets

 $

 $

 Liabilities and Stockholders' (Deficit) Equity

 Accrued expenses and other liabilities

 $

 $

 Net liabilities of Haven Federal Savings and Loan Association (note 2)

 Total liabilities

 Preferred
 stock, $ 0.01 par value. Authorized 6,000,000 shares, none outstanding

 Common stock, $ 0.001 par value, 50,000,000 shares authorized 10,987,000 shares issued

 Treasury stock, 1,954 at June 30, 2025 and 1,954 shares at June 30, 2024, at cost

 Additional paid-in capital

 Deficit

 ( 716

)

 ( 716

)

 Total stockholders' (deficit) equity

 ( 24

)

 ( 24

)

 Total liabilities and stockholders' (deficit) equity

 $

 $

 See accompanying notes to consolidated financial
statements.

 F- 2

 ADMIRAL FINANCIAL
CORP. AND SUBSIDIARY

 Consolidated Statements of Operations

 (Unaudited)

 Years
 Ended June 30,

 2025

 2024

 2023

 REVENUES:

 Interest Income

 $

 $

 $

 Other income

 Total income

 EXPENSES:

 Employee Compensation

 Other Expense

 Total expense

 Loss from discontinued operation (note 2)

 Net loss

 $

 $

 $

 Loss per share

 $

 0.00

 $

 0.00

 $

 0.00

 Dividend per share

 Weighted average number of shares outstanding

 See accompanying notes to consolidated financial
statements

 F- 3

 ADMIRAL FINANCIAL
CORP. AND SUBSIDIARY

 Consolidated Statement of Stockholders' (Deficit)
Equity

 For the years ended June 30, 2025

 Common
 Stock

 Additional

 Retained

 Issued
 and Outstanding

 Paid-In

 Earning

 Shares

 Amount

 Capital

 Deficiency

 Balance at June 30, 1999

 ( 716

)

 Net
 loss for the years 2000-2023

 Balance at June 30, 2023

 $

 $

 $

 ( 716

)

 Net
 loss for the year

 Balance at June 30, 2024

 $

 $

 $

 ( 716

)

 Net
 loss for the year

 Balance at June 30, 2025

 $

 $

 $

 ( 716

)

 See accompanying notes to consolidated financial
statements.

 F- 4

AND SUBSIDIARY

 Consolidated Statements of Cash Flows

 (Unaudited)

 Year
 Ended June 30,

 2025

 2024

 2023

 Cash flows from operating activities:

 Net loss

 $

 $

 $

 Adjustments to reconcile net loss to net cash provided by operating activities:

 Decrease in deficit arising from confiscation of Haven Federal after retroactive disallowance of agreed supervisory goodwill and regulatory capital

 Decrease in prepaid expenses and other assets

 Decrease (increase) in net assets of Haven Federal

 (Decrease) in accrued expenses and other liabilities

 (Decrease) Increase in net liabilities of Haven Federal

 Amortization of organization expenses

 Net cash provided (used) by operating activities

 Net change in cash

 Cash and cash equivalents, beginning of year

 Cash and cash equivalents, end of year

 $

 $

 $

 See accompanying notes to consolidated financial
statements

 F- 5

 AND SUBSIDIARY

 Notes to Consolidated Financial Statements

 (1) Organization and Regulatory
Matters

 Admiral Financial Corp. ("Admiral") is
inactive.

 (2) Summary of Significant
Accounting Policies

 (a) Basis of Presentation

 The accompanying balance sheets as of June 30, 2025
and 2024, include references to the accounts of Admiral and the net assets and net liabilities of its former wholly-owned subsidiary,
Haven Federal Savings and Loan Association. All significant intercompany transactions have been eliminated in consolidation.

 (b) Office Properties and
Equipment

 All office properties and equipment were sold when
the offices of the Company were closed during the fiscal year ended June 30, 1990, and the proceeds from such sales are reflected as "other
income."

 (c) Income Taxes

 Admiral and its former wholly-owned subsidiary
file a consolidated tax return. Taxes are provided on all income and expense items included in earnings, regardless of the period in
which such items are recognized for tax purposes, except for income representing a permanent difference.

 (d) Real Estate

 Loss from real estate operations includes rental
income, operating expenses, interest expense on the related mortgages payable, gains on sales, net and provision for estimated losses
to reflect subsequent declines in the net realizable value below predecessor cost.

 Provisions for estimated losses on real estate are
charged to earnings when, in the opinion of management, such losses are probable. While management uses the best information available
to make evaluations, future adjustments to the allowances may be necessary if economic conditions change substantially from the assumptions
used in making the evaluations.

 (e) Excess Cost Over Net
Assets Acquired and Other Intangibles

 The excess cost over net assets acquired was amortized
by the interest method over the estimated lives of the long-term, interest-bearing assets acquired. The remaining unamortized excess cost
over net assets acquired was written off at June 30, 1989 (see note 1).

 (g) Cash and Cash Equivalents

 For the purpose of the statement of cash flows, cash
and cash equivalents include the accounts of Admiral.

 (3) Income Taxes

 At June 30, 2025 and 2024, the Company has estimated
net operating loss carryforwards of approximately $ 0 and $ 0 respectively, for Federal income tax purposes, and $ 0 and $ 0, respectively,
for state income tax purposes to offset future taxable income.

 (4) Commitments and Contingencies

 Admiral has no known Commitments or Contingencies
for the period covered by this report.

 Admiral is not a party to any legal proceedings.