Exhibit 99.3

KCM INDUSTRY Co., Ltd.

Condensed Interim Financial Statements

(Unaudited)

As of September 30, 2025 and for the nine-month periods ended September 30, 2025 and 2024

Table of Contents

KCM INDUSTRY Co., Ltd.

Unaudited Condensed Balance Sheets

As of September 30, 2025, and December 31, 2024

(in US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

KCM INDUSTRY Co., Ltd.

Unaudited Condensed Balance Sheets, Continued

As of September 30, 2025, and December 31, 2024

(in US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

KCM INDUSTRY Co., Ltd.

Unaudited Condensed Interim Statements of Income (Loss)

For the nine months ended September 30, 2025, and 2024

(in US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

KCM INDUSTRY Co., Ltd.

Unaudited Condensed Interim Statements of Comprehensive Loss

For the nine months ended September 30, 2025, and 2024

(in US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

KCM INDUSTRY Co., Ltd.

Unaudited Condensed Interim Statements of Changes in Stockholders’ Equity

For the nine months ended September 30, 2025, and 2024

(in US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

KCM INDUSTRY Co., Ltd.

Unaudited Condensed Interim Statements of Cash Flow

For the nine months ended September 30, 2025, and 2024

(In US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements

September 30, 2025, and 2024

KCM INDUSTRY Co., Ltd. (the Company), established in 2021, specializes in the manufacture and sale of neodymium-iron-boron (“NdFeb”) powder for NdFeb permanent magnets. The Company specializes in the production of neodymium-iron-boron (NdFeB) magnetic powder, establishing itself as one of South Korea’s key manufacturers in this specialized industry. The Company offers diverse types of NdFeb Powder with different magnetic characteristics. The Company is headquartered in Gunsan, South Korea and production takes place at headquarter.

These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) assuming the Company will continue as a going concern. The accounting policies applied by the Company in these interim financial statements are the same as those applied by the Company in its financial statements as of and for the year ended December 31, 2024.

The interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The condensed financial statements should be read in conjunction with the Company’s latest annual audited financial statements as of and for the year ended December 31,2024.

The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists.

Primarily due to underperformance, the Company incurred losses of $887,886 for the nine-month period ended September 30, 2025. Absent any other action, the Company will require additional liquidity to continue its operations over the next 12 months.

The Company is evaluating strategies to obtain the required additional funding for future operations. These strategies may include, but are not limited to, obtaining equity financing, issuing debt or entering other financing arrangements, and restructuring of operations to grow revenues and decrease expenses. However, upon the economic environment and the Company’s current capability, the Company may be unable to access future equity or debt financing when needed. As such, there can be no assurance that the Company will be able to obtain additional liquidity when needed or under acceptable terms, if at all.

The financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of fixed assets; allowance for credit losses, deferred tax assets, inventory, lease liabilities and right-of-use assets, and income tax uncertainties, and other contingencies.

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

Income Statement (Topic 220) Reporting Comprehensive Income- Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU 2024-03, which becomes effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The standard requires to disclose disaggregated information about certain income statement expense line items. The Company does not expect the standard to have a material effect on its financial statements and has begun evaluating disclosure presentation alternatives.

Debt—Debt with Conversion and Other Options (Subtopic 470-20)

In November 2024, the FASB issued ASU 2024-04, which becomes effective for annual reporting periods beginning after December 15, 2025, and interim periods within annual reporting periods. Early adoption is permitted for entities that have adopted the amendments in Update 2020-06. The amendments clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The Company is currently assessing the impact of the amendments on its financial statements.

Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2025 for non-public business entities. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. The Company does not expect the standard to have a material effect on its financial statements.

The Company has not early adopted any of the forthcoming new or amended accounting standards in preparing these condensed interim financial statements.

The Company manufactures Neodymium Powder (NdFeb Powder) for Neodymium Magnet which is used in manufacturing of household appliances and cars. The Company’s main products are NdFeb bonded powders with different types of magnetic characteristics.

The Company’s operating segment is a single segment and composes of NdFeb Powder manufacturing segment, and as of the end of the reporting period, assets, and liabilities of the segment are the same as the condensed balance sheets.

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

The following table disaggregates revenue by category.

Domestic sales are approximately $968,874 (or 100% of total net revenue) for the nine-month period ended September 30, 2025.

Sales to a small number of major customers account for the majority of the company’s total net revenue. The company is making efforts to gain new customers by continuously expanding its sales activities not only to domestic magnet manufactures but also to overseas NdFeb Magnet manufactures.

The following table disaggregates trade accounts receivable by major customers.

Sales to one direct customer, NS World Co., Ltd., one of the Company’s related parties (See note 18) represented 99.9% ($967,872) of total revenue for the nine-month periods ended September 30, 2025.

In contrast, equipment installation service provided to GCM VINA, represented $43,094 (99%) of total revenue for the nine-month period ended September 30, 2024.

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

As of September 30, 2025, and December 31, 2024, the Company’s trade accounts receivable are attributable entirely to related parties (refer to Note 18). There was no effect in allowance for credit losses for trade accounts receivable.

The Company disaggregates the non-trade account receivable by type of financing receivable when assessing and monitoring risk and performance of the entire portfolio. Non-trade accounts receivable consists of accrued revenue and non-trade receivable, which are unsecured.

There was no allowance for credit losses related to non-trade accounts receivable recorded as of September 30, 2025, and December 31, 2024.

Details of Inventories as of September 30, 2025, and December 31, 2024 are as follows:

The write-down of inventories as of September 30, 2025 is $592,838, compared to $775,256 as of December 31, 2024. An inventory write-down of $160,943 was recognized in the cost of sales, while the allowance for inventory valuation decreased by $182,418. The difference is due to a decrease in valuation allowance resulting from increased sales of goods and the difference in the applied exchange rate.

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date.

Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value.

The Company estimated the fair value of redeemable convertible preferred stock using the Tsiveriotis-Fernandes model with strip and bootstrapping method. The fair value is estimated using Level 3 inputs based on Stock price volatility of similar listed companies.

The change in fair value of the redeemable convertible preferred stock resulted in a loss of $72,073 for the nine-month period ended September 30, 2025, which was recognized in the statements of operations within Loss on financial instruments.

Fair value per share, the Company’s underlying assets, was evaluated by referring to the Company’s business plan and objectively verifiable market indicators.

Our short-term and long-term debts except the redeemable convertible preferred stock are recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rates for similar types of borrowing arrangements. The carrying amount of the long-term debt approximates its fair value as of September 30, 2025, and December 31, 2024, due primarily to the interest rates approximating market interest rates.

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

Details of Property, plant and equipment as of September 30, 2025, and December 31, 2024 are as follows:

Total depreciation for the nine-month periods ended September 30, 2025, and 2024 were $105,542 and $106,746, respectively.

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

The Company has finance leases for certain transportation equipment, apartment and office equipment. Finance lease assets and liabilities are included in property, plant and equipment and finance lease liabilities, respectively, on the balance sheets.

The Company also has several non-cancellable short-term leases, primarily for an apartment used as dormitories for employees that expire in 12 months.

The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contracts include fixed payments only. The Company also elected to discount all lease liabilities using an incremental borrowing rate.

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

Details of carrying amounts of short-term debts as of September 30, 2025, and December 31, 2024, are as follows:

Details of carrying amounts of current portion of long-term debts as of September 30, 2025, and December 31, 2024, are as follows:

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

Details of carrying amounts of long-term debt as of September 30, 2025, and December 31, 2024 are as follows:

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

In June 2023, the Company issued $737,246 in par value of unsecured convertible debt due 2030.

Upon the issuance of convertible debt, the Company measured the convertible debt using fair value options. The Company’s convertible debt has complex provisions, so the Company believes measuring them at fair value could better explain the characteristics of the financial instrument. The change in fair value of the convertible debt resulted in a loss of $254,075 for the nine-month periods ended September 30, 2025, which was recognized as loss on valuation of financial instruments in the statements of operations.

The lender has the tag-along right, if the CEO intends to dispose of his holdings.

The details of the Company’s convertible debt are as follows:

On April 14, 2025, Convertible bonds were converted into 1,666 shares of RCPS upon the exercise of conversion rights by Korea SMEs and Startups Agency.

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

On April 14, 2025, Convertible bonds were converted into 1,666 shares of RCPS upon the exercise of conversion rights by Korea SMEs and Startups Agency. The conversion rate of the redeemable convertible preferred stock is subject to adjustment upon the occurrence of certain events specified in the 2023 agreement. Therefore, the company classified the redeemable convertible preferred stock as a liability in accordance with ASC 480.

The redeemable convertible preferred stock issued by the company measured through fair value option under ASC825.

The Company measures the redeemable convertible preferred stock at fair value. The change in fair value of the convertible debt resulted a loss of $72,073 for September 30, 2025, which was recognized as loss on valuation of financial instruments in the statements of operations. (refer to Note 6)

The details of the Company’s redeemable convertible preferred stock are as follows:

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

The Company is subject to income taxation through primarily in the South Korea and its provision from income taxes for interim periods is determined using its effective tax rate. We do not expect any income tax expenses (benefits) for the nine-month period ended September 30, 2025, including tax expenses directly recorded in equity. There is no change in the Provision for uncertain tax position amount as of the end of 2024, except for the effects of foreign currency translation adjustments.

Other operating income includes government grants and other operating expenses include loss on disposal of property, plant and equipment.

The Company has 1 million shares of authorized stock, and authorizes shares of undesignated preferred stock, the rights, preferences, and privileges of which may be designated from time to time by our board of directors. The Company has 21,666 shares of authorized stock, consisting of: (i) 20,000 of common stock, par value KRW5,000 per share, and (ii) 1,666 shares of redeemable convertible preferred stock, par value KRW5,000 per share, issuable. (Refer to Note 10)

(1) Common Stock

Holders of common stock are entitled to one vote per share, and to receive dividends and, upon liquidation or dissolution, are entitled to receive all assets available for distribution to stockholders. The holders have no preemptive or other subscription rights, and there is no redemption or sinking fund provisions with respect to such shares. Common stock is subordinate to the preferred stock with respect to dividend rights and rights upon liquidation, winding up and dissolution of the Company.

(2) Accumulated other comprehensive income(loss)

Accumulated other comprehensive income(loss) is consist of foreign currency translation adjustments and actuarial gain on net liability of defined benefits. In case of the actuarial gain on liability of defined benefits, it is amortized into net periodic benefits cost on a straight-line basis over the expected average remaining service period of employees.

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

In addition to the list above, the representative director has provided guarantees (with a guarantee amount of $310,095 and $72,386) for long-term debt and joint guarantee for performance guarantee provided by Seoul Guarantee Insurance to the company (refer to Note 9, 18).

KCM INDUSTRY Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

September 30, 2025, and 2024

The Group has evaluated subsequent events from the balance sheet date to the date at which the unaudited condensed consolidated interim financial statements were available to be issued, no other events requiring disclosure were identified.