Exhibit 99.5

NS World 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

NS World Co., Ltd.

Unaudited Condensed Interim Balance Sheets

(in US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

NS World Co., Ltd.

Unaudited Condensed Interim Balance Sheets, Continued

(in US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

NS World Co., Ltd.

Unaudited Condensed Interim Statements of Operations

(in US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

NS World Co., Ltd.

Unaudited Condensed Interim Statements of Comprehensive Loss

(in US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

NS World Co., Ltd.

Unaudited Condensed Interim Statements of Changes in Stockholders’ Deficit

(in US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

NS World Co., Ltd.

Unaudited Condensed Interim Statements of Cash Flows

(in US dollars)

NS World Co., Ltd.

Unaudited Condensed Interim Statements of Cash Flows, Continued

(In US dollars)

See accompanying notes to the unaudited condensed interim financial statements.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements

NS World Co., Ltd. (the Company) was incorporated in 2013, and the Company’s registered office is at 99, Naechuoksu-gil, Bugi-myeon, Cheongwon-gu, Cheongju-si, Chungcheongbuk-do, Republic of Korea. The Company specializes in the manufacture and sale of magnetic components for automobiles and electronic appliances.

These unaudited condensed interim 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 unaudited condensed 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 unaudited condensed interim financial information does not represent complete financial statements and should be read in conjunction with the Company’s latest annual audited financial statements.

These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025, or for any other interim period or for any other future year.

In the opinion of management, these unaudited condensed interim financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information.

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.

The Company incurred a net loss of $266,477 for the nine-month period ended September 30, 2025, because of a recent operating loss related to its business operations. As of September 30, 2025, the Company had net negative working capital of $2,082,207 which excludes the cash and cash equivalents of $212,647. 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 unaudited condensed interim 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.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

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 unaudited condensed interim 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 doesn’t expect the impact of the amendments on its unaudited condensed interim 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 unaudited condensed interim financial statements.

Financial Instruments (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. 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 unaudited condensed interim financial statements.

The Company manufactures components for automotive and home appliance magnets. The Company’s main products are Plastic magnets, rubber magnets.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

The Company’s operating segment is a single segment and compose of components for automotive and home appliance magnets manufacturing segment, and as of the end of the reporting period, assets and liabilities of the segment is the same as the unaudited condensed interim financial statements. In addition, the Company has applied the amendments in the ASU No, 2023-07, Improvements to Reportable Segment Disclosures, to report segment information in accordance with Topic 280, Segment Reporting.

The Company adopted this guidance in ASU 2023-07, and there is no significant impact on the disclosure of the unaudited condensed interim financial statements. The Company’s chief operating decision maker has been identified as the Chief Executive Officer (“CODM”), who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating and reportable segment.

The following table disaggregates revenue by category for the nine-month periods ended September 30, 2025 and 2024, respectively.

Domestic sales are approximately $ 4,584,300 (or 93% of total net revenue) and export sales are approximately $ 334,521 (or 7% of total net revenue) for the nine-month period ended September 30, 2025.

Domestic sales are approximately $ 4,335,701 (or 92% of total net revenue) and export sales are approximately $ 388,593 (or 8% of total net revenue) for the nine-month period ended September 30, 2024.

The major export countries were China($ 298,007 or 89%) and Vietnam($ 18,811 or 6%) 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. If orders from existing major customers decrease, there is a possibility of a loss of sales, which may adversely affect business results.

For the nine-month period ended September 30, 2025, the customers accounting for 10% or more of total revenue are Customer A and Customer B, with revenues of $ 2,227,929(or 45% of total net revenue) and $ 983,150 (or 20% of total net revenue), respectively. For the nine -month period ended September 30, 2024, the customers accounting for 10% or more of total revenue are Customer A and Customer B, with revenues of $ 1,729,845(or 37% of total net revenue) and $ 1,014,424 (or 21% of total net revenue), respectively.

The following table disaggregates trade accounts receivable by major customers.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

The Company disaggregates the non-trade account receivable by type of financing receivable when assessing and monitoring risk and performance of the entire portfolio.

Short-term loan receivables are unsecured and generally have terms of one year, requiring payments of principal and interest at maturity. Other receivables generally represent receivables from repurchase/resale transaction and are unsecured, and they generally have terms of less than one year, requiring payments of principal at maturity.

The amortized cost basis of non-trade account receivable, net as of September 30, 2025 and December 31, 2024, respectively, are as follows:

As of September 30, 2025, an allowance for credit losses of USD 336 was recorded in relation to non-trade account receivable (December 31, 2024: nil).

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

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

As of September 30, 2025 and December 31, 2024, the balance of the inventory provision were $140,873 and $82,817, respectively. There were provision of $53,646 and (-)$53,265 incurred for the nine-month periods ended September 30, 2025 and 2024, respectively. The disclosed amounts represent the net effect of provisions recognized and amounts utilized (deductions arising from inventory sales) during the period.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

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 a loss of $11,930 and $275,199 for the nine-month periods ended September 30, 2025, and 2024, respectively, which was recognized in the statements of operations within loss on valuation of redeemable convertible preferred stock. Redeemable convertible shares were converted to common shares during the nine-month period ended September 30, 2025.

Our short-term and long-term debt are recorded at amortized cost. 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.

As of September 30, 2025, there were no liabilities required to be measured at fair value, as the redeemable convertible preferred stock, which matured in May 2025, was automatically converted into common stock upon maturity.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

Total depreciation for the September 30, 2025, and 2024 was $144,932 and $144,451, respectively.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

The Company has operating leases for certain office space and finance leases for certain transportation equipment. Operating lease assets and liabilities are included in operating lease right-of-use assets and operating lease liabilities, respectively, on the balance sheets. Finance lease assets and liabilities are included in property, plant and equipment and finance lease liabilities, respectively, on the balance sheets.

The office space lease agreements include renewal options. Because the Company is not reasonably certain to exercise these renewal options, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments.

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.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

Details of carrying amounts of short-term debt and short-term debt (related party) as of September 30, 2025 and December 31, 2024 are as follows:

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

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

Future principal payments for long-term debt as of September 30, 2025 are as follows:

The Company is subject to income taxation through primarily in South Korea, and 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 are no unrecognized tax benefits as of September 30, 2025 and 2024.

Other operating income for the nine-month periods ended September 30, 2025 and 2024 are as follows:

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

In May 2015, the Company issued 37,500 shares of redeemable convertible preferred stock with a 10-year maturity.

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

The conversion ratio of the redeemable convertible preferred stock is subject to adjustment upon the occurrence of certain events specified in the 2015 agreement such as IPOs, stock dividend, etc., and the additional issuance, by refixing at 70 percent of the initial convertible price as a minimum level. Therefore, the Company classified the redeemable convertible preferred stock as a liability in accordance with ASC 480.

The Company evaluates the conversion option of hybrid financial instruments to determine whether certain elements of the option meet the criteria for embedded derivative instruments. The redeemable convertible preferred stock issued by the Company does not meet the definition of embedded derivatives, so the Company has not separated or presented the conversion.

In May 2025, the redeemable convertible preferred stock reached the end of its contractual term and was automatically converted into common stock in accordance with the terms of Preferred Stock Subscription Agreement. As a result of the automatic conversion of 37,500 redeemable convertible preferred shares issued in May 2015 (conversion ratio: 1 preferred share to 1 common share, conversion price: KRW 20,000), the total number of issued and outstanding common shares increased to 289,055 as of the conversion date.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

As of September 30, 2025, the Company has 1,043,720 authorized shares, of which 289,055 shares of common stock were issued and outstanding, with a par value KRW 5,000 per share. As of December 31, 2024, the Company had the same 1,043,720 authorized shares, of which 251,555 were common stock and 37,500 were redeemable convertible preferred stock, all issued and outstanding. The redeemable convertible preferred stock was converted into common stock during the current year.

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 pre-emptive or other subscription rights, and there are 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.

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.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

The following table summarizes changes in the plan assets during September 30, 2025, and December 31, 2024:

The components of net periodic benefit cost, other than the service cost component, of $54,512 and $53,871 are included in other income, net in the statements of income for the nine-month periods ended September 30, 2025 and 2024, respectively.

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

As of September 30, 2025, land, buildings, machinery, and equipment have been provided as collateral (with a secured amount of $987,933) for long-term debt (refer to Note 7,9). The Company also established pledge fire insurance claims (with a pledge amount of $758,487).

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

NS World Co., Ltd.

Notes to the Unaudited Condensed Interim Financial Statements, Continued

The Company has evaluated subsequent events from the balance sheet date to the date at which the unaudited condensed interim financial statements were available to be issued, and except as disclosed below, no other events requiring disclosure were identified.

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