01
$2.02B
96
Siteline, 2025
14.3%
02
03

$89.6B
USTelecom, 2024
11.8M
FBA / RVA, 2025
98.3M
FBA / RVA
180,000
FBA
Exhibit 1
Exhibit 2
Exhibit 3

04
~20
~30
~6,600
99,900
05

96
7
Exhibit 4
06

Exhibit 5

07

08
Dycom Industries5,546.01,261.2FY2026
MasTec Communications3,339.1759.2FY2025
8,885.12,020.4
Exhibit 6
1.53
$1M / $653,738
$5.7M
$5B+
09

Exhibit 7
$4,678,712
Form 1065, 2024
$63,051
Form 1065, item F
$100,766
Form 1065, l.15
32.1%
100,766 / 314,168
10

Provium Tech Inc.NextGen Fiber LLC
2024: $4,678,712
2023: $2,157,003
$2,157,003
$4,678,712
Form 1065
$608,000

11

12

100%

~$38,000

13
1.25% / 30d1.50% / 30d
65%80%
7560
SOFR + 700SOFR + 600
0.75%0.35%
$39,541,667$57,254,902
$277,967$739,663
14.3%37.0%
Exhibit 8

Exhibit 9

14

15

16

Dycom Industries, FY2026 resultsContract revenues $5.546B, backlog $9.542B
MasTec, FY2025 resultsCommunications segment $3,339.1M, +32.3%
Charter Communications, FY2025Revenue $54.8B, capex $11.7B
USTelecom, 2024 Broadband Capex Report$89.6B in 2024, $2.2T since 1996
Fiber Broadband Association / RVA, 2025 survey11.8M new passings, 98.3M total
NTIA, BEAD Program FAQ v18$42.45B, Benefit of the Bargain round
Siteline, 2025 Construction Payments Report96 day average wait, 5% paid on time
Billd, National Subcontractor Market Report51 day average, 81% supplier terms mismatch
MCA in construction, factor ratesFactor 1.25 to 1.45 for construction
Merchant cash advance rates, 2026Effective APR 40% to over 350%
UCC liens and invoice factoringFactors will not take second position behind an MCA
Invoice factoring rates, 2026Construction 2 to 5% per 30 days, advance 70 to 85%
Telecom contractor financingCarrier terms net-60 to net-90, crews paid weekly
a16z, first warehouse facilityAdvance 80 to 95%, originator first loss 5 to 20%
Federal Reserve Bank of New York, SOFR3.62% as of 2026-07-22
Venable, commercial financing disclosure laws10 states, 7 reach factoring
Levelset, supply chain financeReverse factoring priced off buyer credit
BDO, FASB ASU 2022-04Disclosure required, classification not addressed
ABA, pay-if-paid enforceabilityUnenforceable in CA, NY, MD, VA
O*NET / BLS, telecom line installers99,900 employed, 2024
Constrafor, $100M raiseComparable, plus $264M Series A
Verizon and Google dark fiber agreement, July 24, 2026Over $1B, AI data center interconnect
Charter Q2 2026 results, July 24, 2026172,000 broadband customers lost, 29.4M total
AT&T Q2 2026 results, July 23, 2026Record 646,000 broadband additions
NTIA, all BEAD funds obligated52 of 56 award agreements signed, process streamlined
NextGen Fiber LLC, Form 1065 (2024), TX Franchise Tax 05-169 (2023)