Bubblr, Inc., operating as EthicalWeb AI, is an artificial intelligence company focused on patented search and data security solutions for generative AI. The company reported a significant revenue decline of 37% to $3,369 in 2025 from $5,349 in 2024. Net loss for 2025 was $(1,270,416), a slight improvement from $(1,313,026) in 2024. The working capital deficit worsened by 45% to $(2,899,722) in 2025 from $(2,000,369) in 2024. Cash on hand decreased substantially to $7,322 at the end of 2025 from $41,184 in 2024. The company's auditor issued a going-concern opinion, highlighting dependence on future financing or profitable operations. Research and development expenses increased by 248% to $192,381 in 2025, as products were generally released to customers, discontinuing capitalization of development costs. Sales and marketing expenses surged by 315% to $101,643 in 2025, driven by higher consultancy costs. Management concluded that internal control over financial reporting was ineffective as of December 31, 2025, due to inadequate segregation of duties and limited resources. The company is involved in a civil lawsuit where a preferred stock holder, GHS Investments, LLC, is seeking the appointment of a custodian or receiver. Bubblr's securities were downgraded from the OTCQB market to the OTCID market on February 13, 2026, due to not meeting minimum bid price requirements. The company issued convertible loan notes totaling $445,219 in 2025, with interest rates of 18% and 12%, and conversion features at discounted prices. Stephen Morris, the founder, was appointed Chief Executive Officer on June 11, 2025, following a series of CEO changes.