What changed in this filing

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Item 1. Financial Statements

2026-05-08 compared with 2025-11-13 · 181 added, 216 removed, 419 unchanged (49% of the section changed)

4 unchanged sentences

($ in thousands, except par value and share data)

September 30,

Current assets:

10 unchanged sentences

Patents and trademarks, net

Operating lease right-of-use asset

$ 28,569 $ 29,114

4 unchanged sentences

Other current liabilities

Operating lease liability — current

Total current liabilities

Operating lease liability — noncurrent

Total liabilities

2 unchanged sentences

1,100,000,000 shares authorized;

917,285,149 and 917,285,149 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

917,285,149 and 917,285,149 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

18,179 18,179

10 unchanged sentences

$ 28,569 $ 29,114

The accompanying notes are an integral part of the unaudited consolidated financial statements.

The accompanying notes are an integral part of the consolidated financial statements.

LIQUIDMETAL TECHNOLOGIES, INC.

2 unchanged sentences

($ in thousands, except share and per share data)

Three months ended September 30,

Nine months ended September 30,

Three Months Ended March 31,

Licensing and royalties

5 unchanged sentences

Operating loss

Other income (expense):

( 1,138 ) ( 901 )

Other income:

Investment income

1 unchanged sentence

Loss from operations

Net income attributable to non-controlling interest

( 765 ) ( 568 )

Net loss attributable to non-controlling interest

Net loss attributable to Liquidmetal Technologies shareholders

$ ( 765 ) $ ( 568 )

Per common share basic and diluted:

Net loss per common share attributable to Liquidmetal Technologies shareholders, basic and diluted

$ ( 0.00 ) $ ( 0.00 )

Number of weighted average shares - basic and diluted

The accompanying notes are an integral part of the unaudited consolidated financial statements.

917,285,149 917,285,149

The accompanying notes are an integral part of the consolidated financial statements.

LIQUIDMETAL TECHNOLOGIES, INC.

7 unchanged sentences

Foreign currency translation adjustment

Other comprehensive gain

Balance - September 30, 2025 (unaudited)

Balance - December 31, 2023

Stock-based compensation

Other comprehensive loss

Balance - September 30, 2024 (unaudited)

comprehensive

Paid-in Capital

Balance - June 30, 2025 (unaudited)

Balance - March 31, 2026

Balance - December 31, 2024

Stock-based compensation

Foreign currency translation adjustment

Other comprehensive gain

Balance - September 30, 2025 (unaudited)

Balance - June 30, 2024 (unaudited)

Stock-based compensation

Other comprehensive loss

Balance - September 30, 2024 (unaudited)

The accompanying notes are an integral part of the unaudited consolidated financial statements.

Balance - March 31, 2025

The accompanying notes are an integral part of the consolidated financial statements.

LIQUIDMETAL TECHNOLOGIES, INC.

2 unchanged sentences

($ in thousands, except share and per share data)

Three months ended September 30,

Nine months ended September 30,

Other comprehensive income, net of tax

Net unrealized gains on available-for-sale securities

Three Months Ended March 31,

$ ( 765 ) $ ( 568 )

Other comprehensive income (loss), net of tax

Net unrealized gains (losses) on available-for-sale securities

$ ( 33 ) $ 20

Gain on foreign currency translation

Other comprehensive income, net of tax

Other comprehensive income (loss), net of tax

Comprehensive loss

Comprehensive income attributable to noncontrolling interests

( 766 ) ( 548 )

Comprehensive loss attributable to noncontrolling interests

Comprehensive loss attributable to Liquidmetal Technologies shareholders

The accompanying notes are an integral part of the unaudited consolidated financial statements.

$ ( 766 ) $ ( 548 )

The accompanying notes are an integral part of the consolidated financial statements.

LIQUIDMETAL TECHNOLOGIES, INC.

2 unchanged sentences

($ in thousands, except per share data)

Nine Months Ended September 30,

Three Months Ended March 31,

Operating activities:

$ ( 765 ) $ ( 568 )

Adjustments to reconcile net loss to net cash used in operating activities:

1 unchanged sentence

Realized investment gains (loss), net

Unrealized investment gain, net

( 10 ) ( 63 )

Unrealized investment gain (loss), net

Stock-based compensation

Net income attributable to non-controlling interest

Gain on foreign currency translation

Grain on sale of equipment ( 5 ) -

Changes in operating assets and liabilities:

Trade accounts receivable

( 62 ) ( 50 )

Prepaid expenses and other current assets

3 unchanged sentences

Net cash used in operating activities

( 226 ) ( 299 )

Investing Activities:

Purchases of debt securities

( 570 ) ( 4,658 )

Proceeds from sales of debt securities

Purchase of property and equipment

Proceeds from sale of equipment 5 -

Net cash provided by (used in) investing activities

Net increase (decrease) in cash, cash equivalents, and restricted cash

240 ( 1,111 )

Cash, cash equivalents, and restricted cash at beginning of period

Cash, cash equivalents, and restricted cash at end of period

$ 7,404 $ 4,900

Supplemental disclosures of cash flow information

3 unchanged sentences

AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

For the Nine Months Ended September 30, 2025 and 2024

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2026 and 2025

(numbers in thousands, except percentages, share and per share data)

1 unchanged sentence

Liquidmetal Technologies, Inc.

(the “Company”) is a materials technology company that works with manufacturing and commercial partners to develop and commercialize products made from proprietary amorphous alloys.

The Company’s family of alloys consists of a variety of bulk alloys and composites that utilize the advantages offered by amorphous alloys technology.

The Company designs, develops, and sells products and custom parts from bulk amorphous alloys to customers in a wide range of industries.

The Company also partners with third -party manufacturers and licensees to develop and commercialize Liquidmetal alloy products.

(the “Company”) is a materials technology and manufacturing company focused on the development and commercialization of products made from proprietary amorphous alloys and/or utilizing proprietary amorphous alloy manufacturing technologies.

In addition to developing the Company’s manufacturing facility through our subsidiary in China, the Company works with third -party manufacturing and commercial partners to develop and commercial products made from proprietary amorphous alloys.

Amorphous alloys are, in general, unique materials that are distinguished by their ability to retain a random atomic structure when they solidify, in contrast to the crystalline atomic structure that forms in other metals and alloys when they solidify.

9 unchanged sentences

BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS

The accompanying unaudited interim consolidated financial statements as of and for the nine months ended September 30, 2025 and 2024 have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10 -Q.

The accompanying unaudited interim consolidated financial statements as of and for the three months ended March 31, 2026 and 2025 have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and in accordance with the instructions to Form 10 -Q.

Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements.

1 unchanged sentence

All intercompany balances and transactions have been eliminated in consolidation.

Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for any future periods or the year ending December 31, 2025.

Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any future periods or the year ending December 31, 2026.

The accompanying unaudited consolidated financial statements should be read in conjunction with the Company's 2025 Annual Report on Form 10 -K filed with the Securities and Exchange Commission (“SEC”) on March 12, 2026.

5 unchanged sentences

The Company evaluates its debt securities with unrealized losses on a quarterly basis for potential other-than-temporary impairments in value.

As a result of this assessment, the Company did not recognize any other-than-temporary impairment losses considered to be credit related for the nine months ended September 30, 2025 and 2024.

Investments in Debt Securities

The Company will invest excess funds to maximize investment yield, while maintaining liquidity and minimizing credit risk.

Debt securities are carried at fair value and consist primarily of investments in obligations of the United States Treasury, various U.S.

and foreign corporations, and certificates of deposits.

The Company classifies its investments in debt securities as available-for-sale with all unrealized gains or losses included as part of other comprehensive income.

The Company evaluates its debt securities with unrealized losses on a quarterly basis for potential other-than-temporary impairments in value.

As a result of this assessment, the Company did not recognize any other-than-temporary impairment losses considered to be credit related for the nine months ended September 30, 2025 and 2024.

The Company will invest excess funds to maximize investment yield, while maintaining liquidity and minimizing credit risk.

Debt securities are carried at fair value and consist primarily of investments in obligations of the United States Treasury, various U.S.

and foreign corporations, and certificates of deposits.

The Company classifies its investments in debt securities as available-for-sale with all unrealized gains or losses included as part of other comprehensive income.

The Company evaluates its debt securities with unrealized losses on a quarterly basis for potential other-than-temporary impairments in value.

As a result of this assessment, the Company did not recognize any other-than-temporary impairment losses considered to be credit related for the nine months ended September 30, 2025 and 2024.

As a result of this assessment, the Company did not recognize any other-than-temporary impairment losses considered to be credit related for the three months ended March 31, 2026 and 2025.

Fair Value Measurements

8 unchanged sentences

Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

As of September 30, 2025, the following table represents the Company’s fair value hierarchy for items that are required to be measured at fair value on a recurring basis:

As of March 31, 2026, the following table represents the Company’s fair value hierarchy for items that are required to be measured at fair value on a recurring basis:

Investments in debt securities (short-term)

7 unchanged sentences

7,606 5,481 2,125 -

The Company leases its manufacturing facility under a long-term contract, which is accounted for as an operating lease.

The lease provides for a fixed base rent and variable payments comprised of reimbursements for property taxes, insurance, utilities, and common area maintenance.

The lease has a term of 5 years ending on April 30, 2030.

In accordance with ASC 842, Leases, lease income, which includes escalating rents over the term of the lease, is recorded on a straight-line basis over the expected lease term.

The difference between lease income and payments received is recorded as a rent receivable, which is included as a prepaid expense in the consolidated balance sheets.

Amounts paid for broker commissions represent prepaid direct lease costs and will be amortized as an off-set to lease income over the lease term.

Operating Leases

The Company adopted FASB Accounting Standards Codification, or ASC, Topic 842, Leases (“ASC 842” ) which requires the recognition of the right-of-use assets and relating operating and finance lease liabilities on the balance sheet.

Under ASC 842, all leases are required to be recorded on the balance sheet and are classified as either operating leases or finance leases.

The lease classification affects the expense recognition in the income statement.

Operating lease charges are recorded entirely in operating expenses.

Finance lease charges are split, where amortization of the right-of-use asset is recorded in operating expenses and an implied interest component is recorded in interest expense.

Foreign Currency Translation

5 unchanged sentences

Other Recent Pronouncements

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

In June 2016, the FASB issued an accounting standards update which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded.

This update replaces the existing incurred loss impairment model with an expected loss model (referred to as the Current Expected Credit Loss model, or "CECL").

The standard update, and its related amendments, will become effective for the fiscal year beginning on January 1, 2023.

This did not have a material impact on its consolidated financial statements as of and for the year ended December 31, 2025.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA and the SEC did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

SIGNIFICANT TRANSACTIONS

5 unchanged sentences

The Joint Venture Company was formed for the principal purpose of developing a manufacturing facility in Hangzhou, China for the manufacture of amorphous metal products.

The Joint Venture Company will be owned 70 % by Liquidmetal Asia and 30 % by Mr.

Liu and will be capitalized with $ 6.0 million USD of initial capital, of which $ 4.2 million has been contributed by Liquidmetal Asia, and $ 1.8 million will be contributed by Mr.

The Joint Venture Company is owned 70 % by Liquidmetal Asia and 30 % by Mr.

Liu and has been capitalized with $ 6.0 million USD of initial capital, of which $ 4.2 million has been contributed by Liquidmetal Asia, and $ 1.8 million will be contributed by Mr.

Liu on or before May 25, 2028.

1 unchanged sentence

On January 12, 2022, the Company entered into a manufacturing agreement (“Manufacturing Agreement”) with Dongguan Yihao Metal Materials Technology Co.

(“Yihao”) to become the primary contract manufacturer of the Company’s products.

(“Yihao”) to become an outsourced contract manufacturer of the Company’s products.

Under the Manufacturing Agreement, which has a term of five years, Yihao has agreed to serve as a non-exclusive contract manufacturer for amorphous alloy parts offered and sold by the Company at prices determined on a “cost-plus” basis.

2 unchanged sentences

Corporate Facility Purchase and Lease

On February 16, 2017, the Company purchased a 41,000 square foot facility (the “Facility”) located in Lake Forest, CA, where operations commenced during July 2017.

The purchase price for the Facility was $ 7,818 .

On January 23, 2020, 20321 Valencia, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, entered into a lease agreement pursuant to which the Company leased to MatterHackers, Inc., a Delaware corporation (“Tenant”), an approximately 32,534 square foot portion of the Facility.

On February 16, 2017, the Company purchased a 41,000 square foot facility (the “Facility”) located in Lake Forest, CA for $ 7,818 .

On January 23, 2020, 20321 Valencia, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company that owns the Facility, entered into a lease agreement pursuant to which the Company leased to MatterHackers, Inc., a Delaware corporation (“Tenant”), an approximately 32,534 square foot portion of the Facility.

The lease term was for 5 years and 2 months and expired on April 30, 2025.

The base rent payable under the lease was $ 32,534 per month initially and was subject to periodic increases up to a maximum of approximately $ 54,000 per month.

Tenant paid approximately 79 % of common operating expenses.

On March 26, 2025, the Company entered into a new lease agreement (the “Facility Lease”) for a 5 year term commencing on May 1, 2025 and expanded the leased square footage to 40,090 square feet.

6 unchanged sentences

The transaction occurred in multiple closings, with the Investor having purchased 105,000,000 shares at a purchase price of $ 8,400 (or $ 0.08 per share) at the initial closing on March 10, 2016 and the remaining 200,000,000 shares at $ 0.15 per share and 100,000,000 shares at $ 0.25 per share for an aggregate purchase price of $ 55,000 on October 26, 2016.

On October 10, 2024, the Investor sold 179,787,888 to various third party buyers leaving 225,212,112 shares of our common stock owned by the Investor as of December 31, 2024.

In addition to the shares issuable under the 2016 Purchase Agreement, the Company issued to the Investor a warrant to acquire 10,066,809 shares of common stock at an exercise price of $ 0.07 per share.

The warrant will expire on the tenth anniversary of its issuance date.

On October 10, 2024, the Investor sold 179,787,888 to various buyers leaving 225,212,112 shares of our common stock owned by the Investor as of March 31, 2026.

In addition to the shares issuable under the 2016 Purchase Agreement, the Company issued to the Investor a warrant to acquire 10,066,809 shares of common stock.

The warrant expired March 10, 2026.

Eontec License Agreement

On March 10, 2016, in connection with the 2016 Purchase Agreement, the Company and DongGuan Eontec Co., Ltd., a Hong Kong corporation (“Eontec”), entered into a Parallel License Agreement (the “License Agreement”) pursuant to which the Company and Eontec agreed to perpetually cross-license their respective technologies.

The Company’s Chairman, Professor Li, is also the Chairman of Eontec.

The License Agreement provides for the cross-license of certain patents, technical information, and trademarks between the Company and Eontec.

4 unchanged sentences

The cross-licenses are non-exclusive in geographic areas outside of the foregoing exclusive territories.

Eutectix Business Development Agreement

On January 31, 2020, the Company entered into a Business Development Agreement (the “Agreement”) with Eutectix, LLC, a Delaware limited liability company (“Eutectix”), which provided for collaboration, joint development efforts, and the manufacturing of products based on the Company’s proprietary amorphous metal alloys.

Under the Agreement, the Company licensed to Eutectix specified equipment owned by the Company and also licensed various patents and technical information related to the Company’s proprietary technology.

The Agreement expired on January 31, 2025.

Apple License Transaction

1 unchanged sentence

(“Apple”) pursuant to which (i) the Company contributed substantially all of its intellectual property assets to a newly organized special-purpose, wholly-owned subsidiary, called Crucible Intellectual Property, LLC (“CIP”), (ii) CIP granted to Apple a perpetual, worldwide, exclusive license to commercialize such intellectual property in the field of consumer electronic products, as defined in the license agreement, in exchange for a one -time, upfront license fee, and (iii) CIP granted back to the Company a perpetual, worldwide, fully-paid, exclusive license to commercialize such intellectual property in all other fields of use.

Under the agreements relating to the license transaction with Apple, the Company was obligated to contribute, to CIP, all intellectual property developed through February 2016.

The Company is also obligated to maintain certain limited liability company formalities with respect to CIP at all times after the closing of the license transaction.

Liquidmetal Golf Sublicense Agreement

6 unchanged sentences

(“ATJ”), a newly formed Japanese entity that was established by Twins Corporation, a sporting goods company operating in Japan.

Under the agreement, LMG granted ATJ a nonexclusive worldwide sublicense to the Company’s amorphous alloy technology and related trademarks to manufacture and sell golf clubs and golf related products.

The original term of three years was extended to have automatic, annual renewals and provided for the payment of a running royalty to LMG of 3 % of the net sales price of licensed products.

Under the agreement, LMG granted to ATJ a nonexclusive worldwide sublicense to the Company’s amorphous alloy technology and related trademarks to manufacture and sell golf clubs and golf related products.

The LMG Sublicense Agreement had an initial term of three years and has been extended for another three year term that provides for the payment of a running royalty to LMG of 3 % of the net sales price of licensed products.

Swatch Group License

3 unchanged sentences

The Company will receive royalty payments over the life of the contract on all Liquidmetal products produced and sold by Swatch.

The license agreement with Swatch will expire on the expiration date of the last licensed patent.

The license agreement with Swatch will expire on the expiration date of the last-to-expire licensed patent.

INVESTMENTS IN DEBT SECURITIES

The following table sets forth amortized cost fair value, and unrealized gains (losses) of investments in debt securities (short-term and long-term):

Longest (Unaudited)

Amortized Cost

Maturity September 30,

September 30,

Longest Maturity Date

government and agency securities

4 unchanged sentences

$ 11,591 $ 12,316 $ 11,757 $ 12,523

Income from these investments totaled $ 191 and $ 601 during the three and nine months ended September 30, 2025, respectively, and $ 259 and $ 775 during three and nine months ended September 30, 2024, respectively.

Income from these investments totaled $ 129 and $ 242 during the three months ended March 31, 2026 and 2025, respectively.

Such amounts are included as a portion of interest and investment income on the Company’s consolidated statements of operations.

Based on the Company’s review of its debt securities that are individually in an unrealized loss position at September 30, 2025, it was determined that the losses were primarily the result current economic factors, impacting all global debt and equity markets, that are the result of global macro events.

Based on the Company’s review of its debt securities that are individually in an unrealized loss position at March 31, 2026, it was determined that the losses were primarily the result current economic factors, impacting all global debt and equity markets, that are the result of global macro events.

The impact of the Company’s investment portfolio is considered to be temporary, rather than a deterioration of overall credit quality.

As of September 30, 2025, all investments are current on their scheduled interest and dividend payments.

As of March 31, 2026, all investments are current on their scheduled interest and dividend payments.

The Company does not intend to sell and it is not likely that the Company will be required to sell these securities prior to recovering their amortized cost.

As such, the Company does not consider these securities to be other-than-temporarily impaired as of September 30, 2025.

As such, the Company does not consider these securities to be other-than-temporarily impaired as of March 31, 2026.

Investment in debt securities activities consisted of the following:

Three months ended September 30,

Nine months ended September 30,

Three months ended March 31,

Investment in debt securities – beginning balance

$ 12,523 $ 16,330

269 5,928 5,506 15,032

Sales at cost

2 unchanged sentences

Interest and dividend income

153 270 532 637

Unrealized gain

45 ( 13 ) 201 346

Professional management fees and other fees

10 unchanged sentences

Trade accounts receivable were comprised of the following:

September 30,

Accounts receivables

1 unchanged sentence

Prepaid expenses and other current assets were comprised of the following:

September 30,

Prepaid service invoices

2 unchanged sentences

Interest and other receivables

$ 523 $ 1,302

Inventories were comprised of the following:

September 30,

Work in progress

2 unchanged sentences

Property and equipment were comprised of the following:

September 30,

Land, building, and improvements

7 unchanged sentences

$ 7,272 $ 7,050

Depreciation expense were $ 78 and $ 233 for three and nine months ended September 30, 2025 , respectively, and were $ 78 and $ 233 for three and nine months ended September 30, 2024, respectively.

Depreciation expense for three months ended March 31, 2026 and 2025 were $ 93 and $ 78 , respectively.

Such amounts were included in selling, marketing, general, and administrative expenses within Company’s consolidated statements of operations.

During the three months ended March 31, 2026, the Company disposed of equipment with a cost and accumulated depreciation of $ 90 .

As the net book value of the assets was zero , the company recognized a gain on disposal of $ 5 .

PATENTS AND TRADEMARKS, NET

Patents and trademarks were comprised of the following:

September 30,

Purchased and licensed patent rights

8 unchanged sentences

The Company amortizes capitalized patents and trademarks over an average of 10 -to- 17 -year periods.

Amortization expense for patents and trademarks was $ 4 and $ 11 for the three and nine months ended September 30, 2025, respectively, and $ 4 and $ 13 for the three and nine months ended September 30, 2024, respectively.

Amortization expense for patents and trademarks was $ 3 and $ 4 for the three months ended March 31, 2026 and 2025, respectively.

Other assets were comprised of the following:

September 30,

Equipment deposits

Lease deposits

Utility deposits

1 unchanged sentence

Accrued liabilities were comprised of the following:

September 30,

Accrued payroll, vacation, and bonuses

1 unchanged sentence

OTHER CURRENT LIABILITIES

Other long-term liabilities was $ 902 as of September 30, 2025 and December 31, 2024, and consisted of $ 859 of long-term, aged payables to vendors, individuals, and other third parties that have been outstanding for more than 5 years.

Other current liabilities was $ 902 as of March 31, 2026 and December 31, 2025, and consisted of $ 859 of long-term, aged payables to vendors, individuals, and other third parties that have been outstanding for more than 5 years.

Also included in the balance is $ 43 in tenant deposits under the Facility Lease.

1 unchanged sentence

On June 28, 2012, the Company adopted the 2012 Equity Incentive Plan ( “2012 Plan”), with the approval of the shareholders, which provided for the grant of stock options to officers, employees, consultants and directors of the Company and its subsidiaries.

Under this plan, the Company had outstanding grants of options to purchase 2,432,500 and 3,073,000 shares of the Company’s common stock as of September 30, 2025 and December 31, 2024, respectively.

Under this plan, the Company had outstanding grants of options to purchase 2,380,000 and 2,432,500 shares of the Company’s common stock as of March 31, 2026 and December 31, 2025, respectively.

The 2012 Plan expired in June 2022.

2 unchanged sentences

All options granted under the 2015 Plan had exercise prices that were equal to the fair market value on the dates of grant.

Under this plan, the Company had outstanding grants of options to purchase 37,361,667 and 23,511,667 as of September 30, 2025 and December 31, 2024, respectively.

Under this plan, the Company had outstanding grants of options to purchase 22,461,667 and 22,861,667 as of March 31, 2026 and December 31, 2025, respectively.

The 2015 Plan expired in January 2025.

1 unchanged sentence

Under ASC 718, the Company is required to measure the cost of employee services received in exchange for stock options and similar awards based on the grant-date fair value of the award and recognize this cost in the income statement over the period during which an employee is required to provide service in exchange for the award.

Stock based compensation expense attributable to these plans was $ 31 and $ 118 for the three and nine months ended September 30, 2025, respectively, and $ 42 and $ 105 for the three and nine months ended September 30, 2024.

Stock based compensation expense attributable to these plans was $ 38 and $ 54 for the three months ended March 31, 2026 and 2025, respectively.

Expected volatilities are based on historical volatility expected over the expected life of the options.

9 unchanged sentences

The future minimum rents due to the Company under the Facility Lease are as follows:

2025 (remaining three months)

2026 (remaining nine months)

OPERATING LEASE

On July 4, 2025, the Company entered into a non-cancelable facility lease commencing and expiring on July 3, 2028, for approximately 6,600 square meters of industrial space in Hangzhou, China.

The lease term is 36 months and includes a three -month rent-free period from July 4, 2025 through October 3, 2025, during which only property management fees and utilities are payable.

Base rent is $ 27 per month.

The lease is denominated in Renminbi (“RMB” or “yuan”), and the lease liability and right-of-use asset are initially measured in RMB and translated into U.S.

dollars for consolidated financial reporting purposes in accordance with ASC830.

For the Three Months Ended March 31,

Operating lease expense

Total lease expense

In accordance with ASC 842, other information related to leases was as follows:

For the Three Months Ended March 31,

Operating cash flows from operating leases

Cash paid for amounts included in the measurement of lease liabilities

In accordance with ASC 842, the components of lease expense were as follows:

2026 (remaining nine months)

Total undiscounted cash flows

Reconciliation of lease liabilities:

Weighted-average remaining lease terms

Weighted-average discount rate

Present values

Lease liabilities—current

Lease liabilities—long-term

Lease liabilities—total

Difference between undiscounted and discounted cash flows

LOSS PER COMMON SHARE

1 unchanged sentence

Diluted EPS reflects the potential dilution of securities that could share in the earnings.

Options to purchase 39,794,167 shares of common stock at prices ranging from $ 0.05 to $ 0.38 per share were outstanding at September 30, 2025, but were not included in the computation of diluted EPS for the same period as the inclusion would have been antidilutive, given the Company’s net loss.

Options to purchase 26,584,667 shares of common stock at prices ranging from $ 0.05 to $ 0.38 per share were outstanding at September 30, 2024, but were not included in the computation of diluted EPS for the same period as the inclusion would have been antidilutive, given the Company’s net loss.

Warrants to purchase 10,066,809 shares of common stock, priced at $ 0.07 per share, outstanding at each of September 30, 2025 and September 30, 2024 were not included in the computation of diluted EPS for the same period as the inclusion would have been antidilutive, given the Company’s net loss.

Options to purchase 39,841,667 shares of common stock at prices ranging from $ 0.05 to $ 0.38 per share were outstanding at March 31, 2026, but were not included in the computation of diluted EPS for the same period as the inclusion would have been antidilutive, given the Company’s net loss.

Options to purchase 40,892,992 shares of common stock at prices ranging from $ 0.05 to $ 0.38 per share were outstanding at March 31, 2025, but were not included in the computation of diluted EPS for the same period as the inclusion would have been antidilutive, given the Company’s net loss.

RELATED PARTY TRANSACTIONS

On March 10, 2016, the Company entered into the 2016 Purchase Agreement with Liquidmetal Technology Limited, providing for the purchase of 405,000,000 shares of the Company’s common stock for an aggregate purchase price of $ 63,400 .

Liquidmetal Technology Limited was a newly formed company owned by our Chairman, Professor Li.

Liquidmetal Technology Limited is owned by our Chairman, Professor Li.

In connection with the 2016 Purchase Agreement and also on March 10, 2016, the Company and Eontec entered into a license agreement, pursuant to which the Company and Eontec entered into a cross-license of their respective technologies.

Eontec is an affiliate of Yihao which is currently the Company’s primary contract manufacturer.

As of September 30, 2025 and December 31, 2024, Professor Li is a greater-than 5 % beneficial owner of the Company and serves as the Company’s Chairman.

Equipment and services procured from Yihao were $ 61 and $ 299 for the three and nine months ended September 30, 2025, respectively, and $ 221 and $ 479 during the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025 and December 31, 2024, the Company has outstanding payables to Yihao of $ 14 and $ 70 , respectively.

On May 10, 2022, Mr.

Abdi Mahamedi resigned as a director of the Company.

Mahamedi’s departure, the Company entered into a Consulting Agreement with Mr.

Mahamedi to present business opportunities for the licensing and sublicensing of the Company’s technology.

The Consulting Agreement has a term of 5 years and granted to Mr.

Mahamedi an option to purchase up to 2.0 million shares of Company common stock at an exercise price of the closing market price of the Company’s common stock on May 10, 2022 that will vest 33 % on the first anniversary of the grant date and the remainder vesting monthly over the ensuing two years, provided that Mr.

Mahamedi continues to be engaged as a consultant on each such vesting date.

The options have a term of 5 years.

As of March 31, 2026 and December 31, 2025, Professor Li is a greater-than 5 % beneficial owner of the Company and serves as the Company’s Chairman.

Equipment and services procured from Yihao were $ 105 and $ 117 during the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and December 31, 2025, the Company has outstanding payables to Yihao of $ 0 and $ 47 , respectively.

SUBSEQUENT EVENTS

3 unchanged sentences

Item 2 – Management ’ s Discussion and Analysis of Financial Condition and Results of Operations

This management’s discussion and analysis should be read in conjunction with the consolidated financial statements and notes included elsewhere in this Quarterly Report on Form 10-Q.

This management’s discussion and analysis should be read in conjunction with the consolidated financial statements and notes included elsewhere in this report on Form 10-Q.

All amounts described in this section are in thousands, except percentages, periods of time, and share and per share data.

This management’s discussion and analysis, as well as other sections of this Quarterly Report on Form 10-Q, may contain “forward-looking statements” that involve risks and uncertainties, including statements regarding our plans, future events, objectives, expectations, estimates, forecasts, assumptions, or projections.

Any statement that is not a statement of historical fact is a forward-looking statement, and in some cases, words such as “believe,” “estimate,” “project,” “expect,” “intend,” “may,” “anticipate,” “plan,” “seek,” and similar words or expressions identify forward-looking statements.

This management’s discussion and analysis, as well as other sections of this report on Form 10-K, may contain “forward-looking statements” that involve risks and uncertainties, including statements regarding our plans, future events, objectives, expectations, estimates, forecasts, assumptions or projections.

These statements involve risks and uncertainties that could cause actual outcomes and results to differ materially from the anticipated outcomes or results, and undue reliance should not be placed on these statements.

These risks and uncertainties include, but are not limited to, the matters discussed in Part II herein, under the heading “Item 1A.

Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other risks and uncertainties discussed in other filings made with the Securities and Exchange Commission (including risks described in subsequent reports on Form 10-Q and Form 8-K and other filings).

We disclaim any intention or obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

We are a materials technology company that works with manufacturing and commercial partners to develop and commercialize products made from our proprietary amorphous alloys.

Our Liquidmetal® family of alloys consists of a variety of proprietary bulk alloys and composites that utilize the advantages offered by amorphous alloy technology.

We design, develop, and sell custom products and parts from bulk amorphous alloys to customers in various industries.

We also partner with third-party manufacturers and licensees to develop and commercialize Liquidmetal alloy products.

Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed in filings made with the Securities and Exchange Commission (including risks described in subsequent reports on Form 10-Q, Form 10-K, Form 8-K, and other filings).

Liquidmetal Technologies, Inc.

disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

We are a materials technology and manufacturing company focused on the development and commercialization of products made from proprietary amorphous alloys and/or utilizing proprietary amorphous alloy manufacturing technologies.

In addition to developing our own manufacturing facility through our subsidiary in China, we work with third-party manufacturing and commercial partners to develop and commercial products made from our proprietary amorphous alloys.

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Joint Venture

On July 4, 2025, Liquidmetal Asia Holdings Limited (“Liquidmetal Asia”), a Hong Kong based, our wholly owned subsidiary, entered into a shareholders agreement with Mr.

On July 4, 2025, Liquidmetal Asia Holdings Limited (“Liquidmetal Asia”), a Hong Kong incorporated wholly owned subsidiary, entered into a shareholders agreement with Mr.

Chong Liu, an individual investor to form a new joint venture company named Hangzhou Feifeng Liquidmetal Co.

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The Joint Venture Company was formed for the principal purpose of developing a manufacturing facility in Hangzhou, China for the manufacture of amorphous metal products.

The Joint Venture Company will be owned 70% by Liquidmetal Asia and 30% by Mr.

Liu and will be capitalized with $6.0 million USD of initial capital, of which $4.2 million has been contributed by Liquidmetal Asia, and $1.8 million will be contributed by Mr.

The Joint Venture Company is owned 70% by Liquidmetal Asia and 30% by Mr.

Liu and has been capitalized with $6.0 million USD of initial capital, of which $4.2 million has been contributed by Liquidmetal Asia, and $1.8 million will be contributed by Mr.

Liu on or before May 25, 2028.

Yihao Manufacturing Agreement

On January 12, 2022, we entered into a manufacturing agreement (“Manufacturing Agreement”) with Dongguan Yihao Metal Materials Technology Co.

(“Yihao”) to become the primary contract manufacturer of our products.

Under the Manufacturing Agreement, which has a term of five years, Yihao has agreed to serve as a non-exclusive contract manufacturer for amorphous alloy parts offered and sold by us at prices determined on a “cost-plus” basis.

On January 12, 2022, Liquidmetal Technologies entered into a manufacturing agreement (“Manufacturing Agreement”) with Dongguan Yihao Metal Materials Technology Co.

(“Yihao”) to become an outsourced manufacturer of the Company’s products.

Yihao is an affiliate of Dongguan Eontec Co.

and Professor Lugee Li, our Chairman and largest beneficial owner of our capital stock.

and Professor Lugee Li, our Chairman and largest beneficial owner of the Company’s capital stock.

Liquidmetal Golf License

On January 13, 2022, our Liquidmetal Golf subsidiary entered into a sublicense agreement (“LMG Sublicense Agreement”) with Amorphous Technologies Japan, Inc.

(“ATJ”), a newly formed Japanese entity that was established by Twins Corporation, a sporting goods company operating in Japan.

The LMG Sublicense Agreement had an original term of three years and has been extended for an additional three year term that provides for the payment of a running royalty to LMG of 3% of the net sales price of licensed products.

Corporate Facility Purchase and Lease

On February 16, 2017, we purchased a 41,000 square foot facility (the “Facility”) located in Lake Forest, CA, where operations commenced during July 2017.

The purchase price for the Facility was $7,818.

On January 23, 2020, 20321 Valencia, LLC, a Delaware limited liability company and our wholly owned subsidiary, entered into a lease agreement pursuant to which we leased to MatterHackers, Inc., a Delaware corporation (“Tenant”), an approximately 32,534 square foot portion of the Facility.

On February 16, 2017, we purchased a 41,000 square foot facility (the “Facility”) located in Lake Forest, CA for $7,818.

On January 23, 2020, 20321 Valencia, LLC, a Delaware limited liability company and our wholly owned subsidiary that owns the Facility entered into a lease agreement pursuant to which we leased to MatterHackers, Inc., a Delaware corporation (“Tenant”), an approximately 32,534 square foot portion of the Facility.

The lease term was for 5 years and 2 months and expired on April 30, 2025.

The base rent payable under the lease was $33 per month initially and was subject to periodic increases up to a maximum of approximately $54 per month.

Tenant paid approximately 79% of common operating expenses.

On March 26, 2025, we entered into a new lease agreement (the “Facility Lease”) for a 5 year term commencing on May 1, 2025 and expanded the leased square footage to 40,090 square feet.

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The transaction occurred in multiple closings, with the Investor having purchased 105,000,000 shares at a purchase price of $8,400 (or $0.08 per share) at the initial closing on March 10, 2016, and the remaining 200,000,000 shares at $0.15 per share and 100,000,000 shares at $0.25 per share for an aggregate purchase price of $55,000 on October 26, 2016.

On October 10, 2024, the Investor sold 179,787,888 to various buyers leaving 225,212,112 shares of our common stock owned by the Investor as of December 31, 2024.

In addition to the shares issuable under the 2016 Purchase Agreement, we issued to the Investor a warrant to acquire 10,066,809 shares of common stock at an exercise price of $0.07 per share.

The warrant will expire on the tenth anniversary of its issuance date.

On October 10, 2024, the Investor sold 179,787,888 to various buyers leaving 226,572,262 shares of our common stock owned by the Investor as of March 31, 2026.

In addition to the shares issuable under the 2016 Purchase Agreement, we issued to the Investor a warrant to acquire 10,066,809 shares of common stock.

The warrant expired on March 10, 2026.

Eontec License Agreement

On March 10, 2016, in connection with the 2016 Purchase Agreement, we entered into a Parallel License Agreement (the “License Agreement”) with DongGuan Eontec Co., Ltd., a Hong Kong corporation (“Eontec”) pursuant to which we agreed to perpetually cross-license our respective technologies.

On March 10, 2016, in connection with the 2016 Purchase Agreement, we entered into a Parallel License Agreement (the “License Agreement”) with DongGuan Eontec Co., Ltd., a Hong Kong corporation (“Eontec”) pursuant to which we each entered into a cross-license of our respective technologies.

Our Chairman, Professor Li, is also the Chairman of Eontec.

The License Agreement provides for the cross-license of certain patents, technical information, and trademarks between us and Eontec.

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The cross-licenses are non-exclusive in geographic areas outside of the foregoing exclusive territories.

Eutectix Business Development Agreement

On January 31, 2020, we entered into a Business Development Agreement (the “Agreement”) with Eutectix LLC, a Delaware limited liability company (“Eutectix”), which provided for collaboration, joint development efforts, and the manufacturing of products based on the Company’s proprietary amorphous metal alloys.

Under the Agreement, we licensed to Eutectix specified equipment owned by us and also licensed to Eutectix various patents and technical information related to our proprietary technology.

The Agreement expired in January 2025.

Apple License Transaction

On August 5, 2010, we entered into a license transaction with Apple pursuant to which (i) we contributed substantially all of our intellectual property assets to a newly organized special-purpose, wholly-owned subsidiary, Crucible Intellectual Property, LLC (“CIP”), (ii) CIP granted to Apple a perpetual, worldwide, fully-paid, exclusive license to commercialize such intellectual property in the field of consumer electronic products, as defined in the license agreement, in exchange for a license fee, and (iii) CIP granted back to us a perpetual, worldwide, fully-paid, exclusive license to commercialize such intellectual property in all other fields of use.

Under the agreements relating to the license transaction with Apple, we were obligated to contribute to CIP all intellectual property that we developed through February 2016.

We are also obligated to maintain certain limited liability company formalities with respect to CIP at all times after the closing of the license transaction.

Liquidmetal Golf License

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We will receive royalty payments over the life of the contract on all Liquidmetal products produced and sold by Swatch.

The license agreement with Swatch will expire on the expiration date of the last licensed patent.

The license agreement with Swatch will expire on the expiration date of the last-to-expire licensed patent.

Critical Accounting Policies and Estimates

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RESULTS OF OPERATIONS

Comparison of the three months ended September 30, 2025 and 2024

Three months ended September 30,

Comparison of the three months ended March 31, 2026 and 2025

Three Months Ended March 31,

Licensing and royalties

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Revenue and operating expenses

Total revenue decreased by $279 to $37 for the three months ended September 30, 2025 from $316 for the three months ended September 30, 2024.

Total revenue decreased by $26 to $256 for the three months ended March 31, 2026 from $282 for the three months ended March 31, 2025.

The decrease was attributable to decrease in product shipments primarily related to recurring customer orders and medical device orders.

Cost of Sales .

Cost of sales was $17, or 45.9% of total revenue, for the three months ended September 30, 2025, as compared to $239, or 75.6% of total revenue, for the three months ended September 30, 2024.

The increase in our cost of sales was primarily driven by lower general production revenues and higher mold tooling during Q3 2025 compared to Q3 2024.

Once we are able to sustain and increase shipments of routine, commercial products and parts through our contract manufacturers, we expect our cost of sales percentages to decrease, stabilize, and be more predictable.

Gross Profit .

Our gross profit decreased by $57 from $77 for the three months ended September 30, 2024 to $20 for the three months ended September 30, 2025.

Our gross margin percentage increased from Q3 2024 to Q3 2025.

Our gross profit percentages have fluctuated and may continue to fluctuate based on production volumes and quoted production prices per unit and may not be representative of our future business.

If we are able to sustain and increase shipments of routine, commercial products and parts through future orders to third party contract manufacturers, we expect our gross profit percentages to stabilize, increase, and be more predictable.

Selling, marketing, general, and administrative expenses .

Selling, marketing, general, and administrative expenses increased by $57 to $961, or 2,597.3% of revenue, for the three months ended September 30, 2025 from $904, or 286.1% of revenue, for the three months ended September 30, 2024.

The increase in expenses was primarily attributable to increase in payroll expenses, legal fees, travel expenses, and stock compensation in Q3 2025 compared to Q3 2024.

Research and development expenses .

Research and development expenses remained unchanged at $4, or 10.8% of revenue, for the three months ended September 30, 2025, and $6, or 1.9% of revenue, for the three months ended September 30, 2024.

This was primarily due to continuing efforts to perform research and development on new Liquidmetal alloys and related processing capabilities, albeit on a reduced basis.

We continue to invest in our technology infrastructure to expedite the adoption of our technology, but we have experienced long sales lead times for customer adoption of our technology.

Until that time when we can either (i) increase our revenues with shipments of routine, commercial products and parts through third party contract manufacturers or (ii) obtain significant licensing revenues, we expect to continue to have operating losses for the foreseeable future.

Non-operational income and expenses

Investment income .

Investment income relates to realized gains earned from our investments in debt securities for the respective periods.

Investment income was $25 and $53 for the three months ended September 30, 2025 and 2024, respectively.

The decrease during the three months ended September 30, 2025 is primarily due to withdrawals from debt securities.

Interest income .

Interest income relates to interest earned from our cash deposits and investments in debt securities for the respective periods.

Interest income was $166 and $206 for three months ended September 30, 2025 and 2024, respectively.

The decrease during the three months ended September 30, 2025 is primarily due withdrawals from debt securities to fund our new joint venture.

Lease income .

Lease income relates to straight-line rental income received under the Facility Lease.

Such amounts were $196 and $88 for the three months ended September 30, 2025 and 2024, the increase in lease income was due to our tenant signing a new lease agreement with higher base rents.

Our annual net losses of $552 for the three months ended September 30, 2025 and $441 for the three months ended September 30, 2024 are primarily reflective of operating expenses associated with our on-going business as well as non-operational income, discussed above.

Comparison of the nine months ended September 30, 2025 and 2024

Nine months ended September 30,

Licensing and royalties

Total revenue

Cost of sales

Operating expenses:

Selling, marketing, general and administrative

Research and development

Operating loss

Other income (expense):

Investment income

Interest income

Loss from operations

Net income attributable to non-controlling interest

Net loss attributable to Liquidmetal Technologies shareholders

Revenue and operating expenses

Total revenue decreased by $123 to $608 for the nine months ended September 30, 2025 from $731 for the nine months ended September 30, 2024.

The decrease was attributable to a decrease in product shipments primarily related to recurring customer orders and medical device orders.

Cost of Sales .

Cost of sales was $433, or 71.2% of total revenue, for the nine months ended September 30, 2025, as compared to $560, or 76.6% of total revenue, for the nine months ended September 30, 2024.

The decreease in our cost of sales was primarily driven by lower production part revenues during Q3 2025 compared to Q3 2024.

Cost of sales was $179, or 69.9% of total revenue, for the three months ended March 31, 2026, as compared to $204, or 72.3% of total revenue, for the three months ended March 31, 2025.

The decrease in our cost of sales was primarily driven by lower product revenues during Q1 2026 compared to Q1 2025.

Gross Profit .

Our gross profit increased by $4 from $171 for the nine months ended September 30, 2024 to $175 for the nine months ended September 30, 2025.

Our gross profit decreased by $1 from $78 for the three months ended March 31, 2025 to $77 for the three months ended March 31, 2026.

Our gross margin percentage increased slightly from Q1 2025 to Q1 2026.

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Selling, marketing, general, and administrative expenses .

Selling, marketing, general, and administrative expenses increased by $339 to $2,863, or 470.9% of revenue, for the nine months ended September 30, 2025 from $2,524, or 345.3% of revenue, for the nine months ended September 30, 2024.

The increase in expenses was primarily attributable to increase in payroll expenses, travel expenses, legal fees, and stock compensation in Q3 2025 compared to Q3 2024.

Selling, marketing, general, and administrative expenses increased by $237 to $1,212, or 473.4% of revenue, for the three months ended March 31, 2026 from $975, or 345.7% of revenue, for the three months ended March 31, 2025.

The increase in expenses was primarily attributable to increase in payroll expenses and expenses related to our factory build out in China in Q1 2026 compared to Q1 2025.

Stock Based compensation decreased by $16 to $38 for the three months ended March 31, 2026 from $54 for the three months ended March 31, 2025.

The decrease was attributable to no new stock option issuances in the current quarter.

Research and development expenses .

Research and development expenses remained unchanged at $11, or 1.8% of revenue, for the nine months ended September 30, 2025, and $15, or 2.1% of revenue, for the nine months ended September 30, 2024.

Research and development expenses decreased to $3, or 1.2% of revenue, for the three months ended March 31, 2026, and $4, or 1.4% of revenue, for the three months ended March 31, 2025.

This was primarily due to continuing efforts to perform research and development on new Liquidmetal alloys and related processing capabilities, albeit on a reduced basis.

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Investment income relates to realized gains earned from our investments in debt securities for the respective periods.

Investment income was $93 and $139 for the nine months ended September 30, 2025 and 2024, respectively.

The decrease during the nine months ended September 30, 2025 is primarily due to withdrawals from debt securities.

Investment income was $10 and $63 for the three months ended March 31, 2026 and 2025, respectively.

The decrease during the three months ended March 31, 2026 is primarily due to withdrawals from debt securities.

Interest income .

Interest income relates to interest earned from our cash deposits and investments in debt securities for the respective periods.

Interest income was $508 and $636 for nine months ended September 30, 2025 and 2024, respectively.

The decrease during the nine months ended September 30, 2025 is primarily due to withdrawals from debt securities to fund our new joint venture.

Interest income was $137 and $179 for the three months ended March 31, 2026 and 2025, respectively.

The decrease during the three months ended March 31, 2026 is primarily due to withdrawals from debt securities to fund our new joint venture.

Lease income .

Lease income relates to straight-line rental income received under the Facility Lease.

Such amounts were $445 and $267 for the nine months ended September 30, 2025 and 2024, respectively, the increase in lease income was due to our tenant signing a new lease agreement with higher base rents.

Our annual net losses of $1,645 for the nine months ended September 30, 2025 and $1,015 for the nine months ended September 30, 2024 are primarily reflective of operating expenses associated with our on-going business as well as non-operational income, discussed above.

Such amounts were $196 and $89 for the three months ended March 31, 2026 and 2025, respectively.

The increase during the three months ended March 31, 2026 was primarily due to amendment of the Facility Lease on May 1, 2025 and the related increase in leased square footage.

Our annual net losses of $765 for the three months ended March 31, 2026 and $568 for the three months ended March 31, 2025 are primarily reflective of operating expenses associated with our on-going business as well as non-operational income, discussed above.

Inventory was $0 as of March 31, 2026, as all inventory had been shipped before period end.

LIQUIDITY AND CAPITAL RESOURCES

Cash used in operating activities

Cash used in operating activities totaled $1,325 and $135 for the nine months ended September 30, 2025 and 2024, respectively.

Cash used in operating activities totaled $226 and $299 for the three months ended March 31, 2026 and 2025, respectively.

The cash was primarily used to fund operating expenses related to our business and product development efforts.

Cash provided by (used in) investing activities

Cash provided by investing activities totaled $3,804 and cash used in investing activities totaled $3,812 for the nine months ended September 30, 2025 and 2024, respectively.

Cash provided by investing activities totaled $466 and cash used in $812 for the three months ended March 31, 2026 and 2025, respectively.

Investing inflows primarily consist of proceeds from the sale of debt securities.

Investing outflows primarily consist of purchases of debt securities.

Investing outflows primarily consist of purchases of debt securities and purchases of fixed assets for our factory in China

Financing arrangements and outlook

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These factors have previously required that we engage in equity sales under various stock purchase agreements to support its operations and strategic initiatives.

However, as of September 30, 2025, we had $8,490 in cash, as well as $12,616 in investments in debt securities.

However, as of March 31, 2026, we had $7,404 in cash and restricted cash, as well as $11,757 in investments in debt securities.

We view this total of $19,161 as readily available sources of liquidity in the event needed to advance our existing strategy, and/or pursue an alternative strategy.

As such, we anticipate that our current capital resources, when considering expected losses from operations, will be sufficient to fund our operations for the foreseeable future.

Accordingly, we have concluded that there is no substantial doubt about the Company’s ability to continue as a going concern.

Item 3 – Quantitative and Qualitative Disclosures about Market Risk

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements