What changed in this filing

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Item 1. Financial Statements

2025-05-13 compared with 2024-11-14 · 93 added, 189 removed, 254 unchanged (53% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,

As of March 31,

As of December 31,

Current assets:

1 unchanged sentence

Investment securities

Trade accounts receivable, less allowance for doubtful accounts of $ 15,600 at September 30, 2024 and December 31, 2023

Trade accounts receivable, less allowance for doubtful accounts of $ 15,600 at March 31, 2025 and December 31, 2024

Income tax receivable

16 unchanged sentences

30,000,000 shares authorized;

10,503,599 and 10,145,211 , shares issued and 10,503,599 and 10,145,211 , shares outstanding at September 30, 2024 and December 31, 2023

10,503,599 , shares issued and outstanding at March 31, 2025 and December 31, 2024

Additional paid-in capital

Accumulated other comprehensive gain

Accumulated other comprehensive gain (loss)

Accumulated deficit

6 unchanged sentences

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)

For the Three Months Ended March 31,

Cost of revenues

6 unchanged sentences

( 2,089,500 )

( 4,684,300 )

( 6,919,200 )

Other income:

Other income, net

Other income (expense), net

Interest income

Total other income, net

Loss from continuing operations before income tax expense

( 1,180,100 )

( 2,201,100 )

Loss from operations before income tax expense

( 1,778,500 )

1 unchanged sentence

Income tax expense

Loss from continuing operations

( 1,180,100 )

( 2,201,100 )

( 4,515,300 )

( 6,866,900 )

Discontinued operations:

Gain from discontinued operations, net of tax

$ ( 1,180,100 )

( 2,201,100 )

Total income tax expense

$ ( 1,778,500 )

1 unchanged sentence

Comprehensive gain (loss):

Unrealized holding gain on investment securities, net of tax

Foreign currency translation (loss) gain

Foreign currency translation gain (loss)

Comprehensive gain (loss)

2 unchanged sentences

$ ( 2,111,900 )

$ ( 4,446,200 )

$ ( 6,947,600 )

Basic and Diluted loss per common share

Continuing operations

Discontinued operations

Consolidated operations

See notes to unaudited condensed consolidated financial statements.

10 unchanged sentences

( 1,778,500 )

Issuance of Common Stock and Warrants, net of issuance costs (Note 7)

Fair value modification of warrants recorded as stock issuance costs

Foreign currency translation adjustment

Stock-based compensation

Balance March 31, 2024

( 1,778,500 )

( 1,283,600 )

Foreign currency translation adjustment

Stock-based compensation

Balance June 30, 2024

$ ( 30,820,300 )

( 1,180,100 )

Foreign currency translation adjustment

Stock-based compensation

Balance September 30, 2024

Balance March 31, 2025

$ ( 35,709,000 )

7 unchanged sentences

( 2,051,600 )

Issuance of Common Stock and Warrants, net of issuance costs (Note 7)

Fair value modification of warrants recorded as stock issuance costs

Foreign currency translation adjustment

Unrealized holding gain on investment securities, net of tax

Stock-based compensation

1 unchanged sentence

$ ( 29,536,700 )

( 2,292,000 )

Foreign currency translation adjustment

Unrealized holding loss on investment securities, net of tax

Retirement of treasury stock

Stock-based compensation

Balance June 30, 2023

$ ( 23,061,100 )

( 2,201,000 )

Foreign currency translation adjustment

Stock-based compensation

Balance September 30, 2023

$ ( 25,262,200 )

See notes to unaudited condensed consolidated financial statements

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Nine Months Ended September 30,

For the Three Months Ended March 31,

Operating activities:

7 unchanged sentences

Unrealized holding (gain) on investment securities

Carrying value of right of use assets

Noncash lease expense

Changes in operating assets and liabilities:

1 unchanged sentence

Prepaid and other current assets

Income tax receivable

Accounts payable

Accrued expenses

Contract liabilities

Lease liabilities

13 unchanged sentences

Net decrease in cash and cash equivalents

( 1,411,700 )

Cash and cash equivalents, beginning of period

8 unchanged sentences

The Company is headquartered in Bohemia, New York where it produces benchtop laboratory and pharmacy equipment.

Additionally, the Company has a location in Baesweiller, Germany, where it designs and produces a variety of bioprocessing products, and administrative facilities in Orangeburg, New York and Pittsburgh, Pennsylvania related to sales and marketing.

Additionally, the Company has a location in Baesweiller, Germany, where it designs and produces a variety of bioprocessing products, and administrative facilities in Pearl River, New York and Pittsburgh, Pennsylvania related to sales and marketing.

The products, which are sold to customers worldwide, include mixers, shakers, stirrers, refrigerated incubators, pharmacy balances and scales, force gauges, bioprocessing sensors and analytical tools.

3 unchanged sentences

These interim statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto, included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The results for the three and nine months ended September 30, 2024 are not necessarily an indication of the results for the full fiscal year ending December 31, 2024.

The results for the three months ended March 31, 2025, are not necessarily an indication of the results for the full fiscal year ending December 31, 2025.

Significant Accounting Policies

5 unchanged sentences

Liquidity and Going Concern Considerations

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) which contemplate continuation of the Company as a going concern.

Accordingly, the financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

For the nine months ended September 30, 2024, the Company generated negative cash flows from operations of $ 3,304,600 and had an accumulated deficit of $ 32,000,400 as of September 30, 2024.

Company management does not believe that cash on hand and cash flows expected to be generated internally by the Company will be adequate to fund its operations and other cash flow requirements over the next twelve months.

These reasons raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are to be filed.

In order to continue as a going concern, the Company will need, among other things, additional capital resources.

Management is making plans to secure such resources for the Company which may include capital from management and significant shareholders sufficient to meet its operating expenses and third-party equity and/or debt financing.

The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date of the Consolidated Financial Statements are issued.

Based upon the recuring losses from operations and continued cash outflow from operating activities (as described below), the Company has concluded that there is substantial doubt about the ability to continue as a going concern for a period of one year from the date that these Consolidated Financial Statements are issued.

For the three months ended March 31, 2025, the Company generated negative cash flows from operations of $ 1,331,100 and has an accumulated deficit of $ 35,709,000 as of March 31, 2025.

In order to continue as a going concern, the Company will need, among other things, additional capital resources in addition to those secured on April 18, 2025 as detailed in the Subsequent Events Footnote [Note 11].

Management has developed a strategic plan to secure such resources for the Company which may include capital from management and significant shareholders sufficient to meet its operating expenses and third-party equity and/or debt financing and exploring the sale of assets.

However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Reclassifications

Certain balances from fiscal 2023 have been reclassified to conform to the current year presentation.

The Consolidated Financial Statements do not include any adjustments that might result from the outcome of this uncertainty.

Accordingly, Consolidated Financial Statements have been prepared on the basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and the commitments in the ordinary course of business.

New Accounting Pronouncements

1 unchanged sentence

This standard includes enhanced income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid for annual periods.

The amendments in this update are effective for public companies with fiscal years beginning after December 15, 2024, with early adoption permitted.

For public companies, the amendments in this update are effective for annual periods beginning after December 12, 2024, with early adoption permitted.

The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses.

The update will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss.

The amendments are effective for the Company's annual periods beginning January 1, 2024, and interim periods beginning January 1, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements.

We are currently evaluating the impact of the adoption of this standard to determine its impact on the Company's disclosures.

In November 2024, the FASB issued ASU No.

2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40):

Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU No.

2025-01 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):

Clarifying the Effective Date, which clarified the effective date of ASU 2024-04.

The ASU requires, among other things, more detailed disclosures about the type of expenses in commonly presented expense captions such as cost of sales and selling, general and administrative expenses and is intended to improve the disclosures about an entity’s expenses including purchases of inventory, employee compensation, depreciation and intangible asset amortization.

ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses.

The guidance, clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods for fiscal years beginning after December 15, 2027, on a prospective or retrospective basis.

Early adoption is permitted.

We are currently evaluating the impact of adopting this ASU on our disclosures.

Fair Value of Financial Instruments

12 unchanged sentences

The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period.

The following tables set forth by level within the fair value hierarchy the Company’s financial assets that were accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 according to the valuation techniques the Company used to determine their fair values:

Fair Value Measurements as of September 30, 2024

The following tables set forth by level within the fair value hierarchy, the Company’s financial assets that were accounted for at fair value on a recurring basis as of March 31, 2025, and December 31, 2024, according to the valuation techniques the Company used to determine their fair values:

Fair Value Measurement as of March 31, 2025

Investment securities - mutual funds

Fair Value Measurements as of December 31, 2023

Fair Value Measurement as of December 31, 2024

Investment securities - mutual funds

Investments in marketable securities by security type as of September 30, 2024 and December 31, 2023 consisted of the following:

As of September 30, 2024:

Unrealized Holding

Investments in marketable securities by security type as of March 31, 2025, and December 31, 2024, consisted of the following:

As of March 31, 2025:

As of December 31, 2024:

Unrealized Holding

September 30,

As of March 31,

As of December 31,

Raw materials

5 unchanged sentences

Goodwill and Finite Lived Intangible Assets

Goodwill amounted to $ 115,300 as of September 30, 2024 and December 31, 2023.

Finite lived intangible assets consist of the following:

As of September 30, 2024:

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with the Company’s acquisitions.

Goodwill amounted to $ 115,300 as of March 31, 2025, and December 31, 2024, all of which is expected to be deductible for tax purposes.

Finite lived intangible assets are as follows:

As of March 31, 2025

Technology, trademarks

7 unchanged sentences

Non-compete agreements

Total amortization expense was $ 127,000 and $ 127,800 for the three months ended September 30, 2024 and 2023, respectively.

Total amortization expense was $ 380,700 and $ 385,600 for the nine months ended September 30, 2024 and 2023, respectively.

Estimated future fiscal year amortization expense of intangible assets as of September 30, 2024 is as follows:

As of September 30, 2024

Remainder of fiscal year ending 2024

Total amortization expense was $ 126,000 and $ 127,000 for the three months ended March 31, 2025, and March 31, 2024, respectively.

Estimated future fiscal year amortization expense of intangible assets as of March 31, 2025, is as follows:

As of March 31, 2025

Remainder of year ending 2025

Commitment and Contingencies

4 unchanged sentences

If the Company determines that an unfavorable outcome is probable and can be reasonably assessed, it establishes the necessary accruals.

As of September 30, 2024 and December 31, 2023, the Company is not aware of any contingent legal liabilities that should be reflected in the consolidated financial statements.

The Company’s approximate future minimum rental payments under all operating leases as of September 30, 2024 were as follows:

As of September 30, 2024:

As of March 31, 2025 and December 31, 2024, the Company is not aware of any contingent legal liabilities that should be reflected in the consolidated financial statements.

The Company’s approximate future minimum rental payments under all operating leases as of March 31, 2025, were as follows:

As of March 31, 2025:

Remainder of fiscal year ending 2025

5 unchanged sentences

On January 17, 2024, the Company completed the last closing of its sale of securities pursuant to the Securities Purchase Agreement (the “2024 Purchase Agreement”) entered on December 13, 2023, as filed in the Company’s Form 8-K on December 15, 2023.

At this closing, the Company sold an aggregate of 358,388 Units, comprising 358,388 shares of the Company’s common stock, par value $.05 per share (“Common Stock”) and warrants (“Warrants”) to purchase 358,388 shares of Common Stock for a total consideration of $716,776.

At this closing, the Company sold an aggregate of 358,388 Units (“2024 Units”), comprising 358,388 shares of the Company’s common stock, par value $.05 per share (“Common Stock”) and warrants (“2024 Warrants”) to purchase 358,388 shares of Common Stock for a total consideration of $716,776.

(the “2024 Offering”).

The Company recognized $98,700 of issuance cost, which includes $71,100 attributable to legal and placement agent fees and $27,600 attributable to the fair value of warrants, issued to the placement agent, to purchase up to 17,919 shares of Common Stock at an exercise price of $2.00 per share on substantially the same terms as the 2024 Warrants issued to the purchasers of Units (“2024 Investors”) .

As an incentive to certain Investors of the Company who participated in previous private placements (“Existing Investors”) and received as part of those financings, warrants (“Outstanding Warrants”) to purchase shares of Common Stock, the Company agreed that if any Existing Investor were to purchase Units at a certain level in the offering thereof under the Purchase Agreement (the “Offering”), the Company would reduce the exercise price of the Outstanding Warrants held by such Existing Investor to $2.50 per share and extend the period in which such Outstanding Warrants could be exercised to the fifth anniversary of the date on which the Existing Investor purchased Units under the Purchase Agreement.

As an incentive to certain 2024 Investors of the Company who participated in previous private placements (“Existing Investors”) and received as part of those financings, warrants (“Outstanding Warrants”) to purchase shares of Common Stock, the Company agreed that if any Existing Investor were to purchase 2024 Units at a certain level in the 2024 Offering, the Company would reduce the exercise price of the Outstanding Warrants held by such Existing Investor to $ 2.50 per share and extend the period in which such Outstanding Warrants could be exercised to the fifth anniversary of the date on which the Existing Investor purchased Units under the 2024 Purchase Agreement.

Each Existing Investor purchasing Units at the requisite level received a new warrant (the “Replacement Warrants”) to replace such Existing Investor’s Outstanding Warrants.

1 unchanged sentence

Salary for Equity Incentive Options

On April 1, 2024 and May 17, 2024, as part of the Company’s strategic initiatives to reduce operating costs and conserve cash for operations, the Company offered a voluntary Salary/Compensation Waiver Program pursuant to which each director, officer and employee of the Company and its subsidiaries could elect to waive a portion of his or her salary/compensation for twelve months and receive instead options to purchase shares of the Common Stock of the Company (the “stock options”).

On April 1, 2024 and May 17, 2024, as part of the Company’s strategic initiatives to reduce operating costs and conserve cash for operations, the Company offered a voluntary Salary/Compensation Waiver Program pursuant to which each director, officer and employee of the Company and its subsidiaries could elect to waive a portion of his or her salary/compensation for twelve months and receive instead options to purchase shares of Common Stock of the Company (the “stock options”).

Under this program, the Company issued 10 -year options to purchase 628,960 shares of Common Stock, each having an exercise price of $ 2.50 per share, vesting monthly over twelve months , valued at $ 948,200 on the grant date using the Black-Scholes-Merton option pricing model.

7 unchanged sentences

Blechman stock options to purchase 25,000 shares of the Common Stock of the Company with an exercise price of $ 1.75 which vest monthly over three years , valued at $ 34,500 on the grant date using the Black-Scholes-Merton option pricing model.

On July 1, 2024, the Company granted and issued stock options to purchase 10,000 shares of the Common Stock of the Company, each to Christopher Cox, John Nicols, and Jurgen Schumacher, as part of their annual compensation serving as independent Board members of the Company.

The stock options have a 10 -year life, an exercise price of $ 1.29 , 100% vested one year after the grant date, and valued at $ 10,400 on the grant date using the Black-Scholes-Merton option pricing model.

On July 1, 2024, the Company granted and issued stock options to purchase 5,000 shares of the Common Stock of the Company, each to Michael Blechman, Christopher Cox, and John Nicols, as part of their annual compensation serving as independent Committee Chairmans of the Company.

The stock options have a 10 -year life, an exercise price of $ 1.29 , 100% vested one year after the grant date, and valued at $ 5,200 on the grant date using the Black-Scholes-Merton option pricing model.

On July 1, 2024, the Company granted and issued stock options to purchase 10,000 shares of the Common Stock of the Company, to each of Christopher Cox, John Nicols, and Jurgen Schumacher, as part of their annual compensation for serving as independent directors of the Board.

The stock options have a 10 -year life, an exercise price of $ 1.29 , will be 100% vested one year after the grant date, and were valued at $ 10,400 on the grant date using the Black-Scholes-Merton option pricing model.

On July 1, 2024, the Company granted and issued stock options to purchase 5,000 shares of the Common Stock of the Company, to each of Michael Blechman, Christopher Cox, and John Nicols, as part of their annual compensation serving as independent Committee Chairmen of the Company’s Board Committees.

The stock options have a 10 -year life, an exercise price of $ 1.29 , will be 100% vested one year after the grant date, and were valued at $ 5,200 on the grant date using the Black-Scholes-Merton option pricing model.

Loss Per Common Share

4 unchanged sentences

The following table sets forth the weighted average number of common shares outstanding for each period presented.

For the three months ended

For the nine months ended

September 30,

For the three months ended March 31,

Weighted average number of common shares outstanding

Effect of dilutive securities:

Weighted average number of dilutive common shares outstanding

Weighted average number of common shares outstanding

Basic and Diluted loss per common share:

Continuing operations

Discontinued operations

Consolidated operations

Approximately 1,835,447 and 8,232,510 shares of the Company’s common stock issuable upon the exercise of stock options and warrants, respectively, were excluded from the calculation because the effect would be anti-dilutive due to the loss for both the three and nine months ended September 30, 2024.

Approximately 20,965 and 0 shares of the Company’s common stock issuable upon the exercise of stock options and warrants, respectively, were excluded from the calculation because the effect would be anti-dilutive due to the loss for the three months ended September 30, 2023.

Approximately 20,417 and 0 shares of the Company’s common stock issuable upon the exercise of stock options and warrants, respectively, were excluded from the calculation because the effect would be anti-dilutive due to the loss for the nine months ended September 30, 2023.

Approximately 1,831,447 and 8,232,510 shares of the Company’s common stock issuable upon the exercise of stock options and warrants, respectively, were excluded from the calculation because the effect would be anti-dilutive due to the loss for the three months ended March 31, 2025.

Approximately 1,113,837 and 7,856,203 shares of the Company’s common stock issuable upon the exercise of stock options and warrants, respectively, were excluded from the calculation because the effect would be anti-dilutive due to the loss for the three months ended March 31, 2024.

Related Parties

Consulting Agreements

During the three and nine months ended September 30, 2024 and 2023, respectively, the Company paid $24,000 and $ 71,300 , respectively, and $ 0 and $ 0 , respectively, to Mr.

John Nicols, a Director of the Company, who provided consulting services to the Bioprocessing Systems Operations segment.

During the three months ended March 31, 2025, and March 31, 2024, respectively, the Company paid $ 24,000 and $ 16,000 , respectively, to Mr.

John Nicols, a Director of the Company, who provided consulting services to the Bioprocessing Systems segment.

Segment Information and Concentration

3 unchanged sentences

All inter-segment revenues are eliminated.

Segment information is reported as follows.

Three Months Ended September 30, 2024:

Benchtop Laboratory Equipment

Bioprocessing

Corporate And

Foreign Sales

Income (Loss) From Operations

( 1,200,000 )

( 1,258,600 )

Long-Lived Asset Expenditures

Depreciation and Amortization

Three Months Ended September 30, 2023:

Benchtop Laboratory Equipment

Bioprocessing

Corporate And

Foreign Sales

Income (Loss) From Operations

( 2,105,500 )

( 2,225,400 )

Long-Lived Asset Expenditures

Depreciation and Amortization

For the three months ended September 30, 2024 one customer accounted for 10 % or more of the Company’s total revenue.

For the three months ended September 30, 2023 one customer accounted for 10 % or more of the Company’s total revenue.

Nine Months Ended September 30, 2024:

Three Months Ended March 31, 2025

Benchtop Laboratory Equipment

Bioprocessing

Corporate And

Bioprocessing Systems

Corporate and Other

Foreign Sales

2 unchanged sentences

( 1,810,900 )

( 4,684,300 )

Long-Lived Asset Expenditures

Depreciation and Amortization

Nine Months Ended September 30, 2023:

Three Months Ended March 31, 2024

Benchtop Laboratory Equipment

Bioprocessing

Corporate And

Bioprocessing Systems

Corporate and Other

Foreign Sales

2 unchanged sentences

( 2,089,500 )

( 6,919,200 )

Long-Lived Asset Expenditures

Depreciation and Amortization

For the nine months ended September 30, 2024 no customers accounted for approximately 10 % or more of the Company’s total revenue.

For the nine months ended September 30, 2023 no customers accounted for approximately 10 % or more of the Company’s total revenue.

A reconciliation of the Company’s consolidated segment income (loss) from operations to consolidated loss from operations before income taxes and net loss for the three and nine months ended September 30, 2024 and 2023, respectively are as follows:

For the three months ended September 30, 2024

Segment information is reported as follows.

For the three months ending March 31, 2025, two customers accounted for approximately 10 % or more of the Company’s total revenue.

For the three months ending March 31, 2024, no customers accounted for approximately 10 % or more of the Company’s total revenue.

A reconciliation of the Company’s consolidated segment income (loss) from operations to consolidated loss from operations before income taxes and net loss for the three months ended March 31, 2025 and 2024, respectively are as follows:

Three Months Ended March 31, 2025

Benchtop Laboratory Equipment

Bioprocessing

Bioprocessing Systems

Corporate and Other

Income (Loss from Operations)

2 unchanged sentences

$ ( 1,810,900 )

Other income, net

Other (expense) income, net

Interest income

Total other income, net

Income (Loss) from operations before discontinued operations and income taxes

$ ( 1,188,600 )

$ ( 252,300 )

$ ( 1,180,100 )

For the three months ended September 30, 2023

Benchtop Laboratory Equipment

Bioprocessing

Income (Loss) from Operations

$ ( 2,105,500 )

$ ( 193,500 )

$ ( 2,225,400 )

Other income (expense), net

Interest income

Total other income (expense), net

Income (Loss) from operations before discontinued operations and income taxes

Income (Loss) from operations before operations and income taxes

$ ( 1,492,900 )

1 unchanged sentence

$ ( 1,778,500 )

For the nine months ended September 30, 2024

Three Months Ended March 31, 2024

Benchtop Laboratory Equipment

Bioprocessing

Bioprocessing Systems

Corporate and Other

Income (Loss from Operations)

4 unchanged sentences

Interest income

Total other income (expense), net

Income (Loss) from operations before discontinued operations and income taxes

$ ( 4,072,200 )

$ ( 984,000 )

$ ( 4,515,300 )

For the nine months ended September 30, 2023

Benchtop Laboratory Equipment

Bioprocessing

Income (Loss) from Operations

$ ( 5,972,600 )

$ ( 1,501,800 )

$ ( 6,919,200 )

Other income, net

Interest income

Total other income, net

Income (Loss) from operations before discontinued operations and income taxes

Income (Loss) from operations before operations and income taxes

$ ( 1,596,300 )

1 unchanged sentence

$ ( 2,051,600 )

Subsequent Events

On April 18, 2025, the Company entered into a Securities Purchase Agreement (the “2025 Purchase Agreement”) with certain investors (the “2025 Investors”) pursuant to which the Company sold in a private placement (the “Private Placement”), and the Investors purchased, an aggregate of 1,550,000 Units (the “2025 Units”), comprising (i) 1,050,000 shares of the Company’s Common Stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase 500,000 shares of Common Stock and (iii) warrants (“2025 Warrants”) to purchase 1,550,000 shares of Common Stock, for a total consideration of $ 1,550,000 .

The Company intends to use the net proceeds from the sale of the securities for operations, working capital and other general corporate purposes.

Each 2025 Warrant is exercisable for the purchase of one share of Common Stock at an exercise price of $ 1.00 per share.

The 2025 Warrants are immediately exercisable and expire 6 months from their date of issuance.

Certain of the 2025 Warrants are exercisable for Pre-funded Warrants to purchase shares of Common Stock in lieu of shares of Common Stock.

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