17 unchanged sentences
General and administrative expenses totaled approximately $127,000 for the year ended December 31, 2024 and $117,000 for the year ended December 31, 2023.
−Removed: The decrease was due to a decrease in legal fees offset by an increase in accounting fees in the current year as compared to prior year.
+Added: The increase was due to an increase in legal as well as an increase in accounting fees in the current year as compared to prior year.
Related Party Interest Expense
1 unchanged sentence
The increase is due to an increase in the amount of money borrowed from Delfin.
−Removed: Net loss for the year ended December 31, 2023 was approximately $192,000 as compared to a net loss of approximately $185,000 for the year ended December 31, 2022 as a result of decreased legal fees offset by an increase in accounting fees and related party interest expense.
+Added: Net loss for the year ended December 31, 2024 was approximately $205,000 as compared to a net loss of approximately $192,000 for the year ended December 31, 2023 as a result of an increase in legal and accounting fees as well as related party interest expense.
Liquidity and Capital Resources
5 unchanged sentences
These reasons raise significant doubt about our ability to continue as a going concern.
−Removed: In March 2018, the Company executed a promissory note with Delfin for $50,000 (as amended and restated from time to time, the “Promissory Note”), which was amended and restated several times over the years and in October 2023 to $977,000, which was our balance at December 31, 2023.
−Removed: In December 2023 management amended again to increase our borrowing to $1,027,000, however cash was not received and recorded until January 2024.
+Added: In March 2018, the Company executed a promissory note with Delfin for $50,000 (as amended and restated from time to time, the “Promissory Note”), which was amended and restated several times over the years and in November 2024 to $1,113,000, which was our balance at December 31, 2024.
The Promissory Note is used to pay certain accrued expenses, accounts payable and to allow the Company to have working capital.
27 unchanged sentences
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.