Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds
The following “Use of Proceeds” information
relates to the registration statement on Form S-1, as amended (File Number 333-282621), for our IPO, which was declared effective by the
SEC on February 7, 2025. On February 18, 2025, we completed our IPO, in which we registered, issued and sold an aggregate of 1,667,000
shares of common stock, at a public offering price of $6.00 per share for $10,002,000. Bancroft Capital, LLC was the representative of
the underwriters of our IPO.
We incurred approximately $1,102 in expenses in
connection with our IPO, which included approximately $550 in underwriting discounts, approximately $100 in expenses paid to or
for underwriters, approximately $440 in legal and financial service fees, and approximately $12 in other expenses. None of the
transaction expenses included payments to directors or officers of our Company or their associates, persons owning more than 10% or more
of our equity securities or our affiliates. None of the net proceeds we received from the IPO were paid, directly or indirectly, to any
of our directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates.
The
net proceeds raised from the IPO were approximately $8,900, after deducting underwriting discounts and the offering expenses payable
by us. As of the date of this quarterly report, we have used approximately $2,500, $2,000, $2,000, $1,800,
and $300 from the net proceeds for (i) advisory services for future financing related to acquisitions, business development and
growth initiatives, (ii) repayment of short-term loans, (iii) marketing efforts to boost brand awareness, (iv) working capital and general
corporate purposes to support day-to-day operations, and (v) research and development for platform enhancement, respectively. We intend
to use the remaining proceeds from our IPO largely in the manner disclosed in our registration statement on Form S-1, as amended (File
Number 333-282621).
Item
3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.