(15) Subsequent events

On April 24, 2025, the Company agreed to issue to Titan Crest, LLC, a Delaware limited liability company, 914,635 shares of restricted common stock at $1.64 per share, which is based on the volume weighted average price of the Company’s common stock over the preceding thirty (30) trading days from the date the initial milestone relating to the asset purchase agreement was achieved. The shares of common stock are being issued as part of the initial payment for the acquisition of certain assets pursuant to an asset purchase agreement dated March 26, 2025, as amended by that certain amendment to asset purchase agreement dated April 15, 2025 with Titan. Under the APA, subject to and payable in two tranches upon achievement of the milestones set forth in the APA, the Company agreed to pay an aggregate purchase price of $8,000,000 for the assets. Such purchase price consists of $4,000,000 in cash, of which $3,500,000 has been paid as of April 24, 2025 upon achievement of the first milestone and $4,000,000 in restricted shares of common stock, of which $1,500,000 shares of common stock equal to 914,635 shares of common stock will be issued as a result of achievement of the first milestone. The second milestone is expected to be achieved towards the end of the year.

In addition, the APA contemplates that after the closing, the Company and Titan will enter short-term transition services agreements for up to two of Titan’s employees to provide Company assistance in the assignment and transfer of the purchased assets from Titan to the Company for a fee not to exceed $430,000.