Note 9 – Subsequent Events

On July 2, 2025, the Compensation Committee of the Board of Directors approved the grant of an aggregate of 357,448 stock options issued to certain executives with an exercise price equal to the closing price of the Company’s common stock on the grant date, a ten-year10 term, and which vest in equal annual installments over a three-year period, subject to continued employment. In addition, the Compensation committee approved cash bonuses totaling $449,000 payable to certain officers and a third-party advisor for services render through December 31, 2024. However, the payment of such amounts is contingent upon the Company maintaining cash on hand of at least $3,500,000. Accordingly, no payments will be made until this condition is satisfied. The Company accrued for the liability as of June 30, 2025.

On July 16, the Company entered into a amendment with a warrant holder who holds warrants exercisable for 1,249,999 shares of common stock that clarified the exercise mechanisms. Concurrently with the amendment, the warrant holder exercised the warrants via a cashless exercise and received 913,299 shares. Pursuant to the amendment, the Company agreed to issue the warrant holder 86,700 shares of common stock by August 31, 2025.

On August 12, 2025, the Company received an exercise notice from a warrant holder who holds warrants exercisable for 109,376 shares of common stock. The warrants were exercised via a cashless exercise, and the warrant holder received 30,547 shares of common stock. Pursuant to the amended warrant agreement, the warrant holder will be issued 56,954 shares of common stock by August 31, 2025.