NOTE 2. LIQUIDITY AND CAPITAL RESOURCES

In December 2024 and January 2025, the Company completed a Securities Purchase Agreement (“SPA”) with an institutional investor selling 2.75 million shares of common stock that resulted in total net cash proceeds to the Company of $6.79 million. See Note 10.

Cash and cash equivalents as of June 30, 2025 was approximately $6.83 million, working capital as of June 30, 2025 was approximately $5.83 million and net cash used in operating activities for the year ended June 30, 2025 was approximately $0.27 million. The Company believes that it is sufficiently funded to meet its operational plan and future obligations beyond the 12-month period from the date that these financial statements were issued.

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.