v3.26.1
Note 2 - Going Concern
12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Substantial Doubt about Going Concern [Text Block]

NOTE 2: GOING CONCERN

 

As of  December 31, 2025, the Company had an accumulated deficit of $111,615 and negative cash flows from operating activities for the year ended  December 31, 2025 of $8,194. Further, the Company has recurring losses with minimal revenue from operations and expects to continue generating losses and using cash for operations. The Company’s cash requirements have been met through the sales of common stock, issuance of debt and warrant exercises. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business.

 

Management's plans to address the conditions giving rise to substantial doubt include the following:

 

(i) Operating discipline and revenue growth. Management is focused on disciplined operating expense management and realizing integration synergies from the Evoke acquisition completed on April 30, 2025, while pursuing targeted commercial expansion to drive recurring subscription revenue across the combined product platform.

 

(ii) Continued capital raising. The Company intends to continue raising additional capital through equity offerings, debt financings, and other available sources. Subsequent to December 31, 2025, the Company raised aggregate proceeds of $150 through the exercise of stock warrants and, on March 12, 2026, closed an initial tranche of a private placement raising gross proceeds of $2,250. Under the terms of the March 2026 private placement, the investors have the right, but not the obligation, to purchase up to an additional $18,000 of units in one or more subsequent closings within 30 days of the March 12, 2026 initial closing date. Additionally, on February 3, 2026, the Company established an at-the-market equity offering program under which it may offer and sell shares of common stock having an aggregate offering price of up to $7,434. See Note 21 — Subsequent Events for further details on these transactions.

 

The ability to raise additional funds will depend on, among other factors, financial, economic, and market conditions, many of which are outside the Company's control. There can be no assurance that the Company will be able to obtain additional funding on satisfactory terms or at all. Even if these plans are implemented as intended, they may not be sufficient to fully alleviate the substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis and do not include any adjustments that might result from the outcome of this uncertainty.