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10-Q true 2026-03-31 2026 false 000-13176 NON INVASIVE MONITORING SYSTEMS INC /FL/ FL 59-2007840 4400 Biscayne Blvd. Suite 180 Miami FL 33137 (305) 575-4200 Common Stock $0.01 par value per share NIMU No Yes Non-accelerated Filer true false true 154810655 0.01

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<p id="xdx_805_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z0qbkEU27qxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">1. ORGANIZATION AND BUSINESS Organization. Non-Invasive Monitoring Systems, Inc., a Florida corporation (together with its consolidated subsidiaries, the “Company” or “NIMS”). The Company previously developed and marketed its Exer-Rest® line of acceleration therapeutic platforms based upon unique, patented whole body periodic acceleration (“WBPA”) technology of which the Company maintains patents. The Company maintains limited administration, but does not have any operations or inventory. Business. The Company is currently a shell company (as defined in Rule 12b-2 of the Exchange Act). Discontinued Operations. On May 3, 2019, the Company exchanged inventory for forgiveness of accrued unpaid rent. The Company has no inventory, no immediate plans to replenish inventory and has no current plans to develop or market new products. Accordingly, the Company determined that $51,000 of remaining liabilities met the discontinued operations criteria in Accounting Standards Codification 205-20-45 and were classified as discontinued operations at March 31, 2026 and December 31, 2025. Basis of Presentation. The condensed consolidated balance sheet at December 31, 2025 was derived from audited annual consolidated financial statements, but does not contain all of the footnote disclosures from the annual financial statements, and (b) the unaudited condensed consolidated interim financial statements included herein have been prepared by Non-Invasive Monitoring Systems, Inc. (together with its consolidated subsidiaries, the “Company” or “NIMS”) in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to the quarterly report on Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These statements reflect adjustments, all of which are of a normal, recurring nature, and which are, in the opinion of management, necessary to present fairly the Company’s financial position as of March 31, 2026, and results of operations and cash flows for the interim periods ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results for a full year. Certain information and footnote disclosure normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The Company’s accounting policies continue unchanged from December 31, 2025. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-KT for the period ended December 31, 2025. Going Concern. The Company’s condensed consolidated financial statements have been prepared and presented on a basis assuming it will continue as a going concern. As reflected in the accompanying condensed consolidated financial statements, the Company had net losses of approximately $163,000 for the three months ended March 31, 2026 and has experienced continuous cash outflows from operating activities. The Company also has a shareholders’ deficit of $1,159,000 as of March 31, 2026. The Company had $24,000 of cash at March 31, 2026 and negative working capital of approximately $1,159,000. These matters raise substantial doubt about the Company’s ability to continue as a going concern. These unaudited condensed consolidated financial statements do not include adjustments relating to the recoverability and classification of reported asset amounts or the amount and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company’s independent registered public accounting firm, in its report on the Company’s consolidated financial statements for the period ended December 31, 2025, has also expressed substantial doubt about the Company’s ability to continue as a going concern. On March 6, 2026, the Company, entered into an agreement of merger and reorganization (“Merger”) with Gravitics, Inc., a Delaware corporation (“Gravitics”). For additional information see the Form 8K filed with the SEC on March 12, 2026. The Company is also seeking additional promissory notes from related parties. There is no assurance that the Company will be successful in this regard, and, if not successful, that it will be able to continue its business activities. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary from the outcome of this uncertainty.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Non-Invasive Monitoring Systems of Florida, Inc., which has no current operations, and NIMS of Canada, Inc., a Canadian corporation, which has no current operations. All inter-company accounts and transactions have been eliminated in consolidation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions, such as deferred taxes as estimates, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ materially from these estimates. Fair Value of Financial Instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2026 and December 31, 2025. The respective carrying value of certain on-balance-sheet financial instruments such as cash, prepaid expenses, accounts payable, accrued expenses and accrued interest approximate fair values because they are short term in nature or they bear current market interest rates. Related Parties. The Company follows ASC 850 “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. Recent Accounting Pronouncements. The Company considers the applicability and impact of all relevant Accounting Standard Updates (“ASU’s”). Our conclusion was that they did not have any material effect on the condensed consolidated financial statements.

Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Non-Invasive Monitoring Systems of Florida, Inc., which has no current operations, and NIMS of Canada, Inc., a Canadian corporation, which has no current operations. All inter-company accounts and transactions have been eliminated in consolidation.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions, such as deferred taxes as estimates, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ materially from these estimates.

Fair Value of Financial Instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2026 and December 31, 2025. The respective carrying value of certain on-balance-sheet financial instruments such as cash, prepaid expenses, accounts payable, accrued expenses and accrued interest approximate fair values because they are short term in nature or they bear current market interest rates.

Related Parties. The Company follows ASC 850 “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions.

Recent Accounting Pronouncements. The Company considers the applicability and impact of all relevant Accounting Standard Updates (“ASU’s”). Our conclusion was that they did not have any material effect on the condensed consolidated financial statements.

3. SHAREHOLDERS’ DEFICIT The Company has a single class of Preferred Stock. Holders of Series B Preferred Stock are entitled to vote with the holders of common stock as a single class on all matters. We are currently authorized to issue an aggregate of 401,000,000 shares of capital stock, consisting of 400,000,000 shares of common stock and 1,000,000 designated shares of preferred stock with preferences and rights to be determined by our Board of Directors Series B Preferred Stock is not redeemable by the Company and has a liquidation value of $<span id="xdx_90A_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20260331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zmCG95R1h6lk" title="Preferred stock liquidation value, per share value">100 per share, plus declared and unpaid dividends, if any. Dividends are non-cumulative, and are at the rate of $10 per share, if declared. No preferred stock dividends were declared for the three months ended March 31, 2026 and 2025. The Company did not issue any shares of the Company’s common stock during the three months ended March 31, 2026 and 2025.

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4. BASIC AND DILUTED LOSS PER SHARE Basic net loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed giving effect to all dilutive potential common shares that were outstanding during the period. Diluted potential common shares consist of incremental shares issuable upon the conversion of preferred stock. In computing diluted net loss per share for the periods ended March 31, 2026 and 2025, no dilution adjustment has been made to the weighted average outstanding common shares because the assumed conversion of preferred stock would be anti-dilutive.

5. RELATED PARTY TRANSACTIONS Our principal corporate office is located at 4400 Biscayne Blvd., Miami, Florida. We occupy this space from Frost Real Estate Holdings, LLC, which is a company controlled by Dr. Phillip Frost, a member of the Board of Directors and one of our largest beneficial shareholders. The rental space is currently provided without charge. For the periods ended December 31, 2025 and 2024, the Company did not record any rent expense related to the Miami lease. At March 31, 2026 and December 31, 2025 there was no rent payable. The Company has related party notes outstanding, as described below in Note 6. The Company is under common control with multiple entities and the existence of that control could result in operating results or financial position of each individual entity significantly different from those that would have been obtained if the entities were autonomous. One of those related parties, OPKO Health, Inc. (“OPKO”) and the Company are under common control and OPKO has a one percent ownership interest in the Company that OPKO has accounted for as an equity method investment due to the ability to significantly influence the Company.

6. NOTES PAYABLE – RELATED PARTIES Notes payable - related party are summarized in the following table (in thousands): SCHEDULE OF NOTES PAYABLE- RELATED PARTY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260331_zcezHrSRRy2j" style="border-bottom: Black 1pt solid; text-align: center">As of March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231_zMiz3N20nbXd" style="border-bottom: Black 1pt solid; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zIakz8d8h44e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">(a) Notes payable- Frost Gamma Investments Trust</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">570</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">470</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zTd96Mki07G7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">(b) Notes payable- Dr. Jane Hsiao</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z5wE40an0oYh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Notes payable - related party</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">720</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">620</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> (a) <span id="xdx_907_eus-gaap--DebtInstrumentDescription_c20260101__20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zAJwgAHZm7Oc" title="Notes, description">The Company has outstanding notes payable to Frost Gamma Investments Trust (“Frost Gamma”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20210731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zlcWIZ9Gt2bg" title="Promissory notes, principal amount">75,000 and $<span id="xdx_90D_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20220731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z1lRW4F1mf14" title="Promissory notes, principal amount">75,000, respectively. The promissory notes accrue interest at a rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zENeCr8FZkXb" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_90E_eus-gaap--DebtInstrumentMaturityDate_pid_dp_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zOTxWygvaiWg" title="Accrued interest rate">June 30, 2026, as amended on January 5, 2026. The Frost Gamma promissory note may be prepaid in advance of the maturity date without penalty. Frost Gamma is a trust controlled by Dr. Phillip Frost, a current director of the Company, and who beneficially owns in excess of 10% of the Company’s common stock. On August 15, 2023, <span id="xdx_906_eus-gaap--DebtInstrumentDescription_c20230815__20230815__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zNml4LGGVzn5" title="Note and security agreement, description">the Company entered into a new promissory note agreement with Frost Gamma in the principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_pn3d_c20230815__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zCF5qEoNacOl" title="Promissory notes, principal amount">200,000, which also accrues interest at a rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zlhEIRnOitw7" title="Accrued interest rate">11% per annum, payable on the maturity date <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zfqeCGUUzJ8a" title="Maturity date">June 30, 2026, as amended on January 5, 2026. This promissory note may also be prepaid in advance of the maturity date without penalty. On September 25, 2024, October 23, 2024, January 23, 2025 and August 27, 2025, the Company entered into new promissory note agreements with Frost Gamma in the aggregate principal amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_c20240925__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z02kaLTDswA2" title="Promissory notes, principal amount"><span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_c20241023__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z9uKcQ205rv2" title="Promissory notes, principal amount"><span id="xdx_90C_eus-gaap--DebtInstrumentFaceAmount_iI_c20250123__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zgJQBhrezd22" title="Promissory notes, principal amount"><span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20250827__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z5UyLXMvmi88" title="Promissory notes, principal amount">120,000, which also accrues interest at a rate of <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zAXcGTbiK8cf" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_902_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_z7Sy1Phnqgh3" title="Maturity date">June 30, 2026, as amended on January 5, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty. On August 27, 2025, the Company entered into a Promissory Note in the principal amount of $25,000 which also accrues interest at a rate of 11% per annum, payable on the maturity date on June 30, 2026, as amended on January 5, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty. On January 2, 2026, the Company entered into a Promissory Note in the principal amount of $100,000 which also accrues interest at a rate of 11% per annum, payable on the maturity date on June 30, 2026, as amended on January 5, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty. There were <span id="xdx_90D_eus-gaap--RepaymentsOfNotesPayable_do_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zLtH1O7VKbE8" title="Payments on promissory notes">no payments made on the promissory notes to Frost Gamma. As of March 31, 2026 and December 31, 2025, total outstanding principal on notes payable balance to Frost Gamma was $<span id="xdx_908_eus-gaap--LongTermNotesPayable_iI_c20260331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zr2uWzWyb6w5" title="Outstanding notes payable balance">570,000 and $<span id="xdx_907_eus-gaap--LongTermNotesPayable_iI_c20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zHn3Zm4OrF69" title="Outstanding notes payable balance">470,000, respectively. (b) <span id="xdx_90A_eus-gaap--DebtInstrumentDescription_c20260101__20260331__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zg5zPKdWzj1d" title="Notes payable, description">The Company has outstanding notes payable Jane Hsiao, Ph.D. (“Dr. Hsiao”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20210731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zneNAPbepI9h" title="Promissory notes, principal amount">75,000 and $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_c20220731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_ztbFYswYfTIa" title="Promissory notes, principal amount">75,000, respectively. The promissory notes accrue interest at a rate of <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_ziQUg06mf8rb" title="Accrued interest rate">11% per annum, payable on the maturity date on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDate_c20260105__20260105__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zpVz7ASfcgM7" title="Maturity date">June 30, 2026, as amended on January 5, 2026. The promissory notes to Dr. Hsiao may be prepaid in advance of the maturity date without penalty. Dr. Hsiao is the Company’s Chairman and Interim CEO, and who beneficially owns in excess of 10% of the Company’s common stock. There were no payments made on the promissory notes to Dr. Hsiao. There were no payments made on the promissory notes to Dr. Hsiao and as such, total outstanding notes payable principal balance was $150,000 as of March 31, 2026 and December 31, 2025, respectively. On January 5, 2026, the Company and each of Dr. Frost and Dr. Hsiao entered into amendments for each of the outstanding promissory <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDateDescription_c20260105__20260105__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zXYeEJOy7xP8" title="Maturity date description">to extend the maturity date from December 31, 2025 to June 30, 2026.

Notes payable - related party are summarized in the following table (in thousands): SCHEDULE OF NOTES PAYABLE- RELATED PARTY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20260331_zcezHrSRRy2j" style="border-bottom: Black 1pt solid; text-align: center">As of March 31, 2026</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20251231_zMiz3N20nbXd" style="border-bottom: Black 1pt solid; text-align: center">As of December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr id="xdx_40D_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FrostGammaInvestmentsTrustMember_zIakz8d8h44e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">(a) Notes payable- Frost Gamma Investments Trust</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">570</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">470</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DrJaneHsiaoMember_zTd96Mki07G7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">(b) Notes payable- Dr. Jane Hsiao</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LongTermNotesPayable_iI_pn3n3_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z5wE40an0oYh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Notes payable - related party</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">720</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">620</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

570000

470000

150000

720000

620000

The Company has outstanding notes payable to Frost Gamma Investments Trust (“Frost Gamma”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $75,000 and $75,000, respectively. The promissory notes accrue interest at a rate of 11% per annum, payable on the maturity date on June 30, 2026, as amended on January 5, 2026. The Frost Gamma promissory note may be prepaid in advance of the maturity date without penalty. Frost Gamma is a trust controlled by Dr. Phillip Frost, a current director of the Company, and who beneficially owns in excess of 10% of the Company’s common stock.

75000

0.11

2026-06-30

the Company entered into a new promissory note agreement with Frost Gamma in the principal amount of $200,000, which also accrues interest at a rate of 11% per annum, payable on the maturity date June 30, 2026, as amended on January 5, 2026. This promissory note may also be prepaid in advance of the maturity date without penalty.

200000

0.11

2026-06-30

120000

0.11

2026-06-30

25000

0.11

2026-06-30

100000

0.11

2026-06-30

570000

470000

The Company has outstanding notes payable Jane Hsiao, Ph.D. (“Dr. Hsiao”) which pertained to promissory notes issued in fiscal 2021 and 2022, in the principal amount of $75,000 and $75,000, respectively. The promissory notes accrue interest at a rate of 11% per annum, payable on the maturity date on June 30, 2026, as amended on January 5, 2026. The promissory notes to Dr. Hsiao may be prepaid in advance of the maturity date without penalty. Dr. Hsiao is the Company’s Chairman and Interim CEO, and who beneficially owns in excess of 10% of the Company’s common stock.

75000

0.11

2026-06-30

150000

to extend the maturity date from December 31, 2025 to June 30, 2026

6. SUBSEQUENT EVENT On May 7, 2026, the Company entered into a new promissory note agreement with Frost Gamma in the aggregate principal amount of $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--FrostGammaMember_zOqDBKOBsgBd" title="Principal amount">200,000 and Jane Hsiao in the aggregate principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--JaneHsiaoMember_zS9Kkde0lxPi" title="Principal amount">100,000, which both also accrue interest at a rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--JaneHsiaoMember_zRQEp1IU1Oz6" title="Interest rate"><span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--FrostGammaMember_zhFfpYa8z7Nj" title="Interest rate">11% per annum, payable on the maturity date on <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_c20260507__20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--FrostGammaMember_zntF0bCVcCRh" title="Maturity date"><span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_c20260507__20260507__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--NewPromissoryNoteAgreementMember__srt--TitleOfIndividualAxis__custom--JaneHsiaoMember_zBetFyuyrur8" title="Maturity date">June 30, 2026. The promissory notes may also be prepaid in advance of the maturity date without penalty.

200000

100000

0.11

2026-06-30

false false false false false false