| Subsequent events after the reporting period |
Note
8 – Subsequent events after the reporting period
| a. | On
July 21, 2026, the Company’s board of directors approved a 1-for-8 reverse stock split of
the Company’s issued and outstanding common stock, which went into effect on August 12, 2026, with the shares beginning trading on a post-split basis on the Nasdaq Capital Market on August 13, 2026. Upon effectiveness, every eight (8) issued and
outstanding shares of common stock have automatically combined into one (1) issued and outstanding share of common stock. Fractional
shares resulting from the reverse stock have not been issued. Instead, each stockholder was entitled to receive a cash payment in lieu
of such fractional share. |
All
share and per-share amounts presented in the accompanying financial statements, including common shares outstanding, earnings (loss)
per share, and other applicable disclosures, have been retroactively adjusted to give effect to the 1-for-8 reverse stock split for all
periods presented.
| b. | Subsequent
to June 30, 2026 and through the date hereof, the Company sold an aggregate of 92,558
shares (after giving effect to the reverse stock split, see
also Note 1(c)), pursuant to the Offering Agreement with Wainwright, for gross proceeds of approximately $0.3
million. |
| c. | On August 5, 2026, the Company entered into an Equity Purchase Agreement with an investor, pursuant to which, subject
to the satisfaction of the conditions set forth therein, the Company has the right, but not the obligation, to sell to the investor, and
the investor is obligated to purchase, up to $10.0 million of its common stock over a 36-month period. Purchases under the facility may
be made from time to time at our discretion through the delivery of purchase notices, subject to certain conditions, limitations and the
terms of the Equity Purchase Agreement. The purchase price for shares sold under the Equity Purchase Agreement will be determined pursuant
to a formula based on the market price of our common stock during specified valuation periods. In consideration for the facility, the
Company issued 269,229 shares of common stock to the investor as a commitment fee. In connection with the Equity Purchase Agreement, the
Company filed a registration statement covering the resale of up to 3,252,404 shares of common stock, consisting of the 3,125,000 shares
that may be sold under the facility and the 127,404 commitment shares. |
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