Revision of Previously Issued Financial Statements for Correction of Immaterial Errors

6 Months Ended

Jun. 30, 2026

Revision of Previously Issued Financial Statements for Correction of Immaterial Errors

Revision of Previously Issued Financial Statements for Correction of Immaterial Errors

Note 8. Revision of Previously Issued Financial Statements for Correction of Immaterial Errors

During the preparation of the Company’s condensed financial statements for the three and six months ended June 30, 2026, the Company identified invoices from a single vendor totaling $108,521 that had not been recorded in the periods in which the related services were received. Of this amount, $14,915 related to the year ended December 31, 2024 and $93,606 related to the year ended December 31, 2025.

The errors resulted in an understatement of accounts payable and accrued expenses and accumulated deficit at December 31, 2025 and an understatement of operating expenses and net loss in the applicable prior periods.

The Company evaluated the errors individually and, in the aggregate, considering both quantitative and qualitative factors, and concluded that the errors were not material to any of the previously issued annual or interim financial statements. However, the Company determined that recording the entire cumulative correction as an expense during the three or six months ended June 30, 2026 would materially misstate the Company’s current-period results. Accordingly, the Company has revised the applicable prior-period amounts presented in these condensed financial statements. The revisions did not affect revenue, cash balances, or net cash used in operating activities.

In accordance with ASC 250, Accounting Changes and Error Corrections, the Company has corrected this error by restating the comparative financial statements for the prior period presented herein. The effects of the revisions on the Company’s previously reported condensed financial statements are summarized below.

Condensed Balance Sheet

December 31, 2025	As Previously Reported			Adjustment			As Restated
Accounts payable and accrued expenses	$	1,052,255		$	108,521		$	1,160,776
Total current liabilities		3,943,149			108,521			4,051,670
Total liabilities		4,193,149			108,521			4,301,670
Accumulated deficit		(81,370,291	)		(108,521	)		(81,478,812	)
Total stockholders’ deficit		(3,876,451	)		(108,521	)		(3,984,972	)
Total liabilities and stockholders’ deficit	$	316,698		$	-		$	316,698

Condensed Statement of Operations

There was no effect on the Company’s results for the three months ended June 30, 2025. The effect on the six months ended June 30, 2025 was as follows:

Six Months Ended June 30, 2025	As Previously Reported			Adjustment			As Restated
Research and development	$	197,234		$	7,470		$	204,704
Total operating expenses		1,757,572			7,470			1,765,042
Loss from operations		(1,757,572	)		(7,470	)		(1,765,042	)
Net loss		(1,846,846	)		(7,470	)		(1,854,316	)
Basic and diluted net loss per common share	$	(0.01	)	$	-		$	(0.01	)

The weighted average number of common shares outstanding was not affected by the revision.

Condensed Statement of Stockholders’ Deficiency

2025 Comparative Period	As Previously Reported			Adjustment			As Restated
Accumulated deficit at December 31, 2024	$	(78,700,943	)	$	(14,915	)	$	(78,715,858	)
Total stockholders’ deficit at December 31, 2024		(2,443,831	)		(14,915	)		(2,458,746	)
Net loss for the three months ended March 31, 2025		(1,531,659	)		(7,470	)		(1,539,129	)
Accumulated deficit at March 31, 2025		(80,232,602	)		(22,385	)		(80,254,987	)
Total stockholders’ deficit at March 31, 2025		(2,855,365	)		(22,385	)		(2,877,750	)
Net loss for the three months ended June 30, 2025		(315,187	)		—			(315,187	)
Accumulated deficit at June 30, 2025		(80,547,789	)		(22,385	)		(80,570,174	)
Total stockholders’ deficit at June 30, 2025	$	(3,170,552	)	$	(22,385	)	$	(3,192,937	)

Condensed Statement of Cash Flows

Six Months Ended June 30, 2025	As Previously Reported			Adjustment			As Restated
Net loss	$	(1,846,846	)	$	(7,470	)	$	(1,854,316	)
Increase in accounts payable and accrued expenses		125,534			7,470			133,004
Net cash used in operating activities	$	(458,658	)	$	—		$	(458,658	)

The revision had no effect on net cash used in operating activities, net change in cash, or cash and cash equivalents at June 30, 2025.