v3.26.1
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS
9 Months Ended
Jul. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

NOTE 3 – GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

 

As of July 31, 2026, the Company had cash of approximately $24,292,784 and working capital of approximately $23,477,554. The Company has incurred significant losses since inception and, as of July 31, 2026, had an accumulated deficit of approximately $31,602,327. The Company has also experienced negative cash flows from operations. These factors previously raised substantial doubt about the Company’s ability to continue as a going concern.

 

During the nine months ended July 31, 2026, the Company sold an aggregate of 3,860,043 shares of common stock under its ATM Agreement with Ladenburg for total gross proceeds of approximately $26,994,847. In addition, on May 6, 2026, the Company filed Amendment No. 10 to the prospectus supplement, reflecting that the Company is no longer subject to the sales limitations under General Instruction I.B.6 of Form S-3 based on the Company’s public float having exceeded $75 million as of April 14, 2026. Following Amendment No. 10, the aggregate offering amount of shares available for sale under the ATM Agreement was $65,000,000. These capital raises and the expanded ATM capacity available going forward significantly improved the Company’s liquidity position and, together with management’s operating plans, are expected to be sufficient to fund the Company’s operating and capital requirements for at least twelve months from the date these unaudited condensed consolidated financial statements are issued.

 

Management evaluated whether the conditions that previously raised substantial doubt about the Company’s ability to continue as a going concern have been alleviated. Based on the Company’s cash on hand at July 31, 2026, the capital raised during the period and its operating plans, the Company concluded that it has sufficient liquidity to fund its operating and capital requirements for at least twelve months from the date these unaudited condensed consolidated financial statements are issued. Accordingly, substantial doubt does not exist as of the date these unaudited condensed consolidated financial statements are issued.

 

These unaudited condensed 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.