季報
季度報告
10-Q
2026-05-15
合併後，公司主要業務轉為數碼資產挖礦（透過 Z Squared 及其子公司），本份 10-Q 反映合併前嘅歷史財務狀況。
AI 繁中摘要
🏢 Z Squared Inc.（前稱 Coeptis Therapeutics Holdings, Inc.）提交截至 2026 年 3 月 31 日止季度嘅 10-Q 報告。
📌 申報類型：10-Q（第一財季，2026 財年，截至 3 月 31 日）
核心事件：
- 2026 年 4 月 24 日，公司完成與 Z Squared, Inc.（懷俄明州公司）嘅合併（反向收購），並同時進行「Spin-Out」，將大部分生物製藥業務（包括 Coeptis Therapeutics、Coeptis Pharmaceuticals、SNAP Biosciences）剝離，僅保留 GEAR Therapeutics。
- 合併後，公司主要業務轉為數碼資產挖礦（透過 Z Squared 及其子公司），本份 10-Q 反映合併前嘅歷史財務狀況。
財務亮點（未經審計）：
- 收入：$113,771（上年同期 $62,874），主要來自廣告宣傳服務。
- 毛利：$68,615（上年同期 $17,718）。
- 營運虧損：$(3,914,644)（上年同期 $(4,056,984)）。
- 淨虧損：$(4,020,896)（上年同期 $(3,420,941)）；其中歸屬普通股股東淨虧損 $(3,916,618)。
- 每股虧損（基本及攤薄）：$(0.65)（上年同期 $(1.10)）。
- 加權平均股數：6,032,193 股（上年同期 3,073,074 股）。
資產負債表重點（2026 年 3 月 31 日）：
- 現金：$5,211,188（2025 年底 $5,674,302）。
- 總資產：$19,786,693。
- 總負債：$2,207,849。
- 股東權益：$17,578,844（包含非控制權益 $401,885）。
- 累計虧損：$(113,870,346)。
關鍵風險：
- 公司存在大量累計虧損及持續經營疑慮（going concern），需要額外融資支撑營運。
- 有一筆 $100,000 可轉換票據已違約（未償還）。
- 衍生工具負債（認股權證）公平值變動產生虧損。
管理層展望：
- 合併後公司將集中於數碼資產挖礦業務，原有生物製藥業務已剝離。
- 管理層計劃透過出售股權或債務證券籌集資金，但無法保證成功。
對投資者嘅潛在影響：
- 合併令公司業務性質根本改變，未來財務表現將與歷史數據截然不同。
- 原有生物製藥相關資產（包括 CD38 資產、GEAR 平台等）已轉移至 Spin-Out 實體，投資者需注意風險。
- 新業務（數碼挖礦）嘅盈利能力及監管環境不明朗，股價波動可能較大。
展開英文正文
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒
Quarterly REPORT PURSUANT to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2026
or
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transaction period from _____________
to _____________
Commission File No. 001-39669
Z Squared Inc.
(Exact name of registrant as specified in its charter)
Delaware
98-1465952
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
550 South Andrews Ave., Suite #700
Fort Lauderdale, Florida 33301
(954) 400-9994
zsquaredinc.com
Coeptis Therapeutics Holdings, Inc.
(Former name or former address, if changed since
last report)
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class
Trading Symbol(s)
Name of exchange on which registered
Common Stock, par value $0.0001 per share
ZSQR
Nasdaq Global Market
Securities registered pursuant to Section 12(g) of
the Act: None
Indicate by check mark whether the registrant:
(1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer ☐
Accelerated Filer ☐
Non-accelerated Filer ☒
Smaller Reporting Company ☒
Emerging Growth Company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12(b)-2 of the Exchange Act). Yes ☐ No
☒
Indicate the number of shares outstanding of each
of the issuer’s classes of common stock, as of the latest practicable date:
The number of shares outstanding of the registrant’s common
stock as of the latest practicable date was: 51,431,493 shares of $0.0001 par value common stock outstanding as of May 12, 2026.
Z Squared Inc.
FORM 10-Q
For the Quarter Ended March 31, 2026
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
3
Item 1.
Unaudited Financial Statements
3
Unaudited Condensed Consolidated Balance Sheets
3
Unaudited Condensed Consolidated Statements of Operations
4
Unaudited Condensed Consolidated Statements of Stockholders’ Equity
5
Unaudited Condensed Consolidated Statements of Cash Flows
7
Condensed Consolidated Notes to Unaudited Financial Statements
8
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
32
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
43
Item 4.
Controls and Procedures
43
PART II – OTHER INFORMATION
45
Item 1.
Legal Proceedings
45
Item 1A.
Risk Factors
45
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
51
Item 3.
Defaults Upon Senior Securities
51
Item 4.
Mine Safety Disclosures
51
Item 5.
Other Information
51
Item 6.
Exhibits
52
SIGNATURES
53
2
PART I — FINANCIAL INFORMATION
Item 1.
Unaudited Financial Statements
Z SQUARED INC. formerly known as COEPTIS
THERAPEUTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of
March
31, 2026
(unaudited)
December
31,
2025
ASSETS
CURRENT ASSETS
Cash
$5,211,188
$5,674,302
Marketable securities
50,551
676,596
Interest receivable
15,287
7,348
Prepaid assets
631,082
991,903
TOTAL CURRENT ASSETS
5,908,108
7,350,149
PROPERTY AND EQUIPMENT
Furniture and fixtures, net
9,727
9,873
OTHER ASSETS
Investments
13,159,346
7,860,083
Intangible assets, net
316,094
361,250
Co-development rights, net
304,167
554,167
Right of use asset, net of accumulated
amortization
89,251
18,399
Total other assets
13,868,858
8,793,899
TOTAL ASSETS
$19,786,693
$16,153,921
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
$1,011,172
$888,755
Accrued expenses
60,140
41,054
Convertible notes payable, in default
100,000
100,000
Right of use liability, current portion
40,323
18,875
Customer deposit
485,684
599,455
Other current liabilities
120,000
120,000
TOTAL CURRENT LIABILITIES
1,817,319
1,768,139
LONG TERM LIABILITIES
SBA loan payable
150,000
150,000
Derivative liability warrants
187,500
167,625
Right of use liability, non-current
portion
53,030
–
TOTAL LONG TERM LIABILITIES
390,530
317,625
TOTAL LIABILITIES
2,207,849
2,085,764
COMMITMENTS AND CONTINGENCIES (NOTE 10)
–
–
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 10,000
designated as Series A, zero shares issued and outstanding
–
–
Common stock, $0.0001 par value,
150,000,000 shares authorized, 6,553,996 and 5,746,948 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
656
575
Additional paid-in capital
134,700,105
127,201,691
Subscription receivable
(3,653,456)
(3,686,544)
Accumulated deficit
(113,870,346)
(109,953,728)
TOTAL STOCKHOLDERS’ EQUITY - CONTROLLING INTERESTS
17,176,959
13,561,994
TOTAL STOCKHOLDERS’ EQUITY - NONCONTROLLING
INTERESTS
401,885
506,163
TOTAL STOCKHOLDERS’ EQUITY
17,578,844
14,068,157
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$19,786,693
$16,153,921
The accompanying notes are an integral part
of the condensed consolidated unaudited financial statements.
3
Z SQUARED INC. formerly known as COEPTIS
THERAPEUTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31, 2026
March 31, 2025
SALES
Sales
$113,771
$62,874
Total sales
113,771
62,874
Cost of goods
45,156
45,156
Gross profit
68,615
17,718
COST OF OPERATIONS
Research and development expense
235,529
86,659
Salary expense
422,705
439,173
Amortization expense
250,000
250,000
Professional services expense
1,014,144
2,325,567
Stock based compensation expense
1,416,178
597,731
General and administrative expenses
644,703
269,072
Selling and marketing expense
–
106,500
Total cost of operations
3,983,259
4,074,702
LOSS FROM OPERATIONS
(3,914,644)
(4,056,984)
OTHER (EXPENSE) INCOME
Interest expense
(5,257)
(71,491)
Other income, net
32,206
111,414
Unrealized loss on marketable securities
(176,045)
–
Unrealized loss on investments
(22,688)
–
Realized gain on sale of marketable securities
85,407
–
Change in fair value of derivative liabilities
(19,875)
596,120
TOTAL OTHER (EXPENSE) INCOME, net
(106,252)
636,043
LOSS BEFORE INCOME TAXES
(4,020,896)
(3,420,941)
PROVISION FOR INCOME TAXES (BENEFIT)
–
–
NET LOSS
(4,020,896)
(3,420,941)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS
(3,916,618)
(3,356,538)
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
(104,278)
(64,403)
NET LOSS
$(4,020,896)
$(3,420,941)
LOSS PER SHARE
Loss per share, basic and fully diluted
$(0.65)
$(1.10)
Weighted average number of common shares outstanding
6,032,193
3,073,074
The accompanying notes are an integral part
of the condensed consolidated unaudited financial statements.
4
Z SQUARED INC. formerly known as COEPTIS
THERAPEUTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND
2025
(Unaudited)
ADDITIONAL
COMMON
PREFERRED STOCK
COMMON STOCK
PAID-IN
STOCK
SHARES
AMOUNT
SHARES
AMOUNT
CAPITAL
SUBSCRIBED
BALANCE AT DECEMBER 31, 2024
6,520
$2
2,116,191
$212
$102,976,748
$541,875
Series A preferred stock offering
3,480
–
–
–
2,875,524
–
Pre-funded warrants exercise
–
–
200,000
20
380
–
Preferred share conversion
(6,200)
(1)
775,000
78
(77)
–
Shares issued for services
–
–
4,371
–
25,000
–
Shares issued for SEPA
–
–
81,877
8
239,195
–
Asset purchase agreement
–
–
187,500
19
541,856
(541,875)
Stock based compensation
–
–
–
–
597,731
–
Warrants issued for services
–
–
–
–
824,295
–
Net loss
–
–
–
–
–
–
BALANCE AT MARCH 31, 2025
3,800
$1
3,364,939
$337
$108,080,652
$–
BALANCE AT DECEMBER 31, 2025
–
$–
5,746,948
$575
$127,201,691
$–
Shares issued for SEPA
–
–
39,273
4
504,250
–
Shares issued for services
–
–
–
–
–
–
Shares issued for investment
–
–
330,775
33
3,658,338
–
Stock option exercised
–
–
437,000
44
1,919,648
–
Stock based compensation
–
–
–
–
1,416,178
–
Net loss
–
–
–
–
–
–
BALANCE AT MARCH 31, 2026
–
$–
6,553,996
$656
$134,700,105
$–
(continued)
5
Z SQUARED INC. formerly known as COEPTIS
THERAPEUTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’
EQUITY (continued)
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND
2025
(Unaudited)
TOTAL
NON-
SUBSCRIPTION
ACCUMULATED
CONTROLLING
CONTROLLING
TOTAL
RECEIVABLE
DEFICIT
INTEREST
INTEREST
EQUITY
BALANCE AT DECEMBER 31, 2024
$(2,100,000)
$(98,036,713)
$3,382,124
$485,102
$3,867,226
Series A preferred stock offering
1,850,000
–
4,725,524
302,238
5,027,762
Pre-funded warrants exercise
–
–
400
–
400
Preferred share conversion
–
–
–
–
–
Shares issued for services
–
–
25,000
–
25,000
Shares issued for SEPA
–
–
239,203
–
239,203
Asset purchase agreement
–
–
–
–
–
Stock based compensation
–
–
597,731
–
597,731
Warrants issued for services
–
–
824,295
–
824,295
Net loss
–
(3,356,538)
(3,356,538)
(64,403)
(3,420,941)
BALANCE AT MARCH 31, 2025
$(250,000)
$(101,393,251)
$6,437,739
$722,937
$7,160,676
BALANCE AT DECEMBER 31, 2025
$(3,686,544)
$(109,953,728)
$13,561,994
$506,163
$14,068,157
Shares issued for SEPA
–
–
504,254
–
504,254
Shares issued for services
33,088
–
33,088
–
33,088
Shares issued for investment
–
–
3,658,371
–
3,658,371
Stock option exercised
–
–
1,919,692
–
1,919,692
Stock based compensation
–
–
1,416,178
–
1,416,178
Net loss
–
(3,916,618)
(3,916,618)
(104,278)
(4,020,896)
BALANCE AT MARCH 31, 2026
$(3,653,456)
$(113,870,346)
$17,176,959
$401,885
$17,578,844
The accompanying notes are an integral part
of the condensed consolidated unaudited financial statements.
6
Z SQUARED INC.
formerly known as COEPTIS THERAPEUTICS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended
March 31, 2026
March 31, 2025
OPERATING ACTIVITIES
Net loss
$(4,020,896)
$(3,420,941)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization
295,302
295,303
Right of use asset amortization
15,206
9,994
Amortization of debt discount
–
99,879
Non-cash revenue
(113,771)
(62,874)
Stock based compensation
1,416,178
597,731
Shares issued for non-employee services
33,088
25,000
Warrants issued for services
–
824,295
Change in fair value of derivative liability
–
(405,995)
Change in fair value of derivative liability warrants
19,875
(190,125)
Realized gain on sale of marketable securities
(85,407)
–
Forgiveness of interest
–
19,447
Unrealized loss on investments
22,688
–
Unrealized loss on marketable securities
176,045
–
(Increase) decrease in:
Interest receivable
(7,939)
–
Prepaid assets
360,821
135,778
Increase (decrease) in:
Accounts payable
122,418
(149,107)
Accrued expenses
19,086
–
Customer deposit
–
–
Right of use liability
(11,581)
(10,115)
Other current liabilities
–
(134,437)
NET CASH USED IN OPERATING ACTIVITIES
(1,758,887)
(2,366,167)
INVESTING ACTIVITIES
Sale of marketable securities
591,519
–
NET CASH PROVIDED BY INVESTING ACTIVITIES
591,519
–
FINANCING ACTIVITIES
Proceeds from notes payable
–
990,000
Repayment of notes payable
–
(218,750)
Shares issued for SEPA
504,254
–
Warrants issued for cash
–
400
Stock option exercised
200,000
–
Preferred stock offering
–
5,330,000
NET CASH PROVIDED BY FINANCING ACTIVITIES
704,254
6,101,650
NET (DECREASE) INCREASE IN CASH
(463,114)
3,735,483
CASH AT BEGINNING OF PERIOD
5,674,302
532,885
CASH AT END OF PERIOD
$5,211,188
$4,268,368
SUPPLEMENTAL CASH FLOW DISCLOSURES
Interest paid
$2,193
$2,193
Taxes paid
$–
$–
SUPPLEMENTAL NON-CASH DISCLOSURES
Shares issued for investment
$3,658,371
$–
Investments received for stock options exercised
$1,719,692
$–
Increase in right of use assets due to lease renewal
$85,080
$–
The accompanying notes are an integral part
of the condensed consolidated unaudited financial statements.
7
Z SQUARED INC. formerly
known as COEPTIS THERAPEUTICS HOLDINGS, INC.
NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2026
(unaudited)
NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business
General. The registrant (the “Company,”
“we” or “our”) was originally incorporated in the British Virgin Islands on November 27, 2018 under the name Bull
Horn Holdings Corp. On October 27, 2022, Bull Horn Holdings Corp. domesticated from the British Virgin Islands to the State of Delaware.
On October 28, 2022, in connection with the closing of a prior business combination, the Company changed its corporate name from Bull
Horn Holdings Corp. to “Coeptis Therapeutics Holdings, Inc.” On April 24, 2026, in connection with the closing of the business
combination described in Notes 16 and 17 (the “Merger”), the Company changed its corporate name from “Coeptis Therapeutics
Holdings, Inc.” to “Z Squared Inc.”
Nature of Business During the Period Covered.
Throughout the three months ended March 31, 2026, and prior to the closing of the Merger and the related Spin-Out described in Notes 16
and 17, the Company operated as a biopharmaceutical and technology company. The Company's biopharmaceutical division focused on developing
innovative cell therapy platforms for cancer, autoimmune, and infectious diseases. The Company's technology division focused on AI-powered
marketing software and robotic process automation tools designed to optimize business processes and improve operational efficiency. The
accompanying condensed consolidated financial statements present the financial position, results of operations, and cash flows of the
Company and its consolidated subsidiaries as they existed during, and as of the end of, the three-month period ended March 31, 2026, reflecting
the biopharmaceutical and technology business as then conducted.
Subsidiaries During the Period Covered.
During the three months ended March 31, 2026, the Company conducted its operations through its direct and indirect subsidiaries SNAP Biosciences,
Inc. and GEAR Therapeutics, Inc. (each majority owned), and Coeptis Therapeutics, Inc., Coeptis Pharmaceuticals, Inc., and Coeptis Pharmaceuticals,
LLC (each wholly owned).
Subsequent Change in Business; Reverse Acquisition
Accounting. On April 24, 2026, the Company completed the Merger with Z Squared, Inc., a Wyoming corporation (“Z Squared”),
and effected a related Spin-Out of substantially all of its biopharmaceutical operations other than those conducted through GEAR Therapeutics,
Inc. As a result of the Merger and the Spin-Out, (i) the Company's principal business following the closing is the digital asset mining
operations conducted through Z Squared and its subsidiaries; (ii) the Company's interests in Coeptis Therapeutics, Inc., Coeptis Pharmaceuticals,
Inc., Coeptis Pharmaceuticals, LLC, and SNAP Biosciences, Inc. (collectively, the “Spin-Out Subsidiaries”) are no longer held
by the Company; and (iii) the Company's interest in GEAR Therapeutics, Inc. continues to be held by the Company. The Merger is being accounted
for as a reverse acquisition under ASC 805-40, with Z Squared as the accounting acquirer and the Company as the accounting acquiree, as
disclosed in the Company's Registration Statement on Form S-4 (File No. 333-288329) declared effective on December 23, 2025. Accordingly,
the accompanying condensed consolidated financial statements as of and for the three months ended March 31, 2026 represent the historical
financial statements of the legal acquirer in the Merger; the Company's financial statements for periods ending on or after the closing
date of the Merger will reflect the operations of Z Squared as the accounting acquirer and the net assets of the Company (other than those
of the Spin-Out Subsidiaries) recorded at their acquisition-date fair value. See Notes 16 and 17 for additional information regarding
the Merger, the Spin-Out, and the related accounting treatment.
Basis of Presentation – The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”). In the opinion of management, the accompanying unaudited condensed consolidated
financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company's
financial position, results of operations, and cash flows. The interim results of operations are not necessarily indicative of the results
that may occur for the full fiscal year, and in particular, as further described in Notes 16 and 17 and in the “Recent Business
Combination” and “Basis of MD&A Discussion” sections of Item 2 of this Quarterly Report, the financial position,
results of operations, and cash flows of the Company in future periods will differ materially from those presented herein as a result
of the Merger and the Spin-Out. Certain information and footnote disclosure normally included in the financial statements prepared in
accordance with GAAP have been condensed or omitted pursuant to instructions, rules, and regulations prescribed by the United States Securities
and Exchange Commission (the “SEC”). The condensed interim financial statements should be read in conjunction with the audited
consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025 that
was filed with the SEC on March 19, 2026.
8
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation –
The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries identified above
under “Subsidiaries During the Period Covered.” All material intercompany accounts, balances, and transactions have been
eliminated. As described under “Subsequent Change in Business; Reverse Acquisition Accounting” above and in Notes 16 and
17, certain of these subsidiaries (the Spin-Out Subsidiaries) were distributed to the Company's stockholders in connection with the Spin-Out,
which occurred subsequent to March 31, 2026 and is therefore not reflected in the accompanying condensed consolidated financial statements
Use of Estimates – The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
Reclassification – The Company reclassified
certain amounts of total stockholders’ equity – noncontrolling interests, net loss attributable to non-controlling interests,
and accumulated deficit from prior periods. These presentation changes did not affect total stockholders’ equity or net loss.
Employee and Non-Employee Share-Based Compensation
– The Company applies Accounting Standards Codification (“ASC”) 718-10, Share-Based Payment, which requires
the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors including
employee stock options equity awards issued to employees and non-employees based on estimated fair values.
ASC 718-10 requires companies to estimate the
fair value of equity-based option awards on the date of grant using an option-pricing model. The fair value of the award is recognized
as an expense on a straight-line basis over the requisite service periods in the Company’s unaudited condensed consolidated statements
of operations. The Company recognizes share-based award forfeitures as they occur.
The Company estimates the fair value of granted
option equity awards using a Black-Scholes option pricing model. The option-pricing model requires a number of assumptions, of which
the most significant are share price, expected volatility and the expected option term (the time from the grant date until the options
are exercised or expire). Expected volatility is estimated based on volatility of the Company. The Company has historically not paid
dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from governmental zero-coupon
bonds with an equivalent term. The expected option term is calculated for options granted to employees and directors using the “simplified”
method. Changes in the determination of each of the inputs can affect the fair value of the options granted and the results of operations
of the Company.
Recent
Accounting Pronouncements – The following standards have been issued by the Financial Accounting Standards Board ("FASB")
but have not yet been adopted by the Company. The Company is evaluating each standard's applicability to its operations and the potential
impact, if any, on its consolidated financial statements.
ASU 2024-04 – Debt – Debt with
Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments – In November 2024, the
FASB issued ASU 2024-04, which clarifies the requirements for determining whether certain settlements of convertible debt instruments
should be accounted for as an induced conversion rather than a debt extinguishment. The amendments replace the prior requirem