XML 24 R10.htm IDEA: XBRL DOCUMENT v3.25.4
Going Concern
12 Months Ended
Dec. 31, 2025
Going Concern [Abstract]  
Going Concern

Note 3 - Going Concern

 

During the year ended December 31, 2025, the Company incurred a net loss of approximately $17,590,392 and used cash in operating activities of approximately $11,262,577. As of December 31, 2025, the Company had cash and cash equivalents of approximately $7,783,529 and has experienced recurring operating losses and negative operating cash flows.

 

In accordance with ASC 205-40, Going Concern, management evaluated whether conditions and events, considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. The Company’s recurring losses, negative operating cash flows, limited cash resources relative to its projected cash requirements, and dependence on access to external financing raise substantial doubt about its ability to continue as a going concern.

 

In addition, the Company has received a notice from The Nasdaq Stock Market LLC indicating non-compliance with the minimum bid-price requirement for continued listing on The Nasdaq Capital Market. Failure to regain compliance could result in the delisting of the Company’s common stock, which could adversely affect the liquidity of the Company’s securities and its ability to access capital markets.

 

To address its liquidity needs, the Company intends to seek additional capital under its existing at-the-market equity offering agreement, through potential exercises of outstanding warrants, and through other debt or equity financing transactions. The Company also has stockholder authorization to effect a reverse stock split in order to support continued compliance with Nasdaq listing requirements and maintain access to capital markets. These plans are subject to market conditions, investor demand, and other factors outside the Company’s control, and there can be no assurance that such financing will be available on acceptable terms, in the amounts needed, or at all.

 

As a result, management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.