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DISCONTINUED OPERATIONS | 9 Months Ended
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Jun. 30, 2025
DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS | NOTE J – DISCONTINUED OPERATIONS On June 27, 2025, the Company implemented a strategic restructuring and realignment of resources to focus exclusively on its Therapeutic DNA Production Services business. As part of actions undertaken, the Company implemented a workforce reduction of approximately 27% of its then current headcount and has ceased operations at ADCL. The Company’s actions are intended to reduce its operating costs and concentrate resources on the development and commercialization of its Therapeutic DNA Production Services business. The Company expects to pay approximately three hundred thousand dollars ($300,000) in one-time charges related to the June 30, 2025, workforce reduction and ceasing of operations at ADCL, primarily for separation benefits. As a result of this restructuring, the operations and financial results of ADCL have been accounted for as discontinued operations. The following table presents the major classes of ADCL’s results within Net loss from discontinued operations, net of tax in the condensed consolidated statement of operations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months Ended June 30, | ​ | Nine months Ended June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Clinical laboratory service revenues | ​ | $ | 26,050 | ​ | $ | 324,730 | ​ | $ | 572,928 | ​ | $ | 992,450
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of clinical laboratory service revenues | ​ |  | 301,556 | ​ |  | 322,098 | ​ |  | 795,237 | ​ | $ | 993,299
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross profit | ​ |  | (275,506) | ​ |  | 2,632 | ​ |  | (222,309) | ​ |  | (849)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general and administrative | ​ |  | 69,478 | ​ |  | 43,031 | ​ |  | 192,877 | ​ |  | 322,530
Interest (Income) | ​ |  | (25) | ​ |  | (6,608) | ​ |  | (3,302) | ​ |  | (50,982)
Other (income), net | ​ |  | (8,764) | ​ |  | — | ​ |  | (8,764) | ​ |  | —
Net loss from discontinued operations | ​ |  | (336,195) | ​ |  | (33,791) | ​ |  | (403,120) | ​ |  | (272,397)
Provision for income taxes | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Net loss from discontinued operations, net of tax | ​ | $ | (336,195) | ​ | $ | (33,791) | ​ | $ | (403,120) | ​ | $ | (272,397)
​ Assets and liabilities of discontinued operations associated with ADCL presented in the condensed consolidated balance sheet as of June 30, 2025 and September 30, 2024 are included in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | September 30,
​ | ​ | 2025 | ​ | 2024
ASSETS | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 12,458 | ​ | $ | 578,732
Accounts receivable, net | ​ |  | 12,550 | ​ |  | 33,760
Inventories | ​ |  | — | ​ |  | 5,867
Prepaid expenses and other current assets | ​ |  | — | ​ |  | 59,787
Total current assets of discontinued operations | ​ |  | 25,008 | ​ |  | 678,146
Property and equipment, net | ​ |  | 11,264 | ​ |  | 94,337
Total assets of discontinued operations | ​ |  | 36,272 | ​ |  | 772,483
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES | ​ |  |  | ​ |  |
Accounts payable and accrued liabilities | ​ |  | 124,565 | ​ |  | 56,061
Total liabilities of discontinued operations | ​ | $ | 124,565 | ​ | $ | 56,061
​

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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