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SUBSEQUENT EVENTS | 9 Months Ended
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Mar. 31, 2025
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | (14) SUBSEQUENT EVENTS Sales Under 2025 Sales Agreement – As disclosed in Note 13 above, the Company entered into the 2025 Sales Agreement. During the period from April 1, 2025 through and until May 14, 2025, the Company has sold 10,598,496 shares for gross proceeds of $2,296,532 under the at-the-market offering” pursuant to the 2025 Sales Agreement and related prospectus. May 2025 Public Offering – On May 8, 2025, the Company completed a public offering with participation from institutional and accredited investors of 7,324,119 shares of common stock together with Series F warrants to purchase up to 7,324,119 shares of common stock (the “Series F Warrants“), Series G warrants to purchase up to 7,324,119 shares of common stock (the “Series G Warrants“), and Series H warrants to purchase up to 7,324,119 shares of common stock (the “Series H Warrants“), at a combined public offering price of $0.15 per share of common stock and accompanying warrants (the “Offering“). The Offering was made pursuant to the Company’s registration statement on Form S-1 (Registration No. 333-286280) previously filed with the SEC and declared effective on May 6, 2025. The Series F Warrants have an exercise price of $0.30 per share, are immediately exercisable and expire on the five-year anniversary of the original issuance date, subject to the certain terms as defined in such warrant. The Series G Warrants have an exercise price of $0.15 per share, are immediately exercisable and expire on the earlier of (i) the 24-month anniversary of the original issuance date or (ii) the expiration of the FDA Exercise Period (as such term is defined in the Series G Warrant). The Series H Warrants will be issuable to the holder upon their exercise of the Series G Warrants, will have an exercise price of $0.225 per share, will be immediately exercisable upon issuance and will expire on the 24-month anniversary of its issuance date. A.G.P. acted as lead placement agent and Laidlaw & Company (UK) Ltd., as co-placement agent in the Offering. The Company paid the placement agents a cash fee equal to 7.0% of the gross proceeds raised in the Offering and reimbursed the placement agents for out-of-pocket expenses, including the reasonable fees of legal counsel, in an amount equal to $85,000. The Company received aggregate net proceeds from the Offering of $931,715. The Company intends to use the net proceeds from the Offering primarily for working capital and general corporate purposes. NYSE American Delisting – On May 7, 2025, the Company announced that it has received a notice from the NYSE American LLC (“NYSE American”) stating that the NYSE Regulation has determined that the Company is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low selling price of the Company’s common stock. NYSE American commenced delisting proceedings in connection with the foregoing determination, and trading in the Company’s common stock was suspended on May 7, 2025. Since May 8, 2025 the Company’s common stock has traded on the Pink Market of the OTC Markets Group under the trading symbol “PTNT”. The Company has a right to a review of NYSE Regulation’s determination to delist the Company’s common stock by the Listings Qualifications Panel of the Committee for Review of the Board of Directors of the Exchange. The Company is currently assessing the viability of such an appeal.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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