GridAI Technologies Corp.
For the period ended Jun 30, 2026. Filed Aug 21, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 21, 2026
GRDX$4.92+5.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-27.
0001104659-26-066519
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-21.
0001104659-26-099751
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 116 previous paragraphs and 121 current paragraphs.
82 unchanged; 16 reworded; 20 added; 16 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 2 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
In May 2026, the Company completed two private placement financing transactions providing for aggregate gross proceeds of approximately $7.8 million. The financings closed on May 18, 2026. The Company received approximately $2.54 million of gross proceeds from the first financing at closing. With respect to the approximately $5.25 million additional financing, 20% of the gross proceeds was payable at closing and the remaining 80% is payable upon effectiveness of the related Form S-1 resale registration statement.
Current report
On July 1, 2026, the Company entered into a securities purchase agreement with the purchasers identified therein pursuant to which the Company agreed to sell to the Purchasers in private placements an aggregate of (i) 108,932 shares of common stock, which shares have been issued as of the date of this Quarterly Report (ii) pre-funded warrants to purchase up to an aggregate of 1,742,991 shares of common stock (the “Pre-Funded Warrants”) and (iii) common stock purchase warrants to purchase up to an aggregate of 1,851,923 shares of common stock (the “Common Warrants”) for gross proceeds to the Company of approximately $8,500,000. The combined purchase price for one share of common stock or Pre-Funded Warrant in lieu of share of common stock and one Common Warrant is $4.59 per unit.
Current report
On July 17, 2026, the Company made a loan (“Loan”) to Pronghorn Resources, LLC, a Delaware limited liability company (“Pronghorn”, and, together with the Company, the “Parties”), pursuant to the terms of a Secured Convertible Promissory Note (“Note”), in the principal sum of $2,000,000 (the “Principal Amount”). The Principal Amount, in addition to all interest due under the Note, is payable on the earlier to occur of: (i) December 31, 2026; and (ii) the consummation of a Change of Control Transaction (as defined below). The Note bears interest at an annual rate of seven percent (7%), such interest calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and accrues daily, commencing on the Maturity Date until payment in full of the Note.
Current report
For the three months ended June 30, 2026, research and development expenses were $8,424, compared with $10,631 for the three months ended June 30, 2025.
Current report
During the three months ended June 30, 2026, the Company recognized revenue of $85,876 from energy technology operations within the AI Segment, compared with no revenue in the three months ended June 30, 2025. For the six months ended June 30, 2026, revenue was $124,084, compared with no revenue in the six months ended June 30, 2025.
Current report
Cost of services was approximately $0.1 million for the three months ended June 30, 2026 and approximately $0.8 million for the six months ended June 30, 2026. The six-month amount includes approximately $0.7 million of cost of services incurred during the first quarter of 2026. The quarterly pattern reflects the timing and mix of project and service activity, and direct service costs did not vary proportionately with quarterly revenue. There was no cost of services in the comparable 2025 periods.
Current report
Research and development expenses were approximately $8,000 for the three months ended June 30, 2026, compared with approximately $11,000 for the three months ended June 30, 2025. For the six months ended June 30, 2026, research and development expenses were approximately $0.6 million, compared with approximately $0.03 million for the six months ended June 30, 2025.
Current report
Goodwill impairment
Current report
During the three months ended June 30, 2026, actual operating performance and updated near-term financial projections for the Grid AI business were significantly below the projections established at the acquisition date, primarily due to delays in commercialization and customer contract execution. These developments constituted a triggering event for impairment testing. The Company performed a quantitative goodwill impairment assessment and recognized a non-cash goodwill impairment charge of approximately $10.1 million. The impairment primarily reflects a delay in the timing of projected revenues and cash flows rather than a change in management’s longer-term expectations regarding the commercial opportunity for the Grid AI business. While the timing of anticipated commercialization and revenue generation has been extended relative to the projections established at the acquisition date, management continues to believe that the Grid AI business has significant long-term commercial potential and remains central to the Company’s go-forward strategy. The Company continues to pursue customer contracts and commercialization opportunities consistent with this strategy. However, the timing and extent of future commercialization and revenue generation remain subject to uncertainty, and further delays in customer contract execution, commercialization or deterioration in projected cash flows could result in additional impairment charges and could adversely affect the Company’s business, financial condition and results of operations.
Current report
Goodwill impairment expense was approximately $10.1 million for both the three and six months ended June 30, 2026. No goodwill impairment expense was recognized in the comparable 2025 periods.
Current report
For the three months ended June 30, 2026, total other income was approximately $0.01 million, compared with total other expense of approximately $0.04 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, total other expense was approximately $0.1 million, compared with approximately $0.2 million for the six months ended June 30, 2025. Other income (expense), net for the three and six months ended June 30, 2026 included a gain on settlement of approximately $389,301 recognized in connection with the May 2026 settlement with EGS. The six-month amount also included approximately $0.4 million of government grant income recognized during the first quarter of 2026.
Current report
Loss from continuing operations was approximately $13.0 million for the three months ended June 30, 2026, compared with approximately $0.7 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, loss from continuing operations was approximately $16.5 million, compared with approximately $1.6 million for the six months ended June 30, 2025.
Current report
Income tax benefit was approximately $55,000 for the three months ended June 30, 2026 and approximately $0.4 million for the six months ended June 30, 2026. No income tax benefit or expense was recognized in the comparable 2025 periods.
Current report
Net cash used in operating activities for the six months ended June 30, 2026 was approximately $3.3 million. The principal non-cash adjustments to the approximately $16.5 million net loss included approximately $10.1 million of goodwill impairment, approximately $1.1 million of intangible asset amortization, approximately $1.3 million of stock-based compensation and approximately $0.7 million of debt discount amortization. Working-capital changes included decreases in accounts payable and deferred tax liabilities, partially offset by increases in accrued expenses and other current liabilities, together with the net change in other operating assets and liabilities. The $100,000 interest portion of the revolving loan settlement is reflected in operating cash flows through accrued expenses.
Current report
Net cash used in operating activities for the six months ended June 30, 2025 was approximately $0.9 million, primarily attributable to a net loss of approximately $2.3 million, partially offset by changes in operating assets and liabilities and other non-cash adjustments.
Current report
Net cash provided by financing activities for the six months ended June 30, 2026 was approximately $4.1 million. Financing cash flows included approximately $3.3 million of proceeds from the May 2026 private placements, approximately $0.6 million of cash proceeds from warrant exercises and approximately $1.0 million of proceeds from promissory notes, partially offset by a $0.7 million repayment of revolving loan principal. The $100,000 interest portion of the settlement is included in operating cash flows.
Current report
On May 8, 2026, May 11, 2026 and May 12, 2026, the Company entered into securities purchase agreements with certain purchasers pursuant to which the Company agreed to sell in private placements an aggregate of (i) 74,000 shares of common stock, which shares have been issued as of the date of this Quarterly Report (ii) pre-funded warrants to purchase up to an aggregate of 1,196,001 shares of common stock and (iii) common stock purchase warrants to purchase up to an aggregate of 1,270,001 shares of common stock for aggregate gross proceeds of approximately $2.54 million. The combined purchase price for one share of common stock or pre-funded warrant in lieu thereof and one common warrant was $2.00. The Company intends to use the net proceeds for general corporate purposes, including working capital and repayment of certain outstanding liabilities. The transactions closed on May 18, 2026, subject to the satisfaction of customary closing conditions. The pre-funded warrants have an exercise price of $0.00001 per share and are exercisable immediately with no expiration date. The common warrants are exercisable beginning six months following issuance and expire five years from the earlier of the effectiveness of the related registration statement or the date the underlying securities may be resold pursuant to Rule 144 without restriction. The common warrants have exercise prices ranging from $2.56 to $2.89 per share, subject to adjustment. In connection with the securities purchase agreements, the Company entered into registration rights agreements pursuant to which the Company agreed to file a resale registration statement covering the shares issued and issuable in connection with the private placements within 15 days following the closing date.
Current report
On May 11, 2026, the Company entered into an additional securities purchase agreement with certain purchasers pursuant to which the Company agreed to sell in a private placement an aggregate of (i) 87,260 shares of common stock, (ii) pre-funded warrants to purchase up to 1,745,199 shares of common stock and (iii) common stock purchase warrants to purchase up to 1,832,459 shares of common stock for aggregate gross proceeds of approximately $5.25 million. The combined purchase price for one share of common stock, or one pre-funded warrant in lieu thereof, together with one common warrant was $2.865 per unit. The closing occurred on May 18, 2026. Twenty percent (20%) of the gross proceeds was payable at closing, with the remaining 80% payable upon effectiveness of the related Form S-1 resale registration statement.
Current report
The pre-funded warrants issued in connection with the additional financing have an exercise price of $0.00001 per share and no expiration date. The common warrants are exercisable immediately and expire five years from the earlier of the effectiveness of the related registration statement or the date the underlying securities may be resold pursuant to Rule 144 without restriction. The common warrants have an exercise price of $2.865 per share, subject to adjustment.
Current report
During the six months ended June 30, 2026, we performed a quantitative goodwill impairment assessment related to the acquisition of Grid AI Corp. following lower-than-projected operating results and delays in anticipated commercialization and customer contract execution. The assessment involved significant estimates and assumptions, including projected revenues and cash flows, commercialization timing and discount rates. Based on this assessment, we recognized a goodwill impairment charge of approximately $10.1 million. Changes in actual results, projected cash flows, commercialization timelines or other key assumptions could materially affect future impairment assessments.
Removed paragraphs (16)
Previous report
As of March 31, 2026, we had cash and cash equivalents of approximately $386,000 and an accumulated deficit of approximately $212.1 million. We have not yet achieved profitability and anticipate that we will continue to incur net losses for the foreseeable future. Following the acquisition of Grid AI Corp. and the rescission of the IMGX transaction, our liquidity needs include public company costs, operating costs related to the Grid AI and AMPX business, debt service, professional fees, and costs related to maintaining and developing our remaining Adrulipase program.
Previous report
For the three months ended March 31, 2026, research and development expenses were $631,380, consisting of $627,756 incurred by the AI Segment and $3,624 incurred by the GI Segment. Research and development activities during the period were primarily attributable to the AI Segment.
Previous report
Liquidity and Capital Resources
Previous report
Our liquidity has been, and we expect will continue to be, dependent on access to outside capital. We may seek additional funds through public or private offerings of equity or debt securities, exercises of outstanding warrants, strategic transactions, commercial partnerships, licensing arrangements, asset sales or other financing alternatives. The availability and terms of financing will depend on many factors, including market conditions, our operating performance, investor sentiment, Nasdaq listing status, the trading price of our Common Stock, our capital structure and broader macroeconomic and geopolitical conditions.
Previous report
Following the acquisition of Grid AI Corp. on September 30, 2025, the Company began generating revenue within its AI Segment from energy technology operations conducted through Grid AI Corp. and AMPX. Accordingly, during the three months ended March 31, 2026, the Company recognized revenue of $38,208 related to software-enabled energy orchestration, optimization, dispatch, monitoring and related service offerings. No revenue was recognized during the three months ended March 31, 2025.
Previous report
Cost of Services for the three months ended March 31, 2026 was approximately $652,000, compared to no cost of services for the three months ended March 31, 2025. The increase was attributable to costs associated with revenue-generating operations within the AI Segment following the acquisition of Grid AI Corp.
Previous report
Research and development expenses for the three months ended March 31, 2026 totaled $631,380, an increase of approximately $616,000, or 3,889%, compared to approximately $16,000 recorded for the three months ended March 31, 2025. The increase in research and development expenses was primarily attributable to the acquisition of the Company’s AI Segment in September 2025, which resulted in increased technology and platform development activities related to artificial intelligence-driven energy optimization platforms, digital infrastructure solutions, and related personnel and professional service costs.
Previous report
General and administrative expenses for the three months ended March 31, 2026 totaled approximately $2.4 million, an increase of approximately $1.6 million, or 194%, compared to approximately $0.8 million recorded for the three months ended March 31, 2025.
Previous report
Total other expense for the three months ended March 31, 2026 totaled approximately $0.1 million, compared to approximately $0.1 million for the three months ended March 31, 2025. This has remained consistent with the three months ended March 31, 2025. Interest expense of approximately $0.5 million was partially offset by other income of approximately $0.4 million, primarily related to a tax credit receivable.
Previous report
Loss from continuing operations for the three months ended March 31, 2026 totaled approximately $3.7 million, an increase of approximately $2.8 million, or 294%, compared to a loss from continuing operations of approximately $0.9 million for the three months ended March 31, 2025.
Previous report
The increase was primarily attributable to increased research and development expenses, higher general and administrative expenses, increased interest expense and costs associated with newly acquired revenue-generating AI operations, government grant income and Research and Development tax credit.
Previous report
Income tax benefit for the three months ended March 31, 2026 was approximately $0.3 million, compared to no income tax benefit for the three months ended March 31, 2025 The increase was primarily attributable to the recognition of deferred tax benefits associated with the Company’s operations.
Previous report
Net cash used in operating activities for the three months ended March 31, 2026 was approximately $1.8 million, primarily attributable to our net loss of approximately $3.4 million. Non-cash adjustments included amortization of approximately $0.6 million, stock-based compensation of approximately $0.7 million, and amortization of debt discount of approximately $0.3 million. Changes in operating assets and liabilities included approximately $0.6 million related to accrued expenses, approximately $0.2 million related to accounts payable, and approximately $0.1 million related to other current liabilities. These were partially offset by approximately $0.5 million related to other current assets, approximately $0.3 million related to deferred tax liabilities, and approximately $0.02 million related to accounts receivables.
Previous report
Net cash used in operating activities for the three months ended March 31, 2025 was approximately $0.8 million, primarily attributable to our net loss of approximately $1.3 million. This was partially offset by a net increase in other assets and liabilities of approximately $0.4 million and the impairment of right-of-use assets of $0.1 million. These offsets were partially reduced by a decrease in accounts payable of approximately $0.1 million, and an increase in prepaid expenses of approximately $0.1 million.
Previous report
Net cash provided by financing activities for the three months ended March 31, 2026 was approximately $1.5 million. This was primarily attributable to proceeds from warrant exercises of approximately $1.1 million and proceeds from promissory notes of approximately $0.1 million. These inflows were partially offset by repayments of promissory notes of approximately $0.7 million.
Previous report
During the three months ended March 31, 2026, there were no material changes to matters discussed under the heading “Critical Accounting Policies and Significant Judgments and Estimates” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Reworded paragraphs (16)
Previous wording
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this interim report. Our condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. As discussed in the section titled “CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS,” The following discussion and analysis contains forward-looking statements including, without limitation, statements regarding our expectations, beliefs, intentions or future strategies. In evaluating our business, you should carefully consider the information set forth under the heading “Risk Factors” included in this Report and in our Annual Report filed on Form 10-K for the year ended December 31, 2025 filed with the SEC on May 1, 2026.
Current wording
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this interim report. Our condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. As discussed in the section titled “CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS,” the following discussion and analysis contains forward-looking statements including, without limitation, statements regarding our expectations, beliefs, intentions or future strategies. In evaluating our business, you should carefully consider the information set forth under the heading “Risk Factors” included in this Report and in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on May 1, 2026.
Previous wording
As of March 31, 2026, the Company had not repaid the amounts due under the Revolving Loan Agreement. On April 1, 2026, the Company received a demand letter from the lender asserting that the Company was in default and demanding payment of $1,014,675, consisting of $700,000 of principal, interest, and default amounts.
Current wording
On April 1, 2026, the Company received a demand letter from the lender asserting that the Company was in default and demanding payment of $1,014,675, consisting of $700,000 of principal, interest, and default amounts.
Previous wording
On May 14, 2026, the Company entered into a Debt Settlement and Subscription Agreement with the lender. Under the settlement agreement, the Company agreed to satisfy the outstanding obligation through (i) a cash payment of $800,000, consisting of $700,000 of principal and $100,000 of accrued interest, and (ii) the issuance of 71,482 shares of common stock at a deemed price of $3.25 per share, in satisfaction of remaining accrued interest obligations of $232,315.
Current wording
On May 14, 2026, the Company entered into a Debt Settlement and Subscription Agreement with the lender. Under the settlement agreement, the Company agreed to satisfy the outstanding obligation through (i) a cash payment of $800,000, consisting of $700,000 of
Previous wording
To date, we have not generated revenue from product sales and have experienced net losses and negative cash flows from operations. Our historical operations were funded primarily through sales of equity securities, equity-linked securities and debt financings. In 2025, our business changed significantly as a result of the acquisition of Grid AI Corp. and the completion of the rescission transaction involving ImmunogenX, LLC. Notwithstanding those transactions, as of March 31, 2026, we remained dependent on external sources of capital to fund our operations, satisfy our obligations and execute our business plan. Our capital requirements reflect the combined needs of both the AI Segment and the GI Segment, including funding for platform development, operations and integration activities within the AI Segment and potential future development activities within the GI Segment.
Current wording
To date, we have not generated significant product and service revenue and have experienced net losses and negative cash flows from operations. Our historical operations were funded primarily through sales of equity securities, equity-linked securities and debt financings. In 2025, our business changed significantly as a result of the acquisition of Grid AI Corp. and the completion of the rescission transaction involving ImmunogenX, LLC. Notwithstanding those transactions, as of June 30, 2026, we remained dependent on external sources of capital to fund our operations, satisfy our obligations and execute our business plan.
Previous wording
As of March 31, 2026, we had cash and cash equivalents of approximately $0.4 million working capital deficit of approximately $13.6 million, and an accumulated deficit of approximately $212.1 million. We have not yet achieved profitability and expect to continue to incur losses for the foreseeable future. Our future capital needs will depend on a number of factors, including the operating requirements of the GridAI and AMPX business, our corporate overhead, debt service obligations, public company costs and the extent to which we seek to preserve, resume or advance development activities relating to Adrulipase.
Current wording
As of June 30, 2026, we had cash and cash equivalents of approximately $1.4 million, a working capital deficit of approximately $11.8 million and an accumulated deficit of approximately $224.9 million.
Previous wording
In January 2025, we entered into a revolving loan arrangement that provided for borrowings of up to $2.0 million. The facility bears interest at a high rate and matures on January 31, 2026. As of April 1, 2026, the Company was in default under the revolving loan arrangement as a result of its failure to repay amounts due at maturity, and the lender has issued a demand for repayment of the outstanding amounts. On May 14, 2026, GridAI Technologies Corp. entered into a Debt Settlement and Subscription Agreement with 1396974 BC Ltd. to settle the outstanding indebtedness, consisting of principal and accrued interest related to a revolving loan agreement dated January 27, 2025. Pursuant to the agreement, the Company paid $800,000 in cash and issued 71,482 shares of common stock at a deemed price of $3.25 per share in full satisfaction of the outstanding balance. As a result, the indebtedness has been fully satisfied and extinguished, and the Company no longer has access to borrowings under the revolving loan agreement.
Current wording
arrangement as a result of its failure to repay amounts due at maturity, and the lender has issued a demand for repayment of the outstanding amounts. On May 14, 2026, GridAI Technologies Corp. entered into a Debt Settlement and Subscription Agreement with 1396974 BC Ltd. to settle the outstanding indebtedness, consisting of principal and accrued interest under a revolving loan agreement dated January 27, 2025. Pursuant to the agreement, the Company paid $800,000 in cash and issued 71,482 shares of common stock at a deemed price of $3.25 per share in full satisfaction of the outstanding balance. As a result, the indebtedness has been fully satisfied and extinguished, and the Company no longer has access to borrowings under the revolving loan agreement.
Previous wording
Based on our cash position, operating plans, debt obligations and expected cash requirements, management concluded that substantial doubt existed regarding our ability to continue as a going concern for a period of one year from the date of issuance of the financial statements, unless we are able to obtain additional capital or otherwise improve liquidity. The accompanying financial statements have been prepared assuming that we will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.
Current wording
Based on our cash position, operating plans, debt obligations and expected cash requirements, management concluded that substantial doubt existed regarding our ability to continue as a going concern for a period of one year from the date of issuance of the financial statements, unless we are able to obtain additional capital or otherwise improve liquidity. The accompanying financial statements have
Previous wording
For the three months ended March 31, 2026, the Company recognized revenue of $38,208, all of which was attributable to the AI Segment. The GI Segment did not generate product revenue during the period.
Current wording
For the three months ended June 30, 2026, the Company recognized revenue of $85,876, all of which was attributable to the AI Segment. The GI Segment did not generate product revenue during the period.
Previous wording
Research and development expenses for the three months ended March 31, 2026 related primarily to the Company’s AI Segment and consisted primarily of costs associated with the development of the Company’s artificial intelligence-driven energy optimization platforms, digital infrastructure solutions, and related technology initiativs. A smaller portion of research and development expenses related to the Company’s retained biopharmaceutical development activities, including Adrulipase.
Current wording
Research and development expenses for the three months ended June 30, 2026 related primarily to the Company’s retained biopharmaceutical activities within the GI Segment. During the quarter, the Company incurred limited research and development expense associated with Adrulipase and related retained development activities.
Previous wording
Condensed Consolidated Results of Operations for the Three Months Ended March 31, 2026 and 2025
Current wording
Condensed Consolidated Results of Operations for the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
The increase in general and administrative expenses was primarily attributable to costs associated with the acquisition and integration of Grid AI Corp. and AMPX, increased professional fees, public company expenses, financing activities, legal and accounting costs, compensation-related expenses, and the operational and administrative infrastructure required to support the Company’s expanded business activities following the Grid AI acquisition.
Current wording
General and administrative expenses were approximately $3.0 million for the three months ended June 30, 2026, compared with approximately $0.6 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, general and administrative expenses were approximately $5.4 million, compared with approximately $1.4 million for the six months ended June 30, 2025. The increase was primarily attributable to costs associated with the acquisition and integration of Grid AI Corp. and AMPX, increased professional fees, public company expenses, financing activities, legal and accounting costs, compensation-related expenses and the operational and administrative infrastructure required to support the Company’s expanded business activities.
Previous wording
There was no loss from discontinued operations for the three months ended March 31, 2026. Loss from discontinued operations for the three months ended March 31, 2025 was approximately $0.3 million related primarily to the ImmunogenX business, which had previously been classified as held for sale and was ultimately disposed of through the rescission transaction completed on December 31, 2025. As a result, this line item reflects the operating results and other effects of that disposal group for the applicable periods.
Current wording
There was no loss from discontinued operations for the three or six months ended June 30, 2026. Loss from discontinued operations was approximately $0.3 million for the three months ended June 30, 2025 and approximately $0.6 million for the six months ended June 30, 2025, related primarily to the ImmunogenX business, which was ultimately disposed of through the rescission transaction completed on December 31, 2025.
Previous wording
As a result of the factors above, our net loss for the three months ended March 31, 2026 totaled approximately $3.4 million, an increase of approximately $2.2 million, or 173%, compared to a net loss of approximately $1.3 million for the three months ended March 31, 2025.
Current wording
As a result of the factors above, our net loss was approximately $13.0 million for the three months ended June 30, 2026, compared with approximately $1.0 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, our net loss was approximately $16.5 million, compared with approximately $2.3 million for the six months ended June 30, 2025.
Previous wording
Cash Flows for the three months Ended March 31, 2026 and 2025
Current wording
Cash Flows for the Six Months Ended June 30, 2026 and 2025
Previous wording
There was no cash provided by investing activities during the three months ended March 31, 2025 and March 31, 2026
Current wording
There was no net cash provided by or used in investing activities during the six months ended June 30, 2026 or 2025.
Previous wording
Net cash provided by financing activities of approximately $0.7 million for the three months ended March 31, 2025 was due to net proceeds of approximately $0.7 million from the draw from the revolver loan.
Current wording
Net cash provided by financing activities for the six months ended June 30, 2025 was approximately $0.7 million, reflecting proceeds from the revolving loan arrangement.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
principal and $100,000 of accrued interest, and (ii) the issuance of 71,482 shares of common stock at a deemed price of $3.25 per share, in satisfaction of remaining accrued interest obligations of $232,315.
Current report — wording carried from elsewhere
In January 2025, we entered into a revolving loan arrangement that provided for borrowings of up to $2.0 million. The facility bears interest at a high rate and matures on January 31, 2026. As of April 1, 2026, the Company was in default under the revolving loan
Current report — wording carried from elsewhere
been prepared assuming that we will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
To date, we have generated limited revenues and have experienced net losses and negative cash flows from our activities.
Previous report — wording carried elsewhere
The following table summarizes our consolidated results of operations for the periods indicated: