| Transition Period Comparative Data |
Note 16 — Transition Period Comparative Data
This Transition Report on Form 10-KT includes financial information for the six months ended December 31, 2024 and for year ended June 30, 2024. The Statements of Operations and Cash Flows for the six months transition period ended December 31, 2024 and the six months ended December 31, 2023, are summarized below. All data for the six months ended December 31, 2023, are derived from the Company’s unaudited condensed consolidated financial statements, as reported in Form 10-Q filed on February 14, 2024.
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|
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For the
Six Months
Ended
December 31,
2024
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|
For the
Six Months
Ended
December 31,
2023
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(Short Year)
|
|
(Unaudited)
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
Research and development
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|
$
|
2,858,566 |
|
|
$
|
558,925 |
|
|
General and administrative
|
|
|
1,568,398 |
|
|
|
2,332,196 |
|
|
Total operating expenses
|
|
|
4,426,964 |
|
|
|
2,891,121 |
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| |
|
|
|
|
|
|
|
|
|
Loss from Operations
|
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|
(4,426,964 |
)
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|
|
(2,891,121 |
)
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| |
|
|
|
|
|
|
|
|
|
Loss before income taxes
|
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|
(4,426,964 |
)
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|
(2,891,121 |
)
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| |
|
|
|
|
|
|
|
|
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Income taxes provision
|
|
|
(63 |
)
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|
|
—
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| |
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(4,427,027 |
)
|
|
$
|
(2,891,121 |
)
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| |
|
|
|
|
|
|
|
|
|
Net loss applicable to common stock per share, basic and diluted
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|
$
|
(0.12 |
)
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$
|
(0.16 |
)
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Weighted average common stock outstanding, basic and diluted
|
|
|
36,515,688 |
|
|
|
18,126,944 |
|
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For the
Six Months
Ended
December 31,
2024
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|
For the
Six Months
Ended
December 31,
2023
|
| |
|
(Short Year)
|
|
(Unaudited)
|
|
Cash Flows from Operating Activities:
|
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|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(4,427,027 |
)
|
|
$
|
(2,891,121 |
)
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Adjustments to reconcile net loss to net cash used in operating activities:
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|
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|
|
|
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Stock-based compensation
|
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|
432,256 |
|
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|
1,194,653 |
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Changes in operating assets and liabilities:
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|
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|
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|
|
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Prepaid expenses and other receivable
|
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|
(435,100 |
)
|
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(262,481 |
)
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Prepaid expenses – related party
|
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(1,500,000 |
)
|
|
|
—
|
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Accounts payable – related party
|
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|
4,435 |
|
|
|
(9,256,070 |
)
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Other payables and accrued liabilities
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69,937 |
|
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|
(311,202 |
)
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Accrued liability – related party
|
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2,782,667 |
|
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(16,000 |
)
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Franchise tax payable
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|
|
—
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|
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|
62 |
|
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Income tax payables
|
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(40,694 |
)
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—
|
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Net cash used in operating activities
|
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(3,113,526 |
)
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(11,542,159 |
)
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| |
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Cash Flows from Investing Activities:
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|
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Loan to UPTD as extension note receivable prior to business combination
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|
—
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(112,298 |
)
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Cash released from trust account
|
|
|
—
|
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5,072,945 |
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Net cash used in investing activities
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|
—
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|
|
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4,960,647 |
|
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For the
Six Months
Ended
December 31,
2024
|
|
For the
Six Months
Ended
December 31,
2023
|
| |
|
(Short Year)
|
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(Unaudited)
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Cash Flows from Financing Activities:
|
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|
|
|
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|
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Payments of transactions cost
|
|
|
—
|
|
|
|
(1,525,013 |
)
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Net proceeds from issuance of common stock through stock purchase agreement
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|
79,491 |
|
|
|
—
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Net proceeds from issuance of common stock for PIPE investment
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|
|
|
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10,000,000 |
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Net proceeds from issuance of Series A Preferred Stock
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|
—
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9,020,000 |
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Net proceeds from promissory note
|
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|
—
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300,000 |
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Repayment of promissory note
|
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|
—
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|
|
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(300,000 |
)
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Payment of redemption payable
|
|
|
—
|
|
|
|
(5,072,945 |
)
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Proceeds from business combination
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|
—
|
|
|
|
726,339 |
|
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Purchase of treasury stock
|
|
|
(214,477 |
)
|
|
|
—
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Net cash provided by financing activities
|
|
|
(134,986 |
)
|
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|
13,148,381 |
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| |
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Net Change in Cash
|
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|
(3,248,512 |
)
|
|
|
6,566,869 |
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| |
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Cash at beginning of the year
|
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4,165,428 |
|
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|
2,479,146 |
|
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Cash at end of the year
|
|
$
|
916,916 |
|
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$
|
9,046,015 |
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Supplemental Cash Flow Information
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Cash paid for income tax
|
|
$
|
42,366 |
|
|
$
|
—
|
|
|
Cash paid for interest
|
|
$
|
—
|
|
|
$
|
2,663 |
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Supplemental Disclosure of Non-cash Financing Activities
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Conversion of Series A prefer stock into common stock
|
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$
|
—
|
|
|
$
|
5,000,000 |
|
|
Conversion of deferred underwriting commission payable into Series A preferred stock
|
|
$
|
—
|
|
|
$
|
730,000 |
|
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