| Schedule of Statements of Operations |
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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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)
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(Unaudited)
|
|
Operating expenses
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|
|
|
|
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Research and development
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$
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2,858,566 |
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$
|
558,925 |
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General and administrative
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|
1,568,398 |
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|
2,332,196 |
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Total operating expenses
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4,426,964 |
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|
2,891,121 |
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| |
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|
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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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Income taxes provision
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(63 |
)
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—
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Net loss
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$
|
(4,427,027 |
)
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$
|
(2,891,121 |
)
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| |
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Net loss applicable to common stock per share, basic and diluted
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$
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(0.12 |
)
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$
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(0.16 |
)
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Weighted average common stock outstanding, basic and diluted
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|
36,515,688 |
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18,126,944 |
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| Schedule of Statements of Cash Flows |
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For the
Six Months
Ended
December 31,
2024
|
|
For the
Six Months
Ended
December 31,
2023
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| |
|
(Short Year)
|
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(Unaudited)
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|
Cash Flows from Operating Activities:
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|
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Net loss
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|
$
|
(4,427,027 |
)
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|
$
|
(2,891,121 |
)
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Adjustments to reconcile net loss to net cash used in operating activities:
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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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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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—
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Accounts payable – related party
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4,435 |
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(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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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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Cash Flows from Investing Activities:
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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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—
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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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4,960,647 |
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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)
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(Unaudited)
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Cash Flows from Financing Activities:
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Payments of transactions cost
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|
—
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(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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—
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Net proceeds from issuance of common stock for PIPE investment
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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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(300,000 |
)
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Payment of redemption payable
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—
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(5,072,945 |
)
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Proceeds from business combination
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—
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|
726,339 |
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Purchase of treasury stock
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(214,477 |
)
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—
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Net cash provided by financing activities
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(134,986 |
)
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13,148,381 |
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Net Change in Cash
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(3,248,512 |
)
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6,566,869 |
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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 |
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$
|
—
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Cash paid for interest
|
|
$
|
—
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$
|
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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$
|
—
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|
|
$
|
5,000,000 |
|
|
Conversion of deferred underwriting commission payable into Series A preferred stock
|
|
$
|
—
|
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|
$
|
730,000 |
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