Note 9 - Subsequent Events

On November 13, 2024, the Company entered into a Subscription and Forgiveness Agreement with Fortress, whereby Fortress agreed to convert 50% of a total of $0.5 million owed by the Company under the MSA into newly issued common stock of the Company and forgive the remaining 50% of the accrued balance. Therefore, the Company issued a total of 122,850 shares based on the closing price of $2.035 on the day prior to the execution of the agreement and reduced its liabilities associated with accounts payable and accrued expenses by $0.5 million.

Subsequent to the period ended September 30, 2024, the Company sold an aggregate of 274,063 shares of its common stock pursuant to the ATM Agreement, resulting in net proceeds of approximately $0.6 million after deducting underwriting discounts. As a result of the foregoing transactions and as of the date of this filing, the Company believes it has stockholders’ equity of at least $2.5 million and therefore continues to satisfy the minimum Nasdaq listing requirement set forth in Nasdaq Listing Rule 5550(b)(1).