Financial Performance - The Company generated total revenue of $93,549 for the three months ended March 31, 2024, compared to nil revenue for the same period in 2025, resulting in net losses of $5,705,098 and $14,020,050 respectively[172]. - Revenue decreased by $93,549 during the three months ended March 31, 2025, compared to the same period in 2024, primarily due to cost reduction measures including employee furloughs[225]. - The net loss for the three months ended March 31, 2025, was $(14,020,050), compared to $(5,705,098) in the same period in 2024, reflecting an increase in loss of $2,083,098[225]. - The company incurred net losses of $14,020,050 and $5,705,098 for Q1 2025 and Q1 2024, respectively, with an accumulated deficit of $135,428,605 as of March 31, 2025[241]. Operating Expenses - Total operating expenses were $2,806,705 for the three months ended March 31, 2025, down from $3,764,880 in the same period in 2024, reflecting a reduction of $958,175[225]. - Cost of revenue decreased by $621,239 during the three months ended March 31, 2025, attributed to a decrease of approximately $468,000 in direct labor and job costs and $120,000 in overhead[226]. - Research and development expenses decreased by $581,932 during the three months ended March 31, 2025, mainly due to lower personnel costs from the furlough of employees[227]. - Selling and marketing expenses increased by $197,747 during Q1 2025 compared to Q1 2024, primarily due to a $230,000 increase in professional and consulting expenses[228]. - General and administrative expenses decreased by $573,990 during Q1 2025 compared to Q1 2024, driven by a $512,000 decrease in payroll costs[229]. Cash Flow and Financing Activities - Cash and cash equivalents decreased to $70,937 as of March 31, 2025, down from $209,337 as of December 31, 2024[240]. - Net cash used in operating activities was $1,927,792 for Q1 2025, a decrease from $2,093,442 in Q1 2024[250]. - Net cash provided by financing activities was $2,539,392 for Q1 2025, compared to $176,627 in Q1 2024[253]. Debt and Liabilities - The operating loss for the three months ended March 31, 2025, included $10,398,050 of non-cash interest expense recognized on remeasurement of preferred stock liability[172]. - The company recorded a loss on extinguishment of debt amounting to $(3,386,416) during the three months ended March 31, 2025[225]. - Interest expense decreased significantly by $998,382, from $(1,191,862) in the three months ended March 31, 2024, to $(193,480) in the same period in 2025[225]. - Interest expense decreased by $998,382 during Q1 2025 compared to Q1 2024, primarily due to lower debt balances[230]. Investments and Commitments - The Company has entered into a commitment letter with Trumar Capital LLC to acquire a controlling interest in a defense-tech company and a SaaS startup, with the first stage of investment completed at $1.5 million[186][187]. - The Company entered into a convertible facility with Supply@ME Capital Plc with a capacity of up to $5.15 million, of which $150,000 was funded as of March 31, 2025[189]. - The Company issued a $525,000 face amount secured promissory note to Agile Capital Funding for a capital infusion of $500,000, requiring weekly repayments totaling $756,000[196]. - The Company issued a $227,700 face amount convertible promissory note to 1800 Diagonal Lending LLC for a capital infusion of $188,000, with additional financing of up to $2,275,000 expected[197]. Compliance and Regulatory Issues - As of March 31, 2025, the Company was in default under its lease, resulting in a default judgment against the Company in the amount of $409,278[176]. - The Company received a Notice of Noncompliance from NYSE Regulation for not maintaining stockholders' equity of $2.0 million or more, with a compliance plan due by May 29, 2025[179][180]. - The company anticipates incurring net losses for the foreseeable future and raises substantial doubt about its ability to continue as a going concern[242]. Other Financial Metrics - The company recorded a gain on the sale of intellectual property intangible assets at $8,961,872 during the three months ended March 31, 2025[225]. - The company recorded a gain of $127,300 on the change in fair value of warrant liabilities during Q1 2025, compared to a gain of $3,311 in Q1 2024[232]. - EBITDA excludes certain recurring, non-cash charges, and does not reflect cash requirements for asset replacements or new capital expenditures[267]. - Free cash flow does not account for the impact of equity or debt raises, debt repayments, or dividends paid[267]. Accounting Policies - There have been no significant changes to the company's accounting policies during the three months ended March 31, 2025[266]. - As of March 31, 2025, the company has no off-balance sheet arrangements, obligations, assets, or liabilities[263]. - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities[263]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[270].

Financial Performance - Total revenue for the year ended December 31, 2024, was $152,127, a significant decrease from $2,085,532 in 2023, with net losses of $34,515,754 and $20,710,446 respectively[172] - Revenue for the year ended December 31, 2024, was $152,127, a decrease of $1,933,405 compared to $2,085,532 in 2023[218] - For the year ended December 31, 2024, the company incurred a net loss of $34,515,754, compared to a net loss of $20,710,446 for 2023, resulting in an accumulated deficit of $131,806,605[231] - EBITDA for the year ended December 31, 2024, was $(30,395,495), compared to $(19,457,385) in 2023, representing a decline of $10,938,110[245] - The company anticipates incurring net losses for the foreseeable future and expresses substantial doubt about its ability to continue as a going concern unless it implements its Transformation Plan[232] Operational Changes - The company has not yet achieved commercialization and expects continued losses, relying on capital from investors to support operations[171] - The company is pursuing an acquisition of technology and interests in defense and SaaS companies to expand its business[194] - The company will need to raise additional capital to support its operations, which may result in dilution for existing shareholders[235] Financing Activities - A reverse stock split of 1-for-40 was executed on July 23, 2024, to address stock price deficiencies[177] - The company entered into a Securities Purchase Agreement in April 2024 for $3,000,000, but only $644,936 has been received, leading to a notification of default[179] - During 2024, the company issued 837,116 pre-funded warrants, generating total cash proceeds of $2,139,866[181] - The company entered into a Master Agreement with Liqueous LP for a strategic financing framework, including an immediate capital infusion of $3.0 million and subsequent weekly capital infusions[188] - On January 13, 2025, the company agreed to a Transformation Plan with S.F.E. Equity Investments to finance operations for the next twelve months[191] - A settlement agreement with Liqueous LP was reached on January 14, 2025, involving payments totaling $1,500,000 contingent on the company's performance[192] - Net cash provided by financing activities was $4,677,578 for the year ended December 31, 2024, down from $17,976,360 in 2023[241] Expense Management - Cost of revenue decreased by $3,489,957 to $2,205,476 in 2024, consistent with the decline in revenue[219] - Research and development expenses decreased by $3,640,864 to $1,821,816 in 2024, primarily due to lower personnel costs and reduced spending on the BLTM series[220] - Selling and marketing expenses decreased by $1,071,616 to $468,074 in 2024, attributed to lower personnel costs and a decrease in consulting costs[221] - General and administrative expenses decreased by $2,309,874 to $8,807,651 in 2024, driven by reduced compliance costs and personnel expenses[222] - Interest income decreased by $100,206 to $17,166 in 2024 due to lower cash balances[223] - Interest expense increased by $2,482,361 to $3,346,896 in 2024, primarily due to higher debt balances[224] - The company recorded a loss on extinguishment of debt of $20,504,307 in 2024, related to the issuance of shares to extinguish $5,645,471 of principal and accrued interest[227] Cash Position - As of December 31, 2024, the company had cash and cash equivalents of $209,337, a significant decrease from $2,148,700 as of December 31, 2023[230] - Net cash used in operating activities was $6,616,941 for the year ended December 31, 2024, a decrease from $17,540,163 in 2023, primarily due to reduced operating expenses[239] Accounting and Reporting - Inventory is stated at the lower of average cost and net realizable value, with potential write-downs for excess and obsolescence[259] - Public Warrants and Junior Note Warrants are classified as liabilities at fair value, subject to re-measurement at each reporting period[260] - Equity-Classified Warrants are recorded at fair value as of the issuance date, estimated using the Black-Scholes option-pricing model[261] - Stock-based compensation is recorded based on fair values in accordance with FASB ASC Topic 718, impacting the financial statements[263] - Lease obligations are accounted for under FASB ASC Topic 842, with lease expenses recognized on a straight-line basis over the expected lease term[264] - Deferred income taxes are recognized for differences between financial statement and tax bases, with a full valuation allowance recorded for net deferred tax assets[266] - The company reviews new accounting standards for potential financial impacts on consolidated financial statements[267] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[268] Stock and Market Activity - The company faced delisting from NYSE American in June 2024 but was reinstated on August 2, 2024, after resolving listing deficiencies[189][190] - Total gross margin improved to $(2,053,349) in 2024 from $(3,609,901) in 2023, indicating a positive change of $1,556,552[245] - The change in fair value of warrant liabilities resulted in a gain of $343,391 in 2024, compared to a gain of $1,766,513 in 2023[225]

Core Viewpoint - COEPTIS, Inc. has announced a strategic partnership with NUBURU, Inc. to enhance operational efficiency and revamp business models in the defense-tech and security sectors through advanced technology and AI integration [1][3][4]. Company Overview - COEPTIS, Inc. is a biopharmaceutical and technology company focused on innovative cell therapy platforms for various diseases, aiming to improve patient outcomes through advanced research and development [6][7]. - NUBURU, Inc. specializes in high-power blue laser technology and is executing a comprehensive growth strategy to expand into defense-tech and operational resilience solutions [10]. Partnership Details - The partnership involves COEPTIS' NexGenAI Affiliates Network assisting NUBURU in its Transformation Plan using AI-driven capabilities and robotic process automation [2][5]. - This collaboration is expected to enhance NUBURU's marketing and B2B sales processes, particularly in the defense and security sectors, leveraging its expertise in laser technology [3][4]. Strategic Goals - The integration of NexGen's AI capabilities is aimed at optimizing marketing strategies, enhancing customer engagement, and implementing operational efficiencies for NUBURU [5][6]. - NUBURU's Executive Chairman emphasized that this partnership aligns with their vision of creating synergies across acquisitions and enhancing market presence in high-value sectors [4][10].

Revenue Performance - Total revenue for the three months ended September 30, 2024, was $186,743, compared to $0 for the same period in 2023, with net losses of $4,377,522 and $5,085,301 respectively[150] - For the nine months ended September 30, 2024, total revenue was $142,827, down from $1,710,794 in 2023, with net losses increasing to $22,765,563 from $15,959,530[150] - Nuburu's revenue for the three months ended September 30, 2024, decreased by $186,743 compared to the same period in 2023, primarily due to cost reduction measures including employee furloughs[186] - Revenue decreased by $1,567,967 for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to cost reduction measures including employee furloughs[195] - Revenue for 2024 was $142,827, a decrease of $1,567,967 compared to $1,710,794 in 2023, representing a decline of approximately 91.66%[222] Expenses and Cost Management - Cost of revenue decreased by $755,753 during the same period, attributed to a reduction in direct labor costs of approximately $383,000 and direct job costs and materials of approximately $326,000[187] - Research and development expenses decreased by $1,141,976, mainly due to lower personnel costs of approximately $1,010,000 and reduced spending on the BLTM series[188] - Selling and marketing expenses decreased by $410,182, primarily due to lower personnel costs and consulting expenses[189] - General and administrative expenses decreased by $394,520, driven by reduced compliance costs and personnel costs, partially offset by increased professional service costs[190] - Cost of revenue decreased by $2,862,772 during the nine months ended September 30, 2024, mainly due to a reduction in direct job costs and materials related to decreased production of laser systems[196] - Research and development expenses decreased by $2,643,816 for the nine months ended September 30, 2024, primarily due to lower personnel costs and reduced spending on the BLTM series[197] - Selling and marketing expenses decreased by $680,324 during the nine months ended September 30, 2024, attributed to lower personnel costs and the reversal of stock compensation expenses[198] - General and administrative expenses decreased by $1,468,429 for the nine months ended September 30, 2024, driven by reduced compliance costs and personnel expenses[199] Financial Position and Cash Flow - Cash and cash equivalents decreased to $232,075 as of September 30, 2024, down from $2,148,700 as of December 31, 2023[206] - Net cash used in operating activities was $5,499,839 for the nine months ended September 30, 2024, a decrease from $13,259,181 in the same period in 2023[214] - Net cash provided by financing activities was $3,583,214 for the nine months ended September 30, 2024, compared to $13,148,567 for the same period in 2023[217] - Net cash used in operating activities for the nine months ended September 30, 2024, was $(5,499,839), down from $(13,259,181) in 2023, indicating improved cash flow management[229] - The company reported no off-balance sheet arrangements as of September 30, 2024, indicating a stable financial position[230] Losses and Financial Outlook - The company expects to incur significant expenses and operating losses as it continues research and development and seeks to commercialize its products[151] - The company anticipates continued net losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[207] - Net loss for the nine months ended September 30, 2024, was $22,765,563, compared to a net loss of $15,959,530 for the same period in 2023[207] - Net loss for the three months ended September 30, 2024, was $(4,377,522), compared to $(5,085,301) in 2023, indicating a reduction in losses of approximately 13.91%[228] Capital and Financing Activities - A reverse stock split of 1-for-40 was executed on July 23, 2024, following stockholder approval[155] - The company entered into a Securities Purchase Agreement on April 3, 2024, for $3,000,000 in new shares, but only $644,936 has been advanced[156] - During the three months ended September 30, 2024, the company issued 665,410 pre-funded warrants for total cash proceeds of $600,000[157] - The company has negotiated a Master Agreement with Liqueous LP for a strategic financing framework, including an immediate capital infusion of $3.0 million[162] - The effective interest rate of the August 2024 Convertible Notes was 180.2% as of September 30, 2024[161] Gains and Liabilities - A gain of $369,674 was recorded in the change in fair value of warrant liabilities for the third quarter of 2024, compared to a gain of $167,108 in the same period of 2023[193] - A gain of $141,100 was recorded in the change in fair value of derivative liability, which was not present in the third quarter of 2023[194] - A loss on extinguishment of debt of $1,339,017 was recorded for the three months ended September 30, 2024, related to the issuance of shares to extinguish principal and accrued interest under Senior and Junior Notes[194] Non-GAAP Measures - The company utilizes non-GAAP measures such as EBITDA and Free cash flow to assess operational performance, which may not be comparable to similar measures from other companies[224] - EBITDA for the nine months ended September 30, 2024, was $(19,364,982), compared to $(15,506,324) in the same period of 2023, reflecting a decline of approximately 24.06%[228] - Free cash flow for the nine months ended September 30, 2024, was $(5,499,839), an improvement of $8,902,252 from $(14,402,091) in 2023[229] - Total gross margin for 2024 was $(1,807,805), an improvement of $1,294,805 from $(3,102,610) in 2023[222] Patent and Technology Development - The company has over 220 granted and pending patents globally, focusing on blue laser applications and technologies[146] Accounting and Estimates - The company continues to evaluate its accounting estimates and has not made significant changes during the nine months ended September 30, 2024[233]

Core Insights - Liqueous LP has announced a $65 million financing program for Nuburu Inc., which focuses on high-power industrial blue laser technology, significantly exceeding Nuburu's current market cap of approximately $2.6 million, indicating the company's substantial intrinsic value and transformative potential across multiple industries [1][2][5] Financing Structure - The investment consists of a $15 million direct capital injection and a $50 million equity line of credit (ELOC), aimed at accelerating Nuburu's expansion in sectors such as e-mobility, healthcare, defense, and consumer electronics [2][4] - The financing is structured to minimize dilution through pre-funded warrants executed at market prices, allowing for potential price appreciation and flexibility across each tranche [2][4] Investment Terms - Under the Master Transaction Terms Agreement, Liqueous LP will provide immediate capital, including an initial $3 million investment via pre-funded warrants, followed by weekly capital infusions of $1.25 million until an additional $10 million is invested [3][4] - Nuburu will also have access to a $50 million equity line of credit, providing flexibility for future growth, including a $2.5 million convertible note available for immediate use [3][4] Market Position and Technology - Nuburu has secured contracts with NASA and key clients such as the U.S. Air Force, showcasing its growing market presence in precision and high-speed processing industries like space exploration and aerospace [5][7] - Nuburu's industrial blue lasers are designed to produce higher quality welds and parts at a rate up to eight times faster than traditional methods, emphasizing the company's innovative technology [7]

Core Insights - Liqueous LP has announced a $65 million financing program for Nuburu Inc., which focuses on high-power industrial blue laser technology, significantly exceeding Nuburu's current market cap of approximately $2.6 million, indicating the company's substantial intrinsic value and transformative potential across various industries [1][2]. Financing Structure - The investment consists of a $15 million direct capital injection and a $50 million equity line of credit (ELOC), aimed at accelerating Nuburu's expansion in sectors such as e-mobility, healthcare, defense, and consumer electronics [2]. - The financing is structured to minimize dilution through pre-funded warrants executed at market prices, allowing for potential price appreciation and flexibility across each tranche [2][3]. - Liqueous LP's investment aligns with market value, ensuring the PIPE is funded at market price without discounts or toxic dilutive features [2]. Strategic Partnership - Jacob M. Fernane, Managing Partner at Liqueous LP, emphasized that the financing solution provides predictable capital while minimizing market disruption, reflecting confidence in Nuburu's technology and its potential to revolutionize high-growth industries [2]. - Nuburu's CEO, Brian Knaley, highlighted that this financing strengthens the company's financial position and underscores the confidence Liqueous has in Nuburu's groundbreaking technology [4]. Market Presence - Nuburu has secured contracts with NASA and has key clients including the U.S. Navy and GE Additive, showcasing its growing market presence in precision and high-speed processing industries such as space exploration and aerospace [4].

Financial Performance - Total revenue for the three months ended June 30, 2024, was $49,278, a decrease of 95.3% compared to $1,054,062 for the same period in 2023[117] - Net losses for the three months ended June 30, 2024, were $12,687,388, compared to $6,106,712 for the same period in 2023, reflecting a 107.5% increase in losses[117] - The company generated total revenue of $142,827 for the six months ended June 30, 2024, down 90.6% from $1,524,051 for the same period in 2023[117] - Revenue decreased by $1,004,784 to $49,278 for the three months ended June 30, 2024, compared to $1,054,062 in the same period in 2023[145] - Revenue decreased by $1,381,224 to $142,827 for the six months ended June 30, 2024, compared to $1,524,051 in the same period in 2023[151] - The company recorded a net loss of $18,388,041 for the six months ended June 30, 2024, compared to a net loss of $10,874,229 for the same period in 2023, indicating a significant increase in losses[160] - The company anticipates continued net losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[160] Cost Management - The company initiated operational efficiency and cost reduction measures, including temporary employee furloughs, to align costs with anticipated near-term revenue[122] - Cost of revenue decreased by $1,751,538 to $733,726 for the three months ended June 30, 2024, compared to $2,485,264 in the same period in 2023[146] - Research and development expenses decreased by $936,030 to $683,381 for the three months ended June 30, 2024, compared to $1,619,411 in the same period in 2023[146] - Selling and marketing expenses decreased by $439,476 to $73,070 for the three months ended June 30, 2024, compared to $366,406 in the same period in 2023[147] - General and administrative expenses decreased by $912,995 to $2,111,018 for the three months ended June 30, 2024, compared to $3,024,013 in the same period in 2023[147] - Total operating expenses decreased by $2,845,891 to $6,722,759 for the six months ended June 30, 2024, compared to $9,568,650 in the same period in 2023[151] Cash Flow and Liquidity - Cash and cash equivalents decreased to $117,188 as of June 30, 2024, down from $2,148,700 as of December 31, 2023, highlighting liquidity challenges[159] - Net cash used in operating activities was $4,322,227 for the six months ended June 30, 2024, a decrease from $8,699,808 in the same period of 2023, primarily due to reduced operating expenses[167] - Net cash provided by financing activities was $2,290,715 for the six months ended June 30, 2024, a decrease from $13,270,162 in the same period of 2023[169] Debt and Financing - A loss on extinguishment of debt of $10,346,108 was recorded for the three months ended June 30, 2024[150] - The company incurred a loss on debt extinguishment of $10,346,108 in the first half of 2024 after issuing 2,248,312 shares to noteholders to extinguish $4.0 million of principal[158] - The company entered into a Securities Purchase Agreement on April 3, 2024, for $3,000,000 of newly issued shares, with only $644,936 advanced due to regulatory compliance delays[124] - The company plans to rely on private and public capital raising efforts to fund operations, with no assurance of successful implementation[161] Research and Development - The company has over 220 granted and pending patents globally, focusing on blue laser applications and technologies[116] - The company plans to continue investing in research and development to enhance its position in the blue laser industry and develop new products[135] - The company launched the BL-300 laser in early Q2 2024, expanding its BL product line[129] Stock and Market Information - A reverse stock split of 1-for-40 was executed on July 23, 2024, to address stock price deficiencies[123] - As of June 30, 2024, the company has no off-balance sheet arrangements, obligations, assets, or liabilities[180] - There have been no significant changes to critical accounting estimates during the six months ended June 30, 2024, compared to previous estimates[181] - The company is a smaller reporting company and is not required to provide additional market risk disclosures[183] Operational Performance - Loss from operations improved by $3,035,255 to $(3,405,777) for the three months ended June 30, 2024, compared to $(6,441,032) in the same period in 2023[145] - Interest expense increased by $929,230 to $(941,614) for the three months ended June 30, 2024, compared to $(12,384) in the same period in 2023[148] - Total gross margin for the six months ended June 30, 2024, was $(1,447,855), an improvement of $725,795 compared to $(2,173,650) in 2023[172] - The company has an accumulated deficit of $100,286,733 as of June 30, 2024, indicating significant historical losses[160]

Core Points - Nuburu (NYSEMKT:BURU) stock is experiencing a significant rise, with a trading volume of approximately 35 million shares, surpassing the company's daily average [1] - The increase in stock price may be linked to a recent announcement regarding the company securing $500,000 in funding through an unsecured, subordinated convertible note [2] - The details of the convertible note include a 5% OID, 15% interest, and a six-month maturity, with a face amount of $525,000 [3] - The note is convertible to BURU stock at a 25% discount to a 10% premium on the share price at execution or the lowest daily VWAP during the 10 days prior to conversion [3] - Esousa, which holds a 9.9% stake in BURU with 729,299 shares, is behind the latest convertible note and has agreed to extinguish $500,000 of senior convertible notes in exchange for the new note [3][4] - As of Wednesday morning, BURU stock has increased by 47% [4]

Core Insights - Nuburu (NYSEMKT:BURU) stock is experiencing significant trading activity, with over 132 million shares traded, a stark contrast to its average daily volume of approximately 1.4 million shares [1] - The company has a low float of about 12.67 million shares, indicating potential for stock price manipulation as investors may be trying to capitalize on this low availability [2] - BURU stock has surged by 99.9% as of Friday morning and has increased by 70.6% since the beginning of the year [3] Company Developments - Nuburu plans to conduct a public offering of 16,710,785 shares of its common stock, along with warrants for an additional 16,710,785 shares, although the pricing for this offering has not yet been determined [3]

Revenue and Financial Performance - Total revenue for the three months ended March 31, 2024, was $93,549, compared to $469,989 for the same period in 2023, indicating a significant decline in revenue [229]. - Net losses for the three months ended March 31, 2024, were $5,700,653, compared to $4,767,517 for the same period in 2023, reflecting an increase in losses [229]. - Revenue decreased by $376,440 during the three months ended March 31, 2024, compared to the same period in 2023, primarily due to a decrease in laser system sales [307]. - Selling and marketing expenses increased by $169,334 during the three months ended March 31, 2024, compared to the same period in 2023, attributed to the hiring of new personnel [308]. - Cost of revenue decreased by $355,481 during the three months ended March 31, 2024, compared to the same period in 2023, mainly due to reduced production of laser systems [291]. Liquidity and Capital Resources - As of March 31, 2024, cash and cash equivalents were $231,885, down from $2,148,700 as of December 31, 2023, highlighting liquidity challenges [270]. - The company has funded capital expenditures and working capital requirements through debt and equity financing, as it has yet to generate meaningful revenue from operations [269]. - The company received net proceeds of $3,243,079 from the Business Combination, prior to transaction and issuance costs [277]. - The company plans to issue up to $50 million of securities in non-public offerings, with a maximum discount of up to 30% below the market price of its Common Stock [296]. Research and Development - The company anticipates significant increases in research and development expenses as it expands its product portfolio [287]. - The company is focusing on optimizing the BL-250 and BL-300 laser systems, which may impact production levels [291]. - The company expects to require additional engineers and production personnel as it ramps up manufacturing capabilities [284]. Operational Challenges and Strategies - The company expects to incur significant expenses and operating losses for the foreseeable future as it devotes substantial resources to commercializing new products [220]. - The company is implementing measures to improve operational efficiency and reduce costs, including temporary employee furloughs [295]. - The company must redeem the maximum portion of the Preferred Stock in cash at an amount equal to the Original Issuance Price under certain circumstances on the second anniversary of the Closing Date [270]. Customer Adoption and Market Dynamics - The company anticipates that the adoption timeline for customers from first contact to first purchase order may range up to 22-24 months [228]. - The company’s financial results will depend on customer recognition of the benefits of its blue laser technology, which has a lengthy selection process of up to 24 months [280]. - The company has over 220 granted and pending patents and patent applications globally, focusing on blue laser applications and technologies [218].