Financial Performance - USBC reported a net loss of $22,123,000 for the year ended September 30, 2025, compared to a net loss of $16,582,000 for the previous year, reflecting an increase in operating expenses [206]. - Total operating expenses increased to $18,047,000 in 2025 from $15,223,000 in 2024, driven by a rise in selling, general, and administrative expenses [201]. - The adjusted EBITDA for the year ended September 30, 2025, was reported at $(8,923,000), an improvement from $(11,750,000) in 2024 [212]. - Net cash used in operating activities for fiscal year 2025 was $7,596,000, a decrease from $12,829,000 in 2024 [215]. - The net loss for fiscal year 2025 was $22,123,000, compared to a net loss of $16,582,000 in 2024 [216][217]. - Net cash provided by financing activities for fiscal year 2025 was $13,307,000, an increase from $7,983,000 in 2024 [220]. - The company expects to continue incurring operating losses while developing its tokenized deposit program, relying on additional capital to sustain operations [223]. Liquidity and Capital Resources - USBC's liquidity as of September 30, 2025, included cash and cash equivalents of $8,822,000 and working capital of $6,018,000, with an accumulated deficit of $163,090,000 [207]. - The company anticipates requiring additional equity or debt financing in the near term to support the development of the tokenized deposit program [210]. - Future capital needs will depend on various factors, including regulatory costs and potential acquisitions [232]. - The company has no substantial doubt about its ability to continue as a going concern for at least one year, based on current cash and expected cash flows [241]. - The total contractual cash obligations as of September 30, 2025, include $282,501 for operating leases [227]. - The company issued 3.9 million shares of common stock in connection with a private placement, indicating ongoing capital raising efforts [219]. Strategic Initiatives - A strategic partnership was announced with Uphold and Vast Bank to launch the USBC tokenized deposit program, aiming to provide global access to U.S. dollar-denominated tokenized deposits [198]. - The company is evaluating a potential divestiture of its legacy non-invasive sensor business to enhance strategic focus and shareholder value [225]. Digital Assets - The company held approximately 1,003 Bitcoin valued at approximately $115.0 million as of September 30, 2025, with a strategy to utilize Bitcoin as a primary treasury reserve asset [195]. - As of September 30, 2025, digital assets totaling approximately $34.5 million were pledged as collateral under certain agreements [228]. Research and Development - Research and development expenses decreased significantly by $4,361,000 to $1,753,000 in 2025, primarily due to reduced personnel and lower expenditures [203]. Compensation and Stock Options - The board approved the repricing of stock options, lowering the exercise price from $2.45 to $1.10 per share, reflecting adjustments to compensation strategies [197].

Group 1: Company Transactions - CureVac N.V. is proposed to be sold to BioNTech SE, with each CureVac share exchanged for approximately $5.46 in BioNTech ADSs, resulting in CureVac shareholders owning between 4% and 6% of BioNTech post-transaction [1] - Know Labs, Inc. is set to be sold to Goldeneye 1995 LLC, with details on shareholder rights available [2] - Volato Group, Inc. will merge with M2i Global, Inc., with current Volato shareholders expected to own approximately 10% of the combined entity after the merger [2] - Heliogen, Inc. is proposed to be sold to Zeo Energy Corp., with Heliogen's securityholders receiving shares valued at approximately $10 million based on a price of $1.5859 per share, subject to adjustments [3] Group 2: Legal Rights and Options - Halper Sadeh LLC is investigating potential violations of federal securities laws and breaches of fiduciary duties related to the aforementioned transactions, and may seek increased consideration for shareholders [4] - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options at no charge [5]

Group 1: CureVac N.V. Acquisition - CureVac will be acquired by BioNTech SE, with each CureVac share exchanged for approximately $5.46 in BioNTech ADSs, leading to an implied aggregate equity value of about $1.25 billion [2] - Upon completion of the transaction, CureVac shareholders are expected to own between 4% and 6% of BioNTech [2] - The investigation focuses on whether the CureVac Board breached its fiduciary duties by failing to conduct a fair process and whether the consideration provides fair value to shareholders [2] Group 2: Know Labs, Inc. Acquisition - Know Labs will be acquired by Goldeneye 1995 LLC, with the purchase price determined by dividing the sum of 1,000 Bitcoin and a cash amount for debt retirement and working capital by the per share price of $0.335 [4] - The investigation examines whether the Know Labs Board breached its fiduciary duties by not conducting a fair process and whether the deal offers fair value to shareholders [4] Group 3: Volato Group, Inc. Merger - Volato Group will merge with M2i Global, with M2i Global expected to own approximately 90% of the total shares of Volato post-merger [6] - The investigation is centered on whether the Volato Group Board breached its fiduciary duties by failing to conduct a fair process and the potential dilution of shareholders in the combined company [6] Group 4: Heliogen, Inc. Acquisition - Heliogen will be acquired by Zeo Energy Corp, with securityholders receiving shares valued at approximately $10 million based on a price of $1.5859 per share, subject to adjustments based on net cash at closing [8] - The investigation looks into whether the Heliogen Board breached its fiduciary duties by not conducting a fair process and whether the consideration provides fair value to shareholders [8]

Group 1 - Halper Sadeh LLC is investigating potential violations of federal securities laws and breaches of fiduciary duties related to the sale of Know Labs, Inc. to Goldeneye 1995 LLC [1] - Elevation Oncology, Inc. is set to be sold to Concentra Biosciences, LLC, with shareholders receiving $0.36 in cash per share and contingent value rights based on future net cash and proceeds from EO-1022 [1] - Crown Electrokinetics Corp. is being sold to Crown EK Acquisition LLC for $3.15 per share [2] Group 2 - Halper Sadeh LLC may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions [3] - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options at no charge [4] - The firm represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [4]

Core Viewpoint - Halper Sadeh LLC is investigating several companies for potential violations of federal securities laws and breaches of fiduciary duties to shareholders related to their proposed sales [1][2][3] Group 1: Provident Bancorp, Inc. - Provident Bancorp, Inc. is set to be sold to NB Bancorp, Inc., with shareholders receiving either 0.691 shares of NB Bancorp common stock or $13.00 in cash for each share of Provident common stock [1] Group 2: Know Labs, Inc. - Know Labs, Inc. is in the process of being sold to Goldeneye 1995 LLC, and shareholders are encouraged to explore their legal rights and options [2] Group 3: Heliogen, Inc. - Heliogen, Inc. is proposed to be sold to Zeo Energy Corp., with securityholders expected to receive shares of Zeo's Class A common stock valued at approximately $10 million, based on a price of $1.5859 per share [3] Group 4: Legal Representation - Halper Sadeh LLC may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions, operating on a contingent fee basis [4]

Group 1 - Halper Sadeh LLC is investigating Know Labs, Inc. for potential violations of federal securities laws related to its sale to Goldeneye 1995 LLC [1] - Heliogen, Inc. is set to be sold to Zeo Energy Corp, with securityholders expected to receive shares valued at approximately $10 million based on a share price of $1.5859 [2] - The firm may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options at no charge [4] - Halper Sadeh LLC represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [4]

Financial Performance - Net loss attributable to common shareholders for the three months ended March 31, 2025, was $3,602,698, compared to a net loss of $5,496,273 for the same period in 2024, reflecting a reduction of approximately 34.4%[12] - The company reported a net loss of $3.446 billion for the quarter[16] - The net loss for the six months ended March 31, 2025, was $8,244,544, compared to a net loss of $8,844,288 for the same period in 2024, indicating a decrease in losses by approximately 6.8%[20] - The net loss for the three months ended March 31, 2025, was $3,579,000, a 33.7% improvement compared to a net loss of $5,398,000 for the same period in 2024[198] - The net loss for the six months ended March 31, 2025, was $8,245,000, a 6.8% improvement compared to a net loss of $8,844,000 for the same period in 2024[206] Assets and Liabilities - Total current assets decreased to $443,913 in 2025 from $3,110,755 in 2024, representing a decline of approximately 86.7%[9] - Total liabilities increased to $6,807,734 in 2025 from $5,820,629 in 2024, marking an increase of about 17%[9] - Total stockholders' deficit increased to $(5,883,549) in 2025 from $(2,156,201) in 2024, representing a decline of approximately 172.5%[9] - As of December 31, the balance sheet showed total assets of $17.858 billion, with liabilities of $16.161 billion[16] - The balance as of March 31 shows a total of $17.858 billion in assets, indicating stability in financial position[16] Expenses - Research and development expenses for the six months ended March 31, 2025, were $1,220,309, down from $3,661,633 in 2024, indicating a decrease of about 66.7%[12] - Selling, general and administrative expenses for the three months ended March 31, 2025, were $1,789,315, compared to $2,550,848 in 2024, a decrease of approximately 29.9%[12] - Interest expense for the six months ended March 31, 2025, was $2,557,844, compared to $740,251 in 2024, an increase of approximately 245.5%[12] - The company incurred advertising and marketing costs of $10,000 for the three months ended March 31, 2025, compared to $58,866 in the same period of the previous year[42] - The total depreciation expense for the three months ended March 31, 2025, was $7,162, compared to $19,643 for the same period in 2024[59] Stock and Equity - The basic and diluted loss per share for the three months ended March 31, 2025, was $(1.24), compared to $(2.69) for the same period in 2024, showing an improvement of about 54.9%[12] - The weighted average shares of common stock outstanding for the three months ended March 31, 2025, were 2,909,985, compared to 2,044,153 in 2024, an increase of approximately 42.3%[12] - The company issued options totaling 6.616 million shares, indicating ongoing employee incentives[16] - The total stock expenses were reported at $9.860 million, highlighting the company's commitment to shareholder value[16] - The company has a total of 5.594 million warrants outstanding, which could impact future equity dilution[16] Strategic Initiatives - The company is focusing on market expansion and new product development to drive future growth[16] - The company is exploring strategic acquisitions to enhance its market position and product offerings[16] - Know Labs announced the development of the KnowU™ non-invasive wearable continuous glucose monitor prototype, which is currently undergoing internal clinical testing[128] - The company is in discussions with potential biopharma, medical device, and consumer electronics partners regarding joint development agreements to accelerate development and commercial launch[159] - The KTL initiative aims to license Know Labs' intellectual property to corporate partners and academic institutions, fostering innovation across various industries[157] Compliance and Future Outlook - Future guidance suggests a cautious outlook due to current market conditions and competitive pressures[16] - The company has substantial doubt about its ability to continue as a going concern, as it may require additional financing to support its operations[34] - The NYSE American lifted the trading suspension of the company's common stock on March 5, 2025, after the stock traded above the low selling price threshold[189] - The company has a target completion date of March 27, 2026, to regain compliance with the NYSE American's continued listing standards[190] - Know Labs received notification from the NYSE American regarding non-compliance with minimum stockholders' equity requirements, and submitted a plan to regain compliance by March 27, 2026[186] Research and Development - The Company is focused on the development of a non-invasive blood glucose monitoring device, with a working prototype launched in the previous fiscal year[28] - The internal clinical research study showed a Mean Absolute Relative Difference (MARD) of 11.1% in measuring blood glucose levels using the proprietary RF dielectric sensor[139] - The sensor technology has demonstrated a high degree of correlation with leading continuous glucose monitors, providing a non-invasive alternative[138] - A study indicated that the technology achieved 93.37% accuracy in classifying glycemic status compared to venous blood glucose values[145] - The company is focused on refining its algorithms and expanding testing to ensure accurate glucose value estimation across diverse populations[147]

Clinical Technology Development - The company announced the interim results of a clinical study showing a Mean Absolute Relative Difference (MARD) of 11.1% in non-invasive blood glucose measurement using its proprietary RF sensor technology [143]. - The KnowU™ non-invasive wearable continuous glucose monitor prototype device has been developed and is undergoing internal clinical testing [133]. - The latest iteration of the KnowU® device is significantly smaller and aims to enable continuous data collection for improved accuracy in glucose monitoring [156]. - A proof-of-principle study demonstrated 100% accuracy in quantifying three different analytes in vitro using the company's sensor technology [145]. - The sensor technology has been validated against leading continuous glucose monitors, showing a high degree of correlation [143]. - The company is focused on refining its algorithms to improve accuracy and is building a team for commercialization efforts [153]. - The company is focused on developing sensor solutions that can be integrated across multiple applications and industries, with a particular emphasis on healthcare [170]. Intellectual Property and Licensing - The company has over 300 active patent assets and launched the Know Labs Technology Licensing (KTL) initiative to generate revenue through patent licensing [135]. - The company aims to expand its technology applications beyond medical diagnostics, leveraging its intellectual property for various industries [139]. - The KTL initiative is expected to attract licensing partners across diverse fields, enhancing the company's revenue potential [154]. - The company has over 330 patents globally, positioning it as a leader in RF spectroscopy and related innovations [164]. - The company aims to expand its patent portfolio and has retained organizations to perform patent-related work, reflecting a commitment to innovation and competitive advantage [165]. Financial Performance - Research and development expenses for the three months ended December 31, 2024, were $802,000, a decrease of 46.1% from $1,487,000 in 2023 [189]. - Total operating expenses for the same period were $2,767,000, down 20.9% from $3,498,000 in 2023 [189]. - The company incurred a total other expense of $1,899,000 for the three months ended December 31, 2024, compared to an income of $51,000 in 2023, reflecting a variance of -3823.5% [189]. - Net loss for the three months ended December 31, 2024 was $4,666,000, compared to a net loss of $3,447,000 for the same period in 2023, representing an increase of 35.4% [195]. - Selling, general and administrative expenses decreased by $46,000 to $1,965,000 for the three months ended December 31, 2024, compared to $2,011,000 for the same period in 2023 [192]. - Other expense, net for the three months ended December 31, 2024 was $1,899,000, a significant increase from other income of $51,000 in the same period of 2023 [193]. - As of December 31, 2024, the company had cash and cash equivalents of $1,032,000 and a net working capital deficit of approximately $4,167,000 [198]. - The accumulated deficit as of December 31, 2024 was $143,434,000, with net losses of $4,666,000, $16,582,000, and $15,289,000 for the three months ended December 31, 2024 and the years ended September 30, 2024 and 2023, respectively [198]. - Net cash used in operating activities for the three months ended December 31, 2024 was $1,898,000, down from $3,393,000 in the same period of 2023 [203]. - The company intends to seek additional cash via equity and debt offerings due to substantial doubt about its ability to continue as a going concern [199]. - On December 12, 2024, the company entered into subscription agreements for a registered direct offering of 1,250,000 units, generating approximately $300,000 in gross proceeds [201]. - Contractual cash obligations as of December 31, 2024 totaled $5,735,590, with $5,263,895 due within one year [208]. Internal Controls and Compliance - As of December 31, 2024, the company's disclosure controls and procedures are effective at the reasonable assurance level [221]. - There were no changes in internal controls over financial reporting during the three months ended December 31, 2024, that materially affected the internal control over financial reporting [223]. - Internal control over financial reporting may not prevent or detect misstatements due to inherent limitations [222]. Market Opportunity - The global population suffering from diabetes is estimated at 579 million, expected to reach 643 million by 2030 and 784 million by 2040, with current CGM providers holding 100% market share but penetrating less than 1% of the global addressable market [168]. - The company showcased its Generation 1 prototype and received strong interest in its non-invasive continuous glucose monitor, particularly in high diabetes incidence populations [157].

Financial Performance - The company reported a net loss of $16,582,000 for the year ended September 30, 2024, compared to a net loss of $15,289,000 for the year ended September 30, 2023, reflecting an 8.5% increase in losses[300]. - The accumulated deficit as of September 30, 2024, was $138,736,000, with net losses of $16,582,000 and $15,289,000 for the years ended September 30, 2024, and 2023, respectively[303]. - Net cash used in operating activities for the year ended September 30, 2024, was $12,829,000, compared to $10,354,000 for 2023, reflecting a net loss of $16,582,000[312]. Expenses - Research and development expenses decreased by $1,613,000 to $6,114,000 for the year ended September 30, 2024, a reduction of 20.9% compared to $7,727,000 in 2023[296]. - Selling, general and administrative expenses increased by $2,538,000 to $9,109,000 for the year ended September 30, 2024, representing a 38.6% increase from $6,571,000 in 2023[297]. - Non-cash expenses for the year ended September 30, 2024, included stock-based compensation of $2,958,000 and depreciation and amortization of $81,000[312]. Cash Flow and Financing - The company completed a registered securities offering on August 9, 2024, raising net proceeds of approximately $3.468 million[291]. - A second registered securities offering on August 16, 2024, generated net proceeds of approximately $1.515 million[292]. - Net cash provided by financing activities for the year ended September 30, 2024, was $7,983,000, an increase from $5,865,000 in 2023, driven by proceeds from debt and common stock offerings[315]. - The company raised $5,473,000 from a common stock offering on September 29, 2023, selling 28,000,000 shares at $0.25 per share[316]. Cash Position - As of September 30, 2024, the company had cash and cash equivalents of $3,111,000 and a net working capital deficit of approximately $2,053,000[303]. - The balance of the money market account as of September 30, 2024, was $2,942,000, down from $7,836,000 in 2023[324]. - As of September 30, 2024, the company had contractual cash obligations totaling $6,490,067, including convertible notes payable of $6,095,066[317]. Operational Changes - The company launched the Generation 2 working prototype device during the year ended September 30, 2024, as part of its technology development efforts[296]. - The company reduced its headcount by nine during the year ended September 30, 2024, to manage operating expenses more effectively[296]. Internal Controls - Management concluded that internal controls over financial reporting were effective as of September 30, 2024[331]. - Management assessed the effectiveness of internal control over financial reporting as of September 30, 2024, concluding it was effective[331]. - No changes in internal controls over financial reporting were identified during the year ended September 30, 2024, that materially affected the internal control[334]. - Internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and compliance with GAAP[330]. - The internal control system is subject to inherent limitations and may not prevent or detect all misstatements[333]. - The design of the control system must consider resource constraints and the cost-benefit relationship of controls[333]. - Management's evaluation used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission[331]. - Internal controls include policies and procedures for maintaining accurate records of transactions and asset disposition[330]. - The company does not include an attestation report from its registered public accounting firm regarding internal control over financial reporting[332]. - Reasonable assurance is provided that transactions are recorded to permit the preparation of financial statements in accordance with GAAP[330]. - There were no material changes in internal controls that could affect financial reporting during the evaluation period[334].

Financial Data and Key Metrics Changes - For Q3 fiscal 2024, Know Labs reported a net loss of $4.1 million, an increase of 13.9% compared to a net loss of $3.6 million in Q3 fiscal 2023, translating to an earnings per share loss of $0.05, an improvement of 29% from the prior year [21] - Research and development expenses decreased by 28.2% year-over-year to $1.35 million from $1.88 million in Q3 fiscal 2023, primarily due to the completion of hardware and software product development milestones [21] - Selling, general and administrative expenses increased by $1.1 million to $2.49 million compared to $1.36 million for the year-ago quarter, driven by key hires and increased legal expenses [22] Business Line Data and Key Metrics Changes - The company achieved significant milestones in hardware development, including the completion of the KnowU, a wearable non-invasive continuous glucose monitoring device, which is 85% smaller than the previous prototype [7][8] - Clinical testing has progressed, with a mean absolute relative difference (MARD) of 11.8% achieved in trials, indicating the effectiveness of the device in real-world settings [9][10] Market Data and Key Metrics Changes - The company is focusing on expanding its market reach by enrolling a more diversified population in clinical trials, including individuals with Type 1 diabetes, to enhance data collection and algorithm accuracy [13] Company Strategy and Development Direction - Know Labs aims to maximize shareholder value through strategic collaborations and monetization of its intellectual property assets, while continuing to develop the KnowU for FDA approval [19][20] - The company is actively expanding its intellectual property portfolio, with over 330 patents issued, pending, and in process, reflecting a high rate of innovation [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to operate until at least December 31, 2024, following a recent capital raise of $3.445 million [23][24] - The focus remains on successful development and commercialization of the KnowU device, with an emphasis on addressing the needs of underserved populations [19][20] Other Important Information - The company has launched initiatives to reduce fixed expenses and monthly burn rate, and is exploring additional funding options to ensure operational continuity [24] - Know Labs has expanded its advisory board and joined industry advisory boards to enhance its exposure and leverage expertise in product development [18] Summary of Q&A Session Questions and Answers - There was no Q&A session during this call due to the quiet period imposed by SEC regulations following the recent capital raise [5][25]