Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Mobile-Network Solutions (MNDR) is up 42% at $2.71 [3] - Antelope Enterprise Holdings Limited (AEHL) is up 17% at $3.77 [3] - Urban Outfitters, Inc. (URBN) is up 15% at $78.95 [3] - DDC Enterprise Limited (DDC) is up 15% at $3.46 [3] - Petco Health and Wellness Company, Inc. (WOOF) is up 14% at $3.40 [3] - Verrica Pharmaceuticals Inc. (VRCA) is up 11% at $5.70 [3] - Autodesk, Inc. (ADSK) is up 7% at $317.85 [3] - Webull Corporation (BULL) is up 7% at $9.37 [3] - A Paradise Acquisition Corp. (APAD) is up 6% at $10.67 [3] - ENDRA Life Sciences Inc. (NDRA) is up 5% at $5.74 [3] Premarket Losers - Nutanix, Inc. (NTNX) is down 11% at $51.84 [4] - Deswell Industries, Inc. (DSWL) is down 11% at $3.28 [4] - Workday, Inc. (WDAY) is down 6% at $219.10 [4] - Ambarella, Inc. (AMBA) is down 6% at $84.99 [4] - TriplePoint Venture Growth BDC Corp. (TPVG) is down 6% at $5.96 [4] - Zscaler, Inc. (ZS) is down 5% at $273.50 [4] - Neuphoria Therapeutics Inc. (NEUP) is down 5% at $4.31 [4] - Senstar Technologies Corporation (SNT) is down 5% at $4.14 [4] - iOThree Limited (IOTR) is down 4% at $3.23 [4] - Clean Energy Technologies, Inc. (CETY) is down 4% at $2.22 [4]

Revenue and Financial Performance - No revenue was generated from the TAEUS technology during the three months ended September 30, 2025, and 2024[110]. - The net loss for the three months ended September 30, 2025, was $1,595,959, an improvement from a net loss of $2,354,090 for the same period in 2024[130]. - Net loss narrowed to $3,858,201 for the nine months ended September 30, 2025, compared to a net loss of $7,358,943 for the same period in 2024[136]. - As of September 30, 2025, the company had an accumulated deficit of $107,296,300 and cash of $794,036[137]. - The company used $3,570,847 of cash in operating activities during the nine months ended September 30, 2025, primarily due to the net loss[140]. Expenses - Research and development expenses decreased by 46% to $432,113 for the three months ended September 30, 2025, compared to $794,444 for the same period in 2024[126]. - Sales and marketing expenses also decreased by 46% to $45,285 for the three months ended September 30, 2025, down from $83,157 in the prior year[127]. - General and administrative expenses increased by 41% to $893,305 for the three months ended September 30, 2025, compared to $631,413 for the same period in 2024[128]. - Research and development expenses decreased by 47% to $1,341,859 for the nine months ended September 30, 2025, compared to $2,552,336 for the same period in 2024[132]. - Sales and marketing expenses decreased by 62% to $183,110 for the nine months ended September 30, 2025, compared to $484,769 for the same period in 2024[133]. - General and administrative expenses decreased by 25% to $2,616,106 for the nine months ended September 30, 2025, compared to $3,483,303 for the same period in 2024[134]. - Other income increased by 134% to $282,874 for the nine months ended September 30, 2025, compared to an expense of $838,535 for the same period in 2024[135]. Financing and Capital Activities - The company closed a private placement on October 15, 2025, raising approximately $4.9 million, primarily to establish its Digital Asset Treasury strategy[109]. - Financing activities provided $1,152,684 in proceeds from issuances of common stock for the nine months ended September 30, 2025[143]. - The company is considering potential financing options, including sales of common stock, to support its commercialization plans and DAT strategy[138]. Future Plans and Strategies - Research and development expenses are expected to continue as the company pursues FDA approval for the NAFLD TAEUS system[113]. - The company plans to incur up to $750,000 of offering proceeds on a pilot validation study for the TAEUS liver device[109]. - The company anticipates continued costs associated with being a public company, including compliance with Nasdaq and SEC requirements[115]. - The company plans to advance the engineering design and development of its TAEUS technology and complete regulatory filings for marketing approval of its NAFLD TAEUS application[146]. - The company purchased 78,863.1 HYPE tokens valued at approximately $3,000,000 as part of its DAT strategy[109].

Group 1 - ENDRA Life Sciences has initiated staking of its holdings in HYPE, the native token of the Hyperliquid ecosystem, to enhance the utility and returns of its HYPE treasury [1] - The staking initiative is guided by ARCA Investment Management and secured by Anchorage Digital, indicating a strategic partnership with industry leaders [1] - CEO Alexander Tokman emphasized that the HYPE staking program represents a significant evolution in the company's digital asset strategy, focusing on productive capital deployment within a compliant framework [1]

Group 1 - U.S. stock futures are lower, with Dow futures falling more than 350 points [1] - Orion SA expects third-quarter adjusted EBITDA to be around $55 million and full-year adjusted EBITDA in the range of $220-$235 million, leading to an 18.6% drop in shares to $5.56 in pre-market trading [1] Group 2 - ENDRA Life Sciences Inc shares fell 19.4% to $6.54 after a previous 25% increase due to $4.9 million in funding commitments [4] - Canaan Inc shares tumbled 11.8% to $1.34 after a 39% jump, despite a maintained Buy rating and $4 price target from Rosenblatt analyst [4] - DBV Technologies SA shares fell 11.8% to $14.48 after gaining around 10% previously [4] - Nanobiotix SA shares tumbled 10.2% to $27.23 after a previous increase of over 28% [4] - Draganfly Inc shares dipped 9.4% to $12.47 after filing for a mixed shelf of up to $200 million [4] - Bitdeer Technologies Group shares fell 9% to $18.61 after a 15% gain [4] - Diginex Ltd shares fell 9% to $23.40 [4] - HIVE Digital Technologies shares dipped 8.1% to $6.21, despite a maintained Buy rating and $10 price target [4] - Oatly Group AB shares fell 7.8% to $13.29 after a 5% gain [4] - Bit Digital Inc shares declined 7.7% to $3.69 after a previous gain of over 6% [4] - Upexi Inc shares fell 7.7% to $5.98 [4] - Sharplink Gaming Inc shares declined 7.1% to $14.98 after adding 5% previously [4] - Nio Inc shares fell 5% to $6.82, influenced by new port fees affecting US-listed Chinese stocks [4] - Alibaba Group Holding Ltd shares declined 4% to $160.20, also impacted by new port fees [4]

Group 1 - ENDRA Life Sciences Inc. announced an aggregate of $4.9 million in commitments for a private placement led by institutional and cryptocurrency investors [1] - The proceeds from the offering will be utilized to launch a diagnostic tool for monitoring metabolic dysfunction associated liver disease (MASLD) and metabolic dysfunction associated steatohepatitis (MASH) [1]

Financial Performance - The net loss for the three months ended June 30, 2025, was $1,225,912, an improvement from a net loss of $2,229,153 for the same period in 2024[120]. - The net loss for the six months ended June 30, 2025, was $2,262,242, an improvement from a net loss of $5,004,853 for the same period in 2024[128]. - As of June 30, 2025, the company had an accumulated deficit of $105,700,341 and cash of $1,808,574, indicating a need for additional funding to continue operations[129]. - The company used $2,406,844 in cash for operating activities during the six months ended June 30, 2025, primarily due to the net loss[132]. Expenses - Research and development expenses decreased by 47% to $381,061 for the three months ended June 30, 2025, compared to $716,366 for the same period in 2024[116]. - Sales and marketing expenses decreased by 58% to $68,834 for the three months ended June 30, 2025, compared to $162,952 for the same period in 2024[117]. - General and administrative expenses decreased by 37% to $851,195 for the three months ended June 30, 2025, compared to $1,351,535 for the same period in 2024[118]. - Research and development expenses for the six months ended June 30, 2025, were $909,746, a decrease of 48% from $1,757,892 for the same period in 2024[124]. - Sales and marketing expenses decreased by $263,787, or 66%, to $137,825 for the six months ended June 30, 2025, compared to $401,612 for the same period in 2024[125]. - General and administrative expenses decreased by $1,129,089, or 40%, to $1,722,801 for the six months ended June 30, 2025, compared to $2,851,890 for the same period in 2024[126]. Other Income and Financing - Other income increased by $30,915, or 473%, to $37,395 for the six months ended June 30, 2025, compared to $6,541 for the same period in 2024[127]. - Financing activities provided $1,003,218 in proceeds from issuances of common stock for the six months ended June 30, 2025, compared to $1,148,470 for the same period in 2024[134]. Future Plans and Strategies - The company plans to incur research and development expenses for the foreseeable future as it continues the development of TAEUS and pursues FDA approval[103]. - The company aims to establish key biomarkers for metabolic diseases management and emerging GLP-1 therapies through its TAEUS technology[95]. - The company plans to advance the engineering design and development of its TAEUS technology and complete regulatory filings for marketing approval of its NAFLD TAEUS application in the U.S.[137]. - The company anticipates significant future expenses and will need to raise substantial additional capital to complete the commercialization of its TAEUS applications[135]. - The company has no committed external sources of funds except for the February 2024 ATM Agreement, which may be limited by registration statement rules[135]. Cryptocurrency Strategy - The company has not yet implemented its cryptocurrency treasury strategy and has not acquired any cryptocurrency as of the report date[98]. - The company anticipates continued costs associated with being a public company, including compliance with Nasdaq and SEC requirements[105].

Financial Reporting - The preliminary estimated financial results for the fiscal quarter ended June 30, 2025, are included in the Prospectus[4] Public Offering - ENDRA Life Sciences Inc. filed a Registration Statement on Form S-1 for a public offering of common stock and warrants on July 9, 2025[4] Company Classification - The Company is not classified as an emerging growth company under the Securities Act[4]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) The unaudited condensed consolidated financial statements for the three months ended March 31, 2025, show a decrease in total assets and liabilities compared to year-end 2024, reporting a net loss of $1.04 million, a significant reduction from the $2.78 million loss in the same period of 2024, primarily due to lower operating expenses, with cash used in operations at $1.3 million and ending cash at $2.1 million, while notes highlight substantial doubt about the company's ability to continue as a going concern due to recurring losses and the need for additional financing [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets were $3.17 million, a decrease from $4.45 million at December 31, 2024, primarily driven by a reduction in cash, while total liabilities also decreased to $1.42 million from $1.89 million, mainly due to a lower warrant liability, consequently, total stockholders' equity declined to $1.75 million from $2.56 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Cash | $2,064,874 | $3,229,480 | | Total Current Assets | $2,180,206 | $3,433,665 | | **Total Assets** | **$3,170,598** | **$4,452,362** | | Total Current Liabilities | $565,785 | $605,230 | | Warrant Liability | $390,722 | $799,284 | | **Total Liabilities** | **$1,417,713** | **$1,891,996** | | **Total Stockholders' Equity** | **$1,752,885** | **$2,560,366** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, the company reported a net loss of $1.04 million, or ($1.86) per share, compared to a net loss of $2.78 million, or ($449.58) per share, for the same period in 2024, with the improvement driven by a significant reduction in total operating expenses to $1.47 million from $2.78 million year-over-year, and a $0.41 million gain from the change in fair value of warrant liability Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Research and development | $528,685 | $1,041,526 | | Sales and marketing | $68,991 | $238,660 | | General and administrative | $871,606 | $1,500,355 | | **Total operating expenses** | **$1,469,282** | **$2,780,541** | | Operating loss | ($1,469,282) | ($2,780,541) | | Changes in fair value of warrant liability | $408,562 | - | | **Net Loss** | **($1,036,330)** | **($2,775,700)** | | Net loss per share | ($1.86) | ($449.58) | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity decreased from $2.56 million at the end of 2024 to $1.75 million as of March 31, 2025, primarily due to the net loss of $1.04 million for the quarter, partially offset by equity issued for services and stock options valued at approximately $0.23 million - Stockholders' equity decreased by approximately **$0.81 million** during the first quarter of 2025, driven by the net loss of **$1.04 million**[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first quarter of 2025, net cash used in operating activities was $1.29 million, net cash used in investing activities was minimal at $17,280, and net cash provided by financing activities was $145,803 from the issuance of common stock, resulting in a net decrease in cash of $1.16 million, with the company ending the period with $2.06 million in cash Cash Flow Summary (in thousands) | Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,293,129) | ($2,144,312) | | Net cash used in investing activities | ($17,280) | ($23,796) | | Net cash provided by financing activities | $145,803 | $468,902 | | **Net decrease in cash** | **($1,164,606)** | **($1,699,206)** | | Cash, end of period | $2,064,874 | $1,134,701 | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies and provide context for the financial statements, including a going concern warning citing cumulative losses of $104.5 million and the need for additional capital, full reservation of inventory at $0 value, details on capital stock structure including two reverse stock splits in 2024, an At-The-Market (ATM) equity offering program initiated in February 2024, and accounting for certain warrants as a liability re-measured to fair value each period - The company's financial statements are prepared on a going concern basis, but management has identified substantial doubt about its ability to continue due to a cumulative net loss of **$104.5 million** and the need to raise additional capital to fund operations[51](index=51&type=chunk) - The company implemented two reverse stock splits in 2024: a **one-for-50 split** in August and a **one-for-35 split** in November, with all share and per-share amounts retroactively restated[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - In February 2024, the company entered into an At-The-Market (ATM) sales agreement to sell up to **$6.2 million** in common stock, raising net proceeds of **$145,803** through this program during Q1 2025[61](index=61&type=chunk)[62](index=62&type=chunk) - Certain warrants (Series A and Series B) are classified as a liability and re-measured to fair value each period, resulting in a non-cash income of **$408,562** in Q1 2025 due to a decrease in the liability's fair value[76](index=76&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's focus on developing its TAEUS® technology platform as a biomarker solution for metabolic diseases, particularly for managing GLP-1 drug therapies, noting the company is pre-revenue with a history of losses and an accumulated deficit of $104.5 million, with operating expenses significantly reduced in Q1 2025 compared to Q1 2024 due to cost-cutting measures, but facing immediate liquidity challenges and requiring additional financing to continue operations, commercialize its technology, and fund development, raising substantial doubt about its ability to continue as a going concern - The company's strategic vision is to establish TAEUS as a leading biomarker solution for metabolic diseases and GLP-1 drug management, targeting pharmaceutical companies, specialty clinics, and primary care providers with a subscription-based business model[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) Year-over-Year Operating Expense Comparison (Q1 2025 vs Q1 2024) | Expense Category | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Research & Development | $528,685 | $1,041,526 | -49% | | Sales & Marketing | $68,991 | $238,660 | -71% | | General & Administrative | $871,606 | $1,500,355 | -42% | - The company faces significant liquidity constraints with only **$2.1 million** in cash as of March 31, 2025, and without additional funding, it will be forced to delay or curtail operations, raising substantial doubt about its ability to continue as a going concern[131](index=131&type=chunk)[133](index=133&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=21&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, ENDRA Life Sciences Inc. is not required to provide the information for this item - The company is exempt from providing quantitative and qualitative disclosures about market risk because it qualifies as a smaller reporting company[142](index=142&type=chunk) [Item 4. Controls and Procedures](index=21&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were not effective as of March 31, 2025, based on a material weakness in internal control over financial reporting related to insufficient accounting personnel to ensure proper segregation of duties, with plans to remediate this by hiring additional personnel or consultants as financial resources permit - The company identified a material weakness in its internal controls due to insufficient personnel resources within the accounting function, which prevents adequate segregation of duties over financial transaction processing and reporting[144](index=144&type=chunk) - As a result of the material weakness, the principal executive and financial officers concluded that disclosure controls and procedures were not effective as of the end of the quarter[143](index=143&type=chunk) - Remediation plans include hiring additional accounting personnel or consultants and developing written accounting policies, contingent upon obtaining additional funding[145](index=145&type=chunk)[152](index=152&type=chunk) [PART II – OTHER INFORMATION](index=22&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=22&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any pending legal proceedings that are expected to have a material adverse effect on its business or financial condition - As of the filing date, there are no material legal proceedings against the company[148](index=148&type=chunk) [Item 1A. Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) There are no new risk factors reported in this quarter, and the company directs investors to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - The report refers to the risk factors detailed in the company's Annual Report on Form 10-K filed on March 31, 2025[149](index=149&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=22&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - No unregistered sales of equity securities occurred during the quarter[150](index=150&type=chunk) [Item 5. Other Information](index=22&type=section&id=Item%205.%20Other%20Information) No directors or officers of the company adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the fiscal quarter ended March 31, 2025 - There were no adoptions, modifications, or terminations of Rule 10b5-1 trading plans by directors or officers during the quarter[154](index=154&type=chunk) [Item 6. Exhibits](index=23&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO as required by the Sarbanes-Oxley Act, and XBRL data files - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1) and XBRL interactive data files[155](index=155&type=chunk)

Financial Performance - ENDRA's cash burn for Q1 2025 was $1.2 million, a significant improvement from $1.7 million in Q1 2024, reflecting a reduction of approximately 29%[11] - Total operating expenses for Q1 2025 were $1.5 million, nearly a 50% decrease compared to $2.8 million in the same period last year[12] - The net loss for Q1 2025 was $1.0 million, compared to a net loss of $2.8 million in Q1 2024, indicating a reduction of approximately 64%[12] - ENDRA had $2.1 million in cash and cash equivalents as of March 31, 2025, which increased to $2.5 million by April 30, 2025, after raising $0.8 million[13] Product Development and Strategy - The company is conducting a multisite pilot study with over 100 subjects to assess the liver fat measurement capabilities of the TAEUS Liver system against MRI-PDFF[6] - ENDRA plans to offer the TAEUS Liver device through a subscription model to facilitate market penetration and eliminate upfront capital investments[8] - The redesigned TAEUS Liver system aims to improve usability, performance, and affordability, with a multicenter clinical trial expected to enroll approximately 250 subjects[5] Market Focus and Intellectual Property - The company has identified four key customer segments for TAEUS, including pharmaceutical companies and primary care providers, to maximize impact[5] - ENDRA was issued two new patents in China, bringing its total patent portfolio to 84, enhancing its intellectual property position[10] - ENDRA's strategic pivot focuses on addressing the urgent healthcare challenge of metabolic diseases, which affect over 2 billion people globally[3]

Financial Performance - The net loss for 2024 was $11,507,947, compared to a net loss of $10,060,250 in 2023, reflecting an increase in losses of approximately 14.4%[330] - For the year ended December 31, 2023, the net loss was $10,060,250, compared to a net loss of $11,507,947 for the year ended December 31, 2024, indicating a decrease in losses[336] - The total income (loss) before income taxes for 2024 was $(11,507,947), compared to $(10,060,250) for 2023[421] - The Company has not generated any product revenue to date and expects to incur significant expenses and operating losses as it advances product candidates[428] Assets and Liabilities - Total current assets increased to $3,433,665 in 2024 from $3,032,812 in 2023, representing a growth of approximately 13.2%[327] - Total liabilities rose to $1,891,996 in 2024 compared to $1,095,157 in 2023, indicating an increase of about 72.6%[327] - The accumulated deficit grew to $(103,438,099) in 2024 from $(91,930,152) in 2023, an increase of approximately 12.5%[327] - The total stockholders' equity as of December 31, 2023, was $5,658,989, down from $2,560,366 as of December 31, 2024[333] - As of December 31, 2024, the company recorded inventory reserves totaling $2,525,179, compared to $138,045 as of December 31, 2023, indicating a significant increase in inventory devaluation reserves[365] - The Company had a balance of 180,707 warrants outstanding as of December 31, 2024, with a weighted average exercise price of $85.38[397] Expenses - Research and development expenses decreased to $3,190,293 in 2024 from $5,003,695 in 2023, a reduction of about 36.2%[329] - General and administrative expenses increased significantly to $7,055,814 in 2024 from $4,696,486 in 2023, marking an increase of approximately 50.5%[329] - The total operating expenses for 2024 were $10,817,147, slightly higher than $10,520,735 in 2023, an increase of about 2.8%[329] - The Company incurred rent expenses of $203,265 and $218,815 for the years ended December 31, 2024 and 2023, respectively[413] Cash Flow and Financing - Cash and cash equivalents at the end of the period increased to $3,229,480 for the year ended December 31, 2024, compared to $2,833,907 for the year ended December 31, 2023[336] - The cash flows from financing activities provided $7,808,917 in 2024, compared to $7,518,305 in 2023, reflecting an increase in financing[336] - The Company plans to raise additional capital through equity sales and borrowing to fund future operations, including R&D and commercialization efforts[362] - The net proceeds from the Offering on June 5, 2024, amounted to $7,338,333 after deducting offering expenses[377] Stock and Shares - The company reported a weighted average of 202,106 common shares for 2024, compared to 3,636 shares in 2023, indicating a substantial increase in shares outstanding[330] - The Company issued a total of 530,971 shares of common stock during the year ended December 31, 2024, with 495,476 shares from cashless exercise of Series B Warrants[376] - The Company executed two reverse stock splits in 2024, with ratios of one-for-50 and one-for-35, affecting the number of shares and exercise prices[370][371] Audit and Compliance - The company has not identified any critical audit matters in the current period audit of the financial statements[325] - The Company has no unrecognized tax benefits as of December 31, 2024 and 2023, and no penalties or interest were recorded in income tax expense for these years[425] Operational Challenges - The company has expressed substantial doubt about its ability to continue as a going concern due to recurring losses and negative cash flows[320] - The company had no pending orders for the sale of a TAEUS system as of December 31, 2024, indicating potential challenges in sales[364] Tax and Deferred Assets - The expected tax at statutory rates for 2024 was $(2,416,700), reflecting a 21% rate[420] - The net deferred tax assets (liabilities) were $24,573,700 as of December 31, 2024, with a full valuation allowance recorded due to uncertainty in realizing these assets[422] - The domestic U.S. net operating loss carryforward increased from $62,032,405 at December 31, 2023 to $72,521,129 at December 31, 2024[423] - The Company's total state net operating losses increased from $74,926,792 at December 31, 2023 to $84,972,922 at December 31, 2024[423]