Financial Performance - Revenues for Q1 2025 were $15,624, compared to $5,600 in Q1 2024, representing a 179% increase[15] - Total costs and expenses for Q1 2025 were $1,762,054, down from $2,481,134 in Q1 2024, a decrease of 29%[15] - Net loss for Q1 2025 was $1,674,296, compared to a net loss of $2,537,742 in Q1 2024, reflecting an improvement of 34%[15] - For the three months ended March 31, 2025, Ascent Solar Technologies reported a net loss of $1,674,296, compared to a net loss of $2,537,742 for the same period in 2024, representing a 33.9% improvement in net loss[21] - Net loss decreased by $863,446, or 34%, for the three months ended March 31, 2025, compared to the same period in 2024, due to improved revenues and reduced expenses[111] Cash and Liquidity - Cash and cash equivalents decreased to $2,255,815 as of March 31, 2025, down from $3,170,743 as of December 31, 2024[14] - The company had cash and cash equivalents of $2,255,815 at the end of the period, compared to $187,474 at the end of March 2024, indicating a substantial increase in liquidity[21] - Net cash used in operating activities for the three months ended March 31, 2025, was $1,550,030, compared to $1,197,861 for the same period in 2024, reflecting a 29.5% increase in cash outflow[21] - The Company had working capital of $567,612 as of March 31, 2025, but does not believe cash liquidity is sufficient for the next twelve months[42] - The company has working capital of $567,612 as of March 31, 2025, but additional financing will be required to achieve profitability[113] Assets and Liabilities - Total assets decreased to $6,172,992 as of March 31, 2025, from $7,146,426 as of December 31, 2024[14] - Total liabilities decreased to $3,595,674 as of March 31, 2025, compared to $3,766,503 as of December 31, 2024, a reduction of 5%[14] - The company’s accumulated deficit increased to $493,283,006 as of March 31, 2025, from $491,608,710 as of December 31, 2024[14] - As of March 31, 2025, the company had an accumulated deficit of $493,283,006[97] Revenue and Sales Strategy - Product revenue for the three months ended March 31, 2025, was $15,624, a significant increase from $5,600 in the same period of 2024, marking a 178.6% growth[30] - Total revenues increased by $10,024, or 179%, for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to more purchase orders received[105] - The company continues to accelerate sales and marketing efforts related to specialty PV application strategies through expansion of sales and distribution channels[114] - The company does not expect sales revenue and cash flows to be sufficient to support operations until it fully implements its strategy of selling high-value PV products[112] Operational Focus and Future Growth - The company is focused on developing demand for its products and maintaining strategic relationships with key partners to drive future growth[11] - Ascent Solar Technologies has focused on integrating its photovoltaic products into high-value markets such as aerospace and agrivoltaics, aiming to overcome obstacles faced by other solar technologies[24] - The company recognized no government contract revenue during the three months ended March 31, 2025, and 2024, indicating a potential area for future growth[34] - The company anticipates that the at-the-market offering will continue throughout the next reporting period[80] Accounting and Reporting - The company is evaluating the impact of recently issued accounting standards on its financial statements, which may affect future disclosures and reporting practices[38][39] Capital Structure and Financing - The company entered into a loan agreement for an aggregate principal amount of $375,000, with total repayment of $543,750[58] - The Company issued $15,000,000 in aggregate Convertible Notes at a purchase price of $13,500,000, maturing on June 19, 2024[62] - The company entered into a securities purchase agreement for approximately $1.9 million of gross proceeds from the issuance of Series 1C Preferred Stock[72] - The company expects to receive the remaining balance of approximately $1.1 million from the Series 1C Preferred Stock financing by June 30, 2025[72] Impairments and Asset Management - The Company recorded an impairment loss of $3,283,715 on certain assets, leaving a carrying value of $786,000 as of December 31, 2023[47] - The Company purchased assets related to thin-film photovoltaic manufacture for $4,083,926, including $1,283,926 in transaction costs[46] - Total property, plant, and equipment as of March 31, 2025, was $19,101,096, down from $19,679,918 as of December 31, 2024[51] Concerns and Risks - There is substantial doubt regarding the company's ability to continue as a going concern due to recurring losses and the need for additional financing[115]

[Vuzix First Quarter 2025 Financial Report](index=1&type=section&id=Vuzix%20First%20Quarter%202025%20Financial%20Report) [CEO's Opening Remarks](index=1&type=section&id=CEO%27s%20Opening%20Remarks) CEO Paul Travers highlights increasing commercial momentum driven by design wins and growing interest in AI-powered smart glasses - Vuzix is experiencing **increasing commercial momentum**, with investments translating into **design wins** and near-term **commercial traction**[3](index=3&type=chunk) - The broader tech industry is **increasing its focus** on AI-powered smart glasses, signaling a **potential acceleration** in market adoption[3](index=3&type=chunk) - Q1 2025 enterprise sales showed **sequential improvement** over Q4 2024, driven by new customer deployments and growing follow-on orders[3](index=3&type=chunk) [First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) Vuzix reported Q1 2025 total revenues of **$1.6 million**, a **21% YoY decrease**, resulting in a net loss of **$8.6 million** Condensed Consolidated Statements of Operations (Q1 2025 vs Q1 2024) | ($ thousands except per share amounts) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Sales** | **$1,581** | **$2,004** | | Sales of Products | $1,324 | $1,829 | | Sales of Engineering Services | $257 | $175 | | **Gross Loss** | **$(265)** | **$(53)** | | **Loss from Operations** | **$(8,774)** | **$(10,092)** | | **Net Loss** | **$(8,638)** | **$(10,048)** | | **Loss per Common Share** | **$(0.11)** | **$(0.16)** | - Total revenues for Q1 2025 decreased by **21% YoY** to **$1.6 million**, mainly due to reduced unit sales of M400 smart glasses[4](index=4&type=chunk) - Operating expenses decreased YoY: Research and Development down **5% to $2.6 million**[6](index=6&type=chunk), Selling and Marketing down **31% to $1.5 million**[7](index=7&type=chunk), and General and Administrative down **3% to $4.0 million**[8](index=8&type=chunk) - Cash used in operating activities **significantly improved**, decreasing to **$3.5 million** for Q1 2025 from **$8.8 million** in the same period of 2024[9](index=9&type=chunk) [Management Outlook](index=2&type=section&id=Management%20Outlook) Management is confident in its **$19.5 million** working capital, focusing on securing ODM/OEM design wins and expanding defense business - The company ended March 2025 with **$19.5 million** in working capital, which management believes is sufficient to execute the current operating plan[10](index=10&type=chunk) - Key strategic goals for 2025 include securing new ODM/OEM design wins for recurring revenues, growing business with new and existing prime defense contractors, and converting existing smart glasses inventory to cash via anticipated follow-on orders[10](index=10&type=chunk)[11](index=11&type=chunk) - Vuzix is pleased with its **burgeoning commercial relationships** with Quanta and other key ODMs/OEMs, which involve both capital and commercial collaborations[11](index=11&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) Vuzix scheduled a conference call for May 12, 2025, at 4:30 p.m. ET, featuring CEO Paul Travers and CFO Grant Russell - A conference call was scheduled for Monday, **May 12, 2025**, at **4:30 p.m. ET** to discuss Q1 2025 operational and financial highlights[12](index=12&type=chunk) - **CEO Paul Travers** and **CFO Grant Russell** will host the call[12](index=12&type=chunk) - Details for **live participation** via phone or webcast, as well as information for a **30-day replay**, were provided[12](index=12&type=chunk)[13](index=13&type=chunk) [About Vuzix Corporation](index=3&type=section&id=About%20Vuzix%20Corporation) Vuzix (NASDAQ: VUZI) is a leading public company designing and marketing AI-powered Smart Glasses and AR technologies - Vuzix is a **leading designer and manufacturer** of AI-powered Smart Glasses, Waveguides, and AR technologies[14](index=14&type=chunk) - The company holds more than **425 patents** and patents pending in its field[14](index=14&type=chunk) - Founded in 1997, Vuzix is a public company trading on **NASDAQ under the ticker VUZI**[14](index=14&type=chunk) [Forward-Looking Statements Disclaimer](index=4&type=section&id=Forward-Looking%20Statements%20Disclaimer) This section provides a standard legal disclaimer for forward-looking statements, cautioning that future results may differ materially - The news release contains **forward-looking statements** concerning new product releases, future revenue, and the company's industry leadership[15](index=15&type=chunk) - Readers are cautioned not to place undue reliance on these statements as **actual results could differ materially** due to various risk factors[15](index=15&type=chunk) - Vuzix has **no obligation to update or revise** these forward-looking statements unless required by law[15](index=15&type=chunk)

Part I [Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This section provides the company's unaudited financial statements and management's analysis of its financial condition [Condensed Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Financial%20Statements%20(unaudited)) This section presents MIRA Pharmaceuticals' unaudited condensed financial statements for Q1 2025, showing no revenue, a net loss, and decreased cash and equity [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) As of March 31, 2025, the company's total assets were $1.4 million, a significant decrease from $2.9 million at December 31, 2024, primarily due to a reduction in cash and cash equivalents Condensed Balance Sheet Data (unaudited) | Account | March 31, 2025 (in dollars) | December 31, 2024 (in dollars) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,206,285 | $2,832,931 | | Total current assets | $1,364,899 | $2,887,660 | | Total assets | $1,400,338 | $2,923,099 | | **Liabilities & Equity** | | | | Total current liabilities | $106,173 | $723,349 | | Total liabilities | $106,173 | $723,349 | | Total stockholders' equity | $1,294,165 | $2,199,750 | | Total liabilities and stockholders' equity | $1,400,338 | $2,923,099 | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) For the three months ended March 31, 2025, the company reported no revenue and a net loss of $1.78 million, compared to a net loss of $1.72 million for the same period in 2024 Condensed Statements of Operations (unaudited) | Metric | Three Months Ended March 31, 2025 (in dollars) | Three Months Ended March 31, 2024 (in dollars) | | :--- | :--- | :--- | | Revenues | $ - | $ - | | General and administrative expenses | $1,490,796 | $1,005,911 | | Research and development expenses | $314,404 | $762,276 | | Total operating costs | $1,805,200 | $1,768,187 | | Net loss | $(1,783,779) | $(1,717,771) | | Basic and diluted loss per share | $(0.11) | $(0.15) | | Weighted average shares outstanding | 16,645,119 | 14,780,885 | [Condensed Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity decreased from $2.2 million at the end of 2024 to $1.3 million at March 31, 2025, primarily due to net loss partially offset by stock-based compensation - The main drivers for the change in stockholders' equity in Q1 2025 were the **net loss of $1,783,779** and **stock-based compensation of $874,812**[13](index=13&type=chunk) [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to $1.63 million in Q1 2025 from $1.05 million in Q1 2024, driven by net loss and changes in operating liabilities Cash Flow Summary (unaudited) | Cash Flow Activity | Three Months Ended March 31, 2025 (in dollars) | Three Months Ended March 31, 2024 (in dollars) | | :--- | :--- | :--- | | Net cash from operating activities | $(1,630,027) | $(1,049,536) | | Net cash from financing activities | $3,381 | $(24,335) | | Net change in cash | $(1,626,646) | $(1,073,871) | | Cash at end of period | $1,206,285 | $3,528,695 | [Notes to Condensed Financial Statements (unaudited)](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements%20(unaudited)) The notes provide critical context to the financial statements, covering business overview, the SKNY Pharmaceuticals acquisition, going concern issues, and equity structure details - The company is a **clinical-stage pharmaceutical firm** developing two neuroscience programs, **Ketamir-2** and **MIRA-55**, for neurologic and neuropsychiatric disorders, which the DEA has determined would **not be considered controlled substances**[17](index=17&type=chunk)[18](index=18&type=chunk) - On March 19, 2025, MIRA entered a **binding letter of intent to acquire SKNY Pharmaceuticals, Inc**, which would add **SKNY-1** to its pipeline and provide a **$5 million capital infusion**[19](index=19&type=chunk)[21](index=21&type=chunk) - There is **substantial doubt about the company's ability to continue as a going concern** for the next 12 months, as **cash of $1.2 million is insufficient** to fund operations, which **used $1.6 million in Q1 2025**[39](index=39&type=chunk)[41](index=41&type=chunk) - The company has an **exclusive license agreement with MIRALOGX** to develop and commercialize **Ketamir-2** in the U.S., Canada, and Mexico, including royalty payments and the issuance of a **warrant to purchase 700,000 shares**[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - In Q1 2025, the company sold **2,802 shares** of common stock under its **At The Market (ATM) agreement**, raising **net proceeds of approximately $3,000**[51](index=51&type=chunk) - Subsequent to the quarter end, from April 1 to May 14, 2025, the company sold an additional **105,969 shares** under the **ATM agreement** for **net proceeds of approximately $0.1 million**[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's operational highlights, financial performance, liquidity challenges, and Nasdaq listing compliance, emphasizing its going concern risk and capital needs - The company is a **clinical-stage pharmaceutical firm** focused on developing **Ketamir-2** (for pain, depression, PTSD) and **MIRA-55** (for anxiety and cognitive decline)[77](index=77&type=chunk)[78](index=78&type=chunk) - Key Q1 2025 and subsequent highlights include initiating a **Phase 1 trial for Ketamir-2**, signing a **binding LOI to acquire SKNY Pharmaceuticals**, and receiving **positive neurotoxicity study results for Ketamir-2**[83](index=83&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Comparing Q1 2025 to Q1 2024, Research and Development expenses decreased as Ketamir-2 moved into Phase 1 trials, while General and Administrative expenses increased due to higher stock-based compensation Comparison of Operating Expenses (Q1 2025 vs Q1 2024) | Expense Category | Q1 2025 (in dollars) | Q1 2024 (in dollars) | Change (in dollars) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Research & Development | $300,000 | $800,000 | ▼ $500,000 | Ketamir-2 moved into Phase 1 trials in late Q1 2025, compared to R&D ramp-up in prior year | | General & Administrative | $1,500,000 | $1,000,000 | ▲ $500,000 | Increase in stock-based compensation | [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) The company's current cash is insufficient to fund operations for the next 12 months, raising substantial doubt about its ability to continue as a going concern, necessitating additional capital through equity financing - The company does **not have sufficient cash** to support operations for at least the next 12 months, which raises **substantial doubt about its ability to continue as a going concern**[92](index=92&type=chunk) - To address the liquidity shortfall, the company plans to **secure capital through public equity offerings** under its **ATM Agreement** and potential strategic transactions, as failure to do so may require **curtailing or ceasing operations**[93](index=93&type=chunk) Cash Flow Summary | Cash Flow Activity | Three months Ended March 31, 2025 (in dollars) | Three months Ended March 31, 2024 (in dollars) | | :--- | :--- | :--- | | Operating activities | $ (1,630,027) | $ (1,049,536) | | Financing activities | $ 3,381 | $ (24,335) | | Net change in cash | $ (1,626,646) | $ (1,073,871) | [Nasdaq Listing Compliance Risk](index=22&type=section&id=Nasdaq%20Listing%20Compliance%20Risk) MIRA received a Nasdaq non-compliance notice for failing to meet the minimum $2.5 million stockholders' equity requirement but was granted an extension until October 6, 2025, based on its compliance plan - The company received a **non-compliance notice from Nasdaq** on April 8, 2025, for not meeting the **minimum stockholders' equity requirement of $2.5 million**[101](index=101&type=chunk) - The compliance plan includes the **merger with SKNY Pharmaceuticals (expected to add ~$5M in assets)** and utilizing its **ATM offering facility**, with Nasdaq granting an **extension until October 6, 2025**, to regain compliance[102](index=102&type=chunk) - Failure to regain compliance could result in the **delisting of the company's common stock** from the Nasdaq Capital Market[103](index=103&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, MIRA Pharmaceuticals, Inc. is not required to provide the information requested under this item - The company is a **smaller reporting company** as defined by Rule 12b-2 of the Exchange Act and is **not required to provide disclosures about market risk**[104](index=104&type=chunk) [Controls and Procedures](index=22&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2025, with no material changes in internal control over financial reporting during Q1 2025 - Based on an evaluation, the Certifying Officers concluded that the company's disclosure controls and procedures were **effective as of March 31, 2025**[107](index=107&type=chunk) - There were **no changes in internal control over financial reporting** during Q1 2025 that materially affected, or are reasonably likely to materially affect, internal controls[108](index=108&type=chunk) Part II [Part II. Other Information](index=23&type=section&id=Part%20II.%20Other%20Information) This section presents other required information, including legal proceedings, risk factors, equity sales, and exhibits [Legal Proceedings](index=23&type=section&id=Item%201%20Legal%20Proceedings) The company reports that there are currently no pending legal proceedings that are reasonably expected to have a material adverse effect on its business or financial condition - As of the filing date, **no legal proceedings**, government actions, or claims are pending against the company that management believes could have a **material adverse effect**[110](index=110&type=chunk) [Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, MIRA Pharmaceuticals, Inc. is not required to present information under this item - Information under "Item 1A. Risk Factors" is **not required** as the company is a **smaller reporting company**[112](index=112&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=23&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[113](index=113&type=chunk) [Other Information](index=23&type=section&id=Item%205%20Other%20Information) The company reported no other information under this item - Not applicable[115](index=115&type=chunk) [Exhibits](index=24&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including an amendment to the CEO's employment agreement and required certifications - Key exhibits filed include an **amendment to the employment agreement for CEO Erez Aminov**, and **certifications pursuant to Sarbanes-Oxley Sections 302 and 1350**[116](index=116&type=chunk)

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) The company's Q1 2025 financial statements show a **$5.3 million** net loss, decreased assets and equity, and negative operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$10.3 million** and stockholders' equity declined to **$6.1 million** as of March 31, 2025, primarily due to reduced investments Condensed Consolidated Balance Sheet Highlights (unaudited) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,228,789 | $547,890 | | Investments held in marketable securities | $7,884,132 | $10,184,701 | | **Total Assets** | **$10,326,821** | **$12,279,799** | | Total Current Liabilities | $4,182,080 | $3,748,406 | | Warrant liabilities | $3,154,970 | $2,520,851 | | **Total Liabilities** | **$4,182,080** | **$3,748,406** | | **Total Stockholders' Equity** | **$6,144,741** | **$8,531,393** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net loss significantly increased to **$5.34 million** in Q1 2025, driven by higher R&D expenses and a loss on warrant liabilities Statement of Operations Summary (unaudited) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Revenues | $25,000 | $35,000 | | Research and development | $1,714,327 | $1,058,131 | | General and administrative | $3,115,298 | $3,086,121 | | Loss From Operations | $(4,807,534) | $(4,109,252) | | Change in fair value of warrant liabilities | $(634,119) | $(137,319) | | **Net Loss** | **$(5,339,799)** | **$(2,223,255)** | | Net Loss Per Share | $(0.64) | $(0.33) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased by **$2.39 million** in Q1 2025, primarily due to the net loss, partially offset by ATM stock sales and stock-based compensation - Total stockholders' equity decreased by **$2.39 million** during the first quarter of 2025[15](index=15&type=chunk) - Key activities impacting equity included a net loss of **$5.34 million**, stock-based compensation of **$2.01 million**, and net proceeds of **$0.90 million** from common stock issuance and sale[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was **$2.8 million** in Q1 2025, offset by investing and financing activities, resulting in a **$0.68 million** net cash increase Cash Flow Summary (unaudited) | Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | $(2,778,786) | $(2,317,780) | | Net Cash Provided By (Used In) Investing Activities | $2,366,967 | $(4,928,006) | | Net Cash Provided By Financing Activities | $1,092,718 | $7,518,489 | | **Net Increase In Cash and Cash Equivalents** | **$680,899** | **$272,703** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes highlight substantial doubt about the company's going concern ability due to recurring losses, negative cash flows, and increased warrant liabilities - The company's financial condition, including a Q1 2025 net loss of **$5.3 million** and negative operating cash flow of **$2.8 million**, raises substantial doubt about its ability to continue as a going concern[26](index=26&type=chunk) - In February 2024, the company raised approximately **$8.1 million** in gross proceeds through a warrant exercise and issuance transaction at a reduced exercise price of **$2.33 per share**[49](index=49&type=chunk) - During Q1 2025, the company sold **492,087 shares** under its ATM program, raising **$1.08 million** in gross proceeds[58](index=58&type=chunk) - The fair value of warrant liabilities was estimated at **$3.15 million** as of March 31, 2025, resulting in a recognized loss of **$0.63 million** for the quarter due to the change in fair value[61](index=61&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **$5.3 million** net loss in Q1 2025, driven by increased R&D expenses, and acknowledges substantial doubt about the company's going concern ability [Business Overview](index=20&type=section&id=Business%20Overview) The company develops adult stem cell therapeutic products, including BRTX-100 in Phase 2 clinical trials, and is expanding into biologics-based cosmetic products - The company's lead product, **BRTX-100**, is in a Phase 2 clinical trial for treating chronic lower back pain from degenerative disc disease, with FDA authorization to proceed[73](index=73&type=chunk) - The **ThermoStem Program** is a pre-clinical initiative using brown adipose (fat) to treat type 2 diabetes, obesity, and other metabolic disorders, supported by multiple international patents[74](index=74&type=chunk) - The company is developing a biologics-based cosmetic business and entered a **five-year exclusive supply agreement** with Cartessa Aesthetics in April 2024[76](index=76&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Q1 2025 net loss significantly increased by **140.2%** to **$5.34 million**, primarily due to a **62.0%** rise in R&D expenses and higher warrant liability losses Comparison of Operations for the Three Months Ended March 31 | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $25,000 | $35,000 | (28.6%) | | Research and development | $1,714,327 | $1,058,131 | 62.0% | | General and administrative | $3,115,298 | $3,086,121 | 0.9% | | Loss From Operations | $(4,807,534) | $(4,109,252) | 17.0% | | **Net Loss** | **$(5,339,799)** | **$(2,223,255)** | **140.2%** | - The **62.0%** increase in R&D expenses was primarily driven by a **$0.58 million** increase in lab supply expense and a **$0.07 million** increase in recruitment costs for the Phase 2 clinical trial[82](index=82&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is strained with working capital decreasing to **$5.2 million**, and management expresses substantial doubt about its ability to continue as a going concern Liquidity Metrics | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,228,789 | $547,890 | | Investments held in marketable securities | $7,884,132 | $10,184,701 | | Working capital | $5,173,241 | $7,395,815 | - The company anticipates continued net losses and negative cash flows, believing it may not have sufficient cash for at least **twelve months**, raising substantial doubt about its ability to continue as a going concern[89](index=89&type=chunk) - Net cash used in operating activities was **$2.8 million** in Q1 2025, while net cash from financing activities was **$1.1 million**, primarily from an ATM offering and option exercises[92](index=92&type=chunk)[93](index=93&type=chunk)[95](index=95&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the registrant is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company, the registrant is not required to provide quantitative and qualitative disclosures about market risk[100](index=100&type=chunk) [Controls and Procedures](index=25&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of March 31, 2025, due to continued material weaknesses in internal control over financial reporting - Management concluded that disclosure controls and procedures were **not effective** as of March 31, 2025[103](index=103&type=chunk) - Material weaknesses in internal control over financial reporting continued to exist, including lack of adherence to formal policies, risk assessment, effective controls for reporting and disclosures, and accounting for warrants[105](index=105&type=chunk)[108](index=108&type=chunk) - A remediation plan is being implemented, which includes oversight by the CFO, engagement of an external consulting firm, and documentation of key controls[105](index=105&type=chunk)[108](index=108&type=chunk) [PART II. OTHER INFORMATION](index=27&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Risk Factors](index=27&type=section&id=ITEM%201A.%20Risk%20Factors) Investors are advised to review the risk factors detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - Investors are advised to review the risk factors included in the company's Annual Report on Form 10-K for the year ended December 31, 2024[110](index=110&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=27&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the three months ended March 31, 2025 - There were no unregistered sales of equity securities during the first quarter of 2025[111](index=111&type=chunk) [Exhibits](index=27&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer - Exhibits filed with the report include CEO and CFO certifications (**31.1, 31.2, 32.1**) and XBRL data files[112](index=112&type=chunk) [Signatures](index=28&type=section&id=SIGNATURES)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________to _______________ Commission file number 001-41952 Telomir Pharmaceuticals, Inc. (Exact name of registrant as specified in its charter) Florida 8 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ________________________ Commission file number: 000-39158 AppTech Payments Corp. (Exact Name of Registrant as Specified in its Charter) | Delaware | 7389 | 65-0847995 | | --- | --- | --- | | (State or othe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39315 VROOM, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-35947 Star Equity Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 33-0145723 (State or Other Jurisd ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201%2E%20Financial%20Statements%20%28Unaudited%29) Unaudited condensed consolidated financial statements for Q1 2025, showing $12.9 million in total revenues and a $1.2 million net loss [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 total revenues increased to $12.9 million, gross profit nearly doubled to $3.1 million, and net loss narrowed to $1.7 million Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share amounts) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$12,924** | **$9,118** | | Building Solutions Revenue | $12,118 | $9,118 | | Energy Services Revenue | $806 | $— | | **Gross Profit** | **$3,136** | **$1,574** | | Income (loss) from operations | $(2,847) | $(2,962) | | **Net income (loss) attributable to common shareholders** | **$(1,655)** | **$(2,703)** | | Basic and diluted net loss per share attributable to common shareholders | $(0.52) | $(0.85) | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $94.8 million, liabilities to $35.1 million, and stockholders' equity to $59.8 million as of March 31, 2025 Balance Sheet Summary (in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,887 | $4,003 | | Total current assets | $26,148 | $24,414 | | **Total assets** | **$94,840** | **$83,048** | | Total current liabilities | $18,469 | $12,470 | | **Total liabilities** | **$35,068** | **$28,712** | | **Total stockholders' equity** | **$59,772** | **$54,336** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 saw $0.6 million net cash from operations, $4.4 million used in investing for ADT acquisition, and $1.7 million from financing Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided (used) by operating activities | $563 | $(2,385) | | Net cash provided (used) by investing activities | $(4,374) | $(679) | | Net cash provided (used) by financing activities | $1,669 | $(605) | | **Net change in cash, cash equivalents, and restricted cash** | **$(2,142)** | **$(3,669)** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the new Energy Services division from ADT acquisition, revenue recognition, and debt facilities - The company is a multi-industry diversified holding company with three divisions: Building Solutions, Investments, and the newly established Energy Services division following the acquisition of Alliance Drilling Tools, Inc (ADT) on March 3, 2025[23](index=23&type=chunk)[24](index=24&type=chunk) Disaggregation of Revenue (Q1 2025, in thousands) | Segment | Revenue | | :--- | :--- | | Building Solutions | $12,118 | | Energy Services | $806 | | **Total** | **$12,924** | Debt Summary (as of March 31, 2025, in thousands) | Debt Category | Amount | Weighted-Average Interest Rate | | :--- | :--- | :--- | | Total Short-term debt | $6,014 | 8.27% | | Long Term Debt, net of current portion | $7,457 | 7.82% | | **Total Debt** | **$13,471** | **7.58%** | - On March 3, 2025, the company acquired Alliance Drilling Tools (ADT) for a total consideration of approximately **$12.6 million**, consisting of cash, preferred shares, and liabilities, forming the new Energy Services segment[84](index=84&type=chunk)[85](index=85&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, strategic direction, and financial condition, with revenue growing to $12.9 million and gross profit to $3.1 million [Overview and Strategy](index=30&type=section&id=Overview%20and%20Strategy) The company operates as a diversified holding company with three divisions, focusing on capital allocation, M&A, and organic growth strategies - The company is a diversified multi-industry holding company with three divisions: Building Solutions, Energy Services (created via the ADT acquisition), and Investments[112](index=112&type=chunk) - The company's strategy includes organic growth, introducing new services, and acquiring complementary businesses, aiming to be a 'value' buyer in M&A[117](index=117&type=chunk)[122](index=122&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2025 total revenues increased 41.7% to $12.9 million, gross profit rose 99.2% to $3.1 million, driven by Building Solutions and new Energy Services Q1 2025 vs Q1 2024 Results Summary (in thousands) | Metric | 2025 | 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $12,924 | $9,118 | $3,806 | 41.7% | | Gross profit | $3,136 | $1,574 | $1,562 | 99.2% | | Income (loss) from operations | $(2,847) | $(2,962) | $115 | 3.9% | | Net income (loss) | $(1,176) | $(2,224) | $1,048 | 47.1% | - Building Solutions revenue increased by **32.9%** to **$12.1 million** in Q1 2025, primarily from the inclusion of revenues from TT and improved results at KBS, partially offset by slower activity at EBGL[134](index=134&type=chunk) - The new Energy Services segment, from the ADT acquisition, generated **$806 thousand** in revenue and **$282 thousand** in gross profit in Q1 2025[135](index=135&type=chunk)[137](index=137&type=chunk) - SG&A expenses increased by **$1.2 million**, or **28.5%**, mainly due to the inclusion of SG&A from the TT and ADT acquisitions[139](index=139&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity sources include $1.9 million cash, positive operating cash flow of $0.6 million, and credit facilities, with total debt at $13.5 million Summary Cash Flows (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $563 | $(2,385) | | Net cash provided by (used in) investing activities | $(4,374) | $(679) | | Net cash provided by (used in) financing activities | $1,669 | $(605) | - As of March 31, 2025, the company had **$1.9 million** in cash and cash equivalents and approximately **$13.5 million** in total debt[147](index=147&type=chunk) - The company has several credit facilities, including a new loan agreement for ADT, a **$6.0 million** facility for EBGL, and a **$4.0 million** facility for KBS[151](index=151&type=chunk)[152](index=152&type=chunk)[154](index=154&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable for the reporting period - Not applicable[163](index=163&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls reported during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[164](index=164&type=chunk) - Management's assessment of internal control over financial reporting as of Dec 31, 2024 concluded they were effective, but this assessment excluded the internal controls of the acquired TT business[165](index=165&type=chunk)[166](index=166&type=chunk) - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[167](index=167&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=39&type=section&id=Item%201%2E%20Legal%20Proceedings) The company is subject to litigation but does not expect a material adverse effect on its financial position or operations - The company is involved in various legal proceedings in the normal course of business but does not expect them to have a material adverse effect[74](index=74&type=chunk)[169](index=169&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A%2E%20Risk%20Factors) Key risks include those from the acquisition strategy, such as management diversion and integration difficulties, and potential losses in the investment portfolio - The company's acquisition strategy entails numerous risks, including diverting management's attention, incurring substantial costs, and difficulties in assimilating acquired businesses, which could negatively affect profitability[171](index=171&type=chunk)[172](index=172&type=chunk) - The company may sustain losses in its investment portfolio, which consists of equity securities and other investments, due to adverse changes in economic conditions or company-specific setbacks[174](index=174&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](index=39&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) No unregistered sales or issuer purchases of equity securities occurred during the period - None[175](index=175&type=chunk) [Item 3. Defaults Upon Senior Securities](index=39&type=section&id=Item%203%2E%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the period - None[176](index=176&type=chunk) [Item 4. Mine Safety Disclosures](index=40&type=section&id=Item%204%2E%20Mine%20Safety%20Disclosures) This section is not applicable - Not applicable[177](index=177&type=chunk) [Item 5. Other Information](index=40&type=section&id=Item%205%2E%20Other%20Information) No directors or executive officers adopted or terminated trading arrangements during the quarter - None of the Company's directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter[178](index=178&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206%2E%20Exhibits) This section lists exhibits filed with the Form 10-Q, including purchase agreements and officer certifications - The report includes exhibits such as the merger agreement for the ADT acquisition, the associated loan agreement, and various officer certifications and XBRL data files[181](index=181&type=chunk)

Revenue Performance - Revenue for Q1 2025 was $7.1 million, a 45% increase from $4.9 million in Q1 2024[5] - Revenue for the period ended March 31, 2025, was $7,056,116, compared to $4,877,378 for the same period in 2024, representing a year-over-year increase of approximately 44.7%[26] - For the full year 2025, revenue is expected to be in the range of $28 to $30 million[11] Net Loss and Adjusted EBITDA - Net loss for the quarter was $1.1 million, or $0.04 per share, compared to a net loss of $1.2 million, or $0.04 per share, in the prior year[5] - Net loss for the period ended March 31, 2025, was $(1,125,862), an improvement from a net loss of $(1,212,615) in the prior year, indicating a reduction in losses of about 7.1%[26] - Adjusted EBITDA for the quarter was $(0.1) million, a decline of 149% from $0.1 million in the prior year[5] - Adjusted EBITDA for the full year 2025 is expected to be in the range of ($1.0) to $1.0 million[11] - Adjusted EBITDA for the period ended March 31, 2025, was $(50,778), compared to $104,417 in the same period of 2024, reflecting a decline in operational performance[26] Cash and Liquidity - Cash, cash equivalents, and marketable securities totaled $35.7 million as of March 31, 2025[5] - Cash and cash equivalents at the end of the period were $5,704,671, up from $1,029,128 at the end of the previous year, marking a significant increase in liquidity[17] - Net cash provided by operating activities was $448,180 for the period, a substantial recovery from $(2,208,070) in the prior year[17] - Cash used in financing activities was $(172,295) for the period, a decrease from $(1,031,363) in the prior year, indicating improved cash management[17] Assets and Liabilities - Total current assets increased to $46.4 million from $44.5 million as of December 31, 2024[13] - Total liabilities increased to $18.6 million from $17.1 million as of December 31, 2024[13] Operational Improvements - The company achieved continued growth from pharmaceutical and biotech companies, reflecting increased adoption of its data solutions[5] - The company integrated Kyber Data Science's platform, enhancing its predictive analytics and financial services capabilities[5] - The company incurred stock-based compensation expense of $1,292,786 for the period, down from $1,658,915 in the previous year, indicating a reduction of approximately 22.1%[26] - The company reported accrued interest on convertible notes of $51,344 for the period, significantly lower than $197,630 in the previous year, reflecting a decrease of approximately 74.0%[17] - The company’s accounts receivable decreased by $(1,400,838) compared to $(1,694,851) in the previous year, indicating improved collection efforts[17] Marketable Securities - The company reported a gain on sale of marketable securities amounting to $30,546,000, compared to $45,359,108 in the previous year, showing a decrease of about 32.6%[17]