Financial Performance - The company incurred net losses of $1,095,580 for the three months ended March 31, 2024, a decrease of 36% compared to a net loss of $1,718,366 for the same period in 2023[87]. - Total operating expenses for Q1 2024 were $1,065,821, down from $1,757,827 in Q1 2023[90]. - The company recognized $10,061 in investment income for Q1 2024, a decrease from $56,267 in Q1 2023 due to reduced cash equivalents and marketable securities[93]. Expenses - Research and development expenses decreased by $460,457, or 59%, from $776,720 in Q1 2023 to $316,263 in Q1 2024 due to reduced research activities[91]. - General and administrative expenses decreased by $231,549, or 24%, from $981,107 in Q1 2023 to $749,558 in Q1 2024, primarily due to prior inventory and bad debt write-offs[92]. - The company had negative cash flow from operating activities of $991,039 for Q1 2024, compared to $1,122,036 for Q1 2023[96]. Cash Position - Cash and cash equivalents were $1,688,926 as of March 31, 2024, with an accumulated deficit of $25,231,855[96]. - The weighted average common shares outstanding increased from 355,648 in Q1 2023 to 382,151 in Q1 2024[90]. Merger Agreement - The company entered into a merger agreement on May 29, 2023, with Atlantic and Lyneer, subject to stockholder approval, which has been obtained[84]. - The company will need additional capital to fund operations for the next 12 months if the merger is not completed, raising concerns about its ability to continue as a going concern[97].
SEQLL(SQL) - 2024 Q1 - Quarterly Report