NOTE 12. SUBSEQUENT EVENTS

As described in Part I, Item 2 of this Quarterly Report on Form 10-Q under the caption Nasdaq Market Value of Listed Securities Requirement, on July 22, 2026 the staff of the SEC, acting pursuant to delegated authority, approved an amendment to the Nasdaq listing standards that would establish a minimum market value of listed securities requirement for continued listing on the Nasdaq Capital Market. Petitions seeking Commission review of the approval order were subsequently filed and, on July 29, 2026, the approval order was stayed pursuant to Rule 431(e) of the SEC’s Rules of Practice pending review by the Commission. This matter had no effect on the condensed consolidated financial statements as of and for the periods presented.

The Company has evaluated other events occurring after June 30, 2026 through the date these condensed consolidated financial statements were issued and, other than as described above and elsewhere in these notes, has determined that there are no additional subsequent events requiring recognition or disclosure in these condensed consolidated financial statements.