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BNKK on Nasdaq

BONK, INC.

BONK, INC. is an American perfumes company, incorporated in Delaware, listed on Nasdaq (BNKK).1 It is headquartered in Jupiter, Florida.1

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Last updated Oct 21, 2026.

Overview

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  • TickerBNKK on Nasdaq1
  • IndustryPerfumes, Cosmetics & Other Toilet Preparations1
  • HeadquartersJupiter, Florida1
  • Incorporated inDE2
  • Business address1061 E. Indiantown Rd., Ste. 110, Jupiter, Fl 334772
  • Filer category, Emerging growth company2

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Inc. (NASDAQ: BNKK) was formerly known as Safety Shot, Inc., and prior to that, Jupiter Wellness, Inc.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

58.5%Gross margin5
-3220.4%Net margin5
201.6%Revenue growth, 20255
-194.8%Return on equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue99¢$2.7M
  • Research and development1¢$24.2K

Out of $2.1M in revenue.56 The company lost money this year.

Financial statements

Revenue78910115$2.1M in 2025+32701% since 2019
0$1.0M$2.0M$3.0M2019: $6.5K$6.5K20192020: $1.1M$1.1M2020+16409%2021: $2.9M$2.9M2021+170%2022: $120.6K$120.6K2022−96%2023: $202.7K$202.7K2023+68%2024: $702.0K$702.0K2024+246%2025: $2.1M$2.1M2025+202%
Gross profit78910115$1.2M in 2025+10602% since 2019
-$3.0M-$2.0M-$1.0M0$1.0M$2.0M2019: $11.6K$11.6K20192020: $441.1K$441.1K2020+3713%2021: $535.5K$535.5K2021+21%2022: -$204.5K-$204.5K20222023: -$74.5K-$74.5K2023−64%2024: -$2.4M-$2.4M2024+3185%2025: $1.2M$1.2M2025
Net income78910115-$68.2M in 2025+7268% since 2019
-$80.0M-$60.0M-$40.0M-$20.0M02019: -$925.5K-$925.5K20192020: -$6.3M-$6.3M2020+580%2021: -$28.1M-$28.1M2021+347%2022: -$15.2M-$15.2M2022−46%2023: -$15.1M-$15.1M2023−1%2024: -$49.4M-$49.4M2024+228%2025: -$68.2M-$68.2M2025+38%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Beverage sales$2.1M$702.0K
Related party income from digital assets$1.8M
Cost of sales$2.7M$3.1M
Gross profit$1.2M-$2.4M
General and administrative$35.7M$39.6M
Impairment expense$5.0M
Total operating costs and expenses$40.7M$39.6M
Interest income$92.1K$57.6K
Interest expense-$592.5K-$175.9K
Loss on settlement-$6.1M
Other income / (expense)$151.6K-$5.4M
Gain (loss) on sale of marketable securities$13.3M
Loss on exchange-$120.4K
Unrealized loss on digital asset-$35.4M
Unrealized gain (loss) on equity investment-$40.5K-$862.4K
Total other income (expense)-$28.7M-$6.4M
Loss from operations-$68.2M-$48.4M
Loss from discontinued operations-$997.8K
Net loss-$68.2M-$49.4M
Deemed dividend-$863.4K-$2.3M
Loss attributable to shareholders-$69.0M-$51.7M
Basic-$17.02-$31.77
Diluted-$17.02-$31.77
Loss per share attributed to common shareholders-$17-$33
Basic4.0M shares1.6M shares
Diluted4.0M shares1.6M shares

Compare BONK, INC. with another company

Corporate structure

BONK, INC. sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BONK, INC.

  • BONK, INC. Jupiter, Florida
    • Tron Inc. Stake · Winter Park, Florida
    • Bonk Holdings, LLC Subsidiary · Nevada, United States
    • Jupiter Wellness Investments Inc. Subsidiary · Florida, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What BONK, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$66.2K5 Dec 31, 2025$94.0K5 Dec 31, 2024−29.6%
Operating-lease assets (leased space)$18.6K5 Dec 31, 2025$299.7K5 Dec 31, 2024−93.8%

Investments

ItemLatestA year beforeChange
Marketable securities, current$54.7K5 Dec 31, 2025$54.7K5 Dec 31, 20240%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$14.1M5 Dec 31, 2025$011 Dec 31, 2024
Finite-lived intangibles, gross$1.4M5 Dec 31, 2025$4.9M5 Dec 31, 2024−71.3%
Accumulated amortization-$119.2K5 Dec 31, 2025-$564.8K5 Dec 31, 2024+78.9%
Finite-lived intangibles, net$1.3M5 Dec 31, 2025$4.4M5 Dec 31, 2024−70.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$949.3K5 Dec 31, 2025$233.5K5 Dec 31, 2024+306.5%
Finished goods$830.3K5 Dec 31, 2025$100.7K5 Dec 31, 2024+724.4%

Properties, in its own words

Currently, we do not own any real property. We rent office space at 18801 N. Thompson Peak, Suite 380, Scottsdale, AZ for $11,890 per month. The Company vacated its office in Jupiter, FL in May of 2025 and moved into the office leased by its subsidiary, Yerbaé Brands, after acquisition in June. Yerbaé Brands entered into the office lease effective January 2023, which has a primary term of the lease of three years with one renewal option for an additional three years. We do not own any real estate.

Item 2 of the 10-K filed Mar 31, 2026.4

Leadership

Who has led BONK, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jarrett Adam Boon2024

Chair

  1. Glynn Wilson2020–2024
  2. Byron Young2022
  3. Ryan T. Allison2022

President

  1. Jordan Schur2024–now

Chief financial officer

  1. Douglas O. McKinnon2020–2023
  2. Danielle Derosa-Diaz2024

Chief operating officer

  1. Ryan T. Allison2021
  2. Jarrett Adam Boon2023
2025
Board members and other officers (16)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Bonk Holdings, LLC Nevada3
  • Jupiter Wellness Investments Inc. Florida3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Safety Shot, Inc.Sep 15, 2023 to Oct 8, 20252
  • Jupiter Wellness, Inc.Nov 22, 2019 to Sep 12, 20232
  • CBD Brands, Inc.Mar 4, 2019 to May 27, 20202

Timeline

  1. Sep 11, 20268-K Entered a material agreement; Regulation FD disclosure39
  2. Apr 30, 20268-K Executive or director change; Regulation FD disclosure40
  3. Apr 28, 20268-K Executive or director change41
  4. Jan 14, 20268-K Executive or director change42
  5. Jan 5, 20268-K Executive or director change43
  6. Dec 29, 20258-K Shareholder vote44
  7. Dec 12, 20258-K Bylaws or fiscal year changed45
  8. Dec 8, 20258-K Regulation FD disclosure46
  9. Nov 7, 20258-K Bylaws or fiscal year changed47
  10. Nov 6, 20258-K Listing notice or transfer; Executive or director change48
  11. Nov 4, 20258-K Shareholder vote49
  12. Oct 16, 20258-K Entered a material agreement50
  13. Mar 6, 2024New chief executive Jarrett Adam Boon becomes CEO16

Calendar

Coming up

  1. Nov 18, 2026Reports results for the quarter ending Sep/202651

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

463 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 241 major events, 59 insider forms, 8 large holders, 134 other. The latest 20:

  1. Sep 11, 20268-K EDGAR
  2. Aug 14, 202610-Q EDGAR
  3. Jul 14, 20264 EDGAR
  4. Jul 7, 20264 EDGAR
  5. Jun 23, 20264 EDGAR
  6. Jun 16, 20264 EDGAR
  7. May 13, 202610-Q EDGAR
  8. May 1, 2026EFFECT EDGAR
  9. Apr 30, 20268-K EDGAR
  10. Apr 29, 2026CORRESP EDGAR
  11. Apr 28, 20268-K EDGAR
  12. Apr 22, 2026UPLOAD EDGAR
  13. Apr 17, 2026S-3 EDGAR
  14. Apr 16, 20264 EDGAR
  15. Mar 31, 202610-K EDGAR
  16. Feb 3, 2026424B3 EDGAR
  17. Jan 30, 2026EFFECT EDGAR
  18. Jan 29, 2026CORRESP EDGAR
  19. Jan 28, 2026S-1/A EDGAR
  20. Jan 14, 20268-K EDGAR

The 463 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

19 open-market trades by officers, directors and large owners since October 2021: 18 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 13, 2026Rudy Mitchell AustinDirectorBuy9,000$1.21$10.9KForm 4
Jul 10, 2026Rudy Mitchell AustinDirectorBuy1,000$1.21$1.2KForm 4
Jul 2, 2026Rudy Mitchell AustinDirectorBuy11,659$1.47$17.1KForm 4
Jun 22, 2026Rudy Mitchell AustinDirectorBuy7,500$1.56$11.7KForm 4
Jun 16, 2026Rudy Mitchell AustinDirectorBuy2,500$1.32$3.3KForm 4
Jun 10, 2026Rudy Mitchell AustinDirectorBuy12,000$1.37$16.4KForm 4
Apr 9, 2026Rudy Mitchell AustinDirectorBuy31,055$2.82$87.6KForm 4
Dec 11, 2024Melton ChristopherDirectorSale3,470$0.86$3.0KForm 4
Dec 29, 2023Gulyas JohnDirectorBuy3,000$3.50$10.5KForm 4
Dec 28, 2023Gulyas JohnDirectorBuy2,500$3.88$9.7KForm 4
Dec 28, 2023Gulyas JohnDirectorBuy2,500$3.88$9.7KForm 4
Aug 31, 2023Gulyas JohnDirectorBuy1,666,666Form 4
Aug 7, 2023Gulyas JohnDirectorBuy18,500Form 4
Oct 25, 2022FANI SKENDERDirectorBuy64,060$0.90$57.7KForm 4
Oct 25, 2022FANI SKENDERDirectorBuy64,060$0.90$57.7KForm 4
Oct 24, 2022FANI SKENDERDirectorBuy101$0.83$84Form 4
Oct 20, 2022FANI SKENDERDirectorBuy57,839$0.82$47.4KForm 4
Oct 6, 2021John BrianFormer CEO, DirectorBuy50,000$1.42$71.0KForm 4
Oct 5, 2021John BrianFormer CEO, DirectorBuy1,556$1.30$2.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

BONK, INC. has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Jarrett Boon56$150.0K$1.7M57
2024John Gulyas50$1.5M$1.5M57
2024Jordan Schur$245.0K$1.1M57

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 30. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
LPL Financial LLC117,020$177.9K0.0%New
UBS Group AG104,761$159.2K0.0%+16,235
Vanguard Capital Management LLC95,620$145.3K0.0%No change
Citadel Advisors LLC51,275$77.9K0.0%New
Geode Capital Management, LLC50,658$77.0K0.0%−9,603
BlackRock, Inc.33,188$50.4K0.0%No change
Jane Street Group, LLC23,545$35.8K0.0%New
Vanguard Fiduciary Trust Co22,528$34.2K0.0%No change
Northern Trust Corp12,925$19.6K0.0%New
Two Sigma Securities, LLC12,801$19.5K0.0%New
State Street Corp12,716$19.3K0.0%No change
Mml Investors Services, LLC10,150$15.4K0.0%−49
Tower Research Capital LLC (TRC)3,904$5.9K0.0%+2,491
Morgan Stanley1,826$2.8K0.0%−778
Steward Partners Investment Advisory, LLC582$8840.0%+3
Private Wealth Asset Management, LLC357$5430.0%No change
NewEdge Advisors, LLC237$3610.0%No change
SBI Securities Co., Ltd.119$1810.0%+35
Osaic Holdings, Inc.39$590.0%−2
Group One Trading LLC34$520.0%−1,043
Arax Advisory Partners33$510.0%−26
Allworth Financial LP28$430.0%No change
Virtu Financial LLC23,025$350.0%New
Medallion Wealth Advisors, LLC15$230.0%No change
Jones Financial Companies Lllp5$70.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BONK, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBONK, INC.1
  • CIK0001760903
  • Employer ID (EIN)83-24558804
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated indelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2844 Perfumes, Cosmetics & Other Toilet Preparations1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address1061 E. Indiantown Rd., Ste. 110, Jupiter, FL 334771
  • Phone561-325-04821
  • Shares outstanding8,000,940 as of Aug 14, 20266
  • Public float$31.8M as of Jun 30, 20254
  • AuditorM&K CPAS, PLLC, The Woodlands, Texas PCAOB ID 27384
  • On EDGAR sinceMar 4, 20191
  • Filings602 in all: 8-K (270), 4 (68), CORRESP (44), UPLOAD (32), 3 (21), 10-Q (18), S-1/A (18), 424B5 (15)1
    All 51 form types

    EFFECT (12), DEFA14A (9), POS AM (7), S-1 (7), 10-K (6), DEF 14A (6), 8-K/A (5), PRE 14A (5), S-3 (5), S-3/A (5), 144 (3), 424B4 (3), DRSLTR (3), SCHEDULE 13D (3), 1-A/A (2), 4/A (2), 424B3 (2), FWP (2), NT 10-K (2), NT 10-Q (2), SC 13G (2), SC 13G/A (2), 1-A (1), 1-K (1), 1-SA (1), 1-U (1), 10-Q/A (1), 25-NSE (1), 3/A (1), 8-A12B (1), AW (1), CERT (1), D (1), DEFM14A (1), DEFR14A (1), DRS (1), PREM14A (1), PRER14A (1), QUALIF (1), RW (1), S-8 (1), SC 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Dec 1, 2025
    Latest 8-K (8-K) Sep 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareBNKKNasdaq
Warrants to purchase shares of Common Stock, $0.001 par value per shareBNKKWNasdaq

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks BONK, INC. names in Item 1A of its 10-K filed Mar 31, 2026: 62 risks under these headings, as written.4

  • Risks Related to Our Business
  • Risks Related to Our BONK Holdings and Treasury Strategy
  • The BONK token is a highly volatile asset, and fluctuations in the price of the BONK token are likely to affect our financial results and the market price of our listed securities.
  • The BONK token and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.
  • A significant decrease in the market value of our BONK token holdings could adversely affect our ability to satisfy our financial obligations.
  • Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our BONK token holdings.
  • Our BONK treasury strategy subjects us to enhanced regulatory oversight.
  • Due to the unregulated nature and lack of transparency surrounding the operations of many BONK token trading venues, BONK token trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in BONK token trading venues and adversely affect the value of our BONK token.
  • The concentration of our BONK token holdings enhances the risks inherent in our BONK treasury strategy.
  • The emergence or growth of other digital assets, including those with significant private or public sector backing, could have a negative impact on the price of BONK tokens and adversely affect our business.
  • Our BONK token holdings are less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.
  • We face risks relating to the security of the wallets holding our BONK tokens, including the loss or destruction of private keys required to access our BONK tokens and cyberattacks or other data loss relating to our BONK tokens.
The other 52 risks
  • Absent federal regulations, there is a possibility that the BONK token may be classified as a “security.” Any classification of the BONK token as a “security” would subject us to additional regulation and could materially impact the operation of our business.
  • We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.
  • Our BONK treasury strategy exposes us to risk of non-performance by counterparties.
  • If we are unable to keep up with rapid technological changes, our products may become obsolete.
  • Competition could adversely affect our business.
  • If we are unable to develop and maintain our brand and reputation for our product offerings, our business and prospects could be materially harmed.
  • We are subject to government regulation, and unfavorable changes could substantially harm our business and results of operations.
  • We depend heavily on key personnel, and turnover of key senior management could harm our business.
  • Our products may not meet health and safety standards or could become contaminated.
  • The sale of our products involves product liability and related risks that could expose us to significant insurance and loss expenses.
  • The success of our business will depend upon our ability to create and expand our brand awareness.
  • We must develop and introduce new products to succeed.
  • Adverse publicity associated with our products or ingredients, or those of similar companies, could adversely affect our sales and revenue.
  • If serious adverse or undesirable side effects are identified during the development of our product candidates, we may abandon or limit our development or commercialization of such product candidates.
  • If we experience delays or difficulties in the enrollment of subjects to our clinical trials, our ability to complete such trials will be adversely affected.
  • It is uncertain whether product liability insurance will be adequate to address product liability claims, or that insurance against such claims will be affordable or available on acceptable terms in the future.
  • If we are unable to establish relationships with licensees or collaborators to carry out sales, marketing, and distribution functions or to create effective marketing, sales, and distribution capabilities, we will be unable to market our products successfully.
  • Natural disasters and other events beyond our control could materially adversely affect us.
  • We have a limited operating history upon which investors can evaluate our future prospects.
  • Our products and manufacturing activities are subject to extensive government regulation, and failure to comply with these laws and regulations, as they currently exist or as modified in the future, may increase our costs, limit or eliminate our ability to sell certain products, subject us or our suppliers to the risk of enforcement action, or otherwise adversely affect our business, results of operations and financial condition.
  • We are subject to government regulations of the processing, formulation, packaging, labeling and advertising of our wellness and dietary supplement products.
  • Our failure to comply with applicable laws or regulations could result in substantial monetary penalties and could adversely affect our operating results.
  • Congress and/or regulatory agencies may impose additional laws or regulations or change current laws or regulations, and state attorneys general may increase enforcement of existing or new laws, and compliance with new or changed governmental regulations, or any state attorney proceeding, could increase our costs significantly and materially and adversely affect our business, financial condition and results of operations.
  • Our reliance on third parties to manufacture and supply our products, including the Sure Shot Dietary Supplement and Yerbaé’s plant-based beverages, may harm our business, financial condition and operating results.
  • We rely on third parties to conduct clinical trials and most nonclinical studies of our products, including the Sure Shot Dietary Supplement. If these third parties do not perform as contractually required, fail to satisfy regulatory or legal requirements or miss expected deadlines, our product development and commercialization efforts could be delayed with material and adverse effects on our business, financial condition, results of operations and prospects.
  • We may not meet our product development and commercialization milestones.
  • Our operations in international markets involve inherent risks that we may not be able to control.
  • Compliance with new and existing laws and governmental regulations could increase our costs significantly and adversely affect our results of operations.
  • International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.
  • Significant political, trade, regulatory developments, and other circumstances beyond our control, could have a material adverse effect on our financial condition or results of operations.
  • Regulatory changes or actions may alter the nature of an investment in us or restrict the use of cryptocurrencies in a manner that adversely affects our business, prospects, or operations.
  • Our business, operations, financial position and timelines, could be materially adversely affected by the continuing military action in Ukraine and the war between Israel and Hamas.
  • Risks Related to our Financial Position and Capital Needs
  • Our accountant has indicated doubt about our ability to continue as a going concern.
  • Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies or other assets.
  • Our potential for rapid growth and our entry into new markets make it difficult for us to evaluate our current and future business prospects, and we may be unable to effectively manage any growth associated with these new markets, which may increase the risk of your investment and could harm our business, financial condition, results of operations and cash flow.
  • Changes in tax laws and unanticipated tax liabilities could adversely affect our effective income tax rate and ability to achieve profitability.
  • Risks Related to our Intellectual Property
  • We may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights.
  • Any inability to protect our intellectual property rights could reduce the value of our products and brands, which could adversely affect our financial condition, results of operations and business.
  • The intellectual property behind our products may include unpublished know-how as well as existing and pending intellectual property protection. All intellectual property protection eventually expires, and unpublished know-how is dependent on key individuals.
  • If we are not able to adequately protect our intellectual property, then we may not be able to compete effectively, and we may not be profitable.
  • Risks Related to Our Securities and Other Risks
  • We are an “emerging growth company” and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.
  • The requirements of being a public company may strain our resources and distract our management, which could make it difficult to manage our business, particularly after we are no longer an “emerging growth company.”
  • We have broad discretion in the use of the net proceeds from any offerings and may not use them effectively.
  • Our management has limited experience in managing the day-to-day operations of a public company and, as a result, we may incur additional expenses associated with the management of our Company.
  • Compliance with changing corporate governance regulations and public disclosures may result in additional risks and exposures.
  • Certain of our stockholders hold a significant percentage of our outstanding voting securities, which could reduce the ability of minority stockholders to effect certain corporate actions.
  • If securities or industry analysts publish inaccurate or unfavorable research about our business, our stock price could decline.
  • We do not intend to pay dividends for the foreseeable future.
  • Our Second Amended and Restated Certificate of Incorporation contains an exclusive forum provision for certain claims, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • Our issuance of additional common stock or preferred stock may cause our common stock price to decline, which may negatively impact your investment.
  • Anti-takeover provisions in the Company’s charter and bylaws may prevent or frustrate attempts by stockholders to change the board of directors or current management and could make a third-party acquisition of the Company difficult.
  • Our common stock may become subject to the SEC’s penny stock rules and accordingly, broker-dealers may experience difficulty in completing customer transactions and trading activity in our securities may be adversely affected.

Legal proceedings

On November 30, 2023, Intracoastal Capital, LLC (“Intracoastal”) filed a lawsuit against the Company in the New York County Supreme Court, alleging that (i) the Company is in breach of a common stock warrant issued to Intracoastal on or about July 26, 2021, and (ii) that the Company should be ordered by the court to deliver to Intracoastal 330,619 free trading shares of Company common stock (the “Intracoastal Litigation”). The Intracoastal Litigation seeks compensatory damages in an amount no less than $2 million, in addition to liquidated damages and attorney’s fees. On January 14, 2025, the Company settled all issues and claims relating to the Intracoastal Litigation pursuant to the terms of the Intracoastal Settlement Agreement. Under the Intracoastal Settlement Agreement, the Company agreed to issue to Intracoastal Capital the following: (i) the Intracoastal Settlement Shares and (ii) a settlement payment of $175,000. The number of Intracoastal Settlement Shares shall be the greater of the Initial Share Amount or the Adjusted Share Amount. The Intracoastal Settlement Agreement is filed herein as Exhibit 10.33.

The opening of Item 3, Legal Proceedings.4

Sources

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