Red Flags Detected

• ⚠ Going Concern Doubt (worsened) — The company continues to have substantial doubt about its ability to continue as a going concern, now based on losses and negative cash flows rather than a working capital deficit.
• ⚠ Nasdaq Delisting Notice (new) — The company received a Nasdaq deficiency letter for non-compliance with the minimum bid price requirement, which was cured via a reverse stock split but creates ongoing delisting risk.
• ⚠ Government Investigation (new) — The Company disclosed new grand jury and SEC investigations into its IPO.
• ⚠ Government Investigation (new) — On October 27, 2025, the Company received a grand jury subpoena from the U.S. Attorney’s Office in connection with an investigation in the Southern District of New York. The subpoena calls for the production of documents relating to the Company’s initial public offering. The Company has produced records in response to that grand jury subpoena. On October 28, 2025, the Company learned that the SEC is conducting a related investigation pursuant to its authority. On March 10, 2026, the Company received a subpoena for documents from the SEC, which also calls for the production of documents related to the Company’s initial public offering and other items. The Company intends to fully cooperate with both investigations and comply with its obligations under the subpoenas. It is not possible at this time to predict when the investigations will be resolved, the outcome of the investigations, or their potential impact on the Company.
• ⚠ Impairment Loss (new) — The Company recognized an impairment loss on its capitalized software, indicating that the carrying value of its intangible assets was not recoverable.