CNTM 10-Q

ConnectM Technology Solutions, Inc. (CNTM)

10-Q 2025-09-16 For: 2025-06-30

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Added on April 08, 2026

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Delaware		87-2898342
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)


2 Mount Royal Avenue, Suite 550 Marlborough, Massachusetts		01752
(Address of principal executive offices)		(Zip Code)


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒



		Page
PART I – FINANCIAL INFORMATION (unaudited)		3
Item 1.	Unaudited Condensed Consolidated Financial Statements	3
	Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	3
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2025 and 2024 (unaudited)	4
	Condensed Consolidated Statements of Stockholders’ Deficit for the three and six months ended June 30, 2025 and 2024 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)	6
	Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
PART II – OTHER INFORMATION		35
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sale of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	36
Item 5.	Other Information	36
Item 6.	Exhibits	36
Signatures		37


	June 30,		December 31,
	2025		2024
	(unaudited)
Assets
Current assets
Cash	$	2,658,044	$	2,407,843
Accounts receivable		5,480,311		1,897,471
Contract asset		184,523		206,750
Inventories, net		889,177		550,695
Forward purchase agreement derivative asset		—		1,471,000
Working capital advances		164,529		266,831
Prepaid expenses and other current assets		1,262,212		1,530,842
Total current assets		10,638,796		8,331,432
Right-of-use asset – operating lease		262,302		221,479
Right-of-use asset – finance lease		85,473		130,774
Property and equipment, net		3,508,727		936,573
Goodwill		5,157,376		1,728,108
Intangible assets, net		2,185,303		1,408,176
Total Assets	$	21,837,977	$	12,756,542
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable	$	7,540,595	$	10,497,488
Accrued expenses and other current liabilities		3,311,130		3,207,233
Contingent consideration liability		294,491		259,243
Debt, net of debt discount		3,652,236		7,019,499
Convertible debt, at fair value		7,195,476		8,542,323
Derivative liabilities		3,061,948		4,229,478
Operating lease liability		88,626		117,120
Finance lease liability		67,998		103,392
Contract liabilities		2,361,277		602,469
Other payable		3,645,042		—
Deferred tax liabilities		53,992		—
Total current liabilities		31,272,811		34,578,245
Debt, net of current portion		1,490,060		1,303,665
Operating lease liabilities, net of current portion		179,505		135,239
Finance lease liabilities, net of current portion		77,597		91,726
Contingent consideration liability, net of current portion		399,236		434,174
Total liabilities		33,419,209		36,543,049
Commitments and Contingencies
Stockholders’ Deficit:
Preferred stock Series A, $0.001 par value, 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024 no shares issued or outstanding as of June 30, 2025 and December 31, 2024		—		—
Common stock, $0.0001 par value, 100,000,000 shares authorized as of June 30, 2025 and December 31, 2024 respectively, 71,631,073 and 29,093,289 issued and outstanding as of June 30, 2025 and December 31, 2024 respectively		7,163		2,910
Additional paid-in-capital		42,541,947		20,152,919
Accumulated deficit		(55,988,573)		(45,426,099)
Accumulated other comprehensive income		132,928		166,007
Total ConnectM Technology Solutions, Inc.'s stockholders’ deficit		(13,306,535)		(25,104,263)
Non-controlling interest		1,725,303		1,317,756
Total stockholders’ deficit		(11,581,232)		(23,786,507)
Total liabilities and stockholders’ deficit	$	21,837,977	$	12,756,542


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Revenues	$	8,511,491	$	5,009,124	$	17,499,834	$	10,383,031
Cost of revenues		5,538,614		3,039,203		11,513,224		6,809,589
Gross profit		2,972,877		1,969,921		5,986,610		3,573,442
Selling, general and administrative expenses		6,292,160		3,013,658		12,579,336		6,031,817
Loss on impairment of intangible assets		—		405,658		—		405,658
Loss from operations		(3,319,283)		(1,449,395)		(6,592,726)		(2,864,033)
Other income (expense):
Interest expense		(102,171)		(640,732)		(595,635)		(1,153,117)
Loss on extinguishment of debt and vendor payable		(1,599,285)		—		(4,105,692)		(591,864)
Change in fair value of convertible debt		(510,577)		—		(830,272)		—
Change in fair value of forward purchase agreement		—		—		(971,000)		—
Change in fair value of derivative liabilities		(510,661)		—		(544,209)		—
Bargain purchase gain		2,486,702		—		2,486,702		—
Change in fair value on 3(a)(10) Settlement Agreement (Note 6)		207,715		—		617,966		—
Other income (expense), net		(58,548)		(127,159)		151,419		(211,645)
Total other income (expense), net		(86,825)		(767,891)		(3,790,721)		(1,956,626)
Net loss		(3,406,108)		(2,217,286)		(10,383,447)		(4,820,659)
Less: net income (loss) attributable to noncontrolling interests		137,956		(10,782)		179,027		(8,445)
Net loss attributable to ConnectM Technology Solutions, Inc.	$	(3,544,064)	$	(2,206,504)	$	(10,562,474)	$	(4,812,214)
Other comprehensive income (loss):
Foreign currency translation adjustments		(43,860)		(128)		(33,079)		10,390
Comprehensive income/(loss) before noncontrolling interests		(3,587,924)		(2,206,632)		(10,595,553)		(4,801,824)
Less: comprehensive loss/(income) attributable to non-controlling interests		137,956		(10,782)		179,027		(8,445)
Comprehensive Income/(loss) attributable to ConnectM Technology Solutions, Inc.	$	(3,725,880)	$	(2,195,850)	$	(10,774,580)	$	(4,793,379)

Weighted average shares outstanding of common stock		56,495,906		13,338,437		44,193,118		13,338,437
Basic and diluted net loss per share, common stock	$	(0.06)	$	(0.17)	$	(0.24)	$	(0.36)


	For the Six Months Ended June 30, 2025
									Accumulated
					Additional				Other						Total
	Common Stock				Paid-In		Accumulated		Comprehensive		Stockholders’		Noncontrolling		Stockholders’
	Shares		Amount		Capital		Deficit		Income (Loss)		Deficit		interests		Deficit
Balances, as of December 31, 2024		29,093,289	$	2,910	$	20,152,919	$	(45,426,099)	$	166,007	$	(25,104,263)	$	1,317,756	$	(23,786,507)
Issuance of common stock to settle claim under 3(a)(10) Settlement Agreement (Note 5)		3,674,558		367		3,076,885		—		—		3,077,252		—		3,077,252
Issuance of common stock to settle share reset derivative liabilities		2,737,168		274		1,711,731		—		—		1,712,005		—		1,712,005
Other comprehensive income		—		—		—		—		10,781		10,781		—		10,781
Net (loss) income		—		—		—		(7,018,410)		—		(7,018,410)		41,071		(6,977,339)
Balances, as of March 31, 2025		35,505,015	$	3,551	$	24,941,535	$	(52,444,509)	$	176,788	$	(27,322,635)	$	1,358,827	$	(25,963,808)
Issuance of common stock to extinguish obligations to vendors and lenders under 3a10 plan		10,069,573		1,006		5,410,492		—		—		5,411,498		—		5,411,498
Issuance of common stock to BOD and employees		2,207,222		221		504,912		—		—		505,133		—		505,133
Issuance of common stock in connection with stock subscription		3,658,333		366		804,634		—		—		805,000		—		805,000
Issuance of common stock in connection with the conversion of convertible debt and accrued interest under 3(a)(9) settlement		15,290,930		1,529		7,739,386		—		—		7,740,915		—		7,740,915
Issuance of common stock in connection with acquisition of ATS & SESB		4,900,000		490		3,140,988		—		—		3,141,478		—		3,141,478
Increase in non-controlling interests from business combination		—		—		—		—		—		—		228,520		228,520
Other comprehensive income		—		—		—		—		(43,860)		(43,860)		—		(43,860)
Net (loss) income		—		—		—		(3,544,064)		—		(3,544,064)		137,956		(3,406,108)
Balances, as of June 30, 2025		71,631,073	$	7,163	$	42,541,947	$	(55,988,573)	$	132,928	$	(13,306,535)	$	1,725,303	$	(11,581,232)


	For the Six Months Ended June 30, 2024
									Accumulated
					Additional				Other						Total
	Common Stock				Paid-In		Accumulated		Comprehensive		Stockholders’		Noncontrolling		Stockholders’
	Shares		Amount		Capital		Deficit		Income (Loss)		Deficit		interests		Deficit
Balances, as of - December 31, 2023		1,588,141		159		1,307,065		(22,860,351)		114,624		(21,438,503)		(26,345)		(21,464,848)
Retroactive application of recapitalization		11,750,296		1,175		11,981,109		—		—		11,982,284		—		11,982,284
Balances, as of - December 31, 2023		13,338,437	$	1,334	$	13,288,174	$	(22,860,351)	$	114,624	$	(9,456,219)	$	(26,345)	$	(9,482,564)
Stock-based compensation expense		—		—		41		—		—		41		—		41
Other comprehensive income		—		—		—		—		10,518		10,518		—		10,518
Net loss		—		—		—		(2,605,710)		—		(2,605,710)		2,337		(2,603,373)
Balances, as of March 31, 2024		13,338,437	$	1,334	$	13,288,215	$	(25,466,061)	$	125,142	$	(12,051,370)	$	(24,008)	$	(12,075,378)
Stock-based compensation expense		—		—		322		—		—		322		—		322
Noncontrolling interest ownership change						50,931		—		—		50,931		(759)		50,172
Issuance of common stock		5,000		1		34,999		—		—		35,000		—		35,000
Other comprehensive income		—		—		—		—		(128)		(128)		—		(128)
Net loss		—		—		—		(2,206,504)		—		(2,206,504)		(10,782)		(2,217,286)
Balances, as of June 30, 2024		13,343,437	$	1,335	$	13,374,467	$	(27,672,565)	$	125,014	$	(14,171,749)	$	(35,549)	$	(14,207,298)


Options		473,929
Warrants		13,067,494
Convertible notes payable that convert into common stock		6,329,185
Total		19,870,608


	ATS		SESB	CER
Date of Acquisition(s)	April 28, 2025		April 28, 2025	April 25, 2025
Cash	$	—	—	559,115
Accounts receivable		143,886	6,171	1,343,414
Prepaid expenses and other current assets		143,858	—	428,776
Property and equipment, net		86,670	—	2,720,468
Right-of-use asset – operating lease		113,231	—	—
Customer relationships		200,000	140,000	—
Trademark		160,000	82,000	—
Total assets acquired		847,645	228,171	5,051,773
Accounts payable		240,014	—	158,176
Accrued expenses and other current liabilities		138,508	8,118	1,119,487
Debt, net of debt discount		164,772	47,892	1,003,851
Contract liabilities		18,400	—	—
Operating lease liabilities		116,798	—	—
Deferred tax liability		—	—	54,234
Debt, net of current portion		183,155	—	—
Total liabilities assumed		861,647	56,010	2,335,748
Net assets acquired	$	(14,002)	172,161	2,716,025

Goodwill	$	2,612,975	817,705	—
Non-controlling interest	$	—	—	228,520


Issuance Date	Gross Proceeds		Conversion Price		Conversion Option Period of Exercisability (from issuance date)	Maturity Date (from issuance date)
1/25/2025	$	250,000	$	1.10	90-days	180-days
1/22/2025		50,000	$	1.10	90-days	180-days
1/23/2025		100,000	$	1.10	90-days	180-days
1/25/2025		150,000	$	1.10	90-days	180-days
1/26/2025		50,000	$	1.10	90-days	180-days
1/29/2025		1,000,000	$	1.10	90-days	180-days
2/4/2025		150,000	$	1.10	90-days	180-days
2/11/2025		50,000	$	1.10	90-days	180-days
3/5/2025		200,000	$	1.15	90-days	365-days
3/17/2025		250,000	$	1.00	30-days	30-days
3/17/2025		250,000	$	1.10	30-days	30-days
3/24/2025		30,000	$	1.15	90-days	365-days
4/1/2025		100,000	$	1.15	90-days	365-days
4/1/2025		150,000	$	0.60	90-days	180-days
4/4/2025		20,000	$	1.15	90-days	365-days
4/8/2025		100,000	$	1.15	90-days	365-days
5/26/2025		156,000		Variable*	180-days	210-days
6/9/2025		500,000	$	0.25	210-days	210-days
	$	3,556,000


	Level I		Level II		Level III		Total
Assets
Forward purchase agreement	$	—	$	—	$	—	$	—
Total assets	$	—	$	—	$	—	$	—
Liabilities
Derivative liabilities	$	—	$	—	$	3,061,948	$	3,061,948
3(a)(10) Settlement Agreement		—		—		3,645,042		3,645,042
Contingent consideration *		—		—		434,174		434,174
Convertible debt		—		—		7,195,476		7,195,476
Total liabilities	$	—	$	—	$	14,336,640	$	14,336,640


	Forward Purchase Agreement		Derivative liabilities		3(a)(10) Settlement Agreement		Contingent consideration *		Convertible debt
Balance, December 31, 2024	$	1,471,000	$	(4,229,478)	$	—	$	(434,174)	$	(8,542,323)
Cash payment/(receipt)		(500,000)				—				75,000
Issuances		—		—		(11,623,945)		—		(3,556,000)
Settlement through issuance of Company's common stock		—		1,711,739		8,488,749		—		5,470,000
Loss on extinguishment of debt and vendor payable						(1,127,812)				188,119
Change in fair value		(971,000)		(544,209)		617,966		—		(830,272)
Ending balance, June 30, 2025	$	—	$	(3,061,948)	$	(3,645,042)	$	(434,174)	$	(7,195,476)


	June 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2024 Convertible Notes	$	600,000	$	669,480	$	2,440,000	$	2,547,209
2025 Convertible Notes		3,556,000		3,728,282		—		—
Assumed 2024 Note		—		—		3,630,000		3,630,000
SEPA Convertible Note		2,300,000		2,797,714		2,500,000		2,365,114
	$	6,456,000	$	7,195,476	$	8,570,000	$	8,542,323


	June 30, 2025			December 31, 2024
Discount rate		20.0	%		20.0	%
Probability of conversion at maturity scenario		70.0 - 100.0	%		70.0 - 100.0	%
Probability of voluntary conversion scenario		0.0 - 30.0	%		0.0 - 30.0	%
Remaining term for conversion at maturity scenario		0.01 - 0.77 years			0.01 - 0.28 years
Remaining term for voluntary conversion scenario		0.01 - 0.52 years			0.01 - 0.03 years


	June 30, 2025			December 31, 2024
Remaining term		0.47 years			0.97 years
Volatility		80.0	%		88.0	%
Risk-free rate		4.3	%		4.3	%
Drift term		4.2	%		4.2	%
Conversion price for payments to be made through issuance of Company's common stock	$	0.17		$	0.41
Payments to be made through issuance of shares of Company's common stock		58	%		11.1	%
Payments to be made in cash		42	%		88.9	%


		Amended 2024 FPA					2024 FPA
					December 16, 2024		December 16, 2024
	December 31, 2024				(modification)		(modification)
Probability of maturity settlement scenario		15.0	%		15.0	%		15.0	%
Probability of prepayment shortfall settlement scenario		85.0	%		85.0	%		85.0	%
Recycled Shares held by Meteora		1,703,890			1,703,890			2,203,890
Price per share of Company's common stock	$	1.21		$	0.77		$	0.77
Remaining term		2.53 years			2.57 years			2.57 years
Risk-free interest rate		4.3	%		4.2	%		4.2	%
Drift term		4.2	%		4.1	%		4.1	%
Volatility		85.0	%		81.0	%		81.0	%
Forecasted price per share of Company's common stock at maturity		2.30			0.37		$	0.37
Expected margin from Meteora's sale of Recycled Shares		76.9	%		76.9	%		83.3	%


	June 30, 2025			January 28, 2025
Price per share of Company’s common stock	$	0.24		$	1.09
Equity volatility		80.0	%		88.0	%
Remaining term		0.46 years			0.63 years
Risk-fee rate		4.3	%		4.2	%
Drift term		4.20	%		4.1	%


Balance as of December 31, 2024	$	206,750
Net change during the six months ended June 30, 2025		(22,227)
Balance as of June 30, 2025	$	184,523


	Three Months Ended June 30, 2025
	Owned Service Network		Managed Solutions		Logistics		Transportation		Corporate		Total
Revenues	$	4,445,226		608,951		2,874,783		582,531		—	$	8,511,491
Cost of revenue		2,535,577		395,187		2,162,027		445,823		—		5,538,614
Selling, general and administrative expenses
Facility costs		27,977		17,073		—		20,320		9,701		75,071
Insurance expenses		103,046		11,163		12,559		201		113,029		239,998
Marketing expenses		422,126		32,344		(916)		116		344,267		797,937
Operational expenses		788,899		76,179		24,875		65,468		1,607,528		2,562,949
Compensation and related benefits		1,345,344		141,008		554,308		30,722		175,287		2,246,669
Travel & entertainment		(6,323)		12,347		16,968		6,808		44,294		74,094
Vehicle expenses		153,818		6,719		—		—		10,694		171,231
Depreciation		117,635		9,927		—		20,783		6,381		154,726
Amortization		36,676		—		(67,513)		—		322		(30,515)
Total selling, general and administrative expenses		2,989,198		306,760		540,281		144,418		2,311,503		6,292,160
Loss on impairment
(Loss) income from operations		(1,079,549)		(92,996)		172,475		(7,710)		(2,311,503)		(3,319,283)
Other (expense) income, net	$	2,728,246	$	—	$	11,015	$	(33,533)	$	(2,792,553)	$	(86,825)
Net (loss) income	$	1,648,697	$	(92,996)	$	183,490	$	(41,243)	$	(5,104,056)	$	(3,406,108)
Total assets	$	9,422,417	$	1,803,751	$	3,380,374	$	6,331,671	$	899,764	$	21,837,977
Capital expenditures		5,265		—		—		—		—		5,265


	Three Months Ended June 30, 2024
	Owned Service Network		Managed Solutions		Logistics		Transportation		Corporate		Total
Revenues	$	3,023,393		1,554,784		—		430,947		—		5,009,124
Cost of revenue		1,796,339		1,120,183		—		122,681		—		3,039,203
Selling, general and administrative expenses
Facility costs		45,475		80,225		—		3,021		141		128,862
Insurance expenses		53,671		88,252		—		206		33,986		176,115
Marketing expenses		42,258		22,924		—		211		39,146		104,539
Operational expenses		269,601		(698,081)		—		134,412		389,783		95,715
Compensation and related benefits		484,258		794,259		—		184,697		695,997		2,159,211
Travel & entertainment		27,055		5,481		—		7,159		(1,488)		38,207
Vehicle expenses		66,467		42,344		—		—		51,429		160,240
Depreciation		100,210		(10,832)		—		18,781		29,517		137,676
Amortization		18,214		—		—		(19,480)		14,359		13,093
Total selling, general and administrative expenses		1,107,209		324,572		—		329,007		1,252,870		3,013,658
Loss on impairment		405,658		—		—		—		—		405,658
(Loss) Income from operations		(285,813)		110,029		—		(20,741)		(1,252,870)		(1,449,395)
Other (expense) income, net		—		—		—		—		(767,891)		(767,891)
Net (loss) income	$	(285,813)	$	110,029	$	—	$	(20,741)	$	(2,020,761)	$	(2,217,286)
Total assets	$	5,117,037	$	605,954	$	—	$	1,111,513	$	8,346,165	$	15,180,669
Capital expenditures	$	3,578	$	—	$	—	$	—	$	—	$	3,578


	Six Months Ended June 30, 2025
	Owned Service Network		Managed Solutions		Logistics		Transportation		Corporate		Total
Revenues	$	8,692,767		2,365,319		5,412,213		1,029,535		—	$	17,499,834
Cost of revenue		4,765,402		1,736,378		4,171,561		839,883		—		11,513,224
Selling, general and administrative expenses
Facility costs		63,816		118,106		—		33,874		9,701		225,497
Insurance expenses		143,465		33,893		26,254		399		212,949		416,960
Marketing expenses		1,874,228		107,128		(916)		1,283		881,311		2,863,034
Operational expenses		1,282,117		(462,051)		213,270		137,354		2,964,539		4,135,229
Compensation and related benefits		2,210,605		800,307		554,308		79,168		415,472		4,059,860
Travel & entertainment		22,727		15,591		25,418		11,380		99,220		174,336
Vehicle expenses		219,968		106,697		—		—		10,694		337,359
Depreciation		161,042		19,856		—		22,821		6,381		210,100
Amortization		81,352		—		74,964		—		645		156,961
Total selling, general and administrative expenses		6,059,321		739,528		893,298		286,279		4,600,913		12,579,336
Loss on impairment		—		—		—		—		—		—
(Loss) income from operations		(2,131,955)		(110,586)		347,354		(96,627)		(4,600,912)		(6,592,726)
Other (expense) income, net		2,672,341	$	—	$	11,015	$	(33,533)	$	(6,440,544)		(3,790,721)
Net (loss) income	$	540,386	$	(110,586)	$	358,369	$	(130,160)	$	(11,041,456)	$	(10,383,447)
Total assets	$	9,422,417	$	1,803,751	$	3,380,374	$	6,331,671	$	899,764	$	21,837,977
Capital expenditures	$	5,265	$	—	$	—	$	—	$	—	$	5,265


	Six Months Ended June 30, 2024
	Owned Service Network		Managed Solutions		Logistics		Transportation			Corporate	Total
Revenues	$	6,784,511		2,864,500		—		734,020		—	$	10,383,031
Cost of revenue		4,309,129		2,007,781		—		492,679		—		6,809,589
Selling, general and administrative expenses
Facility costs		102,899		149,711		—		9,082		(20,254)		241,438
Insurance expenses		115,197		145,613		—		412		89,893		351,115
Marketing expenses		126,571		31,077		—		2,149		56,959		216,756
Operational expenses		341,697		(587,110)		—		226,680		884,133		865,400
Compensation and related benefits		1,527,383		930,072		—		193,162		1,010,065		3,660,682
Travel & entertainment		35,306		6,895		—		10,950		17,309		70,460
Vehicle expenses		123,434		70,437		—		—		104,077		297,948
Depreciation		145,936		—		—		20,593		29,517		196,046
Amortization		106,795		—		—		3,516		21,661		131,972
Total selling, general and administrative expenses		2,625,218		746,695		—		466,544		2,193,360		6,031,817
Loss on impairment		405,658				—		—		—		405,658
(Loss) Income from operations		(555,494)		110,024		—		(225,203)		(2,193,360)		(2,864,033)
Other (expense) income, net		—		—		—		—		(1,956,626)		(1,956,626)
Net (loss) income	$	(555,494)	$	110,024	$	—	$	(225,203)	$	(4,149,986)	$	(4,820,659)
Total assets	$	5,117,037	$	605,954	$	—	$	1,111,513	$	8,346,165	$	15,180,669
Capital expenditures	$	10,147	$	—	$	—	$	—	$	—	$	10,147


	Three Months Ended June 30,				Change
	2025		2024		$		%

Revenues	$	8,511,491	$	5,009,124	$	3,502,367	69.9	%
Costs and expenses:
Cost of revenues		5,538,614		3,039,203		2,499,411	82.2	%
Gross profit		2,972,877		1,969,921		1,002,956	50.9	%
Selling, general and administrative expenses		6,292,160		3,013,658		3,278,502	108.8	%
Loss on impairment of intangible assets		—		405,658		(405,658)	(100.0)	%
Loss from operations		(3,319,283)		(1,449,395)		(1,869,888)	129.0	%
Total other income (expense), net		(86,825)		(767,891)		681,066	(88.7)	%
Net loss	$	(3,406,108)	$	(2,217,286)	$	(1,188,822)	53.6	%


No.		Description of Exhibit
3.1		Certificate of Designations of Preferences and Rights of Series A Convertible Preferred Stock filed on May 5, 2025 (incorporated by reference to Exhibit 3.1 to the Current report on Form 8-K filed by the registrant on May 15, 2025)
3.2		Certificate of Designations of Preferences and Rights of Series B Convertible Preferred Stock filed on May 5, 2025 (incorporated by reference to Exhibit 3.2 to the Current report on Form 8-K filed by the registrant on May 15, 2025)
10.1*		Form of Q1 2025 Convertible Note
10.2*		Form of Q2 Convertible Note
10.3*		Form of Q3 Convertible Note
10.4*		Form of Note Exchange Agreement
10.5*		Form of Promissory Note Agreement
10.6*		Form of Amendment of Business Loan and Security Agreement
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a14(a) and 15d14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a14(a) and 15d14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


Signature	Capacity	Date

/s/ Bhaskar Panigrahi	Chief Executive Officer; Chairman	September 16, 2025
Bhaskar Panigrahi	(Principal Executive Officer)

/s/ Mahesh Choudhury		September 16, 2025
Mahesh Choudhury	(Principal Financial Officer)

/s/ Bala Padmakumar	Vice Chairman	September 16, 2025
Bala Padmakumar

/s/ Kathy Cuocolo	Director	September 16, 2025
Kathy Cuocolo

/s/ Stephen Markscheid	Director	September 16, 2025
Stephen Markscheid

/s/ Gautam Barua	Director	September 16, 2025
Gautam Barua