Summary and Analysis of Key Points

Overview of the Company’s Financial Performance

• The company is focused on two main business areas: iGaming assets and legacy biotechnology programs.
• For the iGaming business, the company acquired blockchain-based gaming technology assets in September 2024 and is planning to commercialize an online casino using this technology. The initial costs to fully commercialize the iGaming platform are estimated to be $3-$5 million.
• The company’s legacy biotechnology programs have been significantly slowed down due to resource constraints, and the company is evaluating options to monetize these assets.
• The company has experienced liquidity issues and needs to raise significant additional capital to fund its operations and planned iGaming launch. As of March 31, 2025, the company had $3.7 million in cash and a working capital of $87,000.

Revenue and Profit Trends

• The company is not currently generating any revenue, as it is still in the development and planning stages for its iGaming business.
• The company reported a net loss of $2.37 million for the three months ended March 31, 2025, compared to a net loss of $1.07 million for the same period in 2024.
• The increase in net loss was primarily due to higher general and administrative expenses, partially offset by lower research and development costs.

Strengths and Weaknesses

Strengths:

• Acquisition of blockchain-based gaming technology assets provides a foundation for the planned iGaming business.
• Nasdaq listing may make the company an attractive consolidation vehicle for the iGaming industry.

Weaknesses:

• Significant liquidity issues and need for additional capital to fund operations and iGaming launch.
• Slow progress and reduced investment in legacy biotechnology programs.
• No current revenue generation, with significant losses continuing.

Outlook and Future Prospects

• The company’s ability to successfully commercialize its iGaming platform and generate revenue is critical to its future prospects, but significant upfront costs and regulatory hurdles remain.
• The company’s biotechnology assets may provide some value if they can be monetized, but this is not a core focus currently.
• Continued ability to raise capital will be essential for the company to execute its plans and maintain operations.
• Overall, the company faces significant challenges and uncertainty in transitioning to a viable iGaming business model while managing its legacy biotechnology programs.