GOING CONCERN ASSESSMENT

12 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOING CONCERN ASSESSMENT

NOTE 2 – GOING CONCERN ASSESSMENT

We are required to perform a going concern assessment for the annual reporting period. The assessment uses a two-step process to evaluate whether there are conditions and/or events that raise substantial doubt about our ability to continue as a going concern within one year after the date on which the annual financial statements are issued.

The two steps are to:

1.	Determine if “substantial doubt” is raised regarding the entity’s ability to continue as a going concern. If it is not raised, the assessment stops there. However, if substantial doubt is raised, management would proceed to the next assessment step.
2.	Determine if the substantial doubt continues to exist after considering any plan to address and mitigate the doubt. However, regardless of whether such a plan alleviates the initial doubt, the guidance will require some level of disclosure in the financial statements.

Substantial doubt exists when it is probable (within one year after the date on which the financial statements are issued) that the Company will be unable to meet its obligations as they become due. Probable is used consistently with its use in ASC 450, Contingencies (the future event or events are likely to occur, which is a higher threshold than “more likely than not” but lower than “virtually certain”).

This assessment is through December 31, 2025, because our fiscal year 2024 financial statements will be issued during December 2024. For the year ended September 30, 2024, we reported a net loss of $904 thousand which includes $755 thousand of non-cash expenses for depreciation, amortization, and stock-based compensation. Our operating activities generated $307 thousand in cash for the year ended September 30, 2024, and our cash balance decreased by $8 thousand during that same period after using $315 thousand of cash for investing and financing activities, including the purchase of $250 thousand in short-term investments. We may incur continued net losses until we generate revenues in excess of our expenses; however, we intend to manage our business such that our current cash balance and net cash provided by operations will allow us to sustainably fund our business. We cannot be certain that this will be achieved. We don’t currently have any credit facilities available to us.

We have determined that substantial doubt does not exist about our ability to continue as a going concern through December 31, 2025.