NASDAQ
7 days, 21 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Appoints David DeCaprio as President and COO, Announces Equity Grants and Settlement Agreements
Firefly Neuroscience appoints David DeCaprio as President and COO, grants equity awards to executives, and settles disputes with investors and a former employee.
NASDAQ
9 days, 17 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience CEO Granted Restricted Stock Units
Gregory Lipschitz, CEO of Firefly Neuroscience, was granted 197,963 restricted stock units as part of the company's 2024 Long-Term Incentive Plan.
NASDAQ
9 days, 17 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience President and COO, David DeCaprio, Awarded Restricted Stock Units
David DeCaprio, President and COO of Firefly Neuroscience, was granted 131,976 restricted stock units (RSUs) as part of the company's 2024 Long-Term Incentive Plan.
NASDAQ
29 days, 6 hours ago 
AIFF
Firefly Neuroscience, INC
10-K: Firefly Neuroscience's 10-K Filing Reveals AI-Driven Brain Health Strategy Amidst Liquidity Concerns
Firefly Neuroscience's latest 10-K filing highlights its focus on AI-driven neuroscientific solutions and commercial launch of the BNA Platform, while also acknowledging substantial doubt about its ability to continue as a going concern.
Worse than expected
 
Capital raise
 
NASDAQ
30 days, 20 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Appoints Greg Lipschitz as CEO, Announces Employment Agreement
Firefly Neuroscience appoints Greg Lipschitz as CEO, outlining a three-year employment agreement with a $300,000 base salary, bonus potential, and stock options.
NASDAQ
50 days, 18 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience Chairman Granted Deferred Stock Units
Arun Swarup Menawat, Chairman of Firefly Neuroscience, received 16,667 Deferred Stock Units (DSUs) under the company's 2024 Long-Term Incentive Plan.
NASDAQ
50 days, 18 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience Director Brian Posner Acquires Deferred Stock Units
Brian Posner, a director at Firefly Neuroscience, was granted 16,667 Deferred Stock Units (DSUs) under the company's 2024 Long-Term Incentive Plan.
NASDAQ
50 days, 18 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience Director DeCaprio Acquires Deferred Stock Units
David DeCaprio, a director at Firefly Neuroscience, was granted 16,667 Deferred Stock Units (DSUs) under the company's 2024 Long-Term Incentive Plan.
NASDAQ
50 days, 18 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience CFO Granted Stock Options and Restricted Stock Units
Paul Krzywicki, CFO of Firefly Neuroscience, received 10,000 restricted stock units and an option to purchase 15,000 shares on March 10, 2025.
NASDAQ
50 days, 18 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience Director Vnook Receives Deferred Stock Units
Stella Vnook, a director at Firefly Neuroscience, was granted 16,667 Deferred Stock Units (DSUs) under the company's 2024 Long-Term Incentive Plan.
NASDAQ
50 days, 20 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Announces Executive Chairman Resignation and Board Changes
Greg Lipschitz resigns as Executive Chairman of Firefly Neuroscience, with Arun Menawat appointed as the new Chairman, effective immediately.
NASDAQ
76 days, 19 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Stockholders Approve Issuance of Common Stock for Nasdaq Compliance
Firefly Neuroscience stockholders approved proposals related to the issuance of common stock to comply with Nasdaq listing rules at a special meeting held on February 14, 2025.
Capital raise
 
NASDAQ
83 days, 19 hours ago 
AIFF
Firefly Neuroscience, INC
S-1: Firefly Neuroscience Files for Resale of Up to 4.5 Million Shares Following Merger and New Financing
Firefly Neuroscience is registering for resale up to 4.5 million shares of its common stock, including shares issuable upon conversion of a convertible note, exercise of warrants, and potential sales under an equity line of credit agreement.
Capital raise
 
NASDAQ
93 days, 5 hours ago 
AIFF
Firefly Neuroscience, INC
S-1/A: Firefly Neuroscience Files Amendment No. 3 to Form S-1 Registration Statement
Firefly Neuroscience, Inc. files an amendment to its registration statement, detailing the offering of over 2.5 million shares of common stock and underlying warrants.
Capital raise
 
NASDAQ
101 days, 2 hours ago 
AIFF
Firefly Neuroscience, INC
DEF: Firefly Neuroscience Seeks Shareholder Approval for Equity Issuances to Secure Funding
Firefly Neuroscience is requesting shareholder approval to issue more than 20% of its common stock to two entities, Helena Special Opportunities LLC and Arena Business Solutions Global SPC II, Ltd, to comply with Nasdaq listing rules and secure necessary financing.
Capital raise
 
NASDAQ
108 days, 19 hours ago 
AIFF
Firefly Neuroscience, INC
S-1/A: Firefly Neuroscience Files Amendment No. 2 to Form S-1 Registration Statement
Firefly Neuroscience is registering for resale 2,559,645 shares of common stock by selling securityholders, including shares from private placements, warrant exercises, and conversions.
NASDAQ
115 days, 19 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Announces Leadership Change: CEO Resigns from Board and is Replaced as CEO
Firefly Neuroscience's CEO, Jon Olsen, resigned from the board and was subsequently removed from his CEO position, with Greg Lipschitz appointed as Interim CEO.
NASDAQ
125 days, 19 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Holds Annual Meeting, Elects Directors and Ratifies Auditor
Firefly Neuroscience successfully held its annual meeting, electing three Class I directors, ratifying its auditor, and approving executive compensation on an advisory basis.
NASDAQ
129 days, 19 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Secures $2.4 Million Convertible Note and $10 Million Equity Line of Credit
Firefly Neuroscience has entered into agreements for a $2.4 million convertible note and a $10 million equity line of credit, alongside issuing warrants and registering shares for resale.
Capital raise
 
NASDAQ
146 days, 18 hours ago 
AIFF
Firefly Neuroscience, INC
DEF 14A: Firefly Neuroscience Sets Date for 2024 Annual Stockholder Meeting, Outlines Key Proposals
Firefly Neuroscience will hold its 2024 annual meeting of stockholders virtually on December 27, 2024, to vote on the election of directors, ratification of auditors, and executive compensation matters.
NASDAQ
149 days, 3 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Appoints Greg Lipschitz as Executive Chairman, Replacing David Johnson
Firefly Neuroscience has appointed Greg Lipschitz as Executive Chairman, effective December 3, 2024, replacing David Johnson who stepped down on November 30, 2024.
NASDAQ
149 days, 5 hours ago 
AIFF
Firefly Neuroscience, INC
S-1/A: Firefly Neuroscience Files Amended S-1 Registration Statement Following Reverse Merger
Firefly Neuroscience, Inc. has filed an amended S-1 registration statement detailing the resale of common stock and warrants following its reverse merger with WaveDancer, Inc.
Worse than expected
 
Capital raise
 
NASDAQ
149 days, 18 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Announces Executive Chairman Resignation and Appointment
Firefly Neuroscience, Inc. reports the resignation of David Johnson as Executive Chairman and the appointment of Greg Lipschitz to the role, effective December 3, 2024.
NASDAQ
168 days, 18 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Reports Q3 2024 Results and Provides Stockholder Update
Firefly Neuroscience announced its third quarter 2024 financial results, highlighting strategic partnerships and advancements in its AI-driven brain analysis technology.
NASDAQ
168 days, 18 hours ago 
AIFF
Firefly Neuroscience, INC
10-Q: Firefly Neuroscience Reports Q3 2024 Results Following Reverse Merger
Firefly Neuroscience, formerly WaveDancer, reports its Q3 2024 results, reflecting a reverse merger and ongoing development of its Brain Network Analytics platform.
Worse than expected
 
Capital raise
 
NASDAQ
181 days, 20 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Changes Auditors, Appoints Marcum Canada, LLP
Firefly Neuroscience has dismissed Turner, Stone & Company LLP and appointed Marcum Canada, LLP as its new independent registered public accounting firm.
NASDAQ
189 days, 20 hours ago 
AIFF
Firefly Neuroscience, INC
Form 4: Firefly Neuroscience Executive Chairman Acquires Shares of Restricted Common Stock
David Ian Johnson, Executive Chairman of Firefly Neuroscience, acquired 557,885 shares of restricted common stock on October 22, 2024, as per his employment agreement.
NASDAQ
217 days, 6 hours ago 
AIFF
Firefly Neuroscience, INC
S-1: Firefly Neuroscience Files for Resale of 2.56 Million Shares After Reverse Merger
Firefly Neuroscience registers for the resale of up to 2.56 million shares of common stock by selling securityholders following its recent reverse merger with WaveDancer.
Worse than expected
 
Capital raise
 
NASDAQ
228 days, 3 hours ago 
AIFF
Firefly Neuroscience, INC
8-K/A: Firefly Neuroscience Amends 8-K Filing to Include Auditor's Report and Restates Private Placement Details
Firefly Neuroscience has amended its previous 8-K filing to include the independent auditor's report and to restate details of a private placement that closed on August 12, 2024.
Worse than expected
 
Capital raise
 
NASDAQ
255 days, 6 hours ago 
AIFF
Firefly Neuroscience, INC
8-K: Firefly Neuroscience Appoints New Executive Chairman and Director, Bolsters Board Composition
Firefly Neuroscience has appointed David Johnson as Executive Chairman and Stella Vnook as a new director, while also adjusting committee memberships and board classifications.
Capital raise
 
AIFF 
Firefly Neuroscience, INC 
NASDAQ

10-Q: Firefly Neuroscience Reports Q3 2024 Results Following Reverse Merger

Sentiment:
 Quarterly Report
 14 November 2024 5:26 PM

Firefly Neuroscience, formerly WaveDancer, reports its Q3 2024 results, reflecting a reverse merger and ongoing development of its Brain Network Analytics platform.

Worse than expected
  The company's net loss increased significantly compared to the same periods in the previous year.  The company's revenue decreased significantly for the nine months ended September 30, 2024, compared to the same period in 2023.  The company's operating expenses increased substantially due to the merger and related costs. 

Capital raise
  The company has been negotiating further funding with existing and new investors to raise additional capital.  The company completed a private placement transaction (the PIPE) on August 12, 2024, raising approximately $3.5 million.  The company issued 86,953 Series C Units and received aggregate gross proceeds of $1,070 during the nine months period ended September 30, 2024. 

Summary
  • Firefly Neuroscience, previously known as WaveDancer, completed a reverse merger on August 12, 2024, with Firefly Neuroscience 2023, Inc.
  • The company's Q3 2024 report reflects the financial results of the merged entity.
  • Revenue for the three months ended September 30, 2024, was $33,000, compared to $23,000 in the same period of 2023.
  • The net loss for the three months ended September 30, 2024, was $4.289 million, compared to a net loss of $650,000 for the same period in 2023.
  • For the nine months ended September 30, 2024, revenue was $55,000, a decrease from $479,000 in the same period of 2023.
  • The net loss for the nine months ended September 30, 2024, was $6.675 million, compared to a net loss of $1.526 million for the same period in 2023.
  • The company had an accumulated deficit of $83.299 million as of September 30, 2024.
  • Operating expenses increased significantly due to the merger and related costs.
  • The company is focused on commercializing its Brain Network Analytics (BNA) platform and collaborating with pharmaceutical companies.
  • As of November 12, 2024, the company had 8,503,365 shares of common stock outstanding.
Sentiment

Score: 4

Explanation: The document presents a mixed picture. While there are positive developments like the merger and progress in product development, the significant increase in losses and the going concern warning raise concerns. The company is in a high-risk, high-reward situation.

Highlights
  • Firefly Neuroscience completed a reverse merger with WaveDancer on August 12, 2024.
  • Q3 2024 revenue increased to $33,000 from $23,000 in Q3 2023.
  • The company's net loss for Q3 2024 was $4.289 million, a significant increase from $650,000 in Q3 2023.
  • The net loss for the nine months ended September 30, 2024, was $6.675 million, compared to $1.526 million for the same period in 2023.
  • Operating expenses rose substantially due to merger-related costs and increased R&D spending.
  • The company issued 433,360 shares of common stock for $2.925 million of service credits.
  • The company issued 557,885 shares of common stock to its Executive Chairman.
  • The company assumed warrants to issue up to 76,098 shares of common stock upon consummation of the Merger.
  • The company issued 504,324 pre-funded warrants as part of a private placement.
  • The company issued 823,529 warrants as part of a private placement.
  • The company issued 59,264 shares of common stock upon vesting of restricted share units.
  • The company issued 45,344 shares of common stock with the intention to settle accrued liabilities.
  • The company issued 22,344 shares of common stock pursuant to a consulting agreement.
  • The company issued 10,588 shares of common stock in settlement of outstanding amounts due to a service provider.
  • The company issued 435,174 shares of common stock upon exercise of warrants.
  • The company is planning a commercial launch of the BNA Platform in the first half of 2025.
Positives
  • Revenue increased slightly in Q3 2024 compared to Q3 2023.
  • The company is actively working towards commercializing its BNA platform.
  • The company has secured funding through private placements and warrant exercises.
  • The company is collaborating with neuroscience drug development companies.
Negatives
  • The company experienced a significant increase in net losses for both the three and nine months ended September 30, 2024.
  • Operating expenses have increased substantially due to the merger and related costs.
  • Revenue for the nine months ended September 30, 2024, decreased significantly compared to the same period in 2023.
  • The company has an accumulated deficit of $83.299 million.
  • The company's financial statements include a disclosure regarding substantial doubt about its ability to continue as a going concern.
Risks
  • The company's ability to continue as a going concern is uncertain.
  • The company may not be able to raise additional capital on satisfactory terms or at all.
  • The company faces competition from other medical device companies.
  • The company's BNA platform may not achieve market acceptance.
  • The company is subject to various regulatory risks.
  • The company is dependent on key personnel and may face challenges in attracting and retaining talent.
  • The company's operations are subject to global and regional economic conditions.
  • The company's operations are subject to political events, trade and other international disputes, war, and terrorism.
  • The company's operations are subject to natural disasters.
  • The company's operations are subject to cybersecurity risks.
  • The company's operations are subject to legal and regulatory risks.
  • The company's operations are subject to intellectual property risks.
  • The company's operations are subject to risks related to the use of AI.
  • The company's operations are subject to risks related to the listing of its common stock on Nasdaq.
  • The company's operations are subject to risks related to the concentration of capital stock ownership with its insiders.
  • The company's operations are subject to risks related to the sale or availability for sale of a substantial number of shares of common stock.
  • The company's operations are subject to risks related to the lack of research or reports about its business.
  • The company's operations are subject to risks related to the increased costs of being a public company.
  • The company's operations are subject to risks related to the implementation of controls and procedures required by Section 404 of the Sarbanes-Oxley Act.
  • The company's operations are subject to risks related to write-downs or write-offs, restructuring and impairment or other charges.
  • The company's operations are subject to risks related to anti-takeover provisions under Delaware corporate law.
  • The company's operations are subject to risks related to the lack of cash dividends.
  • The company's operations are subject to risks related to the lack of an active trading market for its common stock.
Future Outlook

The company plans to commercially launch its BNA Platform in the first half of 2025 and is collaborating with neuroscience drug development companies to support their clinical strategies.

Management Comments
  • Management of the Company has a reasonable expectation that the Company can continue raising additional equity capital to continue in operational existence for the foreseeable future.
Industry Context

The company operates in the competitive medical device industry, focusing on neuroscientific solutions for mental illnesses and neurological disorders. The company's BNA platform is positioned to address the limitations of traditional EEG interpretation through AI-driven analysis.

Comparison to Industry Standards
  • The company's financial performance is not directly comparable to established medical device companies due to its early stage of commercialization.
  • The company's focus on AI-driven EEG analysis is a differentiating factor compared to traditional medical device companies.
  • The company's reliance on equity financing is common for early-stage medical device companies.
  • The company's high operating expenses are typical for companies in the development and commercialization phase of medical devices.
Stakeholder Impact
  • Shareholders face dilution due to the issuance of new shares.
  • Employees may be affected by the company's financial instability.
  • Customers may be impacted by the company's ability to commercialize its products.
  • Suppliers may be affected by the company's financial condition.
  • Creditors may be at risk due to the company's financial instability.
Next Steps
  • The company plans to commercially launch its BNA Platform in the first half of 2025.
  • The company will continue to collaborate with neuroscience drug development companies.
  • The company will continue to seek additional funding to support its operations.
Related Party Transactions
  • The Company incurred $173 and $418 in officers consulting fees recorded in general and administration expenses for the three and nine months ended September 30, 2024, respectively.
  • 30,933 of Series D warrants were granted to a company wholly owned by one of the Company's directors.
  • The Company entered into a strategic investment agreement with a company wholly owned by one of the Company's directors, issuing 140,749 shares of common stock.
  • The Company completed the closing of a $209 secured promissory notes with its related parties.
  • All issued and outstanding RSUs vested and the Company issued 59,264 shares of common stock to related parties.
Key Dates
  • 2023-08-29: The Company offered up to 812,500 units (the Series C Units).
  • 2023-11-15: WaveDancer and FFN Merger Sub, Inc. entered into a Merger Agreement with Firefly Neuroscience, Inc.
  • 2024-01-12: Amendment No. 1 to the Merger Agreement.
  • 2024-06-17: Amendment No. 2 to the Merger Agreement.
  • 2024-07-26: The Company entered into a private placement transaction (the PIPE).
  • 2024-07-27: The Company entered into four standalone strategic investment agreements.
  • 2024-08-12: The Merger closed, WaveDancer changed its name to Firefly Neuroscience, Inc., and the PIPE closed.
  • 2024-08-13: The Company began trading on the Nasdaq Capital Market under the ticker symbol AIFF.
  • 2024-08-26: The Company issued 75,375 shares of common to WaveDancers pre-Merger shareholders.
  • 2024-09-09: The Company issued 10,588 shares of common stock in settlement of outstanding amounts due to its service provider.
  • 2024-09-19: Certain warrant holders exercised warrants to purchase 435,174 shares of common stock.
  • 2024-09-27: The Company issued 557,885 shares of common stock to its Executive Chairman.
  • 2024-09-30: End of the reporting period for the quarterly report.
  • 2024-11-12: As of this date, the company had 8,503,365 shares of common stock outstanding.
Keywords
Brain Network Analytics, BNA Platform, Reverse Merger, Medical Device, Neuroscience, EEG, AI, Artificial Intelligence, Mental Illness, Cognitive Disorders, FDA, 510(k), Warrants, Private Placement, Share Issuance
AIFF 
Firefly Neuroscience, INC 
NASDAQ
Sector: TBD
 
Filings with Classifications
Worse than expected
3 April 2025 6:01 AM
Annual Report (Form 10-K)
  • The company's revenue decreased significantly compared to the previous year.
  • The company's operating expenses increased substantially.
  • The company's auditor expressed substantial doubt about its ability to continue as a going concern.
Capital raise
3 April 2025 6:01 AM
Annual Report (Form 10-K)
  • The company is actively pursuing additional capital through equity or debt financings.
  • The company entered into an ELOC Purchase Agreement with Arena, pursuant to which Arena has committed to purchase up to $10 million of the company's common stock.
  • The company completed a private placement of units for $547,737 on March 28, 2025.
Capital raise
14 February 2025 4:49 PM
8-K Filing
  • The document references the issuance of common stock pursuant to purchase agreements with Helena Special Opportunities LLC and Arena Business Solutions Global SPC II, Ltd.
  • The issuance includes the conversion of a convertible note and the exercise of a warrant issued to Helena.
Capital raise
7 February 2025 4:50 PM
S-1 Filing
  • The company may receive proceeds from the cash exercise of the December 2024 Warrant.
  • The company may receive up to US$10,000,000 in aggregate gross proceeds under the ELOC Purchase Agreement from sales of its Common Stock it may elect to make to Arena pursuant to the ELOC Purchase Agreement after the date of this prospectus.
Capital raise
29 January 2025 6:19 AM
Registration Statement Amendment
  • The company has entered into an equity line of credit agreement with Arena Business Solutions Global SPC II, Ltd, which allows the company to direct Arena to purchase up to $10,000,000 in shares of common stock.
  • The company has also issued a convertible promissory note to Helena Special Opportunities LLC in the principal amount of $2,400,000.
Capital raise
21 January 2025 9:10 AM
Proxy Statement
  • The company is seeking approval to issue more than 20% of its common stock to Helena Special Opportunities LLC, including upon conversion of a convertible note and exercise of a warrant.
  • The company is also seeking approval to issue more than 20% of its common stock to Arena Business Solutions Global SPC II, Ltd, under a Purchase Agreement.
  • The company entered into a Securities Purchase Agreement with Helena for a convertible promissory note of $2,400,000, including a $360,000 original issue discount, and a warrant to purchase 800,000 shares at $4.00 per share.
  • The company also entered into a Purchase Agreement with Arena for an equity line of credit of up to $10,000,000, with a commitment fee of $300,000.
Capital raise
23 December 2024 4:30 PM
Financing Announcement
  • The company has secured a $2.4 million convertible note from Helena Special Opportunities LLC.
  • The company has also entered into a $10 million equity line of credit agreement with Arena Business Solutions Global SPC II, Ltd.
Capital raise
4 December 2024 6:16 AM
S-1/A Filing
  • The company has raised approximately $3.5 million in a private placement.
  • The company has raised $3,039,000 in a Series C financing.
  • The company expects to receive proceeds from the exercise of warrants.
  • The company may need to raise additional capital in the future.
Worse than expected
4 December 2024 6:16 AM
S-1/A Filing
  • The company has a negative stockholders equity of $2,776,000 as of September 30, 2024.
  • The company has incurred significant losses from operations.
  • The company's financial statement footnotes include disclosure regarding the substantial doubt about its ability to continue as a going concern.
Worse than expected
14 November 2024 5:26 PM
Quarterly Report
  • The company's net loss increased significantly compared to the same periods in the previous year.
  • The company's revenue decreased significantly for the nine months ended September 30, 2024, compared to the same period in 2023.
  • The company's operating expenses increased substantially due to the merger and related costs.
Capital raise
14 November 2024 5:26 PM
Quarterly Report
  • The company has been negotiating further funding with existing and new investors to raise additional capital.
  • The company completed a private placement transaction (the PIPE) on August 12, 2024, raising approximately $3.5 million.
  • The company issued 86,953 Series C Units and received aggregate gross proceeds of $1,070 during the nine months period ended September 30, 2024.
Worse than expected
27 September 2024 6:22 AM
S-1 Filing
  • The company is in the development stage with minimum revenues and has no operating history in the broad commercialization of medical devices or platforms for consumer use.
  • The financial statement footnotes include disclosure regarding the substantial doubt about the company's ability to continue as a going concern.
Capital raise
27 September 2024 6:22 AM
S-1 Filing
  • The company may be unable to raise additional capital, which could harm its ability to compete.
  • The company expects to expend significant capital to launch its commercialization program for the BNA Platform, build its brand, and continue to improve its product offerings.
Worse than expected
16 September 2024 9:11 AM
8-K/A Amendment
  • The company's net loss of $2.603 million in 2023 and $3.904 million in 2022 is worse than expected.
  • The auditor's report expressing substantial doubt about the company's ability to continue as a going concern is worse than expected.
Capital raise
16 September 2024 9:11 AM
8-K/A Amendment
  • The company completed a private placement on August 12, 2024, raising approximately $3.5 million.
  • The company is negotiating further funding with existing and new investors to raise additional capital.
Capital raise
20 August 2024 6:01 AM
Corporate Governance Update
  • The Executive Chairman's performance bonus is directly tied to the success of a capital raise.
  • The document mentions a 'Successful Financing' as a condition for the performance bonus, indicating a potential capital raise is being planned.
Worse than expected
19 August 2024 5:17 PM
Quarterly Report
  • The company's operating loss increased compared to the same period last year, primarily due to the absence of a litigation settlement gain that occurred in the prior year.
  • The company's revenue decreased compared to the same period last year, indicating a decline in business activity.
  • The company's cash position is weak, and it is dependent on raising additional capital to continue operations.
Capital raise
19 August 2024 5:17 PM
Quarterly Report
  • The company is negotiating further funding with existing and new investors to raise additional capital.
  • On July 26, 2024, Firefly 2023 entered into a securities purchase agreement for a private placement of shares and warrants for gross proceeds of approximately $3.5 million.
  • The private placement closed on August 12, 2024, substantially contemporaneous with the consummation of the Merger.
Worse than expected
14 August 2024 5:24 PM
8-K Filing
  • The company's revenue was significantly lower than the previous year, indicating a decline in sales.
  • The company's net losses increased substantially compared to the previous year, indicating a worsening financial situation.
  • The company's operating expenses increased significantly, further contributing to the increased losses.
Capital raise
14 August 2024 5:24 PM
8-K Filing
  • The company completed a private placement on August 12, 2024, raising approximately $3.5 million in gross proceeds.
  • The company issued 3,069,287 shares of common stock and pre-funded warrants to purchase up to 4,849,265 shares of common stock.
  • The company also issued warrants to purchase up to 7,918,552 shares of common stock in the private placement.
  • The company may need to raise additional capital in the future to support its operations.
Capital raise
12 August 2024 4:50 PM
Merger Announcement
  • A private placement offering with certain institutional investors of common stock (or common stock equivalents) and five-year common stock purchase warrants closed substantially contemporaneously with the merger.
  • The gross proceeds to the Company from the offering were approximately $3.5 million, before deducting offering expenses payable by the Company.
Better than expected
12 August 2024 4:50 PM
Merger Announcement
  • The merger provides Firefly with access to public markets and additional capital, which is better than the company's previous position.
Capital raise
29 July 2024 9:22 AM
Merger Financing Announcement
  • The company is raising approximately $3.5 million through a private placement.
  • The private placement involves the issuance of common stock or pre-funded warrants and warrants to purchase common stock.
  • The purchase price is $0.442 per share and accompanying warrant, or $0.4419 per pre-funded warrant.
Capital raise
21 June 2024 6:13 AM
Merger Amendment
  • Parent anticipates issuing shares and warrants in consideration of funds the Company intends to raise to consummate the Merger.
  • The Company intends to raise funds to complete the merger.
Delay expected
21 June 2024 6:13 AM
Merger Amendment
  • The merger deadline has been extended from the original date to July 15, 2024, with a possible further extension to August 15, 2024.
Delay expected
13 June 2024 12:39 PM
Debt Agreement
  • The maturity date of the loan was extended from May 16, 2024, to July 16, 2024.
Worse than expected
22 May 2024 4:00 PM
8-K Filing
  • The resignation of an auditor is generally viewed negatively by the market.
  • The going concern qualification in previous audit reports indicates potential financial instability.
Capital raise
14 May 2024 4:00 PM
Quarterly Report
  • The company may need to raise additional capital if the merger with Firefly does not close.
  • The company is considering raising capital through private placement, which could be highly dilutive.
Worse than expected
14 May 2024 4:00 PM
Quarterly Report
  • The company's revenue decreased by 11.3% year-over-year, indicating a decline in business activity.
  • The company has a net working capital deficit and is facing potential liquidity issues.
  • The company's line of credit is expiring, and there is no guarantee of an extension.
Capital raise
20 March 2024 5:40 PM
Merger Announcement
  • The closing of the merger is contingent upon Firefly being listed on the Nasdaq Stock Market.
  • Nasdaq listing requires Firefly to raise additional capital.
Worse than expected
20 March 2024 1:20 PM
Annual Results
  • The company's revenue declined significantly, indicating worse than expected performance.
  • The company's working capital is in deficit, indicating worse than expected financial health.
  • The company's need to raise additional capital to complete the merger indicates worse than expected financial stability.
Capital raise
20 March 2024 1:20 PM
Annual Results
  • The company needs to raise between $0.8 million and $1.1 million to complete the merger with Firefly Neuroscience, Inc.
  • The company intends to conduct a private placement to raise the required capital.
  • The funding of the private placement is contingent on the merger closing.
Better than expected
8 March 2024 4:50 PM
Press Release
  • The BNA platform shows better than expected results in treatment adherence.
  • The BNA platform shows better than expected results in medication optimization.
  • The BNA platform shows better than expected results in antidepressant response rates.
  • The BNA platform shows better than expected results in reducing treatment resistance.
Better than expected
8 March 2024 4:50 PM
Press Release
  • The BNA platform demonstrated better than expected results in treatment adherence, medication management, and overall patient functioning.

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