Company: SATT
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001683168-25-006219
Chunk: 36

Company: SATIVUS TECH CORP.
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 2
Chunk 36
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. In the pilot site Saffron Tech will grow more than 12,000 corms in parallel, 4 cycles a year. The company invested $290.
The Israeli innovation authority (“IIA”) participation was $250.

On October 28th, 2024, the Board appointed
Board Member and Director Shmulik Yannay as CEO of the Company. On the same day Tal Wilkes Glazer resigned her position as Director, CEO
& Board Member. Her resignation was not the result of any dispute with the Company.

 3 

Basis of Presentation

The accompanying unaudited condensed financial
statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”)
for interim financial statement presentation and in accordance with Form 10-Q. Accordingly, they do not include all of the information
and footnotes required in annual financial statements. In the opinion of management, the unaudited condensed financial statements contain
all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position and results of operations
and cash flows. The results of operations presented are not necessarily indicative of the results to be expected for any other interim
period or for the entire year.

These unaudited condensed financial statements
should be read in conjunction with our December 31, 2024, annual financial statements included in our Form 10-K, filed with
the SEC on March 31st, 2025.

Going Concern

Due to the uncertainty of our ability to meet
our current operating and capital expenses, our independent auditors included an explanatory paragraph in their report on the condensed
consolidated financial statements for the three months ended June 30, 2025, regarding concerns about our ability to continue as a going
concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our
independent auditors.

Our unaudited condensed financial statements have
been prepared on a going concern basis, which assumes the realization of assets and settlement of liabilities in the normal course of
business. Our ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/or
to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they
become due. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that we will
be able to continue as a going concern. Our una