Company: ZRCN
Filing Date: 2025-09-10
Form Type: 10-K
Source: 0001641172-25-027037
Chunk: 284

Company: ZRCN Inc.
Filing Date: 2025-09-10
Form: 10-K
Item: Item 1A
Chunk 284
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 shares of common stock issued immediately following the consummation of the Merger:

Schedule
of Number of Shares of Common Stock 

    Number
    of Shares 
  
    Common
    stock of Harmony prior to Merger 
     1,057,754 
  
    Shares
    issued for Warrant Exchange Agreement 
     25,284 
  
    Common
    stock owned by Harmony’s pre-Merger shareholders 
     1,083,038 
  
    Common
    stock issued in exchange for Zircon common stock 
     8,865,234 
  
    Total
    shares of common stock immediately after Merger 
     9,948,272 

Debt
Settlement Agreement

In
connection with the Merger, the Company entered into debt settlement agreements (the “Debt Settlement Agreements”) with certain
third-party creditors of the Company under which the Company agreed to make certain payments over the 12 months following the Merger
to the creditors in satisfaction of an aggregate of $0.4 million which was owed to them. During the year ended March 31, 2025, the Company
paid debt assumed in connection with the Harmony merger in the amount of less than $0.1 million. As of March 31, 2025, the Company has
repaid $0.4 million to the creditors and there was no remaining balance.

    F-17

ZRCN
                                            Inc.

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR
THE YEARS ENDED MARCH 31, 2025 AND 2024

5.
Revenue

Disaggregation
of Revenue from Contracts with Customers

Revenue
disaggregated according to the timing of transfer of goods (e.g., at a point in time) for the years ended March 31, 2025 and 2024, respectively,
were as follows:

Schedule
of Revenue Disaggregated Transfer of Goods and Services 

    (In
    thousands) 
    2025  
    2024 

    For
    the Year Ended March 31, 
  
    (In
    thousands) 
    2025  
    2024 
  
    Revenue
    generated per major product line 

    Stud
    sensor edge 
    $15,910  
    $18,652 
  
    Multifunctional
    scanners 
     3,502  
     4