# EDGAR Filing Document

**Accession Number:** 0001817371
**File Stem:** 0001817371-25-000003
**Filing Date:** 2025-6
**Character Count:** 130578
**Document Hash:** c37520b1510715eba119128572fcf1c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001817371-25-000003.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001817371-25-000003

**CONFORMED SUBMISSION TYPE**: C-AR

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IdentifySensors Biologics Corp.
- **CENTRAL INDEX KEY:** 0001817371
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HEALTH SERVICES [8000]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 851615176
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C-AR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-33484
- **FILM NUMBER:** 251049981

**BUSINESS ADDRESS:**
- **STREET 1:** 20600 CHAGRIN BLVD., SUITE 450
- **CITY:** SHAKER HEIGHTS
- **STATE:** OH
- **ZIP:** 44122
- **BUSINESS PHONE:** 216-543-3031

**MAIL ADDRESS:**
- **STREET 1:** 20600 CHAGRIN BLVD., SUITE 450
- **CITY:** SHAKER HEIGHTS
- **STATE:** OH
- **ZIP:** 44122

### Attached PDF Documents

**Attachment 1:** `form_car.pdf`

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![img-1.jpeg](img-1.jpeg)

# IdentifySensors®
## Biologics

# IdentifySensors Biologics Corp. Annual Report

IdentifySensors Biologics Corp. ("IdentifySensors," the "Company," "we," or "us"), a Delaware corporation incorporated on June 11, 2020.

This Form C-AR (including the cover page and all exhibits attached hereto, the "Form C-AR") is being furnished by PicMii Crowdfunding LLC ("PicMii"), which is not a registered broker-dealer. PicMii does not give investment advice, endorsement, analysis or recommendations with respect to any securities. Neither PicMii nor any of its officers, directors, agents or employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy or completeness of any information in this document or the use of information in this document. No federal or state securities commission or regulatory authority has passed upon the accuracy or adequacy of this document. The SEC does not pass upon the accuracy or completeness of any disclosure document or literature.

# THIS FORM C-AR DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR SELL SECURITIES

## ABOUT THIS FORM C-AR:

You should rely only on the information contained in this Form C-AR. We have not authorized anyone to provide any information different from that contained in this C-AR. If anyone provides you with different or inconsistent information, you should not rely on it. Statements contained herein as to the content of any agreements or other documents are summaries and, therefore, are necessarily selective and incomplete and are qualified in their entirety by the actual agreements or other documents.

You should assume that the information contained in this Form C-AR is accurate only as of the date of this Form C-AR, regardless of the time of delivery of this Form C-AR. Our business, financial condition, results of operations, and prospects may have changed since that date.

All regulation CF offerings are conducted through PicMii Crowdfunding LLC, a FINRA/SEC registered funding-portal. For inquiries related to Regulation CF securities, contact PicMii Crowdfunding LLC:

support@picmiicrowdfunding.com

PicMii does not make investment recommendations and no communication through this website or in any other medium should be construed as a recommendation for any security offered on or off this investment platform. Equity crowdfunding investments in private placements, Regulation A, D and CF offerings, and start-up investments in particular are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investments through equity crowdfunding tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Additionally, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns. In the most sensible investment strategy for start-up investing, start-ups should only be part of your overall investment portfolio. Further, the start-up portion of your portfolio may include a balanced portfolio of different start-ups. Investments in startups are highly illiquid and those investors who cannot hold an investment for the long term (at least 5-7 years) should not invest.

## Cautionary Note Concerning Forward-Looking Statements

This Form C-AR and any documents incorporated by reference herein contain forward-looking statements and are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this Form C-AR are forward-looking statements. Forward-looking statements give our current reasonable expectations and projections regarding our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "should," "can have," "likely," and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.

The forward-looking statements contained in this Form C-AR and any documents incorporated by reference herein are based on reasonable assumptions we have made in light of our industry experience, perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this Form C-AR, you should understand that these statements are not guarantees of performance or results. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance anticipated in the forward-looking statements. Should one or more of these risks or uncertainties materialize or should any of these assumptions prove incorrect or change, our actual operating

and financial performance may vary in material respects from the performance projected in these forward-looking statements.

Investors are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this Form C-AR or any documents incorporated by reference herein is accurate only as of the date of those respective documents. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this Form C-AR or to conform these statements to actual results or to changes in our expectations.

## Bad Actor Disclosure

The Company is not subject to any bad actor disqualifications under any relevant U.S. securities laws.

## Ongoing Reporting

Following the first sale of the Securities, the Company will file a report electronically with the Securities and Exchange Commission annually and post the report on its website, no later than 120 days after the end of the Company's fiscal year.

Once posted, the annual report may be found on the Company's website as

https://identifysensors.com/

The Company must continue to comply with the ongoing reporting requirements until:

1. the Company is required to file reports under Section 13(a) or Section 15(d) of the Exchange Act;
2. the Company has filed at least three annual reports pursuant to Regulation CF and has total assets that do not exceed $10,000,000;
3. the Company has filed at least one annual report pursuant to Regulation CF and has fewer than 300 holders of record;
4. the Company or another party repurchases all of the Securities issued in reliance on Section 4(a)(6) of the Securities Act, including any payment in full of debt securities or any complete redemption of redeemable securities; or
5. the Company liquidates or dissolves its business in accordance with applicable state law.

# The Company

1. What is the name of the issuer?

IdentifySensors Biologics Corp.

20600 Chagrin Blvd Suite 405, Shaker Heights, Ohio, 44122

# Eligibility

2. The following are true for IdentifySensors Biologics Corp.:

1. Organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia.
2. Not Subject to the requirement to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
3. Not an investment company registered or required to be registered under the Investment Company Act of 1940.
4. Not ineligible to rely on this exemption under Section 4(a)(6) of the Securities Act as a result of a disqualification specified in Rule 503(a) of Regulation Crowdfunding. (For more information about these disqualifications, see Question 30 of this Question and Answer Format).
5. Has filed with the Commission and provided investors, to the extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
6. Not a development stage company that (a) has no specific business plan or (b) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

3. Has the issuer or any of its predecessors previously failed to comply with the ongoing reporting requirements of Rule 202 of Regulation Crowdfunding?

No.

# Directors, Officers and Promoters of the Company

4. The following individuals (or entities) represent the company as a director, officer or promoter of the offering:

## Employee Name and Title

Dr. Gregory Hummer, Chief Executive Officer (Primary Role)

## Employee Background

Co-Founder of IdentifySensors, LLC in 2015. Dr. Hummer has developed patented nanotechnology, including cost-effective printed circuit sensors that communicate wirelessly with remote data terminals and nearby smartphones. This technology has broad application including security and environmental monitoring of explosives, harmful gases and chemicals that have the potential to disrupt business operations.

## 3-Year Work History

Employer: IdentifySensors Biologics (primary role)

Position: CEO

Years: 2020 - Present

## Employee Name and Title

Bruce Raben, President and Secretary

## Employee Background

Mr. Raben has been an investment, merchant banker and private investor for over 30 years and was a founding partner of Hudson Capital Advisors BD, LLC.

## 3-Year Work History

Employer: IdentifySensors Biologics

Position: President and Secretary

Years: 2020-Present

Employer: Hudson Capital Advisors (primary position)

Position: Owner

Years: 2013-Present

Employer: Isotta Holding Company

Position: General Manager

Years: Jan 2023-Present

## Employee Name and Title

Ann M. Hawkins, Chief Financial Officer and Treasurer

## Employee Background

Ms. Hawkins is a member of Edward C. Hawkins &amp; Co., Ltd., a CPA firm and a member of Hawkins &amp; Company, LLC., a law firm both of which are based in Cleveland, Ohio.

## 3-Year Work History

Employer: Edward C. Hawkins &amp; Co., Ltd (primary role)

Position: Member

Years: 2020-Present

Employer: IdentifySensors Biologics

Position: Chief Financial Officer and Treasurer

Years: 2020-Present

## Employee Name and Title

Joe Mosbrook, Chief Marketing Officer

## Employee Background

Joe Mosbrook has 30 years of marketing, media and public relations experience. He serves as managing partner of Acclaim Communications, a full-service marketing and advertising firm in Cleveland.

## 3-Year Work History

Employer: Acclaim Communications

Position: Managing Partner

Years: 2012-Present

Employer: IdentifySensors Biologics (primary role)

Position: CMO

Years: 2015-Present

# Principal Security Holders

5. Provide the name and ownership level of each person, as of the most recent practicable date, who is the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power. To calculate total voting power, include all securities for which the person directly or indirectly has or shares the voting power, which includes the power to vote or to direct the voting of such securities. If the person has the right to acquire voting power of such securities within 60 days, including through the exercise of any option, warrant or right, the conversion of a security, or other arrangement, or if securities are held by a member of the family, through corporations or partnerships, or otherwise in a manner that would allow a person to direct or control the voting of the securities (or share in such direction or control - as, for example, a co-trustee) they should be included as being "beneficially owned." You should include an explanation of these circumstances in a footnote to the "Number of and Class of Securities Now Held." To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities converted.

## Principal Security Holder Name

Identify Sensors Fresh Food Enterprises, LLC, a limited liability company managed exclusively by Dr. Gregory Hummer

## Securities

42,277,778

## Security Class

Common Stock

## Voting Power

93%

# Business and Anticipated Business Plan

6. Describe in detail the business of the issuer and the anticipated business plan of the issuer.

The Company has developed and plans to commercialize Check4® which is a rapid electrochemical molecular gene detection platform intended to detect different types of pathogens. Check4® uses a disposable one-time use cartridge and a reusable reader to easily perform the test for a given pathogen. The platform can also be used with a multiplexed cartridge to detect several pathogens all at once. The user takes a saliva sample, the cartridge is inserted into the reader, the user inserts their saliva sample into the cartridge and within minutes the reader sends its data to the Cloud for recording and interpretation. Results are displayed in approximately 5 minutes on the user's smartphone. A component of our test is graphene ink. The consistency and performance of this type of ink is the mayor challenge we face when developing an accurate sensor. We continue to experiment with different formulations of the ink to achieve the desired results. Thus far in the lab we have obtained results that are inconsistent but promising.

Check4® was initially designed as an alternative to the laboratory-based reverse transcription polymerase chain reaction (RT-PCR) tests for COVID-19. Since the World Health Organization declared the end of COVID-19 as a world health emergency in May of 2023, we intend to develop similar test cartridges for other bacteria and viruses, using the same nano-sensor platform. Examples of additional tests include Influenzas A &amp; B, RSV, Ebola, Hepatitis C, HIV, Legionella, MRSA, Lyme, and Zika.

We are currently working with East West Manufacturing, LLC based in Wisconsin to scale the manufacturing and production of Check4®. We require FDA approval before we are able to commercialize our products, we filed our first FDA pre-submission for Ebola and Marburg viruses during 2023. The FDA has allowed us to file under Emergency Use Authorization (EUA) for Ebola because of the seriousness of this viral illness and the perceived advantages of our technology. We have submitted a total of 5 pre-submission to the FDA.

We plan to sell our products to: (1) businesses operating in critical and essential industries such as education, healthcare, retail, transportation and trade, travel and hospitality and agriculture among other industries that need a fast, accurate and inexpensive high-volume option for implementing robust testing programs; (2) individuals &amp; families that need a fast, accurate and inexpensive personal diagnostic platform for regular testing to mitigate the risk of contracting communicable diseases from daily activities; (iii) public sector where access to rapid, accurate and inexpensive testing technology that definitively diagnoses infectious diseases like Flu and COVID-19 infections is needed.

The molecular self-test that we intend to offer is a simple saliva test that will seek out the very specific genes of different pathogens in the saliva test sample. Unlike other molecular tests including the RT-PCR test, our test intends to not require liquid reagents, enzymes and most importantly the duplication and amplification of the target genes of the pathogens. Our test has

been developed to be primarily used at home or at the point of care. One of the primary intended goals in the development of our platforms is to significantly lower the testing costs and drastically reduce test result turnaround time from days to minutes. The estimated price per test for our diagnostic platform is expected to be $25-50 plus a one-time purchase of durable components. The durable component is a reusable reader that integrates with a smartphone for $50-112. Our initial intended target markets include businesses in various industries, individuals and public agencies.

# Risk Factors

Investing in the Securities involves a high degree of risk and may result in the loss of your entire investment. Before making an investment decision with respect to the Securities, we urge you to carefully consider the risks described in this section and other factors set forth in this Form C-AR. In addition to the risks specified below, the Company is subject to same risks that all companies in its business, and all companies in the economy, are exposed to. These include risks relating to economic downturns, political and economic events and technological developments (such as hacking and the ability to prevent hacking). Additionally, early-stage companies are inherently riskier than more developed companies. Prospective Investors should consult with their legal, tax and financial advisors prior to making an investment in the Securities. The Securities should only be purchased by persons who can afford to lose all of their investment.

## Risks Related to the Company's Business and Industry

We have a limited operating history upon which you can evaluate our performance, and accordingly, our prospects must be considered in light of the risks that any new company encounters. The Company is still in an early phase and we are just beginning to implement our business plan. There can be no assurance that we will ever operate profitably. The likelihood of our success should be considered in light of the problems, expenses, difficulties, complications and delays usually encountered by early-stage companies. The Company may not be successful in attaining the objectives necessary for it to overcome these risks and uncertainties.

## Global crises such as COVID-19 can have a significant effect on our business operations and revenue projections.

There is an ongoing outbreak of a novel and highly contagious form of coronavirus ("COVID-19"), which the World Health Organization declared a global pandemic on March 11, 2020. The outbreak of COVID-19 has caused a worldwide public health emergency with a substantial number of hospitalizations and deaths and has significantly adversely impacted global commercial activity and contributed to both volatility and material declines in equity and debt markets. The global impact of the outbreak is rapidly evolving, and many national, state, and local governments have reacted by instituting mandatory or voluntary quarantines, travel prohibitions and restrictions, closures or reductions of offices, businesses, schools, retail stores, restaurants, and other public venues and/or cancellations, suspensions and/or postponements of certain events and activities, including certain non-essential government and regulatory activities. Businesses are also implementing their own precautionary measures, such as voluntary closures, temporary or permanent reductions in work force, remote working arrangements and emergency contingency plans.

Such measures, as well as the general uncertainty surrounding the dangers, duration, and impact of COVID-19, are creating significant disruption to supply chains and economic activity, impacting consumer confidence and contributing to significant market losses, including by having particularly adverse impacts on transportation, hospitality, healthcare, tourism, sports,

entertainment and other industries dependent upon physical presence. Technological infrastructure has, and will likely continue to be, strained for so long as mandatory or voluntary quarantines are instituted, which will change, and potentially disrupt, the operations of the Company. As COVID-19 continues to spread, potential additional adverse impacts, including a global, regional or other economic recession of indeterminate duration, are increasingly likely and difficult to assess and, if the spread of COVID-19 is prolonged, it could adversely affect many economies, global financial markets and the Company even after COVID-19 is contained.

The extent of the impact of COVID-19 on the Company's operational and financial performance will depend on many factors, all of which are highly uncertain and cannot be predicted. Those factors include the duration and scope of the resulting public health emergency; the extent of any related restrictions implemented; the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity; and the extent of its disruption to important global, regional and local supply chains and economic markets. The effects of the COVID-19 pandemic may materially and adversely impact the value, performance and liquidity of the Company.

In addition, COVID-19 and the resulting changes to global businesses and economies likely will adversely impact the business and operations of the Company and therefore the business and operations of the Company. Certain businesses and activities may be temporarily or permanently halted as a result of government or other quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors, including the potential adverse impact of COVID-19 on the health of key personnel.

## Regulatory changes and uncertainties.

The Company operates in a highly regulated industry subject to substantial change. In addition, both its labor and customer base are licensed and regulated by local, state, and federal governments. Policies may be changed for several reasons including, but not limited to economic conditions, public safety, socio-political factors, and such. As policy changes are made by regulators, there is no guarantee that the company will be able to provide services in its current form, which may place a substantial hardship on operations, causing an Investor to lose all or a portion of their investment.

## The amount of capital the Company is attempting to raise in this Offering may not be enough to sustain the Company's current business plan.

In order to achieve the Company's near and long-term goals, the Company may need to procure funds in addition to the amount raised in the Offering. There is no guarantee the Company will be able to raise such funds on acceptable terms or at all. If we are not able to raise sufficient capital in the future, we may not be able to execute our business plan, our continued operations may require a significant pivot in strategy and execution, which could cause an Investor to lose all or a portion of their investment.

## We may face potential difficulties in obtaining capital

We may have difficulty raising needed capital in the future as a result of, among other factors, our lack of revenue, as well as the inherent business risks associated with our Company and present and future market conditions.

## The Company's success depends on the experience and skill of its manager and other key personnel.

In particular, we are dependent on our managers. The loss of the Managers, the Principals or any other key personnel could harm the Company's business, financial condition, cash flow and performance. Accordingly, you should not invest in the Company unless you are willing to entrust all aspects of the management of the Company and the investment decisions we make on the behalf of the Company.

## Although dependent on certain key personnel, the Company does not have any key person life insurance policies on any such people

We are dependent on certain key personnel in order to conduct our operations and execute our business plan, however, the Company has not purchased any insurance policies with respect to those individuals in the event of their death or disability. Therefore, if any of these personnel die or become disabled, the Company will not receive any compensation to assist with such person's absence. The loss of such person could negatively affect the Company and our operations. We have no way to guarantee key personnel will stay with the Company, as many states do not enforce non-competition agreements, and therefore acquiring key man insurance will not ameliorate all of the risk of relying on key personnel.

## Damage to our reputation could negatively impact our business, financial condition and results of operations.

Our reputation and the quality of our brand are critical to our business and success and will be critical to our success as we form and advise new markets. Any incident that erodes confidence in our brand could significantly reduce the Company's value and damage our business. We may be adversely affected by any negative publicity, regardless of its accuracy. Also, there has been a marked increase in the use of social media platforms and similar devices, including blogs, social media websites and other forms of internet-based communications that provide individuals with access to a broad audience. The availability of information on social media platforms is virtually immediate as is its impact. Information posted may be adverse to our interests or may be inaccurate, each of which may harm our performance, prospects or business. The harm may be immediate and may disseminate rapidly and broadly, without affording us an opportunity for redress or correct.

## Risks Related to the Offering

The U.S. Securities and Exchange Commission does not pass upon the merits of the Securities or the terms of the Offering, nor does it pass upon the accuracy or completeness of any Offering document or literature.

You should not rely on the fact that our Form C-AR is accessible through the U.S. Securities and Exchange Commission's EDGAR filing system as an approval, endorsement or guarantee of compliance as it relates to this Offering. The U.S. Securities and Exchange Commission has not reviewed this Form C-AR, nor any document or literature related to this Offering.

## Neither the Offering nor the Securities have been registered under federal or state securities laws.

No governmental agency has reviewed or passed upon this Offering or the Securities. Neither the Offering nor the Securities have been registered under federal or state securities laws. Investors will not receive any of the benefits available in registered Offerings, which may include access to quarterly and annual financial statements that have been audited by an independent accounting firm. Investors must therefore assess the adequacy of disclosure and the fairness of the terms of this Offering based on the information provided in this Form C-AR and the accompanying exhibits.

## The Company's management may have broad discretion in how the Company uses the net proceeds of the Offering.

Unless the Company has agreed to a specific use of the proceeds from the Offering, the Company's management will have considerable discretion over the use of proceeds from the Offering. You may not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately.

## The Company has the right to limit individual Investor commitment amounts based on the Company's determination of an Investor's sophistication.

The Company may prevent any Investor from committing more than a certain amount in this Offering based on the Company's determination of the Investor's sophistication and ability to assume the risk of the investment. This means that your desired investment amount may be limited or lowered based solely on the Company's determination and not in line with relevant investment limits set forth by the Regulation CF rules. This also means that other Investors may receive larger allocations of the Offering based solely on the Company's determination.

## The Company has the right to extend the Offering Deadline.

The Company may extend the Offering Deadline beyond what is currently stated herein. This means that your investment may continue to be held in escrow while the Company attempts to raise the Target Amount even after the Offering Deadline stated herein is reached. While you have the right to cancel your investment in the event the Company extends the Offering Deadline, if you choose to reconfirm your investment, your investment will not be accruing interest during this time and will simply be held until such time as the new Offering Deadline is reached without the Company receiving the Target Amount, at which time it will be returned to you without interest or deduction, or the Company receives the Target Amount, at which time it

will be released to the Company to be used as set forth herein. Upon or shortly after the release of such funds to the Company, the Securities will be issued and distributed to you.

## The Company may also end the Offering early.

If the Target Offering Amount is met after 21 calendar days, but before the Offering Deadline, the Company can end the Offering by providing notice to Investors at least 5 business days prior to the end of the Offering. This means your failure to participate in the Offering in a timely manner, may prevent you from being able to invest in this Offering and it also means the Company may limit the amount of capital it can raise during the Offering by ending the Offering early.

## The Company has the right to conduct multiple closings during the Offering.

If the Company meets certain terms and conditions, an intermediate close of the Offering can occur, which will allow the Company to draw down on half of the proceeds committed and captured in the Offering during the relevant period. The Company may choose to continue the Offering thereafter. Investors should be mindful that this means they can make multiple investment commitments in the Offering, which may be subject to different cancellation rights. For example, if an intermediate close occurs and later a material change occurs as the Offering continues, Investors whose investment commitments were previously closed upon will not have the right to re-confirm their investment as it will be deemed to have been completed prior to the material change.

## Risks Related to the Securities

The Securities will not be freely tradable under the Securities Act until one year from the initial purchase date. Although the securities may be tradable under federal securities law, state securities regulations may apply, and each Investor should consult with their attorney.

You should be aware of the long-term nature of this investment. There is not now and likely will not ever be a public market for the Securities. Because the Securities have not been registered under the Securities Act or under the securities laws of any state or foreign jurisdiction, the Securities have transfer restrictions and cannot be resold in the United States except pursuant to Rule 501 of Regulation CF. It is not currently contemplated that registration under the Securities Act or other securities laws will be affected. Limitations on the transfer of the Securities may also adversely affect the price that you might be able to obtain for the Securities in a private sale. Investors should be aware of the long-term nature of their investment in the Company. Each Investor in this Offering will be required to represent that they are purchasing the Securities for their own account, for investment purposes and not with a view to resale or distribution thereof.

Although Investors will have no right to voluntarily withdraw capital from the Company or withdraw their Securities, in certain circumstances they may be forced to withdraw from the Company.

An Investor may be forced to withdraw from the Company if the Company reasonably determines that it is necessary or desirable to do so in order to comply with applicable law or regulations, or to avoid a material adverse effect on the Company or the other holders of securities in the Company.

## Investors will have no right to control the Company's operations.

The Investors will have no opportunity to control the day-to-day operations of the Company, including, without limitation, the investment and disposition decisions of the Company. In order to safeguard your limited liability for the liabilities and obligations of the Company, you must rely entirely on the Principal Executive Officers to conduct and manage the business affairs of the Company.

## Investors will not be entitled to any inspection or information rights other than those required by law.

Investors will not have the right to inspect the books and records of the Company or to receive financial or other information from the Company, other than as required by law. Other security holders of the Company may have such rights. Regulation CF requires only the provision of an annual report on Form C-AR and no additional information. Additionally, there are numerous methods by which the Company can terminate annual report obligations, resulting in no information rights, contractual, statutory or otherwise, owed to Investors. This lack of information could put Investors at a disadvantage in general and with respect to other security holders, including certain security holders who have rights to periodic financial statements and updates from the Company such as quarterly unaudited financials, annual projections and budgets, and monthly progress reports, among other things.

## The Company may never undergo a liquidity event and Investors may have to hold the Securities indefinitely.

The Company may never undergo a liquidity event such as a repurchase of the Securities by the Company, a sale of the Company or an initial public offering. If a liquidity event does not occur, Investors could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them.

## The Securities may be significantly diluted as a consequence of subsequent equity financings.

The Company's equity securities will be subject to dilution. The Company may issue additional equity to third-party financing sources in amounts that are uncertain at this time, and as a consequence holders of the Securities will be subject to dilution in an unpredictable amount. Such dilution may reduce the Investor's economic interests in the Company. The amount of additional financing needed by the Company will depend upon several contingencies not foreseen at the time of this Offering. Generally, additional financing (whether in the form of

loans or the issuance of other securities) will be intended to provide the Company with enough capital to reach the next major corporate milestone. If the funds received in any additional financing are not sufficient to meet the Company's needs, the Company may have to raise additional capital at a price unfavorable to their existing investors, including the holders of the Securities. The availability of capital is at least partially a function of capital market conditions that are beyond the control of the Company. There can be no assurance that the Company will be able to accurately predict the future capital requirements necessary for success or that additional funds will be available from any source. Failure to obtain financing on favorable terms could dilute or otherwise severely impair the value of the Securities.

## The Securities may be substantially different from other equity securities offered or issued by the Company.

The Securities may be materially different from the other equity securities of the Company in many ways, including, but not limited to, liquidation preferences, dividend rights, or anti-dilution protection. The Securities may not provide the holders of such Securities with the same rights, preferences, protections, and other benefits or privileges provided to other investors of the Company.

## In the event of the dissolution or bankruptcy of the Company, Investors will not be treated as debt holders and therefore are unlikely to recover any proceeds.

In the event of the dissolution or bankruptcy of the Company, the holders of the Securities will be entitled to distributions as described in the Securities. This means that such holders will only receive distributions once all of the creditors and more senior security holders, have been paid in full. Neither holders of the Securities can be guaranteed any proceeds in the event of the dissolution or bankruptcy of the Company.

## There is no guarantee of a return on an Investor's investment.

There is no assurance that an Investor will realize a return on their investment or that they will not lose their entire investment. For this reason, each Investor should read this Form C-AR and all exhibits carefully and should consult with their attorney and business advisor prior to making any investment decision.

IN ADDITION TO THE RISKS LISTED ABOVE, RISKS AND UNCERTAINTIES NOT PRESENTLY KNOWN, OR WHICH WE CONSIDER IMMATERIAL AS OF THE DATE OF THIS FORM C-AR, MAY ALSO HAVE AN ADVERSE EFFECT ON OUR BUSINESS AND RESULT IN THE TOTAL LOSS OF YOUR INVESTMENT.

## Additional Issuer Specific Risks:

### Title of Risk

The Company's success depends on the viability of the Company's business model

# Description of Risk

Our revenue and income potential are unproven, and our business model and pathogens tests performed at home or at the point of care is relatively new. Our business model is based on a variety of assumptions relating to the Company's ability to develop and commercialize a testing platform that can be provided at home or at the point of care and returns accurate diagnostic results within minutes. These assumptions may not reflect the business and market conditions that we actually face. As a result, our operating results could differ materially from those projected under the Company's business model, and our business model may prove to be unprofitable.

# Title of Risk

The Company's technology is under development and is subject to all the risks related thereto.

# Description of Risk

Our ability to timely develop, manufacture and market our products is essential to our success. Current development and manufacturing schedules may be delayed by such factors as technological or labor difficulties and changes in both the needs and demands of customers and government policy or regulation. The costs of development could exceed our estimates which would require additional capital. Any delay in the development, manufacture or delivery of our products could result in the Company attempting to market its products at a time when cost and performance characteristics are not competitive with adverse consequences to the Company. Accordingly, there can be no assurance that we will be able to successfully develop, manufacture and market our products.

# Title of Risk

The Company's lack of operating history creates substantial uncertainty about future results.

# Description of Risk

We have no operating history or operations on which to base expectations regarding the Company's future results and performance. Further, the Company, as a recently formed enterprise, is subject to financial, funding, managerial and other types of risks associated with recently formed entities.

# Title of Risk

We may have very limited capitalization and depend upon the success of this Offering to finance our business plan.

# Description of Risk

We have limited financial resources and depend upon the success of this offering, and two concurrent offerings under Regulation A and Regulation D to complete development, scale manufacturing, obtain FDA approval and commence the commercialization of our products and our other long-term objectives. The Company may never achieve profitability and its ability to raise additional funds will be subject to, among other things, factors beyond the control of the Company and its directors, including cyclical factors affecting the economy generally. We can give no assurance that future funds can be raised on favorable terms, if at all.

## Title of Risk

Loss of, or inability to attract, key personnel could adversely impact our business.

## Description of Risk

Many factors are outside of the Company’s control, and the occurrence of one or more of them might cause the value of any investment in our Common Stock to be substantially impaired or completely eroded.

## Title of Risk

The Company may not be able to effectively protect its licensed intellectual property, which could impair the Company’s ability to compete effectively.

## Description of Risk

We license our intellectual property from IdentifySensors Fresh Food Enterprises, LLC (“ISFFE”), which has an obligation to protect and defend the intellectual property against infringers or claims of infringement. ISFFE licenses the intellectual property from IdentifySensors, LLC which also has an obligation to defend against infringers. However, both ISFFE and IdentifySensors, LLC have limited resources. No assurances can be given that the intellectual property that we use (i) will not infringe upon the intellectual property rights of others or (ii) that the patent and pending patent applications are valid or that they will be enforceable.

## Title of Risk

We face intense competition in the marketplace which could lead to reduced net sales, net earnings, and cash flow.

## Description of Risk

We face intense competition from other diagnostic and testing product companies in the US. Most of our products are expected to compete with other consolidated and widely advertised, promoted, and merchandised brands within each product category. We also face competition

from retailers, including club stores, grocery stores, drugstores, dollar stores, mass merchandisers, e-commerce retailers, and subscription services, which are increasingly offering "private label" or store brands that are typically sold at lower prices and may compete with our products as substitutive products. Increased purchases of "private label" products in an economic downturn could reduce net sales of our products, which would negatively impact our business. Most of our competitors are larger than us and have far greater financial resources. These competitors may be able to spend more aggressively on advertising and promotional activities, introduce competing products more quickly and respond more effectively to changing business and economic conditions than we can. In addition, our competitors may attempt to gain market share by offering similar products at prices at or below those offered by us. Competitive activity may require us to increase our spending on advertising and promotions and/or reduce prices, which could lead to reduced sales and net earnings.

## Title of Risk

Our products may not meet health and safety standards or could become contaminated.

## Description of Risk

We and our contractors will adopt various quality, environmental, health and safety standards. Even if our planned products meet these standards, they could otherwise become contaminated. A failure to meet these standards or contamination could occur in our operations or those of our manufacturing facilities, distributors, or suppliers. This could result in expensive production interruptions, recalls and liability claims. Moreover, negative publicity could be generated from false, unfounded or nominal liability claims or limited recalls. Any of these failures or occurrences could negatively affect our business and financial performance.

## Title of Risk

The sale of our products involves product liability and related risks that could expose us to significant insurance and loss expenses.

## Description of Risk

We face an inherent risk of exposure to product liability claims if the use of our products results in, or is believed to have resulted in, illness or injury. Although we will take measures to ensure that our planned products are safe for use, interactions of these products with other products, prescription medicines and over-the-counter drugs have not been fully explored or understood and may have unintended consequences.

Although once we are able to sell our products we plan to maintain product liability insurance, it may not be sufficient to cover all product liability claims and such claims that may arise, could

have a material adverse effect on our business. The successful assertion or settlement of an uninsured claim, a significant number of insured claims or a claim exceeding the limits of our insurance coverage would harm us by adding further costs to our business and by diverting the attention of our senior management from the operation of our business. Even if we successfully defend a liability claim, the uninsured litigation costs and adverse publicity may be harmful to our business.

Any product liability claim may increase our costs and adversely affect our revenues and operating income. Moreover, liability claims arising from a serious adverse event may increase our costs through higher insurance premiums and deductibles and may make it more difficult to secure adequate insurance coverage in the future. In addition, any planned product liability insurance may fail to cover future product liability claims, which, if adversely determined, could subject us to substantial monetary damages.

## Title of Risk

Dependence on key customers could adversely affect our business, financial condition and results of operations.

## Description of Risk

We anticipate that a limited number of customers will account for a large percentage of our net sales. As a result, changes in the strategies of our largest customers or a shift to competing products may harm our net sales or margins, and reduce our ability to offer new, innovative products to our consumers. Furthermore, any loss of a key customer or a significant reduction in net sales to a key customer could have a material adverse effect on our business, financial condition and results of operations.

In addition, our business is based primarily upon individual purchase orders, and we typically do not enter into long-term contracts with our customers. Accordingly, customers could reduce their purchasing levels or completely cease buying our products at any time and for any reason and we would be without any contractual recourse. If we do not effectively respond to the demands of our customers, they could decrease their purchases, causing our net sales and net earnings to decline.

## Title of Risk

Investors in this Offering will not have any voting control over the Company's business and affairs.

## Description of Risk

ISFFE owns more than 93% of the outstanding shares of Common Stock of the Company, all of which are voted by Dr. Gregory Hummer. Even if the Maximum Amount of the Offering is sold,

investors would have approximately 2% of the voting shares outstanding. Thus, Dr. Hummer is expected to control a majority of the voting power for the foreseeable future and therefore controls the business and affairs of the Company.

## Title of Risk

The Company is subject to a number of conflicts of interests.

## Description of Risk

The Company has entered into contracts and agreements with Dr. Hummer or his affiliated entities which have not been negotiated on an arms'-length basis. These contracts include the License Agreement from ISFFE and the Sublease Agreement for the Company's office space. The Company cannot guarantee that these contracts and arrangements are fair and reasonable to the Company.

Additionally, Dr. Hummer and certain of the Company's officers and key consultants are not full time employees and have other jobs and commitments. Dr. Hummer is also the Manager of both IdentifySensors, LLC and Identify Sensors Fresh Food Enterprises, LLC. Ann Hawkins, the Chief Financial Officer, is a part time consultant. Such officers are not required to devote their full time and energy to the Company and have other employers to whom they owe a duty of care and loyalty.

## Title of Risk

We have not paid dividends in the past and do not expect to pay dividends in the foreseeable future.

## Description of Risk

We have never paid cash dividends on our shares and do not anticipate paying cash dividends in the foreseeable future. The payment of dividends on our shares will depend on earnings, financial condition and other business and economic factors that management may consider relevant. If we do not pay dividends, our shares may be less valuable because a return on your investment will only occur if its stock price appreciates.

## Title of Risk

Our offering price is arbitrary and bears no relationship to our assets, earnings, or book value.

# Description of Risk

There is no current public trading market for our Common Stock and the price at which the Common Stock are being offered bears no relationship to conventional criteria such as book value or earnings per share. There can be no assurance that the offering price bears any relation to the current fair market value of the Common Stock.

# How will the issuer complete the transaction and deliver securities to the investors?

Transfer Agent - In entering into an agreement on PicMii Crowdfunding’s Funding Portal to purchase securities, both investors and the Company must agree that a transfer agent, which keeps records of our outstanding Common Stock (the "Securities"), will issue digital Securities in the investor’s name (a paper certificate will not be printed) or that the Company is capable of maintaining investment records on their own. In this case, the company will be utilizing a transfer agent.

# How can an investor cancel an investment commitment?

You may cancel an investment commitment for any reason until 48 hours prior to the deadline identified in the offering. PicMii will notify investors when the target offering amount has been met. If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). PicMii Crowdfunding will notify investors when the target offering amount has been met. If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment. If an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor's investment commitment will be cancelled, and the committed funds will be returned.

# Can the company perform multiple closings or rolling closings for the offering?

If we reach the target offering amount prior to the offering deadline, we may conduct the first of multiple closings of the offering early, if we provide notice about the new offering deadline at least five business days prior (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). Thereafter, we may conduct additional closings until the offering deadline. We will issue Securities in connection with each closing. Oversubscriptions will be allocated on a first come, first served basis. Changes to the offering, material or otherwise, occurring after a closing, will only impact investments which have yet to be closed.

# Do the securities offered have voting rights? Voting Rights and Proxy:

Yes, each share of Common Stock shall have one (1) vote per share per certificate of incorporation and bylaws (Exhibit D and Exhibit E).

## How may the terms of the securities being offered be modified?

We may choose to modify the terms of the securities before the offering is completed. However, if the terms are modified, and we deem it to be a material change, we need to contact you and you will be given the opportunity to reconfirm your investment. Your reconfirmation must be completed within five business days of receipt of the notice of a material change, and if you do not reconfirm, your investment will be cancelled and your money will be returned to you.

## Restrictions on Transfer of the Securities Offered

The securities being offered may not be transferred by any purchaser of such securities during the one-year period beginning when the securities were issued, unless such securities are transferred:

- to the issuer;
- to an accredited investor;
- as part of an offering registered with the U.S. Securities and Exchange Commission; or to a member of the family of the purchaser or the equivalent, to a trust controlled by the purchaser, to a trust created for the benefit of a member of the family of the purchaser or the equivalent, or in connection with the death or divorce of the purchaser or other similar circumstance.
- The term "accredited investor" means any person who comes within any of the categories set forth in Rule 501(a) of Regulation D, or who the seller reasonably believes comes within any of such categories, at the time of the sale of the securities to that person. The term "member of the family of the purchaser or the equivalent" includes a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or spousal equivalent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the purchaser, and includes adoptive relationships. The term "spousal equivalent" means a cohabitant occupying a relationship generally equivalent to that of a spouse.

# Description of Issuer's Securities

16. What other securities or classes of securities of the issuer are outstanding? Describe the material terms of any other outstanding securities or classes of securities of the issuer.

| Class of Security | Amount Authorized | Amount Outstanding | Reserved Options | Convertible Note/SAFEs | Voting Rights |
| --- | --- | --- | --- | --- | --- |
| Common Stock | 350,000,000 | 47,235,981 | 4,013,335 | N/A | Yes |
| Preferred Stock | 50,000 | 0 | N/A | N/A | No |

# Options, Warrants and Other Rights

How may the rights of the securities being offered be materially limited, diluted or qualified by the rights of any other class of securities?

Investors should understand the potential for dilution. The investor's stake in a company could be diluted due to the company issuing additional shares. In other words, when the company issues more shares, the percentage of the company that you own will go down, even though the value of the company may go up. You will own a smaller piece of a larger company. This increase in number of shares outstanding could result from a stock offering (such as an initial public offering, another crowdfunding round, a venture capital round, angel investment), employees exercising stock options, or by conversion of certain instruments (e.g., convertible bonds, preferred shares or warrants) into stock. If the company decides to issue more shares, an investor could experience value dilution, with each share being worth less than before, and control dilution, with the total percentage an investor owns being less than before. There may also be earnings dilution, with a reduction in the amount earned per share (though this typically occurs only if the company offers dividends, and most early-stage companies are unlikely to offer dividends, preferring to invest any earnings into the company)

Are there any differences not reflected above between the securities being offered and each other class of security of the issuer?

The Company is authorized to issue up to 50,000,000 shares of Preferred Stock in one or more series. The Company's Board of Directors is entitled to fix or alter the rights, preferences, privileges and restrictions granted to or imposed on each series of Preferred Stock, and the number of shares constituting any such series and the designation thereof. No shares of Preferred Stock have been issued or are currently outstanding.

We have two concurrent offerings, with this being the third offering. We are currently offering shares under Regulation A and Regulation D. Investors who purchase shares under our Regulation D offering and invest at least $100,000 will receive warrants to purchase additional shares of our common stock at a price of $5.25. The term to exercise the warrants is three years from their issue date.

## How could the exercise of rights held by the principal owners identified in Question 5 above affect the purchasers of Securities being offered?

The holder of a majority of the voting rights in the company may make decisions with which you disagree, or that negatively affect the value of your investment in the company, and you will have no recourse to change those decisions. Your interests may conflict with the interests of other investors, and there is no guarantee that the company will develop in a way that is advantageous to you. For example, the majority shareholder may decide to issue additional shares to new investors, sell convertible debt instruments with beneficial conversion features, or make decisions that affect the tax treatment of the company in ways that may be unfavorable to you. Based on the risks described above, you may lose all or part of your investment in the securities that you purchase, and you may never see positive returns.

## How are the securities being offered valued?

The securities being offered are valued at the issuer's discretion. An early-stage company typically sells its shares (or grants options over its shares) to its founders and early employees at a very low cash cost, because they are, in effect, putting their "sweat equity" into the company. When the company seeks cash investments from outside investors, like you, the new investors typically pay a much larger sum for their shares than the founders or earlier investors, which means that the cash value of your stake is immediately diluted because each share of the same type is worth the same amount, and you paid more for your shares than earlier investors did for theirs.

There are several ways to value a company, and none of them is perfect and all of them involve a certain degree of guesswork. Any of these methods, plus others, may be used to determine valuation in the future:

Liquidation Value - The amount for which the assets of the company can be sold, minus the liabilities owed, e.g., the assets of a bakery include the cake mixers, ingredients, baking tins, etc. The liabilities of a bakery include the cost of rent or mortgage on the bakery. However, this value does not reflect the potential value of a business, e.g., the value of the secret recipe. The value for most startups lies in their potential, as many early stage companies do not have many assets.

Book Value - This is based on analysis of the company's financial statements, usually looking at the company's balance sheet as prepared by its accountants. However, the balance sheet only looks at costs (i.e., what was paid for the asset), and does not consider whether the asset has increased in value over time. In addition, some intangible assets, such as patents, trademarks or

trade names, are very valuable but are not usually represented at their market value on the balance sheet.

Earnings Approach - This is based on what the investor will pay (the present value) for what the investor expects to obtain in the future (the future return), taking into account inflation, the lost opportunity to participate in other investments, the risk of not receiving the return. However, predictions of the future are uncertain and valuation of future returns is a best guess.

Different methods of valuation produce a different answer as to what your investment is worth. Typically, liquidation value and book value will produce a lower valuation than the earnings approach. However, the earnings approach is also most likely to be risky as it is based on many assumptions about the future, while liquidation value and book value are much more conservative.

Future investors (including people seeking to acquire the company) may value the company differently. They may use a different valuation method, or different assumptions about the company's business and its market. Different valuations may mean that the value assigned to your investment changes. It frequently happens that when a large institutional investor such as a venture capitalist makes an investment in a company, it values the company at a lower price than the initial investors did. If this happens, the value of the investment would go down.

## What are the risks to purchasers of the securities relating to minority ownership in the issuer?

The company's Certificate of Incorporation or Bylaws can be amended by the holders of a majority of the issued and outstanding shares of the Company. As minority owners, the crowdfunding investors are subject to the decisions made by the majority owners. The issued and outstanding shares of common stock give management voting control of the company. As a minority owner, you may be outvoted on issues that impact your investment, such as, among other things: (a) the liquidation, dissolution or winding up of the company, or effecting any merger or consolidation; (b) amendment of any provision of the Certificate of Incorporation or Bylaws; (c) creation and issuance of other securities having rights, preferences or privileges senior to the common stock sold to the crowdfunding investors, or increasing the authorized number of shares of stock of the company; or (d) creation of any debt security.

## What are the risks to purchasers associated with corporate actions including:

1. Additional issuances of securities
2. Issuer repurchases of securities
3. A sale of the issuer or of assets of the issuer
4. Transactions with related parties

The authorization and issuance of additional shares of the company's common stock will dilute the ownership of the crowdfunding investors. As a result, if the company achieves profitable operations in the future, its net income per share will be reduced because of dilution, and the market price of the company's common stock, if there is a market price, could decline as a result

of the additional issuances of securities. If the company repurchases securities, so that the above risk is mitigated, and there are fewer shares of common stock outstanding, the company may not have enough cash available for marketing expenses, growth, or operating expenses to reach our goals. If we do not have enough cash to operate and grow, we anticipate the market price of our securities would decline. A sale of the company or of all of the assets of the company may result in an entire loss of your investment. We cannot predict the market value of the company or its assets, and the proceeds of a sale may not be cash, but instead, unmarketable securities, or an assumption of liabilities. It is unlikely that in the near term, a sale would result in a premium that is significant enough over book value to generate a return to our investors. We may need to negotiate with a related party for additional capital. No assurance can be given that such funds will be available or, if available, will be on commercially reasonable terms satisfactory to us. Even if such financing is available, it may be on terms that are materially adverse to your interests with respect to dilution of book value, dividend preferences, liquidation preferences, or other terms.

## Describe the material terms of any indebtedness of the issuer:

| Creditor(s) | Amount Outstanding | Interest Rate | Maturity Date |
| --- | --- | --- | --- |
| IdentifySensors Fresh Food Enterprise LLC | $350,000 | 6% | 1/3/2026 |

## What other exempt offerings has the Company conducted within the past three years?

The Company is currently conducting two other separate concurrent exempt offerings. One under Regulation A and one under Regulation D. The maximum aggregate offering amount for the Company's three consecutive offerings is $50,000,000. The price per share in each of the offerings is $4.50, and the maximum number of shares offered is 11,111,111 in all three offerings. Investors purchasing shares under our Regulation D offering, who invest at least $100,000, will be issued warrants to purchase additional shares of our common stock at a purchase price of $5.25 per share. The term of the warrants will be three years from their issue date. The number of warrants issued varies depending on the amount invested.

Was or is the issuer or any entities controlled by or under common control with the issuer a party to any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount involved exceeds five percent of the aggregate amount of capital raised by the issuer in reliance on Section 4(a)(6) of the Securities Act during the preceding 12-month period, including the amount the issuer seeks to raise in the current offering, in which any of the following persons had or is to have a direct or indirect material interest:

1. Any director or officer of the issuer;
2. Any person who is, as of the most recent practicable date, the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power;
3. If the issuer was incorporated or organized within the past three years, any promoter of the issuer; or

4. Any immediate family members of any of the foregoing persons.

We entered into an employment agreement with Ghazi Kashmolah on February 9, 2023, to provide services to the Company to consult on operations. Mr. Kashmolah shall provide services to the Company and to its affiliates, IdentifySensors Fresh Food Enterprises LLC and IdentifySensors LLC. The employment agreement stipulates at will employment and the provision of full time, exclusive services to the Company. It includes standard confidentiality, non-solicitation, and non-piracy provisions, as well as the assignment of all intellectual property developed by Mr. Kashmolah in connection with the services provided for our benefit. Mr. Kashmolah shall be entitled to receive a salary of $16,667 to be paid on the 15th day of one month and the first day of the immediately succeeding calendar month for the first 12 months of his employment term. He will be entitled to receive a $150,000 bonus upon obtaining FDA approval for the Company's first test, and a bonus equivalent to 30% of his base salary upon the achievement of certain revenue goals set by the Company's board of directors. The employment agreement also includes payment of health benefits and contributions to Mr. Kashmolah's 401(K) plan. As part of his compensation package, Mr. Kashmolah received 400,000 stock options at a price of $4.50 per Share. The options vest in installments of 25,000 shares each at the end of each calendar quarter during Mr. Kashmolah's employment term, provided that he remains employed by the Company on the vesting dates.

# Financial Condition of the Issuer

## Does the issuer have an operating history?

IdentifySensors Biologics Corp., was founded on June 11, 2020. Since inception, we have been in the business of developing tests for viral and bacterial pathogens like COVID-19 but applicable to other diseases as well. We are now manufacturing our products and expect to complete initial prototypes during the fiscal year 2023. However, before any commercial sales occur in the U.S., we must complete extensive testing and obtain approval from the U.S. Food and Drug Administration. Such efforts will require significant additional capital.

Because our products and services were initially specifically designed to address the testing needs for COVID-19, recent developments in the pandemic have caused us to broaden the testing capabilities of our products by targeting other pathogens, such as Ebola and Marburg viruses. We have made 5 pre-submissions to the FDA and intend to have FDA clearance for testing Ebola/Marburg virus by the end of 2023. We intend to commence generating revenues in the first quarter of 2024.

As of June 30, 2023, we had not yet commenced commercial sales or generated any revenue. Our activities since inception have consisted of formation activities, establishing agreements, and raising capital, principally through the sales of common stock and loans from affiliates. Our expenses have been primarily research and development costs, administrative expenses, and professional fees. We will incur significant additional research &amp; development, and significant manufacturing expenses. We are dependent upon additional capital resources for the commencement of our planned principal operations and subject to significant risks and uncertainties; including failing to secure additional funding to carry our planned operations or failing to profitably operate the business.

## Describe the financial condition of the issuer, including, to the extent material, liquidity, capital resources and historical results of operations.

We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern.

We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities. We have invested in manufacturing machinery that will facilitate our contract manufacturer, East West Manufacturing, LLC, in producing our product.

We incurred a net loss for the fiscal year ended June 30, 2024, of $11,414,979. No revenue was earned or recognized during the fiscal year ended June 30, 2024. During our fiscal year ended June 30, 2023, we raised $4,379,403 from the sale of common stock. Total operating expenses in the year ended June 30, 2024, were $12,803,526 as compared to $4,374,677 for year ended June 30, 2023. Operating expenses include $4,441,575 in research and development expenses, $1,176,821 in manufacturing expenses, $687,443 in marketing expenses, $1,093,241 in office,

administrative expenses, and $266,998 in professional fees, and $5,137,448 in compensation stock expense.

Our cash balance at June 30, 2024 was $172,482 compared to $1,470,562 at June 30, 2023. We do not believe these cash reserves are sufficient to cover our expenses for our operations for fiscal year ending June 30, 2025. We will require additional funding for our ongoing operations. At our current level of operations, we expend approximately $400,000 per month, meaning that we would require $4,800,000 in available cash to fund operations through June 30, 2025. However, our business plans anticipated that we would commence prototype testing and apply for approval of the FDA during this fiscal year. Such activities would require substantial additional capital, estimated to be approximately $5,000,000.

Include the financial information specified by regulation, covering the two most recently completed fiscal years or the period(s) since inception if shorter.

See Exhibit A

29. With respect to the issuer, any predecessor of the issuer, any affiliated issuer, any director, officer, general partner or managing member of the issuer, any beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated in the same form as described in Question 6 of this Question and Answer format, any promoter connected with the issuer in any capacity at the time of such sale, any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with such sale of securities, or any general partner, director, officer or managing member of any such solicitor, prior to May 16, 2016:

1. Has any such person been convicted, within 10 years (or five years, in the case of issuers, their predecessors and affiliated issuers) before the filing of this offering statement, of any felony or misdemeanor:

i. In connection with the purchase or sale of securities?

ii. Involving the making of any false filing with the commission?

iii. Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor, funding portal or paid solicitor of purchasers of securities?

2. Is any such person subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the filing of the information required by Section 4A(b) of the Securities Act that, at the time of filing of this offering statement, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:

i. In connection with the purchase or sale of any security?

ii. Involving the making of any false filing with the Commission?

iii. Arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor, funding portal or paid solicitor of purchasers of securities?

3. Is any such person subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that

supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:

i. At the time of the filing this offering statement bars the person from:

1. Association with an entity regulated by such commission, authority, agency or officer?
2. Engaging in business of securities, insurance, or banking?
3. Engaging in savings association or credit union activities?

ii. constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct and for which the order was entered within the 10-year period ending on the date of the filing of this offering statement?

4. Is any such person subject to an order of the Commission entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Investment Advisers Act of 1940 that, at the time of the filing of this offering statement:

i. Suspends or revokes such person's registration as a broker, dealer, municipal securities dealer, investment advisor or funding portal?
ii. Places limitations on the activities, functions or operations of such person?
iii. Bars such person from being associated with any entity or from participating in the offering of any penny stock?

5. Is any such person subject to any order of the Commission entered within five years before the filing of this offering statement that, at the time of the filing of this offering statement, orders the person to cease and desist from committing or causing a violation or future violation of:

i. Any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Investment Advisors Act of 1940 or any other rule or regulation thereunder?
ii. Section 5 of the Securities Act?

6. Is any such person suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?

7. Has any such person filed (as a registrant or issuer), or was any such person or was any such person named as an underwriter in, any registration statement or Regulation A offering statement filed with the Commission that, within five years before the filing of this offering statement, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is any such person, at the time of such filing, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?

8. Is any such person subject to a United States Postal Service false representation order entered within five years before the filing of the information required by

Section 4A(b) of the Securities Act, or is any such person, at the time of filing of this offering statement, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

Identify Sensors Biologics Corp. answers 'NO' to all of the above questions.

# Other Material Information

30. In addition to the information expressly required to be included in this Form, include: any other material information presented to investors; and such further material information, if any, as may be necessary to make the required statements, in the light of the circumstances under which they are made, not misleading. The following documents are being submitted as part of this offering:

Financials: See Exhibit A

Exhibit A

Financial Statements

**Attachment 2:** `isf2024-1.pdf`

M

# MEADEN &amp; MOORE

Report of Independent Registered Public Accounting Firm

Board of Directors and Shareholders
IdentifySensors Biologics Corp.

## Opinion on the Financial Statements

We have audited the accompanying balance sheets of IdentifySensors Biologics Corp. (the "Company") as of June 30, 2024 and 2023, and the related statements of operations, changes in stockholders' equity, and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

## Going Concern

The accompanying financial statements have been prepared assuming that the entity will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

## Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

F-2

F-3

# Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the Board and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

## Valuation of Stock-Based Compensation

As discussed in Note 7 to the financial statements, the Company has stock-based compensation that is based on fair value measurements. We identified the computation of stock-based compensation as a critical audit matter because of the subjectivity of the inputs and assumptions that management utilized in determining the fair value of the stock-based awards. The principal consideration for our determination that stock-based compensation estimates is a critical audit matter is that the model used to determine the grant date fair value includes a significant unobservable input of volatility, which is subject to estimation uncertainty and requires significant auditor subjectivity in evaluating that input and estimate. Volatility is based on a blend of the Company's expected volatility and those of similar companies.

Our audit procedures related to stock-based compensation estimates include the following, among others:

- We obtained and read the stock-based award agreements,
- We evaluated the reasonableness of management's significant valuation assumptions and
- We recomputed the fair value of each grant using management's inputs and compared to the fair value calculated by management.

/s/ Meaden &amp; Moore, Ltd.

Meaden &amp; Moore, Ltd.

Cleveland, Ohio

We have served as the Company's auditor since 2022.

March ___, 2025

IdentifySensors Biologics Corp.
Balance Sheets

|  | June 30, 2024 | June 30, 2023 |
| --- | --- | --- |
| ASSETS |  |  |
| Current assets: |  |  |
| Cash | $172,482 | $1,470,562 |
| Prepaid expenses | 14,676 | 17,608 |
| Total current assets | 187,158 | 1,488,170 |
| Property, plant and equipment | 1,335,226 | 683,985 |
| Operating lease right-of-use asset | 67,099 | 146,285 |
| Deposits | 171,225 | 873,861 |
| Total assets | $1,760,708 | $3,192,301 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| Accounts payable and accrued liabilities | $478,935 | $545,768 |
| Accrued contractor expense - related party | 220,000 | 1,158,021 |
| Accrued legal and accounting - related party | 51,571 | 43,198 |
| Accrued payroll | 65,880 | 36,843 |
| Note payable related party | 539,217 | - |
| Subscription refunds payable | 9,173 | 9,173 |
| Operating lease liability | 68,212 | 93,212 |
| Total current liabilities | 1,432,988 | 1,886,215 |
| Long term liabilities: |  |  |
| Operating lease liability | - | 53,991 |
| Note payable related party | - | 176,274 |
| Total long term liabilities | - | 230,265 |
| Total liabilities | 1,432,988 | 2,116,480 |
| Stockholders' Equity |  |  |
| Preferred stock, $0.0001 par value; 50,000,000 shares authorized, 2,447,304 shares issued and outstanding as of June 30, 2024 and no shares outstanding at June 30, 2023 | 247 | - |
| Common stock, $0.0001 par value: 350,000,000 shares authorized; 47,238,661 shares issued and outstanding as of June 30, 2024 and 47,978,301 shares issued and outstanding at June 30, 2023 | 4,769 | 4,878 |
| Additional paid-in capital | 21,152,216 | 10,485,476 |
| Accumulated (deficit) | (20,829,512) | (9,414,533) |
| Total stockholders' equity | 327,720 | 1,075,821 |
| Total liabilities and stockholders' equity | $1,760,708 | $3,192,301 |

The accompanying notes are an integral part of these financial statements.

IdentifySensors Biologics Corp.
Statements of Operations

|  | For the Year Ended June 30, 2024 | For the Year Ended June 30, 2023 |
| --- | --- | --- |
| Revenue | $ - | $ - |
| Operating expenses: |  |  |
| Research and development expenses | 4,441,575 | 2,225,512 |
| Manufacturing | 1,176,821 | 218,930 |
| Marketing | 687,443 | 578,959 |
| Office and administrative expenses | 1,093,241 | 996,182 |
| Compensation stock expense | 5,137,448 | 85,939 |
| Professional fees | 266,998 | 269,155 |
| Total operating expenses | 12,803,526 | 4,374,677 |
| Loss from operations | (12,803,526) | (4,374,677) |
| Other Income (Expense) |  |  |
| Interest expense | (18,476) | (9,798) |
| Contractor expense forgiveness - related party | 1,407,000 | - |
| Interest income | 24 | 44 |
| Total Other Income (Expense) | 1,388,548 | (9,754) |
| Loss before provision for federal income taxes | (11,414,979) | (4,384,431) |
| Provision for federal income taxes | - | - |
| Net loss | $(11,414,979) | $(4,384,431) |
| Net loss per common share - basic and diluted | $(0.23) | $(0.09) |
| Weighted average common shares outstanding - basic and diluted | 49,256,605 | 47,265,897 |

The accompanying notes are an integral part of these financial statements.

F-5

Identify Sensors Biologics Corp.
Statement of Changes in Stockholders' Equity
For the years ended June 30, 2024 and 2023

|  | Preferred Stock |  | Common Stock |  | Additional Paid-In Capital | Accumulated (Deficit) | Total Stockholders' Equity |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Number of Shares | Amount | Number of Shares | Amount |  |  |  |
| Balance - July 1, 2023 | - | $ - | 46,603,550 | $4,724 | $6,019,547 | $(5,030,102) | $994,169 |
| Common stock issued for cash | - | - | 867,803 | 87 | 4,217,212 | - | 4,217,299 |
| Stock based compensation | - | - | - | - | 85,939 | - | 85,939 |
| Warrants issued | - | - | - | 16 | 162,322 | - | 162,338 |
| Restricted stock based compensation | - | - | 506,948 | 51 | 456 | - | 507 |
| Net loss for the period | - | - | - | - | - | (4,384,431) | (4,384,431) |
| Balance - June 30, 2023 | - | $ - | 47,978,301 | $4,878 | $10,485,476 | $(9,414,533) | $1,075,821 |
| Common stock issued for cash | - | - | 1,324,296 | 13 | 2,862,725 | - | 2,862,738 |
| Common stock converted to preferred | - | - | (2,063,936) | (206) | (6,181,693) | - | (6,181,693) |
| Preferred stock converted from common | 2,063,936 | 206 | - | - | 6,181,693 | - | 6,181,693 |
| Preferred stock issued for cash | 406,368 | 41 | - | - | 1,828,634 | - | 1,828,675 |
| Stock based compensation | - | - | - | - | 5,137,448 | - | 5,137,448 |
| Warrants issued | - | - | - | 84 | 837,933 | - | 838,017 |
| Net loss for the period | - | - | - | - | - | (11,414,979) | (11,414,979) |
| Balance - June 30, 2024 | 2,470,304 | $247 | 47,238,661 | $4,769 | $21,152,216 | $(20,829,512) | $327,720 |

The accompanying notes are an integral part of these financial statements.

IdentifySensors Biologics Corp.
Statements of Cash Flow

|  | For the Year Ended June 30, 2024 | For the Year Ended June 30, 2023 |
| --- | --- | --- |
| Cash from operating activities: |  |  |
| Net loss | $(11,414,979) | $(4,384,431) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Debt forgiveness income. | (1,407,000) | - |
| Stock based compensation | 5,137,448 | 86,446 |
| Depreciation | 300,883 | 49,852 |
| Reduction in lease asset | 79,186 | 114,510 |
| Changes in operating assets and liabilities: |  |  |
| Prepaid expenses | 2,932 | 26,183 |
| Change in lease liability | 78,991 | (113,712) |
| Deposits | 702,636 | (864,023) |
| Accounts payable, accrued liabilities and expenses | 281,574 | 829,506 |
| Accrued interest | 17,943 | 9,000 |
| Net cash used in operating activities | (6,220,386) | (4,246,669) |
| Cash flows from investing activities: |  |  |
| Purchase of equipment | (952,124) | (658,257) |
| Net cash used in investing activities | (952,124) | (658,257) |
| Cash flows from financing activities: |  |  |
| Borrowings from related parties | 470,000 | - |
| Repayments to related parties | (125,000) | - |
| Issuance of stock and warrants for cash | 5,529,430 | 4,379,637 |
| Net cash provided by financing activities | 5,874,430 | 4,379,637 |
| Net change in cash | (1,298,080) | (525,289) |
| Cash - beginning of period | 1,470,562 | 1,995,851 |
| Cash - end of period | $172,482 | $1,470,562 |
| Supplemental Cash Flow Disclosures |  |  |
| Cash paid for interest | $ - | $ - |
| Cash paid for income taxes | $ - | $ - |
| Exercise of warrants for stock | $354,225 | $3,052,500 |

The accompanying notes are an integral part of these financial statements.

F-7

IDENTIFYSENSORS BIOLOGICS CORP
Notes to the Financial Statements
For the Years Ended June 30, 2024 and 2023

# Note 1 Organization and Summary of Significant Accounting Policies

## Nature of Operations

The Company, IdentifySensors Biologics Corp., is a Delaware corporation (“Company”) founded on June 11, 2020. Since inception, the Company has been in the business of developing tests for viral and bacterial pathogens. The Company is in the process of developing and manufacturing an advanced graphene-based biosensor gene-detection platform. The Company’s testing platform utilizes molecular detection with solid-state electronic biosensors that rapidly and simultaneously detect multiple test targets using a single test sample.

As of June 30, 2024, the Company has not yet commenced planned principal operations nor generated revenue. The Company’s activities since inception have consisted of formation activities, establishing agreements, and preparations to raise capital. Once the Company commences its planned principal operations, it will incur significant additional expenses. The Company is dependent upon additional capital resources for the commencement of its planned principal operations and is subject to significant risks and uncertainties; including failing to secure additional funding to operationalize the Company’s planned operations or failing to profitably operate the business.

## Basis of Presentation

The accompanying financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

## Revenue Recognition

No revenue has been earned or recognized as of June 30, 2024 or June 30, 2023.

## Cash and Cash Equivalents

All liquid debt instruments, purchased with a maturity of 3 months or less, are considered to represent cash equivalents. There were no cash equivalents as of June 30, 2024, and 2023.

## Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires Company management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.

## Property, Plant and Equipment

Property, plant and equipment are carried at cost. Expenditures for maintenance and repairs are charged to operations as incurred. Depreciation expense was $300,883 as of June 30, 2024 and $49,852 as of June 30, 2023.

The Company primarily follows the straight line method of depreciation utilizing the following range of lives:

| Class | Years |
| --- | --- |
| Software | 3 |
| Equipment | 5 |

F-8

Property, plant, and equipment consists of the following as of June 30, 2024 and 2023:

| Class | June 30, 2024 | June 30, 2023 |
| --- | --- | --- |
| Software | $288,564 | $236,721 |
| Equipment | 1,398,711 | 498,431 |
| Accumulated Depreciation | (352,049) | (51,167) |
| Net - Property, plant, and equipment | $1,335,226 | $683,985 |

## Income Taxes

FASB ASC 740-10 requires the affirmative evaluation that it is more likely-than-not, based on the technical merits of a tax position, that an enterprise is entitled to economic benefits resulting from positions taken in income tax returns. If a tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the financial statements. FASB ASC 740-10 also requires companies to disclose additional quantitative and qualitative information in their financial statements about uncertain tax positions. There are no unrealized tax benefits as of June 30, 2024.

The Company classifies penalties and interest expense associated with its tax positions as a component of general and administrative expenses. For the years ended June 30, 2024 and June 30, 2023 no interest and penalties associated with the Company's tax positions have been recognized in the statements of operations or the balance sheet.

## Research and Development Expenses

Research and development expenses are charged to expense as incurred. Research and development expenses include, but are not limited to, product development, clinical and regulatory expenses, materials, supplies, and related subcontract expenses. The expenses assigned to molecular gene detection sensors are for product commercialization to Purdue University and outside contractors and manufacturers. The Company is now in the phase of early manufacturing and seeking out manufacturing partners as well as government grants.

The research expenses are assigned to the research sensor project to demonstrate proof of principle in the detection of pathogens by rapid molecular gene identification in patients. Expenses support supplies and manpower to produce a working prototype. These expenses include compensation support of key personnel and consultants to develop a commercialization plan.

## Marketing Expenses

Marketing expenses are charged to expense as incurred. Marketing expenses include, but are not limited to, generating investment leads, advertising for investment leads, advertising, consulting related to advertising, marketing of products, ad placements, and advertising consultants.

## Fair Value Measurements

When required to measure assets or liabilities at fair value the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value of hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level I uses quoted prices in active markets for identical assets or liabilities. Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The value of warrants, options and other items are deemed to be Level 3.

## Related Parties

The Company follows ASC 850, "Related Party Disclosures," for the identification of related parties and disclosure of related party transactions.

F-9

F-10

# Basic and Diluted Earnings Per Share

Basic earnings per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period plus the effect of potentially dilutive common stock equivalents, including stock options, warrants to purchase the Company's common stock, restricted stock, and convertible note payable. For the year ended June 30, 2024, and 2023, potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share because they were anti-dilutive are as follows:

|  | June 30, 2024 | June 30, 2023 |
| --- | --- | --- |
| Warrants | 849,698 | 440,185 |
| Options | 2,483,100 | 1,074,212 |
| Total dilutive shares | 3,332,798 | 1,514,397 |

# Stock-based Compensation

Stock-based compensation to employees and non-employees consist of stock options, warrants to purchase common stock and restricted shares that are recognized in the statement of operations based on their fair values at the date of grant. The fair value of shares of common stock is based on trading price of the Company's share.

The Company calculates the fair values of option and warrant grants utilizing the Black-Scholes pricing model. Assumptions used by the Company in using the Black-Scholes pricing include: 1) volatility based on the average volatility rate of similar companies, 2) risk free interest rate based on the U.S. Treasury yield for a term consistent with expected life of the awards in effect at the time of the grant, 3) the expected life of the option or warrants, and 4) expected cash dividend rate on shares of common stock.

The amount of stock-based compensation recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. The resulting stock-based compensation expense for employee awards is generally recognized on a straight-line basis over the vesting period of the award.

# Common Stock Purchase Warrants

Common stock purchase warrants and other derivative financial instruments are classified as equity if the contracts (1) require physical settlement or net-share settlement, or (2) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). Contracts which (1) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (2) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement), or (3) that contain reset provisions that do not qualify for the scope exception are classified as liabilities. The Company assesses classification of its common stock purchase warrants and other derivatives at each reporting date to determine whether a change in classification between equity and liabilities is required.

# Leases

The Company accounts for leases under FASB ASC 842 operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Prospectively, the Company will adjust the right-of-use assets for straight-line rent expense, or any incentives received and remeasure the lease liability at the net present value using the same incremental borrowing rate that was in effect as of the lease commencement or transition date.

Pursuant to FASB ASC 842, the Company has elected not to recognize leases with an original term of one year or less on the balance sheet. Options to renew a lease are not included in the Company's assessment unless there is reasonable certainty that the Company will renew. Assumptions made by the Company at the commencement date are re-evaluated upon occurrence of certain events, including a lease modification. A lease modification results in a separate contract when the modification grants the lessee an additional right of use not included in the original lease and when lease payments increase commensurate with the standalone price for the additional right of use. When a lease modification results in a separate contract, it is accounted for in the same manner as a new lease.

## Note 2 Going Concern

The Company's financial statements are prepared using U.S. GAAP, applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. During the years ended June 30, 2024 and June 30, 2023 the Company had a net loss of $11,414,979 and $4,384,431 respectively. As of June 30, 2024 and June 30, 2023, the Company had an accumulated deficit of $20,829,512 and $9,414,533, respectively. The Company has not established sufficient revenue to cover its operating costs and will require additional capital to continue. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These factors raise substantial doubt about its ability as a going concern.

To continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan to obtain such resources for the Company includes: the sales of equity instruments; traditional financing such as loans, and to obtain capital from management and significant stockholders sufficient to meet its minimum operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing this plan.

There is no assurance that the Company will be able to obtain sufficient additional funds needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

## Note 3 Recent Accounting Pronouncements

There have been no new accounting standards updates which the Company has adopted.

## Note 4 Income Taxes

All income taxes referred to herein are taxes in the United States. Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax basis (known as temporary differences). Deferred tax liabilities are recognized for all temporary differences that are expected to increase taxable profit and taxes payable in the future.

Deferred tax assets are recognized for all temporary differences that are expected to reduce taxable profit in the future. Deferred tax assets are measured at the highest amount that, based on current or estimated future taxable profit, is more likely than not to be recovered.

The net carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to reflect the current assessment of future taxable profits and future tax rates. Any adjustments are recognized in profit or loss.

Deferred tax is calculated at the tax rates that are expected to apply to the taxable profit (tax loss) of the periods in which it expects the deferred tax asset to be realized or the deferred tax liability to be settled, on the basis of tax rates that have been enacted or substantively enacted by the end of the reporting period for said future periods.

The net operating loss can only be used to offset up to 80% of net income. The remainder of the net operating loss can be carried forward indefinitely. As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the deferred tax assets, a valuation allowance equal to 100% of net deferred tax asset exists at June 30, 2024 and 2023. As of June 30, 2024, the net operating loss carried forward is $6,871,871. The Company's tax returns for the period ended June 30, 2024 have not been filed as of the date of these financial statements.

F-11

The Company's current provision (benefit) for Federal income taxes of $0 is reconciled to the tax calculated at the statutory rate of 21% as follows:

|  | June 30, 2024 | June 30, 2023 |
| --- | --- | --- |
| Federal taxes based on net loss before Federal tax expense | $(2,397,146) | $(920,731) |
| Add tax on the following: |  |  |
| Permanent differences | 3,306 | 2,452 |
| Temporary differences |  |  |
| Book-to-tax depreciation | (197,376) | (114,864) |
| Capitalized R&D expenses | 220,382 | 336,957 |
| Stock compensation expense | 1,078,864 | 18,047 |
| Unpaid related party expenses | (181,215) | 99,489 |
| Unpaid related party interest | 3,880 | 2,058 |
| Valuation account | 1,469,305 | 576,592 |
| Provision for Federal Income Taxes | $ - | - |

Significant components of deferred income tax assets and liabilities follows:

|  | June 30, 2024 | June 30, 2023 |
| --- | --- | --- |
| Net operating loss carryover | 2,449,156 | 1,563,553 |
| Permanent differences | 3,306 | 2,452 |
| Temporary differences | 924,535 | 341,687 |
| Valuation allowance | (3,376,997) | (1,907,692) |
| Net deferred tax asset (liability) | $ - | $ - |

## Note 5 Leases and Commitments

The Company entered into a lease agreement effective April 1, 2022, for a facility located in Shaker Heights, Ohio. The lease is a twenty-four-month lease with twenty-four monthly payments beginning on April 1, 2022. Base payments of $1,600 are due on the first day of each month. The lease was extended for twelve months starting April 1, 2024. The lease is classified as an operating lease under FASB ASC 842 and a right of use asset is recorded on the balance sheet of $14,169 as of June 30, 2024 and $13,960 as of June 30, 2023, and a liability of $14,221 as of June 30, 2024 and $14,222 is recorded on the balance sheet as of June 30, 2023. Operating lease costs for the year ended June 30, 2024, and 2023 were $20,618 and $20,437 respectively.

The Company entered into a twelve month lease agreement effective June 1, 2022 for office space in Austin, Texas. The lease agreement provides for monthly payments of $2,050 per month. The lease is classified as a short term lease under FASB ASC 842, and is not reflected on the balance sheet. The lease was not renewed after June 30, 2023. Lease payments for the year ended June 30, 2024 were $0 and June 30, 2023 were $38,882.

The Company also entered into a lease agreement effective March 1, 2023, for a facility located in Gainesville, Florida. The lease is a twenty-four-month lease with monthly payments beginning on March 1, 2023. Base payments of $6,825 are due on the first day of each month along with sales tax each month of $478. The lease is classified as an operating lease under FASB ASC 842 and a right of use asset is recorded on the balance sheet of $52,930 and $132,325 as of June 30, 2024 and 2023 and a liability of $53,991 as of June 30, 2024 and $132,982 is recorded on the balance sheet as of June 30, 2023. Lease costs for the year ended June 30, 2024, and 2023 were $94,909 and $21,632, respectively. The lease has a renewal option, which extends the terms for an additional year. The lease can be cancelled at any time by the lessor.

F-12

Cash paid on the above leases was $122,830 for the year ended June 30, 2024 and $92,504 for the year ended June 30, 2023. The weighted average term and rate was 0.71 years and 6% for 2024 and 1.21 years and 6% for 2023.

The Right-of-use assets are summarized below:

|  | June 30, 2024 | June 30, 2023 |
| --- | --- | --- |
| Office Lease | $177,682 | $191,363 |
| Less accumulated amortization | (110,583) | (45,078) |
| Right-of-use, net | $67,099 | $146,285 |

Amortization on the right-of-use asset is included in office and administrative expenses on the statements of operations.

Operating lease liabilities are summarized below:

|  | June 30, 2024 | June 30, 2023 |
| --- | --- | --- |
| Office Lease | $68,212 | $147,203 |
| Less: current portion | (68,212) | (93,212) |
| Long term portion | $ - | $53,991 |

Following is a maturity of annual undiscounted cash flows for operating lease liabilities as of June 30, 2024:

| Maturing in fiscal year-ended 2024 | 69,000 |
| --- | --- |
| Maturing after fiscal year-ended 2024 | - |
| Total | 69,000 |
| Less: Imputed interest | (788) |
| Liability recognized in the balance sheet | $68,212 |

## Note 6 Related Party Transactions

Compensation owed to the Chief Executive Officer, Chief Financial Officer and Treasurer, Chief Science Officer, President and Secretary, Chief Marketing Officer and Sales Director for services for the year ended June 30, 2024 and 2023, was as follows:

|  | June 30, 2024 | June 30, 2023 |
| --- | --- | --- |
| Chief Executive Officer | $80,000 | $560,000 |
| Chief Financial Officer and Treasurer | $20,000 | $100,000 |
| Chief Science Officer | $ - | $16,354 |
| President and Secretary | $80,000 | $280,000 |
| Controller | $ - | $1,667 |
| Chief Marketing Officer and Sales Director | $40,000 | $200,000 |
|  | $220,000 | $1,158,021 |

| Amounts owed to the Chief Executive Officer, Chief Financial Officer and Treasurer, Chief Science Officer, President and Secretary, Chief Marketing Officer and Sales Director for services are classified as accrued contractor expense - related party on the balance sheets. During the year ended June 30, 2024, $1,407,000 was forgiven as noted on the statement of operations. |
| --- |
| On July 29, 2020, the Company borrowed $150,000 from IdentifySensors Fresh Food Enterprises LLC, a shareholder in the Company. The note bears interest at a rate 6% per annum. The note and accrued interest is due on July 28, 2025. Interest accrued on the note as of June 30, 2024, and June 30, 2023, was $35,274 and $26,274, respectively. The amounts are classified as note payable - related party on the balance sheet. |
| On December 13, 2023, the Company borrowed $200,000 from IdentifySensors Fresh Food Enterprises LLC, a shareholder in the Company. The note bears interest at a rate 8% per annum. The note and accrued interest is due on December 13, 2025. Interest accrued on the note as of June 30, 2024, and June 30, 2023, was $8,679 and $0, respectively. The amounts are classified as note payable - related party on the balance sheet. |
| On May 1, 2024, the Company borrowed $20,000 from IdentifySensors Fresh Food Enterprises LLC, a shareholder in the Company. The note bears interest at a rate 8% per annum. The note and accrued interest is due on May 1, 2025 Interest accrued on the note as of June 30, 2024, and June 30, 2023, was $264 and $0, respectively. The amounts are classified as note payable - related party on the balance sheet. |
| On June 27, 2024, the Company borrowed $125,000 from the Chief Executive Officer of the Company. The note bears interest at a rate 6.5% per annum. The note and accrued interest is payable on demand. Interest accrued on the note as of June 30, 2024, and June 30, 2023, was $0 and $0, respectively. The amounts are classified as note payable - related party on the balance sheet. |
| During the years ended June 30, 2024 and June 30, 2023, the Company incurred expenses for accounting services in the amount of $78,067 and $72,282, respectively to Edward C. Hawkins & Co., Ltd., an entity owned 50% by the Chief Financial Officer and 50% by another related party. As of June 30, 2024, and June 30, 2023, the Company owed Edward C. Hawkins & Co., Ltd. $50,505 and $25,344, respectively. The amount is classified as accrued legal and accounting - related party on the balance sheet. |
| During the years ended June 30, 2024 and June 30, 2023 the Company incurred expenses for legal services in the amount of $4,258 and $12,033 respectively to Hawkins and Company LLC, an entity owned 50% by the Chief Financial Officer and 50% by another related party. As of June 30, 2024, and June 30, 2023, the Company owed Hawkins and Company LLC $1,066 and $11,810, respectively. The amounts are classified as accrued legal and accounting - related party on the balance sheet. |
| During the years ended June 30, 2024 and 2023, the Company incurred expenses for consulting services in the amount of $6,875 and $222,541 respectively to Integra Ventures LLC, an entity fully owned by a partial owner of IdentifySensors Fresh Food Enterprises LLC. As of June 30, 2024, and June 30, 2023, the Company owed Integra Ventures LLC $0 and $33,959, respectively. The amounts are classified as accounts payable on the balance sheet. |
| During the years ended June 30, 2024 and 2023, the Company incurred expenses for software development in the amount of $13,500 and $22,032, respectively to MCO Advantage, Ltd., an entity owned 50% by the Chief Executive Officer and 50% by another related party. The balance owed to MCO Advantage, Ltd. as of June 30, 2024, and June 30, 2023, was $5,500 and $975, respectively. The amounts are classified as accounts payable on the balance sheet. |
| During the years ended June 30, 2024 and 2023, the Company incurred expenses for consulting and bookkeeping services in the amount of $40,000 and $41,667, respectively to Healthcare Office Systems Inc., an entity fully owned by a related party. The balance owed to Healthcare Office Systems Inc. as of June 30, 2024, and June 30, 2023, was $0 and $3,333, respectively. The amounts are classified as accounts payable on the balance sheet. |

Note 7 Stockholders' Equity

## Authorized Capital Stock

On June 11, 2020, the Company filed a Certificate of Incorporation with the State of Delaware to authorize the Company to issue 400,000,000 shares, consisting of 350,000,000 shares of Common Stock, and 50,000,000 shares of Preferred Stock. The Company has two classes of common stock Reg. A and Reg. D. Both classes have the same voting rights and the same per share price of $4.50 as of June 30, 2024 and June 30, 2023. Reg. D investors can qualify to receive warrants whereas Reg. A investors do not qualify.

|  | Reg A Shares | Reg D Shares | Preferred Shares |
| --- | --- | --- | --- |
| Outstanding as of July 1, 2022 | 42,492,968 | 4,106,082 | - |
| Issued to consultants | - | 506,948 | - |
| Issued to investors | 231,309 | 640,994 | - |
| Outstanding as of June 30, 2023 | 42,724,277 | 5,254,024 | - |
| Issued to consultants | - | - | - |
| Issued to investors | 130,171 | 1,194,125 | 406,368 |
| Converted to preferred stock | - | (2,063,936) | 2,063,936 |
| Outstanding as of June 30, 2024 | 42,854,448 | 4,384,213 | 2,470,304 |

## Common Stock

During the year ended June 30, 2024, the Company had the following common stock transactions:

- Issued 1,600,493 shares of Reg D of common stock and 130,171 Reg A shares for total cash proceeds of $3,700,755.
- Converted 2,063,936 of Reg D shares into preferred stock. The Company values those shares at a par value of $0.001 per share.

During the year ended June 30, 2023, the Company had the following common stock transactions:

- Issued 640,994 shares of Reg D of common stock and 231,309 Reg A shares for total cash proceeds of $4,379,637.
- Issued 506,948 shares of Reg D common stock associated with a restricted stock award to consultants of the Company. The Company values those shares at a par value of $0.001 per share.

## Preferred Stock

During the year ended June 30, 2024, the Company had the following preferred stock transactions:

- Issued 406,368 shares of preferred stock for cash proceeds of $1,828,675 with a par value of $0.001 per share.
- Converted 2,063,936 of Reg D shares into preferred stock. The Company values those shares at a par value of $0.0001 per share.
- As of June 30, 2024, the Company had 2,470,304 shares of Series A Preferred Stock outstanding.

On May 1, 2024, the Company filed a certificate of designation with the Delaware Secretary of State to create a new series of Preferred Stock designated as Series A Preferred Stock. According to the certificate of designation, shares of Series A Preferred Stock will rank superior to shares of Common Stock and to any other series of shares designated as junior to the shares of Series A Preferred Stock. They will have equal rights to receive dividends with the shares of Common Stock. In the event of a voluntary, involuntary or deemed liquidation of the Company, holders of shares of Series A Preferred Stock shall be entitled to receive out of the assets of the Company available for distribution, before any payment is made to the holders of Common Stock, a liquidation preference of $9.00 per share. They will vote with the shares of Common Stock, voting together as a single class on an as converted basis. Upon a change of control or a qualified public offering, each share of Series A Preferred Stock will convert into two shares of Common Stock. Voluntary conversion of shares of Series A Preferred Stock may be requested in writing from time to time, and, in this case, each share of Series A Preferred Stock will convert into one share of Common Stock.

F-15

Stock Options

On July 1, 2020, the Company's shareholder adopted a Stock Incentive Plan that was approved by the Board of Directors on July 9, 2020. Pursuant to the Plan, consultants of the Company were awarded Restricted Stock Awards in 2020. Compensation expense is recognized over the vesting period of the awards based on the par value of the stock at the issue date, which for stock awards during the year ended June 30, 2024, was $.001 per share. The stock was not traded in an open market on the date of grant and par value has been determined by the Board of Directors. Shares under the Plan vest according to each individual award agreement, which may include both performance based and time-based vesting.

Total shares issuable under the plan were 9,722,222 at June 30, 2024, and 9,722,222 at June 30, 2023.

A summary of the changes in the Company's awarded shares for the year ended June 30, 2024 follows:

|  | Shares |
| --- | --- |
| As of July 1, 2022 | 4,803,822 |
| Forfeited | - |
| Outstanding as of June 30, 2023 | 4,803,822 |
| Exercisable as of June 30, 2023 | 3,473,125 |
|  | Shares |
| Outstanding as of June 30, 2023 | 4,803,822 |
| Granted | - |
| Forfeited | - |
| Outstanding as of June 30, 2024 | 4,803,822 |
| Exercisable as of June 30, 2024 | 3,473,125 |

As of June 30, 2024, there was $0 of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted average period of 0 years.

As of June 30, 2023, there was $4,297 of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted average period of 0.20 years.

The following summarizes the number of options granted and outstanding during the years ended June 30, 2024, and June 30, 2023:

|  | Number of Shares |
| --- | --- |
| Outstanding, July 1, 2022: | 284,500 |
| Granted: | 862,222 |
| Expired or Forfeited: | (72,500) |
| Exercised: | (10) |
| Outstanding, June 30, 2023: | 1,074,212 |
| Granted: | 1,976,388 |
| Expired or Forfeited: | (567,500) |
| Exercised: | - |
| Outstanding, June 30, 2024: | 2,483,100 |
| Exercisable, June 30, 2024: | 1,495,726 |

No options expired during the year ended June 30, 2024, or the year ended June 30, 2023.

F-16

The following summarizes the vesting schedules for the options:

| Date of Grant | Number of Shares | Exercise Price | Percent Vested at Date of Grant | Percent Vested Monthly Thereafter | Expiration Date |
| --- | --- | --- | --- | --- | --- |
| March 10, 2021 | 12,500 | $4.00 | 10.00% | 6.00% | March 9, 2031 |
| September 1, 2021 | 2,000 | $5.25 | 100.00% | 0.00% | September 1, 2026 |
| October 8, 2021 | 100,000 | $4.25 | 0.00% | n/a | October 8, 2026 |
| February 1, 2022 | 30,000 | $4.25 | 0.00% | 4.17% | February 27, 2026 |
| February 19, 2022 | 30,000 | $4.00 | 0.00% | 4.17% | February 27, 2026 |
| May 5, 2023 | 400,000 | $4.50 | 0.00% | 2.08% | May 4, 2028 |
| May 5, 2023 | 240,000 | $4.50 | 0.00% | n/a | May 4, 2028 |
| May 26, 2023 | 222,222 | $4.50 | 0.00% | n/a | May 26,2026 |
| July 10, 2023 | 30,000 | $4.50 | 0.00% | 2.08% | July 30, 2027 |
| August 13, 2023 | 75,000 | $4.50 | 100.00% | n/a | July 30, 2028 |
| October 20, 2023 | 75,000 | $4.50 | 100.00% | n/a | November 1, 2028 |
| November 1, 2023 | 70,000 | $4.50 | 0.00% | 2.50% | November 1, 2028 |
| November 1, 2023 | 888,888 | $4.50 | 50.00% | 2.08% | October 30, 2033 |
| January 1, 2024 | 75,000 | $4.50 | 100.00% | n/a | January 1, 2029 |
| January 18, 2024 | 112,500 | $4.50 | 100.00% | n/a | January 18, 2029 |
| February 23, 2024 | 75,000 | $4.50 | 100.00% | n/a | February 23, 2029 |
| March 8, 2024 | 400,000 | $4.50 | 10.00% | n/a | March 7, 2029 |
| May 8, 2024 | 75,000 | $4.50 | 100.00% | n/a | May 8, 2029 |

All options vest as described above, provided the Optionee continues to provide continuous service to the Company.

The average remaining contractual life of the options outstanding was 4.29 years and 3.36 years as of June 30, 2024, and June 30, 2023, respectively.

The options were valued at fair value as determined at a valuation between $2.41 and $4.32 per share using the Black-Scholes method. An expected price volatility between 79.79% and 100.40%, a risk-free interest rate between 4.04% and 5.13%, and a dividend yield of 0% was used in the calculation of the fair value as of June 30, 2024. An expected price volatility of 79.79%, a risk-free interest rate of 5.13%, and a dividend yield of 0% was used in the calculation of the fair value as of June 30, 2023.

At June 30, 2024, the intrinsic value of the outstanding options was $(1,366,546)$.

At June 30, 2023, the intrinsic value of the outstanding options was $232,427.

Warrants

The Company also issued warrants to common stockholders as part of a Regulation D offering based on specified levels of investment, which are detailed as follows:

| Amount Invested | Number of Warrants | Exercise Price (per share) | Aggregate Exercise Price |
| --- | --- | --- | --- |
| $100,000 to 199,999 | 4,750 | $5.25 | $24,937.50 |
| $200,000 to 299,999 | 11,425 | $5.25 | $59,981.25 |
| $300,000 to 399,999 | 20,000 | $5.25 | $105,000.00 |
| $400,000 or more | 30,475 | $5.25 | $159,993.75 |

During the year ended June 30, 2024, the Company issued 354,225 warrants to stockholders who had purchased shares through the Regulation D offering for achieving specified levels of investment, to purchase common stock with a weighted average price of $5.25 per share. All warrants outstanding are exercisable as of June 30, 2024.

During the year ended June 30, 2023, the Company issued 136,710 warrants to stockholders who had purchased shares through the Regulation D offering for achieving specified levels of investment, to purchase common stock with a weighted average price of $5.25 per share. All warrants outstanding are exercisable as of June 30, 2023.

The following summarizes the number of shares of warrants during the years ended June 30, 2024, and the year ended June 30, 2023, respectively:

|  | Number of Warrants |
| --- | --- |
| Balance at July 1, 2022: | 303,475 |
| Granted: | 220,423 |
| Exercised: | - |
| Expired: | - |
| Balance at June 30, 2023: | 523,898 |
| Granted: | 354,225 |
| Exercised: | - |
| Expired: | (28,425) |
| Balance at June 30, 2024: | 849,698 |

The fair value of the warrants outstanding at June 30, 2024, using the Black-Scholes method, is estimated at $1,812,704. An expected price volatility between 68% and 100.40%, a risk-free interest rate between 4.04% and 5.13%, and a dividend yield of 0% was used in the calculation of the fair value as of June 30, 2024. An expected price volatility of 79.79%, a risk-free interest rate of 5.13%, and a dividend yield of 0% was used in the calculation of the fair value as of June 30, 2023. The intrinsic value of the warrants as of June 30, 2024 is $(2,621,390).

The fair value of the warrants outstanding at June 30, 2023, using the Black-Scholes method, is estimated at $974,688. An expected price volatility between 79.79% and 100.40%, a risk-free interest rate between 4.04% and 5.13%, and a dividend yield of 0% was used in the calculation of the fair value as of June 30, 2023. An expected price volatility of 79.79%, a risk-free interest rate of 5.13%, and a dividend yield of 0% was used in the calculation of the fair value as of June 30, 2023. The intrinsic value of the warrants as of June 30, 2023, is $(1,747,951).

F-18

Note 8 Compliance/Contingency

The Company was obligated to file its annual report for the year ended June 30, 2021, with the Securities and Exchange Commission within 120 days after the end of the year, and did not file the reports on a timely basis. As a result, the exemption from registration may not have been available for the sale of certain shares of common stock. The Company offered rescission to investors who purchased shares during the period such filings were late and to return the amount invested per the SEC guidelines. The Company estimates that an aggregate of $234,000 was invested during the period June 30, 2021 through March 3, 2022 during which reports were late. None of the investors requested refunds and no amount has been accrued on June 30, 2023 balance sheet.

The Company was again late to file its annual report for the year ended June 30, 2024, as a result, the exemption from registration may not have been available for the sale of certain shares of common stock under Regulation A. The Company is currently only offering shares under Regulation CF and Regulation D and not offering shares pursuant to the Regulation A offering. The Company estimates that $3,766,582 was invested during the period starting on June 30, 2024 and ending on March 24, 2025 through either Regulation D or Regulation CF.

Note 9 Subsequent Events

On March 6, 2025, we executed Amendment No. 3 to the Incubator Space License Agreement executed between the Company and the University of Florida research Foundation dba UF Innovate, on January 18, 2023 to extend the term of the lease to February 28, 2026 and renew the rate to $7,500 per month before tax.

Management has evaluated additional subsequent events through March 24, 2025, the date the financial statements were available to be issued.

F-19

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** IdentifySensors Biologics Corp.

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** DE

**Date of Organization:** 06-11-2020

**Physical Address:** 20600 CHAGRIN BLVD., SUITE 450, SHAKER HEIGHTS, OH, 44122

**Issuer Website:** https://identifysensors.com/

**Is there a Co-Issuer?:** No

### Annual Report Disclosure Requirements

**Current Number of Employees:** 23.00

**Total Assets (Most Recent Fiscal Year):** $1,760,708.00

**Total Assets (Prior Fiscal Year):** $3,192,301.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $172,482.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $1,470,562.00

**Accounts Receivable (Most Recent Fiscal Year):** $0.00

**Accounts Receivable (Prior Fiscal Year):** $0.00

**Short-Term Debt (Most Recent Fiscal Year):** $1,432,988.00

**Short-Term Debt (Prior Fiscal Year):** $1,886,215.00

**Long-Term Debt (Most Recent Fiscal Year):** $0.00

**Long-Term Debt (Prior Fiscal Year):** $230,265.00

**Revenues/Sales (Most Recent Fiscal Year):** $0.00

**Revenues/Sales (Prior Fiscal Year):** $0.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $0.00

**Cost of Goods Sold (Prior Fiscal Year):** $0.00

**Taxes Paid (Most Recent Fiscal Year):** $0.00

**Taxes Paid (Prior Fiscal Year):** $0.00

**Net Income (Most Recent Fiscal Year):** $-11,414,979.00

**Net Income (Prior Fiscal Year):** $-4,384,431.00

### Signatures

**Issuer:** IdentifySensors Biologics Corp.

**Signature:** Gregory Hummer

**Title:** CEO

---

**Signature:** Gregory Hummer

**Title:** CEO

**Date:** 06-16-2025

---

**Signature:** Bruce Raben

**Title:** President and Secretary

**Date:** 06-16-2025

---

**Signature:** Ann M. Hawkins

**Title:** Chief Financial Officer and Treasurer

**Date:** 06-16-2025

---

**Signature:** Joe Mosbrook

**Title:** Chief Marketing Officer

**Date:** 06-16-2025