ALZN Alzamend Neuro Inc.

2.38
+0.04  (+2%)
Previous Close 2.34
Open 2.4
52 Week Low 2.3301
52 Week High 33.55
Market Cap $206,793,102
Shares 86,887,858
Float 56,500,636
Enterprise Value $190,646,159
Volume 1,095,204
Av. Daily Volume 2,109,281
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Drug Pipeline

Drug Stage Notes
AL001
Alzheimer’s disease
Phase 1
Phase 1
Phase 1 dosing initiated September 13, 2021.

Latest News

  1. Company Achieves Milestone of Dosing First Group of Participants in Six-Month Comparative Study with Lithium-Delivering Ionic Cocrystal Oral Treatment

    Alzamend Neuro, Inc. (NASDAQ:ALZN) ("Alzamend"), an early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, today announced that the first group of healthy participants have been dosed in a six-month Phase I relative bioavailability study for AL001 for dementia related to Alzheimer's disease. The Phase I first-in-human study is for the purpose of determining potential clinically safe and appropriate dosing for AL001 in future studies. AL001 is a lithium-delivering ionic cocrystal under development…

    Company Achieves Milestone of Dosing First Group of Participants in Six-Month Comparative Study with Lithium-Delivering Ionic Cocrystal Oral Treatment

    Alzamend Neuro, Inc. (NASDAQ:ALZN) ("Alzamend"), an early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, today announced that the first group of healthy participants have been dosed in a six-month Phase I relative bioavailability study for AL001 for dementia related to Alzheimer's disease. The Phase I first-in-human study is for the purpose of determining potential clinically safe and appropriate dosing for AL001 in future studies. AL001 is a lithium-delivering ionic cocrystal under development as an oral treatment for patients with dementia related to mild, moderate, and severe cognitive impairment associated with Alzheimer's disease.

    "Advancing AL001 into the clinic as planned marks an important milestone for Alzamend," said Stephan Jackman, Chief Executive Officer of Alzamend. "We believe AL001 could potentially provide clinicians with a major improvement over current lithium-based treatments and may constitute a means of treating over 40 million Americans suffering from Alzheimer's and other neurodegenerative diseases and psychiatric disorders. We look forward to completing the Phase I study and advancing the clinical studies of this promising potential therapeutic."

    Overview of the Phase I Clinical Study

    The Phase I study will investigate the pharmacokinetics (the movement of drug through the body) of lithium following a single dose of AL001 (the "study drug") compared to a typical single dose of a marketed 300 mg immediate-release lithium carbonate capsule (the "comparator" – currently indicated to treat mood disorders) in healthy male and female subjects. The lithium and salicylate components of AL001 will be given within the amounts already approved for use in patients. The purpose of the research study is to test the safety, tolerability, and bioavailability (how much and when drug gets in the body) of the study drug, AL001, compared to the currently marketed formulation of the comparator, lithium carbonate. This is expected to ascertain what AL001 doses should be given, and how often, in subsequent Phase 2 safety and efficacy trials involving Alzheimer's disease patients. At least 24 healthy male and female human subjects will complete the Phase I trial.

    About AL001

    AL001 is a patented ionic cocrystal technology delivering lithium via a therapeutic crystal-engineered combination of lithium, proline and salicylate, known as AL001 or LiProSal, through two royalty-bearing exclusive worldwide licenses from the University of South Florida Research Foundation, Inc.

    Based on preclinical data, AL001 treatment prevents cognitive deficits, depression, and irritability in APPSWE/PS1dE9 mice, and has shown an improvement of associative learning and memory and irritability compared with lithium carbonate treatments, supporting the potential of this lithium formulation for the treatment of Alzheimer's disease and psychiatric disorders. Lithium has been marketed for more than 35 years and human toxicology regarding lithium use has been well characterized, potentially allowing Alzamend to rely upon this existing data, potentially reducing the regulatory burden for safety data.

    About Alzamend Neuro

    We are an early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, including Alzheimer's disease. Our mission is to rapidly develop and market safe and effective treatments. Our current pipeline consists of two novel therapeutic drug candidates, AL001 – a patented ionic cocrystal technology delivering lithium via a therapeutic crystal-engineered combination of lithium, proline and salicylate, and AL002 – a patented therapeutic mutant peptide sensitized cell-based therapeutic vaccine that is targeted to augment the ability of a patient's immune system to combat Alzheimer's disease. Both of our product candidates are licensed from the University of South Florida Research Foundation, Inc. pursuant to royalty-bearing exclusive worldwide licenses.

    Forward-Looking Statements

    This press release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and Alzamend undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect Alzamend's business and financial results are included in Alzamend's filings with the U.S. Securities and Exchange Commission. All filings are available at www.sec.gov and on Alzamend's website at www.Alzamend.com.

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  2. Alzamend Neuro, Inc. (NASDAQ:ALZN) ("Alzamend"), an early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, today announced that it contracted Altasciences to conduct a six-month Phase I relative bioavailability study for AL001 for dementia related to Alzheimer's disease in September 2021. The Phase I first-in-human study is for the purpose of determining potential clinically safe and appropriate dosing for AL001 in future studies. AL001 is a lithium-delivering ionic cocrystal under development as an oral treatment for patients with dementia related to mild, moderate, and severe cognitive impairment associated with Alzheimer's disease.

    "We…

    Alzamend Neuro, Inc. (NASDAQ:ALZN) ("Alzamend"), an early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, today announced that it contracted Altasciences to conduct a six-month Phase I relative bioavailability study for AL001 for dementia related to Alzheimer's disease in September 2021. The Phase I first-in-human study is for the purpose of determining potential clinically safe and appropriate dosing for AL001 in future studies. AL001 is a lithium-delivering ionic cocrystal under development as an oral treatment for patients with dementia related to mild, moderate, and severe cognitive impairment associated with Alzheimer's disease.

    "We are very excited about this partnership and have full confidence in Altasciences' ability to execute our Phase I clinical study," said Stephan Jackman, Chief Executive Officer of Alzamend. "We believe AL001 could potentially provide clinicians with a major improvement over current lithium-based treatments and may constitute a means of treating Alzheimer's and other neurodegenerative diseases and psychiatric disorders. We look forward to providing more details on the timeline following the commencement of the Phase I clinical study for AL001."

    Overview of the Phase I Clinical Study

    The Phase I study will investigate the pharmacokinetics (the movement of drug through the body) of lithium following single dose of AL001 (the "study drug") compared to a typical single dose of a marketed 300 mg immediate-release lithium carbonate capsule (the "comparator" - currently indicated to treat mood disorders) in healthy male and female subjects. The lithium and salicylate components of AL001 will be given within the amounts already approved for use in patients. The purpose of the research study is to test the safety, tolerability, and bioavailability (how much and when drug gets in the body) of the study drug, AL001, compared to the currently marketed formulation of the comparator, lithium carbonate.

    About AL001

    AL001 is a patented ionic cocrystal technology delivering lithium via a therapeutic crystal-engineered combination of lithium, proline and salicylate, known as AL001 or LiProSal, through two royalty-bearing exclusive worldwide licenses from the University of South Florida Research Foundation, Inc.

    Based on preclinical data, AL001 treatment prevents cognitive deficits, depression, and irritability in APPSWE/PS1dE9 mice, and has shown an improvement of associative learning and memory and irritability compared with lithium carbonate treatments, supporting the potential of this lithium formulation for the treatment of Alzheimer's disease and psychiatric disorders. Lithium has been marketed for more than 35 years and human toxicology regarding lithium use has been well characterized, potentially allowing Alzamend to rely upon this existing data, potentially reducing the regulatory burden for safety data.

    About Alzamend Neuro

    We are an early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, including Alzheimer's disease. Our mission is to rapidly develop and market safe and effective treatments. Our current pipeline consists of two novel therapeutic drug candidates, AL001 - a patented ionic cocrystal technology delivering lithium via a therapeutic crystal-engineered combination of lithium, proline and salicylate, and AL002 – a patented therapeutic mutant-peptide sensitized cell-based therapeutic vaccine that is targeted to augment the ability of a patient's immune system to combat Alzheimer's disease. Both of our product candidates are licensed from the University of South Florida Research Foundation, Inc. pursuant to royalty-bearing exclusive worldwide licenses.

    About Altasciences

    Altasciences is an integrated drug development solution company offering pharmaceutical and biotechnology companies a proven, flexible approach to preclinical and clinical pharmacology studies, including formulation, manufacturing, and analytical services. For over 25 years, Altasciences has been partnering with sponsors to help support educated, faster, and more complete early drug development decisions. Altasciences' integrated, full-service solutions include preclinical safety testing, clinical pharmacology and proof of concept, bioanalysis, program management, medical writing, biostatistics, clinical monitoring, and data management, all customizable to specific sponsor requirements. Altasciences helps sponsors get better drugs to the people who need them, faster.

    Forward-Looking Statements

    This press release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and Alzamend undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect Alzamend's business and financial results are included in Alzamend's filings with the U.S. Securities and Exchange Commission. All filings are available at www.sec.gov and on Alzamend's website at www.Alzamend.com.

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  3. Q2 2021 Revenue of $62.1 Million, up 1050% From the Prior Year's Quarter

    Q2 2021 Net Income of $42.2 Million Compared to a $1.4 Million Loss in the Prior Year's Quarter

    Total Assets of More Than a Quarter of a Billion Dollars ($259.1 Million)

    Ault Global Holdings, Inc. (NYSE:DPW) a diversified holding company (the "Company"), today announced its financial results for the second quarter ended June 30, 2021.

    Q2-2021 highlights

    • Revenue of $62.1 million, an increase of 1050% from $5.4 million in the prior second fiscal quarter;
    • Revenue from lending and trading activities of $53.3 million due to the allocation of capital to the Company's wholly owned subsidiary, Digital Power Lending, LLC ("DP Lending");
    • Revenue from lending and trading…

    Q2 2021 Revenue of $62.1 Million, up 1050% From the Prior Year's Quarter

    Q2 2021 Net Income of $42.2 Million Compared to a $1.4 Million Loss in the Prior Year's Quarter

    Total Assets of More Than a Quarter of a Billion Dollars ($259.1 Million)

    Ault Global Holdings, Inc. (NYSE:DPW) a diversified holding company (the "Company"), today announced its financial results for the second quarter ended June 30, 2021.

    Q2-2021 highlights

    • Revenue of $62.1 million, an increase of 1050% from $5.4 million in the prior second fiscal quarter;
    • Revenue from lending and trading activities of $53.3 million due to the allocation of capital to the Company's wholly owned subsidiary, Digital Power Lending, LLC ("DP Lending");
    • Revenue from lending and trading activities includes an approximate $40 million unrealized gain from the Company's investment in Alzamend Neuro, Inc. (NASDAQ:ALZN) ("Alzamend"), early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders;
    • Revenue from cryptocurrency mining of $291,000 as the Company resumed cryptocurrency mining operations with approximately 1,000 miners during March 2021;
    • Net income of $42.2 million for the quarter, which represents the largest quarterly profit in Company history;
    • Positive working capital of $127.9 million;
    • Total assets of more than a quarter-of-a-billion dollars ($259.1 million); and
    • Cash of $105.4 million, marketable securities of $30.2 million and other investments of $81.5 million as of June 30, 2021.

    Six months ended June 30, 2021 highlights

    • Revenue of $75.4 million, an increase of 585% from $11.0 million in the prior six-month period;
    • Revenue from lending and trading activities of $58.5 million due to the allocation of capital to DP Lending;
    • Revenue from cryptocurrency mining of $421,000 as the Company resumed cryptocurrency mining operations with approximately 1,000 miners during March 2021; and
    • Net income of $44.2 million compared to a net loss of $7.9 million in the prior six-month period.

    Revenues

    Revenues by segment for the three months ended June 30, 2021 and 2020 were as follows:

    For the Three Months Ended June 30,

    2021

    2020

    Increase

    %

     

    Gresham Worldwide ("GWW")

    $

    6,475,000

     

    $

    4,189,000

     

    $

    2,286,000

     

    55%

    Coolisys Technologies Corp. ("Coolisys")

     

    1,831,000

     

    1,246,000

     

    585,000

    47%

    Ault Alliance:

     

     

     

     

     

     

     

    Revenue, cryptocurrency mining

     

    291,000

     

     

    291,000

    Revenue, lending and trading activities

     

    53,274,000

     

     

    (34,000)

     

     

    53,308,000

     

    156788%

    Other

    $

    258,000

     

     

    258,000

    Total revenue

    $

    62,129,000

     

    $

    5,401,000

     

    $

    56,728,000

     

    1050%

    GWW

    GWW's revenues increased by $2.3 million, or 55%, to $6.5 million for the three months ended June 30, 2021, from $4.2 million for the three months ended June 30, 2020. GWW revenue in 2021 includes $1.7 million from Relec, which was acquired on November 30, 2020. In addition, the increase in revenue from our GWW segment for customized solutions for the military markets reflected the benefit of capital that was allocated to our defense business based on the overall improved capital structure of the Company.

    Coolisys

    Coolisys' revenues increased by $586,000 or 47%, to $1.8 million for the three months ended June 30, 2021, from $1.2 million for three months ended June 30, 2020. The increase is due, in part, to the lack of disruptions to Coolisys' business operations, which Coolisys experienced in the prior year period related to the temporary suspension of operations related to the outbreak of COVID-19.

    Ault Alliance

    Revenues from our cryptocurrency mining operations were $291,000 for the three months ended June 30, 2021, compared to nil for the three months ended June 30, 2020, as we resumed our cryptocurrency mining operations during the first quarter of 2021. Our decision to resume cryptocurrency mining operations in 2021 was based on several factors, including the market prices of digital currencies, and favorable power costs available at our Michigan Data Center, operated by our majority owned subsidiary Alliance Cloud Services, LLC ("Alliance").

    Revenues from our lending and trading activities increased to $53.3 million for the three months ended June 30, 2021, from negative revenues of $34,000 for the three months ended June 30, 2020, which is attributable to a significant allocation of capital from our recent equity financing transactions to our loan and investment portfolio. During the three months ended June 30, 2021, DP Lending generated significant income from appreciation of investments in marketable securities as well as shares of common stock underlying convertible notes and warrants issued to DP Lending in certain financing transactions. Under its business model, DP Lending also generates revenue through origination fees charged to borrowers and interest generated from each loan.

    Revenues from our trading activities in 2021 included significant net gains on equity securities, including unrealized gains and losses from market price changes. These gains and losses have caused, and will continue to cause, significant volatility in our periodic earnings.

    Gross margins

    Gross margins increased to 89.9% for the three months ended June 30, 2021 compared to 37.1% for the three months ended June 30, 2020. Our gross margins have typically ranged between 33% and 37%, with slight variations depending on the overall composition of our revenue.

    Our gross margins of 89.9% recognized during the three months ended June 30, 2021 resulted from the favorable margins from our lending and trading activities. Excluding the effects of margin from our lending and trading activities, our adjusted gross margins for the three months ended June 30, 2021, would have been 29%, slightly lower than our historical range.

    Operating expenses

    Operating expenses increased to $10.0 million for the three months ended June 30, 2021, representing an increase of $7.3 million compared to $2.7 million for the three months ended June 30, 2020.

    The increase in operating expenses from the three months ended June 30, 2020 was due to the following:

    • Research and development expenses increased by $69,000 to $531,000 for the three months ended June 30, 2021, from $462,000 for the three months ended June 30, 2020. The increase in research and development expenses is due to costs incurred by Coolisys related to the development of our electric vehicle charger products;
    • Selling and marketing expenses were $1.5 million for the three months ended June 30, 2021, compared to $295,000 for the three months ended June 30, 2020, an increase of $1.2 million, or 410%. The increase was in part the result of increases in personnel costs directly attributable to the increase in sales and marketing personnel and consultants, primarily at Ault Alliance related to digital marketing and digital learning. The increase is also attributable to costs incurred at Coolisys to grow our selling and marketing infrastructure related to our electric vehicle charger products;
    • General and administrative expenses were $8.0 million for the three months ended June 30, 2021, compared to $2.9 million for the three months ended June 30, 2020, an increase of $5.1 million. General and administrative expenses increased from the comparative prior period due mainly to:
      • the accrual of a $2.9 million performance bonus related to trading activities during the period;
      • non-cash stock compensation costs of $545,000 related to GWW options and shares issued to GWW's Chief Executive Officer and Chief Operating Officer;
      • general and administrative costs of $363,000 related to Relec, which was acquired on November 30, 2020;
      • increased costs related to our Michigan Data Center; and
      • higher consulting, audit, legal and insurance costs; and
    • The three months ended June 30, 2020 included a $1.0 million reversal of a provision for credit losses.

    The Company's Chief Financial Officer, Kenneth S. Cragun, said, "The financial results for the second quarter of 2021 demonstrate that we are continuing to achieve our objectives to grow revenue and improve operating results, with revenue growth of 1050% over the prior second fiscal quarter and net income of $42.2 million. We saw tremendous growth from our lending and trading activities with the infusion of capital and growth in all of our business segments. Our balance sheet remains strong, ending the second quarter of 2021 with positive working capital of $127.9 million."

    The Company's Founder and Executive Chairman, Milton "Todd" Ault, III said, "Our results for the second quarter of 2021 reflect the strength of our lending and trading activities at DP Lending, our financial services subsidiary. We believe our current lending and investing pipeline is strong and if the market conditions for investing in small cap stocks remains strong, the future prospects for the Company are extremely promising. Quite simply, we are in the strongest position of our Company's 52-year history. We have grown assets to more than a quarter of a billion and are announcing a goal to grow assets to more than one billion dollars. Over the longer term, we envision allocating $250 million to DP Lending, $250 million to real estate investments, and $500 million to completing acquisitions of profitable companies, or distressed companies that we believe we can make profitable. As discussed in the previous quarter, our near-term key initiatives include:

    • Exploring a potential IPO or other transaction to access capital markets for our GWW defense business;
    • Exploring a potential IPO for our power electronics and electric vehicle charger business;
    • Completing the initial 30,000 square foot buildout of our Michigan Data Center;
    • Ramping up cryptocurrency mining operations at our Michigan Data Center;
    • Ramping up fulfillment of the $50 million MTIX purchase order for MLSE plasma-laser systems;
    • Expanding our loan and investment portfolio at DP Lending; and
    • Considering further acquisitions.

    Considering our subsidiaries operating in the sectors of defense, electric vehicle chargers, power electronic businesses, data center, crypto mining, lending and investment platform, the road ahead is bright."

    For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.AultGlobal.com or available at www.sec.gov.

    About Ault Global Holdings, Inc.

    Ault Global Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Global Holding's headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.AultGlobal.com.

    Forward-Looking Statements

    This press release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company's business and financial results are included in the Company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company's website at www.AultGlobal.com.

    AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Unaudited)

     

    June 30,

    December 31,

    2021

    2020

    ASSETS

     

    CURRENT ASSETS

     

     

     

    Cash and cash equivalents

    $

    105,391,000

    $

    18,680,000

    Marketable equity securities

     

    30,172,000

     

     

    2,563,000

    Accounts receivable

     

    4,730,000

     

    3,852,000

    Accounts and other receivable, related party

     

    1,196,000

     

     

    1,196,000

    Accrued revenue

     

    1,594,000

     

    1,696,000

    Inventories

     

    2,900,000

     

     

    3,374,000

    Prepaid expenses and other current assets

     

    5,373,000

     

    2,988,000

    TOTAL CURRENT ASSETS

     

    151,356,000

     

     

    34,349,000

     

    Intangible assets, net

     

    4,175,000

     

     

    4,390,000

    Goodwill

     

    9,589,000

     

    9,646,000

    Property and equipment, net

     

    7,262,000

     

     

    2,123,000

    Right-of-use assets

     

    4,605,000

     

    4,318,000

    Investment in promissory notes, related parties

     

    13,913,000

     

     

    10,668,000

    Investments in common stock and warrants, related parties

     

    60,355,000

     

    6,139,000

    Investments in debt and equity securities

     

    4,013,000

     

     

    262,000

    Investment in limited partnership

     

    1,869,000

     

    1,869,000

    Loans receivable

     

    572,000

     

     

    750,000

    Other investments, related parties

     

    788,000

     

    803,000

    Other assets

     

    604,000

     

     

    326,000

    TOTAL ASSETS

    $

    259,101,000

    $

    75,643,000

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    CURRENT LIABILITIES

    Accounts payable and accrued expenses

    $

    7,784,000

     

    $

    10,579,000

    Accounts payable and accrued expenses, related party

     

     

    36,000

    Operating lease liability, current

     

    876,000

     

     

    524,000

    Revolving credit facility

     

    103,000

     

    125,000

    Notes payable, net

     

    1,808,000

     

     

    4,048,000

    Notes payable, related parties

     

     

    188,000

    Convertible notes payable, related party

     

     

     

    400,000

    Warrant liability

     

    4,580,000

     

    4,192,000

    Income taxes payable

     

    2,770,000

     

     

    Other current liabilities

     

    5,572,000

     

     

    1,790,000

    TOTAL CURRENT LIABILITIES

    $

    23,493,000

    $

    21,882,000

    AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS (continued)

    (Unaudited)

     

    June 30,

    December 31,

    2021

    2020

    LONG TERM LIABILITIES

    Operating lease liability, non-current

     

    3,792,000

     

     

    3,855,000

    Notes payable

     

     

    336,000

    Notes payable, related parties

     

     

     

    52,000

    Convertible notes payable

     

    427,000

     

    386,000

     

    TOTAL LIABILITIES

     

    27,712,000

     

    26,511,000

     

    COMMITMENTS AND CONTINGENCIES

     

     

     

     

    STOCKHOLDERS' EQUITY

     

     

     

    Series A Convertible Preferred Stock, $25.00 stated value per share,

     

     

    $0.001 par value – 1,000,000 shares authorized; 7,040 shares

    issued and outstanding at June 30, 2021 and December 31, 2020

    (redemption amount and liquidation preference of $176,000

    as of June 30, 2021 and December 31, 2020)

    Series B Convertible Preferred Stock, $10 stated value per share,

     

     

     

    $0.001 par value – 500,000 shares authorized; 125,000 shares issued

     

     

     

    and outstanding at June 30, 2021 and December 31, 2020 (liquidation

     

     

     

    preference of $1,250,000 at June 30, 2021 and December 31, 2020)

     

     

     

    Class A Common Stock, $0.001 par value – 500,000,000 shares authorized;

     

    56,000

     

    28,000

    56,159,963 and 27,753,562 shares issued and outstanding at June 30,

    2021 and December 31, 2020, respectively

    Class B Common Stock, $0.001 par value – 25,000,000 shares authorized;

     

     

     

    nil shares issued and outstanding at June 30, 2021 and December 31,

    2020

     

     

     

    Additional paid-in capital

     

    311,760,000

     

    171,397,000

    Accumulated deficit

     

    (77,190,000)

     

     

    (121,397,000)

    Accumulated other comprehensive gain (loss)

     

    (4,601,000)

     

    (1,718,000)

    TOTAL AULT GLOBAL HOLDINGS STOCKHOLDERS' EQUITY

     

    230,025,000

     

     

    48,310,000

     

    Non-controlling interest

     

    1,364,000

     

     

    822,000

     

    TOTAL STOCKHOLDERS' EQUITY

     

    231,389,000

     

     

    49,132,000

     

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

    $

    259,101,000

     

    75,643,000 

    AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Unaudited)

     

    For the Three Months Ended

    For the Six Months Ended

    June 30,

    June 30,

    2021

    2020

    2021

    2020

    Revenue

    $

    8,564,000

     

    $

    5,435,000

     

    $

    16,469,000

     

    $

    11,004,000

    Revenue, cryptocurrency mining

     

    291,000

     

     

    421,000

     

    Revenue, lending and trading activities

     

    53,274,000

     

     

    (34,000)

     

     

    58,485,000

     

     

    2,000

    Total revenue

     

    62,129,000

     

    5,401,000

     

    75,375,000

     

    11,006,000

    Cost of revenue

     

    6,278,000

     

     

    3,496,000

     

     

    11,386,000

     

     

    7,349,000

    Gross profit

     

    55,851,000

     

    1,905,000

     

    63,989,000

     

    3,657,000

     

    Operating expenses

     

     

     

     

     

     

     

    Research and development

     

    531,000

     

    462,000

     

    1,133,000

     

    903,000

    Selling and marketing

     

    1,505,000

     

     

    295,000

     

     

    2,747,000

     

     

    633,000

    General and administrative

     

    7,992,000

     

    2,918,000

     

    13,084,000

     

    5,821,000

    Provision for credit losses

     

     

     

    (1,000,000)

     

     

     

     

    Total operating expenses

     

    10,028,000

     

    2,675,000

     

    16,964,000

     

    7,357,000

    Income (loss) from continuing operations

     

    45,823,000

     

     

    (770,000)

     

     

    47,025,000

     

     

    (3,700,000)

    Other income (expenses)

    Interest income

     

    14,000

     

     

    36,000

     

     

    51,000

     

     

    36,000

    Interest expense

     

    (22,000)

     

    (963,000)

     

    (337,000)

     

    (2,049,000)

    Change in fair value of marketable equity securities

     

    (1,915,000)

     

     

    337,000

     

     

    45,000

     

     

    (29,000)

    Realized gain on marketable securities

     

     

     

    397,000

     

    Gain (loss) on extinguishment of debt

     

    447,000

     

     

    (12,000)

     

     

    929,000

     

     

    (475,000)

    Change in fair value of warrant liability

     

    290,000

     

    (10,000)

     

    (388,000)

     

    (6,000)

    Total other income (expenses), net

     

    (1,186,000)

     

     

    (612,000)

     

     

    697,000

     

     

    (2,523,000)

    Income (loss) from continuing operations before income taxes

     

    44,637,000

     

     

    (1,382,000)

     

    47,722,000

     

    (6,223,000)

    Income tax (expense) benefit

     

    (3,504,000)

     

     

    6,000

     

     

    (3,510,000)

     

     

    12,000

    Net income (loss) from continuing operations

     

    41,133,000

     

    (1,376,000)

     

    44,212,000

     

    (6,211,000)

    Net loss from discontinued operations, net of taxes

     

     

     

     

     

     

     

    (1,698,000)

    Net income (loss)

     

    41,133,000

     

    (1,376,000)

     

    44,212,000

     

    (7,909,000)

    Net loss attributable to non-controlling interest

     

    1,083,000

     

     

     

     

    3,000

     

     

    Net income (loss) attributable to Ault Global Holdings

     

    42,216,000

     

    (1,376,000)

     

    44,215,000

     

    (7,909,000)

    Preferred dividends

     

    (4,000)

     

     

    (3,000)

     

     

    (9,000)

     

     

    (7,000)

    Net income (loss) available to common stockholders

    $

    42,212,000

    $

    (1,379,000)

    $

    44,206,000

    $

    (7,916,000)

     

     

     

     

     

     

     

     

    Basic net income (loss) per common share:

     

     

     

     

     

     

     

    Continuing operations

    $

    0.82

    $

    (0.24)

    $

    0.97

    $

    (1.20)

    Discontinued operations

     

     

     

     

     

     

     

    (0.33)

    Net income (loss) per common share

    $

    0.82

    $

    (0.24)

    $

    0.97

    $

    (1.52)

     

     

     

     

     

     

     

     

    Diluted net income (loss) per common share:

     

     

     

     

     

     

     

    Continuing operations

    $

    0.79

    $

    (0.24)

    $

    0.91

    $

    (1.20)

    Discontinued operations

     

     

     

     

     

     

     

    (0.33)

    Net income (loss) per common share

    $

    0.79

    $

    (0.24)

    $

    0.91

    $

    (1.52)

    Weighted average basic common shares outstanding

     

    50,783,000

     

     

    5,864,000

     

     

    45,052,000

     

     

    5,199,000

    Weighted average diluted common shares outstanding

     

    52,780,000

     

    5,864,000

     

    47,574,000

     

    5,199,000

     

     

     

     

     

     

     

     

    Comprehensive income (loss)

     

     

     

     

     

     

     

    Net income (loss) available to common stockholders

    $

    42,212,000

    $

    (1,379,000)

    $

    44,206,000

    $

    (7,916,000)

    Other comprehensive income (loss)

     

     

     

     

     

     

     

    Foreign currency translation adjustment

     

    134,000

     

    97,000

     

    41,000

     

    (51,000)

    Net unrealized gain (loss) on derivative securities of related party

     

    (5,893,000)

     

     

    761,000

     

     

    (2,924,000)

     

     

    (481,000)

    Other comprehensive income (loss)

     

    (5,759,000)

     

    858,000

     

    (2,883,000)

     

    (532,000)

    Total comprehensive income (loss)

    $

    36,453,000

     

    $

    (521,000)

     

    $

    41,323,000

     

    $

    (8,448,000)

     

    AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

     

    For the Six Months Ended June 30,

    2021

    2020

     

    Cash flows from operating activities:

     

     

     

    Net income (loss)

    $

    44,212,000

    $

    (7,909,000)

    Less: Net loss from discontinued operations

     

     

     

    (1,698,000)

    Net income (loss) from continuing operations

     

    44,212,000

     

    (6,211,000)

    Adjustments to reconcile net income (loss) to net cash used in operating activities:

     

     

    Depreciation

     

    446,000

     

    260,000

    Amortization

     

    191,000

     

     

    167,000

    Amortization of right-of-use assets

     

    441,000

     

    247,000

    Amortization, related party

     

    15,000

     

     

    Interest expense – debt discount

     

    40,000

     

    908,000

    Gain on extinguishment of debt

     

    (929,000)

     

     

    Change in fair value of warrant liability

     

    (290,000)

     

    10,000

    Accretion of original issue discount on notes receivable – related party

     

    (4,000)

     

     

    15,000

    Accretion of original issue discount on notes receivable

     

    (955,000)

     

    (4,000)

    Increase in accrued interest on notes receivable – related party

     

    (1,000)

     

     

    Stock-based compensation

     

    584,000

     

    143,000

    Realized losses on other investments

     

     

     

    28,000

    Realized gains on sale of marketable securities

     

    (12,283,000)

     

    (15,000)

    Unrealized gains on marketable equity securities

     

    (3,483,000)

     

     

    (52,000)

    Unrealized (gains) losses on equity securities – related party

     

    (39,852,000)

     

    65,000

    Unrealized (gains) losses on equity securities

     

    (1,224,000)

     

     

    73,000

    Changes in operating assets and liabilities:

     

     

     

    Marketable equity securities

     

    (9,616,000)

     

    Accounts receivable

     

    (887,000)

     

     

    199,000

    Accrued revenue

     

    78,000

     

    34,000

    Inventories

     

    485,000

     

     

    (35,000)

    Prepaid expenses and other current assets

     

    (2,537,000)

     

    181,000

    Other assets

     

    (246,000)

     

     

    (39,000)

    Accounts payable and accrued expenses

     

    (2,651,000)

     

    1,365,000

    Accounts payable, related parties

     

    (36,000)

     

     

    (24,000)

    Income taxes payable

     

    2,770,000

     

     

    Other current liabilities

     

    4,472,000

     

    660,000

    Lease liabilities

     

    (439,000)

     

     

    (234,000)

    Net cash used in continuing operating activities

     

    (21,699,000)

     

    (2,259,000)

    Net cash provided by discontinued operating activities

     

     

     

    1,000

    Net cash used in operating activities

     

    (21,699,000)

     

    (2,258,000)

     

     

     

     

    Cash flows from investing activities:

     

     

     

    Purchase of property and equipment

     

    (5,590,000)

     

    (190,000)

    Investment in promissory notes, related parties

     

    (4,040,000)

     

     

    (199,000)

    Investments in common stock and warrants, related parties

     

    (16,483,000)

     

    (10,000)

    Investment in real property, related party

     

    (2,670,000)

     

     

    Proceeds from sale of investment in real property, related party

     

    2,670,000

     

    Purchase of marketable equity securities

     

     

     

    Sales of marketable equity securities

     

    430,000

     

    110,000

    Proceeds from loans receivable

     

     

     

    140,000

    Investments in debt and equity securities

     

    (4,054,000)

     

    (3,000)

    Net cash used in investing activities

    $

    (29,737,000)

     

    $

    (152,000)

    AULT GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (continued)

     

    For the Six Months Ended June 30,

    2021

    2020

     

    Cash flows from financing activities:

     

     

     

    Gross proceeds from sales of common stock

    $

    144,044,000

    $

    Financing cost in connection with sales of equity securities

     

    (4,541,000)

     

     

    Proceeds from convertible notes payable

     

     

    100,000

    Proceeds from notes payable

     

    500,000

     

     

    3,148,000

    Proceeds from short-term advances – related party

     

     

    604,000

    Payments on short-term advances – related party

     

     

     

    (98,000)

    Payments on notes payable

     

    (1,917,000)

     

    (186,000)

    Payments on advances on future receipts

     

    -

     

     

    (20,000)

    Payments of preferred dividends

     

    (9,000)

     

    (7,000)

    Payments on revolving credit facilities, net

     

    (23,000)

     

     

    68,000

     

     

    Net cash provided by financing activities

     

    138,054,000

     

    3,609,000

     

     

     

     

    Effect of exchange rate changes on cash and cash equivalents

     

    93,000

     

     

    9,000

     

    Net increase in cash and cash equivalents

     

    86,711,000

     

     

    1,208,000

     

    Cash and cash equivalents at beginning of period

     

    18,680,000

     

     

    483,000

     

     

    Cash and cash equivalents at end of period

    $

    105,391,000

    $

    1,691,000

     

     

     

     

    Supplemental disclosures of cash flow information:

    Cash paid during the period for interest

    $

    658,000

     

    $

    71,000

     

    Non-cash investing and financing activities:

     

     

     

    Cancellation of convertible notes payable into shares of common stock

    $

    $

    2,689,000

    Cancellation of notes payable into shares of common stock

    $

    449,000

     

    $

    Payment of accounts payable with digital currency

    $

    119,000

    $

    Issuance of common stock in payment of liability

    $

     

    $

    229,000

    Cancellation of short-term advances, related party into shares of common stock

    $

    $

    740,000

    Issuance of notes payable and convertible notes payable in payment of accrued expenses

    $

     

    $

    420,000

    Conversion of debt and equity securities to marketable securities

    $

    2,656,000

    $

    Conversion of loans to debt and equity securities

    $

    150,000

     

    $

    Conversion of convertible notes payable, related party into shares

    of common stock

    $

    400,000

     

    $

     

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  4. Ault Global Holdings, Inc. (NYSE:DPW), a diversified holding company (the "Company"), announced today its wholly owned subsidiary, Digital Power Lending, LLC ("DPL") has made an additional investment in Alzamend Neuro, Inc. (NASDAQ:ALZN) ("Alzamend"), a related party and early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders.

    Additional Investment in Alzamend Neuro, Inc.

    On July 28, 2021, Alzamend received a "study may proceed" letter from the U.S. Food and Drug Administration for a Phase 1a study under Alzamend's Investigational New Drug application for AL001, a lithium-based ionic cocrystal oral therapy for patients with dementia related…

    Ault Global Holdings, Inc. (NYSE:DPW), a diversified holding company (the "Company"), announced today its wholly owned subsidiary, Digital Power Lending, LLC ("DPL") has made an additional investment in Alzamend Neuro, Inc. (NASDAQ:ALZN) ("Alzamend"), a related party and early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders.

    Additional Investment in Alzamend Neuro, Inc.

    On July 28, 2021, Alzamend received a "study may proceed" letter from the U.S. Food and Drug Administration for a Phase 1a study under Alzamend's Investigational New Drug application for AL001, a lithium-based ionic cocrystal oral therapy for patients with dementia related to mild, moderate, and severe cognitive impairment associated with Alzheimer's disease.

    Based on the achievement of this milestone, under the March 12, 2021 securities purchase agreement, Alzamend sold an additional 1,333,333 shares of its common stock to DPL for $2 million, or $1.50 per share, and issued to DPL warrants to acquire 666,667 shares of Alzamend common stock with an exercise price of $3.00 per share. The premise of this investment into Alzamend was to provide Alzamend a committed source of capital, driven by milestones, to fund Alzamend's therapeutic treatments through the end of Phase 1 clinical trials. A third tranche in the amount of $4,000,000 for the purchase of an aggregate of 2,666,667 shares and warrants to purchase an additional 1,333,333 shares upon DPL receiving written confirmation from Alzamend that its Phase 1a human clinical trial for AL001 has been completed.

    Milton "Todd" Ault, III, Executive Chairman of the Company, stated, "We are proud to support Alzamend in its endeavors to develop treatments and cures for Alzheimer's, other neurodegenerative diseases, and psychiatric disorders. The Company congratulates Alzamend and its management team in achieving this important milestone, and hope this achievement will encourage the millions who suffer from Alzheimer's and the millions more who care for them." Ault added, "With the closing of its IPO in June 2021 and the additional funding related to this significant milestone, we believe Alzamend is well-positioned to make significant progress towards moving AL001 down the path of its upcoming human clinical trials without the distraction of having to raise new capital. Upon the expected filing of an IND for Alzamend's second therapeutic, AL002, it is anticipated the March 12, 2021 securities purchase agreement will provide Alzamend a continual source of supplemental funding to support Alzamend advancing both treatments through the end of Phase 1 clinical trials."

    For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings with the SEC, available at www.sec.gov, and press releases available under the Investor Relations section at www.AultGlobal.com.

    About Ault Global Holdings, Inc.

    Ault Global Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Global Holdings' headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.AultGlobal.com.

    Forward-Looking Statements

    This press release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company's business and financial results are included in the Company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company's website at www.AultGlobal.com.

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  5. Alzamend Neuro, Inc. (NASDAQ:ALZN) ("Alzamend") announced that Digital Power Lending, LLC ("DPL"), a wholly owned subsidiary of Ault Global Holdings, Inc. ("AGH") (NYSE:DPW), a diversified holding company, has made an additional investment in Alzamend, a related party of AGH and early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders.

    Additional Investment in Alzamend Neuro, Inc.

    On July 28, 2021, Alzamend received a "study may proceed" letter from the U.S. Food and Drug Administration for a Phase 1a study under Alzamend's Investigational New Drug application for AL001, a lithium-based ionic cocrystal oral therapy for patients with dementia…

    Alzamend Neuro, Inc. (NASDAQ:ALZN) ("Alzamend") announced that Digital Power Lending, LLC ("DPL"), a wholly owned subsidiary of Ault Global Holdings, Inc. ("AGH") (NYSE:DPW), a diversified holding company, has made an additional investment in Alzamend, a related party of AGH and early clinical-stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders.

    Additional Investment in Alzamend Neuro, Inc.

    On July 28, 2021, Alzamend received a "study may proceed" letter from the U.S. Food and Drug Administration for a Phase 1a study under Alzamend's Investigational New Drug application for AL001, a lithium-based ionic cocrystal oral therapy for patients with dementia related to mild, moderate, and severe cognitive impairment associated with Alzheimer's disease.

    Based on the achievement of this milestone, under the March 12, 2021 securities purchase agreement, Alzamend sold an additional 1,333,333 shares of its common stock to DPL for $2 million, or $1.50 per share, and issued to DPL warrants to acquire 666,667 shares of its common stock with an exercise price of $3.00 per share. The premise of this investment into Alzamend was to provide Alzamend a committed source of capital, driven by milestones, to fund Alzamend's therapeutic treatments through the end of Phase 1 clinical trials. A third tranche in the amount of $4,000,000 for the purchase of an aggregate of 2,666,667 shares and warrants to purchase an additional 1,333,333 shares shall be issued to DPL upon DPL receiving written confirmation from Alzamend that its Phase 1a human clinical trial for AL001 has been completed.

    Stephan Jackman, Chief Executive Officer of Alzamend, stated, "We are grateful for the support of Alzamend in our endeavors to develop treatments and cures for Alzheimer's, other neurodegenerative diseases, and psychiatric disorders represented by DPL's investment in us. With the closing of our IPO in June 2021 and the additional funding related to this significant milestone, we believe we are well-positioned to make significant progress towards moving AL001 down the path of our upcoming human clinical trials without the need to raise new capital."

    Alzamend's mission is to help the Alzheimer's disease community by supporting the full product development life cycle of treatment and cures for dementia and Alzheimer's disease driven by the belief that strong support of research is the foundation for true innovation. Dementia is not a normal part of aging, and there are numerous symptoms that can indicate cognitive and neurological impairments. Alzheimer's disease is the most common form of dementia. This disease robs people of their loved ones, as memories are erased and personalities are diminished. Alzamend's vision statement nicely sums up their mission: "Together We Can ‘Make Alzheimer's Just a Memory!'™".

    The economic impact of Alzheimer's disease can be as devastating as the emotional stress. Over 47 million people in the world currently live with Alzheimer's disease or dementia, with over 6.2 million in the U.S. (two-thirds are women). The lifetime cost of care for an Alzheimer's disease patient is estimated at $374,000 in the U.S. According to the Alzheimer's Association, it is estimated that Alzheimer's and dementia deaths increased more than 16% in 2021 due to COVID-19. In 2021, Alzheimer's and dementia will cost the U.S. an estimated $355 billion with the costs expected to rise into the trillions in the next 25 years. In addition, Medicare and Medicaid is expected to pay approximately $239 billion, or 67% of the treatment and long-term care costs associated with Alzheimer's disease and dementia, with another $79 billion of out-of-pocket costs. According to the Alzheimer's Association, 11 million Americans provide an estimated 15.3 billion hours of unpaid care per year, valued at $257 billion, for these patients with two-thirds of these being women, and one-third being daughters.

    About Alzamend Neuro

    We are a preclinical stage biopharmaceutical company focused on developing novel products for the treatment of neurodegenerative diseases and psychiatric disorders, including Alzheimer's disease. With our two current and future product candidates, we aim to bring treatments or cures to market at a reasonable cost as quickly as possible. Our current pipeline consists of two novel therapeutic drug candidates, AL001 - a patented ionic cocrystal technology delivering a therapeutic combination of lithium, proline, and salicylate, and AL002 - a patented method using a mutant-peptide sensitized cell as a cell-based therapeutic vaccine that seeks to restore the ability of a patient's immunological system to combat Alzheimer's disease. Both of our product candidates are licensed from the pursuant to royalty-bearing exclusive worldwide licenses.

    Forward-Looking Statements

    This press release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and Alzamend undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect Alzamend's business and financial results are included in Alzamend's filings with the U.S. Securities and Exchange Commission. All filings are available at www.sec.gov and on Alzamend's website at www.Alzamend.com.

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