LAS VEGAS, June 12, 2026 /PRNewswire/ - PurMinds Enterprises, Inc. (OTC: PFSF) (formerly Pacific Software, Inc.) (the "Company"), a clinical-stage precision medicine and neuroscience company, today announced the formal submission, on May 20, of its financials for the fiscal second quarter ended March 31, 2026, on OTCMarkets.com.
The Company's Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) has been published on the OTC Markets platform as part of this quarterly disclosure, adhering to the comprehensive reporting standards typical of a reporting issuer, even though the Company is not currently designated as a reporting issuer.
Investors and shareholders can review the detailed operational analysis specifically on pages 18–23 of the filed quarterly report at:
https://www.otcmarkets.com/file/company/financial-report/564647/content
The quarterly filing also outlines a comprehensive operational and balance sheet cleanup of legacy shell obligations, establishing a streamlined financial foundation to advance its proprietary neurological drug pipeline and advanced diagnostic applications.
PCAOB Audit Progress & Strategic Up-listing Mandate
To further its commitment to institutional-grade transparency and to accelerate its capital markets strategy, the Company is currently in the process of executing its PCAOB audit under the leadership of its recently appointed CFO and COO, Angelo Pizzuto. Achieving a finalized PCAOB audit is a strict regulatory requirement that supports the Company's planned uplisting application to the OTCQB or OTCQX market tiers.
The PCAOB audit pre-work formally commenced on May 6, 2026, with the hiring of an independent, third-party pre-audit accounting preparation firm. This firm has been actively optimizing the Company's financial records and preparing technical accounting memos to ensure total audit readiness. Because this third-party team has a collaborative working relationship with the incoming principal PCAOB audit firm, it will actively drive the final data handoff, facilitating a seamless transition and minimizing standard auditing friction.
The entire audit process is expected to be completed by the end of June or early July 2026.
Concurrently, the Company has initiated the formal corporate name change and ticker symbol change request process. Management and its legal team are actively reviewing the necessary regulatory components to ensure these changes are processed and finalized in a timely manner.
Immediately upon the sign-off and publication of the PCAOB-audited financials, the Company will coordinate with an institutional Market Maker to submit a Rule 15c2-11 application with FINRA to permanently remove any lingering shell restrictions and re-establish a transparent, robust public quote under its newly approved identity.
Q1 2026 Financial and Corporate Highlights:
- Balance Sheet Optimization: Achieved the formal cancellation and return of 1,500,000 legacy common shares, the complete redemption and retirement of all outstanding Series A Preferred stock, and the cancellation of 1,000 Series B Preferred shares. Additionally, the Company finalized the complete settlement and elimination of $300,000 in legacy promissory note liabilities.
- Robust Capital Inflows: Total private capital raised or formally committed since the inception of the RTO has exceeded $2.25 million. This includes closing $2,101,781 under Regulation S and $40,000 under Regulation D during March 2026, followed by subsequent post-quarter cash receipts of $428,037 (Reg S) and $125,000 (Reg D) through May 20, 2026.
- Strategic R&D Deployments: Allocated $350,400 directly into advancing the Company's clinical pipeline and diagnostic platforms. This allocation includes a $250,000 licensing fee paid to SpectroChip Global Inc. for photonic chip diagnostic platform rights as part of the Amended and Restated Strategic Partnership and Know-How Licensing Agreement dated February 8, 2026, and $100,400 allocated to a premier U.S. clinical research institution for collaborative neuromedicine programs.
- Resolution of Tax Contingencies: Finalized a regulatory government audit of historical Canadian Scientific Research and Experimental Development (SR&ED) tax credits, securing a substantial portion of the claim as non-dilutive capital flowing into the Canadian operating infrastructure.
- Financial Results: Revenue and gross profit were zero, unchanged vs. Q2 of fiscal 2025. Total operating expenses in Q2 fiscal 2026 increased by $500,000 to $814,000, mainly the result of a $350,000 charge for R&D and licensing fees compared to zero in the year-ago quarter. Other expense, net was $108,000 compared with other income, net of $132,000 for Q2 fiscal 2025. Net loss was $922,000, or $(.00) per share, vs. a net loss of $182,000, or $(.00) per share, in Q2 of the prior fiscal year.
"Moving deeper into fiscal 2026, management is strictly execution-focused, moving past corporate restructuring and entering a high-growth public market phase," jointly stated Janet Qi, CEO, and Angelo Pizzuto, CFO of PurMinds. "Clearing our legacy obligations, bringing in strong private investment capital, executing this PCAOB audit, and driving our strategic commercialization initiatives are the foundational steps required to scale our corporate runway and achieve our targeted clinical milestones over the next 24 months."
About PurMinds Enterprises, Inc.
PurMinds is a biotech company building an integrated precision medicine ecosystem through the convergence of advanced therapeutics (with focus on neurological disorders), decentralized diagnostics, and data-driven healthcare intelligence. Central to this strategy is PurMinds' exclusive partnership with SpectroChip Global Inc.
SpectroChip has developed the world's first fingernail-sized photonic chip-based diagnostic system integrating the core functionalities of spectrophotometry, chromatography, and lateral flow immunoassays (LFIA). The full-spectrum handheld or pocket-sized spectrometer can bring hospital-grade diagnostics directly to clinics, pharmacies, community health centers, and patients' bedside. In this partnership, PurMinds is the exclusive global partner to develop and supply all rapid diagnostic kits used in the SpectroChip POCT platform. Together, PurMinds and SpectroChip are developing a decentralized POCT ecosystem that combines real-time diagnostics, longitudinal health monitoring, data-driven analytics, and personalized therapeutic pathways into a unified healthcare intelligence platform, while building a scalable, recurring-revenue infrastructure designed to support sustainable growth and long-term enterprise value.
For more information, visit www.PurMinds.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding the Company's audit timelines, commercialization efforts, potential capital raises, and upcoming FINRA submissions. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. The Company undertakes no obligation to update these statements should circumstances change.
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SOURCE PurMinds Enterprises, Inc.
