ZSQR on Nasdaq
Z Squared Inc.
Therapeutics, Inc., which we now continue to operate as our wholly owned subsidiary.4 From its latest annual report
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerZSQR on Nasdaq2
- IndustryFinance Services2
- HeadquartersFort Lauderdale, United States2
- Incorporated inDE3
- Business address550 South Andrews Ave., Ste #700, Fort Lauderdale, Fl 333013
- Filer categoryNon-accelerated filer, Smaller reporting company3
- Legal formCorporation2
- LEI5299004UXP8XTVR4KR352
- StatusActive2
- LEI statusIssued and current2
- Registered addressc/o CORPORATION SERVICE COMPANY, 251 LITTLE FALLS DRIVE, 19808 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 70938312
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Therapeutics, Inc., which we now continue to operate as our wholly owned subsidiary.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Advertising Campaigns brought in 92% of the revenue Z Squared Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Advertising Campaigns | $1.3M | |
| Webinar Services | $112.5K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue12¢$180.6K
- Research and development88¢$1.3M
Out of $1.4M in revenue.5 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total sales | $1.4M | $0 |
| Cost of goods | $180.6K | $0 |
| Gross profit | $1.2M | $0 |
| Research and development expense | $1.3M | $2.3M |
| Salary expense | $1.7M | $1.7M |
| Amortization expense | $1.0M | $1.0M |
| Professional services expense | $7.8M | $3.0M |
| Stock based compensation expense | $1.2M | $1.1M |
| General and administrative expenses | $1.1M | $945.6K |
| Selling and marketing expense | $105.0K | $0 |
| Total cost of operations | $14.2M | $10.1M |
| LOSS FROM OPERATIONS | -$13.0M | -$10.1M |
| Interest expense | -$96.7K | -$246.1K |
| Interest income | $116.5K | $234.7K |
| Amortization of debt discount | -$545.6K | -$216.2K |
| Gain on forfeiture of customer deposit | $115.0K | $0 |
| Other income (expense), net | $7.0K | -$16.4K |
| Unrealized gain on marketable securities | $76.6K | $0 |
| Unrealized loss on investments | -$163.5K | $0 |
| Loss on write down of assets | $0 | -$37.3K |
| Gain (loss) on extinguishment of debt | $159.0K | -$200.0K |
| Change in fair value of derivative liabilities | $1.1M | -$341.7K |
| TOTAL OTHER INCOME (EXPENSE), net | $766.3K | -$822.9K |
| LOSS BEFORE INCOME TAXES | -$12.3M | -$10.9M |
| PROVISION FOR INCOME TAXES (BENEFIT) | $0 | $0 |
| NET LOSS | -$12.3M | -$10.9M |
| NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | -$360.2K | -$197.0K |
| NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | -$11.9M | -$10.7M |
| Loss per share, basic | -$2.81 | -$5.56 |
| Loss per share, fully diluted | -$2.81 | -$5.56 |
| Weighted average number of common shares outstanding, basic | 4.2M shares | 1.9M shares |
| Weighted average number of common shares outstanding, diluted | 4.2M shares | 1.9M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash | $5.7M | $532.9K | $1.5M |
| Marketable securities | $676.6K | $0 | |
| Interest receivable | $7.3K | $0 | |
| Prepaid assets | $991.9K | $518.4K | |
| TOTAL CURRENT ASSETS | $7.4M | $1.1M | |
| Furniture and fixtures, net | $9.9K | $10.5K | |
| Investments | $7.9M | $5.7M | |
| Intangible assets, net | $361.2K | $541.9K | |
| Co-development rights, net | $554.2K | $1.6M | |
| Right of use asset, net of accumulated amortization | $18.4K | $59.8K | |
| Total other assets | $8.8M | $7.8M | |
| TOTAL ASSETS | $16.2M | $8.9M | |
| Accounts payable | $888.8K | $1.3M | |
| Accrued expenses | $41.1K | $736.9K | |
| Convertible notes payable, net of debt discount of $0 and $435,635 | $0 | $1.1M | |
| Convertible notes payable, in default | $100.0K | $100.0K | |
| Right of use liability, current portion | $18.9K | $42.3K | |
| Customer deposit | $599.5K | $0 | |
| Derivative liability | $0 | $1.0M | |
| Other current liabilities | $120.0K | $235.0K | |
| TOTAL CURRENT LIABILITIES | $1.8M | $4.5M | |
| SBA loan payable | $150.0K | $150.0K | |
| Derivative liability warrants | $167.6K | $359.2K | |
| Right of use liability, non-current portion | $0 | $18.9K | |
| TOTAL LONG TERM LIABILITIES | $317.6K | $528.1K | |
| TOTAL LIABILITIES | $2.1M | $5.0M | |
| Common stock, $0.0001 par value, 150,000,000 shares authorized, 5,746,948 and 2,116,191 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $575 | $212 | |
| Additional paid-in capital | $127.2M | $103.0M | |
| Common stock subscribed | $0 | $541.9K | |
| Subscription receivable | -$3.7M | -$2.1M | |
| Accumulated deficit | -$110.0M | -$98.0M | |
| TOTAL STOCKHOLDERS' EQUITY - CONTROLLING INTERESTS | $13.6M | $3.4M | |
| TOTAL STOCKHOLDERS' EQUITY - NONCONTROLLING INTERESTS | $506.2K | $485.1K | |
| TOTAL STOCKHOLDERS' EQUITY | $14.1M | $3.9M | $814.0K |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $16.2M | $8.9M | |
| Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | |
| Preferred Stock, Shares Authorized | 10.0M shares | 10.0M shares | |
| Preferred Stock, Shares Outstanding | 0 shares | 6.5K shares | |
| Preferred Stock, Shares Issued | 0 shares | 6.5K shares | |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | |
| Common Stock, Shares Authorized | 150.0M shares | 150.0M shares | |
| Common Stock, Shares, Outstanding | 5.7M shares | 2.1M shares | |
| Common Stock, Shares, Issued | 5.7M shares | 2.1M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash | $5.7M | $532.9K | $1.5M |
| Marketable securities | $676.6K | $0 | |
| Interest receivable | $7.3K | $0 | |
| Prepaid assets | $991.9K | $518.4K | |
| TOTAL CURRENT ASSETS | $7.4M | $1.1M | |
| Furniture and fixtures, net | $9.9K | $10.5K | |
| Investments | $7.9M | $5.7M | |
| Intangible assets, net | $361.2K | $541.9K | |
| Co-development rights, net | $554.2K | $1.6M | |
| Right of use asset, net of accumulated amortization | $18.4K | $59.8K | |
| Total other assets | $8.8M | $7.8M | |
| TOTAL ASSETS | $16.2M | $8.9M | |
| Accounts payable | $888.8K | $1.3M | |
| Accrued expenses | $41.1K | $736.9K | |
| Convertible notes payable, net of debt discount of $0 and $435,635 | $0 | $1.1M | |
| Convertible notes payable, in default | $100.0K | $100.0K | |
| Right of use liability, current portion | $18.9K | $42.3K | |
| Customer deposit | $599.5K | $0 | |
| Derivative liability | $0 | $1.0M | |
| Other current liabilities | $120.0K | $235.0K | |
| TOTAL CURRENT LIABILITIES | $1.8M | $4.5M | |
| SBA loan payable | $150.0K | $150.0K | |
| Derivative liability warrants | $167.6K | $359.2K | |
| Right of use liability, non-current portion | $0 | $18.9K | |
| TOTAL LONG TERM LIABILITIES | $317.6K | $528.1K | |
| TOTAL LIABILITIES | $2.1M | $5.0M | |
| Common stock, $0.0001 par value, 150,000,000 shares authorized, 5,746,948 and 2,116,191 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $575 | $212 | |
| Additional paid-in capital | $127.2M | $103.0M | |
| Common stock subscribed | $0 | $541.9K | |
| Subscription receivable | -$3.7M | -$2.1M | |
| Accumulated deficit | -$110.0M | -$98.0M | |
| TOTAL STOCKHOLDERS' EQUITY - CONTROLLING INTERESTS | $13.6M | $3.4M | |
| TOTAL STOCKHOLDERS' EQUITY - NONCONTROLLING INTERESTS | $506.2K | $485.1K | |
| TOTAL STOCKHOLDERS' EQUITY | $14.1M | $3.9M | $814.0K |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $16.2M | $8.9M | |
| Preferred Stock, Par or Stated Value Per Share | $0.00 | $0.00 | |
| Preferred Stock, Shares Authorized | 10.0M shares | 10.0M shares | |
| Preferred Stock, Shares Outstanding | 0 shares | 6.5K shares | |
| Preferred Stock, Shares Issued | 0 shares | 6.5K shares | |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | |
| Common Stock, Shares Authorized | 150.0M shares | 150.0M shares | |
| Common Stock, Shares, Outstanding | 5.7M shares | 2.1M shares | |
| Common Stock, Shares, Issued | 5.7M shares | 2.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$12.3M | -$10.9M |
| Depreciation and amortization | $1.2M | $1.0M |
| Right of use asset amortization | $41.4K | $37.8K |
| Amortization of debt discount | $545.6K | $216.2K |
| Non-cash revenue | -$1.3M | $0 |
| Stock based compensation | $1.2M | $1.1M |
| Shares issued for non-employee services | $3.8M | $1.3M |
| Warrants issued for services | $824.3K | $8.2K |
| Change in fair value of derivative liability | -$906.4K | $539.7K |
| Change in fair value of derivative liability warrants | -$191.6K | -$198.0K |
| Loss on shares issued for conversion of debt | $0 | $77.2K |
| (Gain) loss on extinguishment of debt | -$159.0K | $200.0K |
| Forgiveness of interest | $0 | $37.3K |
| Unrealized loss on investments | $163.5K | $0 |
| Unrealized gain on marketable securities | -$76.6K | $0 |
| Interest receivable | -$7.3K | -$234.7K |
| Prepaid assets | -$473.5K | -$118.5K |
| Accounts payable | -$381.0K | -$149.9K |
| Accrued expenses | -$440.9K | $180.9K |
| Right of use liability | -$42.3K | -$38.0K |
| Other current liabilities | -$115.0K | $235.0K |
| NET CASH USED IN OPERATING ACTIVITIES | -$8.6M | -$6.6M |
| NET CASH USED IN INVESTING ACTIVITIES | $0 | $0 |
| Proceeds from notes payable | $990.0K | $1.9M |
| Repayment of notes payable | -$218.8K | -$651.0K |
| Shares issued for SEPA | $3.0M | $0 |
| Shares issued for cash | $4.6M | $100.0K |
| Warrants issued for cash | $0 | $500.0K |
| Pre-funded warrants exercise | $900 | $0 |
| Preferred stock offering | $5.5M | $3.9M |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | $13.7M | $5.7M |
| NET INCREASE (DECREASE) IN CASH | $5.1M | -$936.2K |
| Interest paid | $8.8K | $8.8K |
| Taxes paid | $0 | $0 |
| Subscriptions receivable | $3.7M | $2.1M |
| Shares issued for the conversion of debt | $2.6M | $951.7K |
| Shares issued for investment | $1.0M | $0 |
No quarter-by-quarter statement was filed.
Leadership
Who has led Z Squared Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
- Chief executive officerDavid Elias Halabu Apr 29, 2026 to now13
- Chief executive officerMichelle Ellen Burke Apr 29, 2026 to now14
- Chief executive officerDavid Mehalick Nov 7, 2022 to Apr 29, 202615
- Chief executive officerRobert Striar Oct 30, 2020 to Dec 14, 202016
- PresidentDavid Mehalick Nov 7, 2022 to now15
- Chief financial officerBrian Cogley Jan 17, 2024 to now17
- Chief financial officerChristine Elise Sheehy Nov 7, 2022 to Jan 31, 202318
- Chief financial officerChris Calise Oct 30, 2020 to Dec 14, 202019
Board members and other officers (22)
- Chief Marketing OfficerChristopher Ryan Schadel Apr 29, 2026 to now20
- Chief Technology OfficerJeffery Keeslar Harris Jul 7, 2026 to now21
- VP Compliance and SecyChristine Elise Sheehy Mar 6, 2025 to now22
- VP of OperationsDaniel Alexander Yerace Nov 7, 2022 to now23
- Board memberAdam Craig Sohn Apr 29, 2026 to now24
- Board memberBryan Eric Fuerst Apr 29, 2026 to now25
- Board memberDavid Elias Halabu Apr 29, 2026 to now13
- Board memberKenneth Lyle Cooper Apr 29, 2026 to now26
- Board memberMichelle Ellen Burke Apr 29, 2026 to now14
- Board memberChristine Elise Sheehy Jan 31, 2023 to Jan 31, 202327
- Board memberDaniel Alexander Yerace Nov 7, 2022 to now23
- Board memberDavid Mehalick Nov 7, 2022 to now15
- Board memberGene Salkind Nov 7, 2022 to now28
- Board memberPhilippe Deschamps Nov 7, 2022 to now29
- Board memberTara Desilva Nov 7, 2022 to now30
- Board memberBaron Davis Oct 30, 2020 to Oct 30, 202031
- Board memberChris Calise Oct 30, 2020 to now19
- Board memberDouglas D. Schaer Oct 30, 2020 to Oct 30, 202032
- Board memberJeffrey Wattenburg Oct 30, 2020 to Oct 30, 202033
- Board memberMichael Milton Gandler Oct 30, 2020 to Oct 30, 202034
- Board memberRobert Striar Oct 30, 2020 to Dec 14, 202016
- Board memberStephen Masters Oct 30, 2020 to Oct 30, 202035
Named in SEC Form D filings
People the company listed in its private-offering notices.
Former names
Timeline
Filings
307 filings to the SEC since October 2021: 9 annual reports, 20 quarterly reports, 60 major events, 75 insider forms, 24 large holders, 3 private raises, 116 other. The latest 20:
- Oct 5, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264 EDGAR
- Oct 2, 20264/A EDGAR
- Sep 14, 20268-K EDGAR
- Sep 10, 20268-K EDGAR
- Aug 26, 20268-K EDGAR
- Aug 25, 20264 EDGAR
- Aug 21, 2026S-8 EDGAR
- Aug 20, 20264 EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 4, 20268-K EDGAR
- Jul 31, 2026SCHEDULE 13G/A EDGAR
- Jul 27, 2026POSASR EDGAR
- Jul 22, 20268-K EDGAR
- Jul 10, 20268-K EDGAR
The 307 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
12 open-market trades by officers, directors and large owners since October 2021: 11 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Schadel Christopher RyanChief Marketing Officer | Buy | 1,000 | $3.92 | $3.9K | Form 4 |
| Jan 12, 2024 | DeSilva TaraDirector | Buy | 2,266 | $0.58 | $1.3K | Form 4 |
| Jan 10, 2024 | Cogley BrianChief Financial Officer | Buy | 5,000 | $0.67 | $3.4K | Form 4 |
| Jan 8, 2024 | Mehalick DavidCEO and President | Buy | 20,004 | $0.66 | $13.3K | Form 4 |
| Jan 5, 2024 | Yerace Daniel AlexanderVP Operations | Buy | 10,850 | $0.69 | $7.5K | Form 4 |
| Jan 5, 2024 | Salkind GeneDirector | Buy | 11,600 | $0.69 | $8.0K | Form 4 |
| Jan 5, 2024 | Mehalick DavidCEO and President | Buy | 5,050 | $0.69 | $3.5K | Form 4 |
| Jan 5, 2024 | Cochran Christopher P.Director | Buy | 7,000 | $0.77 | $5.4K | Form 4 |
| Aug 29, 2023 | Salkind GeneDirector | Buy | 4,006 | $1.01 | $4.0K | Form 4 |
| Aug 25, 2023 | Salkind GeneDirector | Buy | 28,638 | $0.91 | $26.1K | Form 4 |
| Aug 23, 2023 | Calise ChrisDirector | Buy | 11,582 | $0.94 | $10.9K | Form 4 |
| May 4, 2022 | Harraden Circle Investors GP, LP10% owner | Sale | 85,305 | $10.11 | $862.4K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G/A, 3 filings Apr 28, 2026 to Jul 31, 202638
- BSG Series CM, LLCSCHEDULE 13D/A, 2 filings May 4, 2026 to May 15, 202639
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Jan 30, 2026 to Mar 26, 202640
- ARMISTICE CAPITAL, LLCSC 13G/A, 2 filings Feb 14, 2024 to Nov 14, 202441
- Avi GellerSCHEDULE 13G, 1 filing Jan 11, 202442
- Harraden Circle Investments, LLCSC 13G/A, 2 filings Apr 18, 2022 to Feb 15, 202343
- Hudson Bay Capital Management LPSC 13G/A, 2 filings Feb 2, 2022 to Feb 6, 202344
- Bull Horn Holdings Sponsor LLCSC 13D, 1 filing Nov 7, 202245
- Lena Pharma, LLCSC 13G/A, 1 filing Nov 7, 202246
- Lisa Pharma, LLCSC 13G/A, 1 filing Nov 7, 202247
- Karpus Management, Inc.SC 13G/A, 2 filings Feb 14, 2022 to May 10, 202248
- CITADEL ADVISORS LLCSC 13G/A, 1 filing Feb 14, 202249
- GLAZER CAPITAL, LLCSC 13G/A, 1 filing Feb 14, 202250
- Lighthouse Investment Partners, LLCSC 13G/A, 1 filing Feb 14, 202251
- Shaolin Capital Management LLCSC 13G, 1 filing Feb 10, 202252
- Kepos Capital LPSC 13G/A, 1 filing Feb 4, 202253
Money raised
Private offerings the company reported to the SEC on Form D.
- Jul 24, 2025Raised $4 million in a private offering of equity Form D: $5 million offered in all Form D
- Jun 14, 2024Raised $4.3 million in a private offering of equity Form D: $10 million offered in all Form D
- Oct 26, 2023Raised $2 million in a private offering of equity Form D: 1 investor so far Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 44. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARZ Squared Inc. filings on SEC EDGAR
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- 3SEC EDGARZ Squared Inc. filings on SEC EDGAR
- 4
- 5SEC EDGARZ Squared Inc. 10-K for fiscal 2025
- 6SEC EDGARZ Squared Inc. 10-K for fiscal 2021
- 7SEC EDGARZ Squared Inc. 10-K for fiscal 2022
- 8SEC EDGARZ Squared Inc. 10-K for fiscal 2023
- 9SEC EDGARZ Squared Inc. 10-K for fiscal 2019
- 10SEC EDGARZ Squared Inc. 10-K for fiscal 2020
- 11SEC EDGARZ Squared Inc. 10-Q for fiscal 2026
- 12SEC EDGARZ Squared Inc. 10-Q for fiscal 2026
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- 24SEC EDGARAdam Craig Sohn, Board member
- 25SEC EDGARBryan Eric Fuerst, Board member
- 26SEC EDGARKenneth Lyle Cooper, Board member
- 27SEC EDGARChristine Elise Sheehy, Board member
- 28SEC EDGARGene Salkind, Board member
- 29SEC EDGARPhilippe Deschamps, Board member
- 30SEC EDGARTara Desilva, Board member
- 31SEC EDGARBaron Davis, Board member
- 32SEC EDGARDouglas D. Schaer, Board member
- 33SEC EDGARJeffrey Wattenburg, Board member
- 34SEC EDGARMichael Milton Gandler, Board member
- 35SEC EDGARStephen Masters, Board member
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