According to the Staff Determination Letter, the Company failed to regain compliance within the 180-calendar-day compliance period, and is not eligible for a second 180-day period, as the Company does not meet the initial listing requirements relating to $5 million stockholders' equity, $50 million market value of listed securities, or $750,000 pre-tax income, as required under Nasdaq Listing Rules 5550(b)(1), 5550(b)(2), or 5550(b)(3), respectively.

In addition, Nasdaq stated that the Company did not comply with the minimum $2,500,000 stockholders' equity requirement for continued listing under Nasdaq Listing Rule 5550(b), which serves as an additional basis for delisting.