Recent developments include the resignation of CFO James Cardwell in June 2024 and a strategic acquisition of AI Headhunter assets in May 2025.

• Ehave Inc. CFO James Cardwell resigned in June 2024, leaving the CFO position vacant as of the latest filings [N1].
• On May 27, 2025, Ehave entered into an asset purchase agreement to acquire intellectual property and assets related to AI Headhunter, an AI-powered recruitment platform, with payment in preferred and common stock and a performance-based earnout [S2].

Ehave’s development of clinically validated digital assessment and rehabilitation software, combined with its ketamine infusion service platform, positions it to address growing demand in mental health technology and medical psychedelics. The acquisition of AI Headhunter assets could enhance its technological capabilities and market reach. If the company successfully commercializes its products and secures necessary financing, it could establish a foothold in a specialized healthcare technology niche with potential for strategic partnerships and collaborations.

Ehave faces significant financial challenges including sustained operating losses, a substantial accumulated deficit, and liquidity ratios indicating potential difficulty in meeting short-term obligations. Material weaknesses in internal controls over financial reporting raise concerns about financial governance. The company’s inability to raise new convertible notes in 2025 and default on existing notes highlight funding risks. Limited revenue generation to date and reliance on external financing create uncertainty around operational sustainability. The resignation of the CFO and limited market liquidity for its shares may further complicate execution and investor confidence.

Ehave’s moat is centered on its proprietary digital therapeutic software products and its integration of medical psychedelics data with digital health applications, which may provide differentiated technology solutions in a niche mental health market. The company’s acquisition of AI Headhunter assets suggests a strategic expansion into AI-powered platforms. However, the company faces challenges including limited revenues, ongoing operating losses, and liquidity constraints, which may impact its ability to sustain competitive advantages. The emerging growth company status provides some regulatory relief but also indicates a developing business model. The moat is thus dependent on successful commercialization and capital availability to support product development and market penetration.

• Liquidity Risk: The company’s current liabilities significantly exceed current assets, with a current ratio of 0.06 and cash ratio of 0.08 as of December 31, 2025, indicating potential challenges in meeting short-term obligations.
• Operating Losses and Capital Needs: Ehave has incurred significant operating losses and an accumulated deficit, with no significant revenues to date, necessitating ongoing capital raises which may dilute existing shareholders.
• Internal Control Weaknesses: Material weaknesses in internal controls over financial reporting were identified, including insufficient segregation of duties and ineffective equity instrument accounting controls, which may affect financial reporting reliability.
• Executive Turnover: The resignation of CFO James Cardwell in June 2024 may impact financial management and operational continuity until a replacement is appointed.
• Market Liquidity and Trading Risks: Ehave’s common shares trade on the Pink Open Market with limited liquidity and sporadic trading, which may affect investor ability to buy or sell shares.

• Ehave, Inc. is developing a medical psychedelics and mental health data platform integrating proprietary and third-party digital assessment and therapeutic applications, including products named MegaTeam and Ninja Reflex.
• The company provides technology solutions to clinicians, patients, researchers, pharmaceutical companies, and payors.
• Through its subsidiary KetaDash, Ehave offers a platform for medical practitioners to administer healthcare services at home, focusing on ketamine infusion services.
• Ehave is classified as an emerging growth company under the JOBS Act and benefits from certain disclosure exemptions.
• The company has incurred significant operating losses since inception, with net losses of $3,756,479 for the year ended December 31, 2025, and an accumulated deficit of $40,767,900 as of that date.
• Ehave had no significant revenues to date as of the latest filings.
• The company’s operations have been primarily funded through public offerings and private placements of convertible notes and warrants, but it was unable to raise new convertible notes and warrants in 2025 and is currently in default on its convertible notes.
• As of December 31, 2025, Ehave had cash and cash equivalents of approximately $1.03 million (as of 2023-12-31) and current assets of $805,599, with current liabilities of $13,148,454, resulting in a low current ratio of 0.06 and a cash ratio of 0.08, indicating liquidity challenges.
• The company’s management identified material weaknesses in internal controls over financial reporting as of December 31, 2025, including insufficient segregation of duties and ineffective controls over equity instrument accounting.
• Ehave’s CEO is Benjamin Kaplan, who has served since June 2019 and also acts as CFO; the company’s CFO James Cardwell resigned as of June 3, 2024.
• On May 27, 2025, Ehave entered into an asset purchase agreement to acquire intellectual property and assets related to AI Headhunter, an AI-powered recruitment platform, with payment in preferred and common stock and a performance-based earnout.
• The company’s common shares trade on the Pink Open Market under the ticker EHVVF, with limited liquidity and trading volume.
• Ehave’s general and administrative expenses increased in 2025, driven by amortization, consulting fees, debt conversion losses, and marketing expenses.
• The company has no contractual obligations as of December 31, 2025, and is exploring financing options including equity funding and strategic collaborations to support operations.
• Ehave has not paid dividends and does not expect to pay dividends in the foreseeable future.
• The company has not identified any material cybersecurity incidents affecting its business as of the latest filings.
• Ehave’s board includes Chairman Binyomin Posen and CEO Benjamin Kaplan, with governance policies including a Code of Conduct available on its website.
• The company’s financial statements are prepared under U.S. GAAP and include amortization of intangible assets and impairment testing.
• Ehave’s liquidity position and accumulated deficit raise substantial doubt about its ability to continue as a going concern beyond the fourth quarter of 2026.
• The company’s recent news includes the resignation of CFO James Cardwell in June 2024 [N1].