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Subsequent Events | 6 Months Ended
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Jun. 30, 2025
Subsequent Events |
Subsequent Events | Note 19 - Subsequent Events Subsequent to June 30, 2025, we issued 2,474,402 shares of our common stock through the ATM program with Wainwright, resulting in net proceeds of approximately $837,664. On July 2, 2025, the Company received a redemption notice from Streeterville for a redemption payment in the amount of $350,000. In connection therewith, the Company entered into an Exchange Agreement with Streeterville, under which the Company agreed to fully satisfy a redemption payment of $350,000 under the Note by issuing 1,267,656 shares of common stock at an effective price of $0.2761 per share, in lieu of cash. In connection with the Exchange Agreement, the Company and Streeterville agreed to (i) partition a new secured promissory note in the principal amount of $350,000 (the “Partitioned Note”) and reduce the outstanding balance of the original note by the same amount, and (ii) exchange the Partitioned Note for the delivery of the common stock (the “Exchange”). Following the Exchange, the remaining outstanding balance of the original note was reduced to approximately $4,080,171. On July 18, 2025, the Company completed a best-efforts public offering of 13,333,334 shares of common stock, together with Series A-1 and Series A-2 warrants (one of each issued per share of common stock sold), at a combined offering price of $0.15 per share and accompanying warrants. The offering generated gross proceeds of approximately $2.0 million and net proceeds of approximately $1.56 million, after deducting placement agent fees and other offering-related expenses. Each Series A-1 and Series A-2 warrant entitles the holder to purchase one share of common stock at an exercise price of $0.15 per share. The warrants become exercisable upon the effectiveness of stockholder approval for the issuance of the underlying shares. The Series A-1 warrants will expire five years after the stockholder approval date, while the Series A-2 warrants will expire twenty-four months after such date. In connection with this offering, the Company also issued Placement Agent Warrants to the placement agent, Wainwright, or its designees, to purchase up to 666,667 shares of common stock representing 5.0% of the shares sold in the offering. The Placement Agent Warrants have an exercise price of $0.1875 per share, will become exercisable upon the effectiveness of stockholder approval for the issuance of the underlying shares and will expire five years from the commencement of sales in such offering. On July 22, 2025, the Company completed a registered direct offering of 14,285,718 shares of its common stock, as well as a concurrent private placement of unregistered common stock warrants exercisable into an equal number of shares of common stock with an exercise price of $0.35 per share (the “RDO Warrants”). The RDO Warrants are immediately exercisable upon issuance and expire after the fifth anniversary of the effective date of the registration statement covering the resale of shares of common stock issuable upon exercise of the RDO Warrants. This registered direct offering and concurrent private placement raised gross proceeds of $5.0 million and net proceeds of $4.5 million, after deducting placement agent fees and offering-related expenses. In connection with this offering, the Company also issued Placement Agent Warrants to Wainwright or its designees to purchase up to 714,286 shares of common stock, representing 5.0% of the shares sold in the offering. These Placement Agent Warrants have an exercise price of $0.4375 per share, are immediately exercisable upon issuance and will expire five years from the commencement of sales in such offering. On July 23, 2025, the Company fully repaid and extinguished its secured promissory note issued to Streeterville, which had an initial principal of $5,455,000 and a maturity date of February 14, 2026. The repayment amount, which totaled approximately $4,466,202 (inclusive of a 9% prepayment penalty), was repaid using cash on hand and proceeds from the Company’s recent equity offerings described above. In connection with the Company’s repayment of the Note in full, the Company received a certificate from Streeterville reflecting its full repayment and release of obligations confirming that the Company has satisfied all of its obligations under the Note and that Streeterville has released the Company and its subsidiaries from any further obligations or liabilities related to the Note and the Note Purchase Agreement.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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