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Notes Payable
 12 Months Ended
Dec. 31, 2025
Notes Payable [Abstract]  
Notes Payable

Note 9 - Notes Payable

 

On June 9, 2025, the Company received a redemption notice from Streeterville for a redemption payment in the amount of $300,000. The Company and Streeterville agreed that the Company would satisfy the redemption in shares of its common stock in lieu of cash. Pursuant to an Exchange Agreement, the Company issued 747,607 shares of common stock at an effective price of $0.4013 per share in exchange for a partitioned secured promissory note in the original principal amount of $300,000, and the outstanding balance of the original Note was reduced accordingly.

 

On July 2, 2025, the Company received a redemption notice from Streeterville Capital, LLC (“Streeterville”) for $350,000 under the secured promissory note issued to Streeterville (the “Note”). The Company entered into an Exchange Agreement with Streeterville and satisfied the redemption by issuing 520,049 shares of common stock at an effective price of $0.2761 per share in lieu of cash. In connection therewith, the parties 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 shares of common stock (the “Exchange”).

 

On July 23, 2025, the Company fully repaid and extinguished the remaining balance of the Note, which had an initial principal amount of $5,455,000. The total repayment was approximately $4,466,202, including a 9% prepayment penalty of $368,769, and was funded using cash on hand and proceeds from the Company’s July 2025 equity offerings. In connection with the repayment, $402,432 of accrued interest was settled and the remaining unamortized debt issuance costs of $121,875 and original issue discount of $181,247 were fully amortized The Company recognized a loss on debt extinguishment of approximately $438,834, which is included in other expense in the consolidated statements of operations. As of December 31, 2025, no amounts remained outstanding under the Note or the Note Purchase Agreement.