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Fair Value on a Recurring Basis:

3 Months Ended

Mar. 31, 2026

Fair Value on a Recurring Basis:

Fair Value on a Recurring Basis:

Note 9 - Fair Value on a Recurring Basis:

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the warrant liability and bifurcated embedded derivatives represent Level 3 measurements. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

​

​	​	​	​	​	​	​	​	​
​	​	​	​	March 31,		​	December 31,
Description	​ ​ ​	Level	​ ​ ​	2026		​ ​ ​	2025
Liabilities:		​		​	​		​	​
Warrant liability (Note 6)		3	​	$	15,000	​	$	9,000
Derivative liability (Note 6)		3	​	$	3,764,000	​	$	2,114,000

​

The following table sets forth a summary of the change in the fair value of the Series B Warrant liability that is measured at fair value on a recurring basis:

​

​	​	​	​
Balance on December 31, 2025	​ ​ ​	$	9,000
Change in fair value of warrant liabilities	​		6,000
Balance on March 31, 2026	​	$	15,000

​

The following table sets forth a summary of the change in the fair value of the Series D Convertible Preferred Stock bifurcated embedded derivative liability that is measured at fair value on a recurring basis:

​

​	​	​	​
Balance on December 31, 2025	​ ​ ​	$	2,000
Change in fair value of derivative liability Series D Convertible Preferred Stock	​	​	(1,000)
Balance on March 31, 2026	​	$	1,000

​

The following table sets forth a summary of the change in the fair value of the Series E Convertible Preferred Stock bifurcated embedded derivative liability that is measured at fair value on a recurring basis:

​

​	​	​	​
Balance on December 31, 2025	​ ​ ​	$	2,112,000
Change in fair value of derivative liability Series E Convertible Preferred Stock	​		1,651,000
Balance on March 31, 2026	​	$	3,763,000

​

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- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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