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Subsequent Events | 3 Months Ended
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Mar. 31, 2026
Subsequent Events [Abstract] |
Subsequent Events | Note 14 — Subsequent Events Resignation of Andrew Oakley and Thomas Meier as Directors; Elections of Sammy Dorf as Chairman of the Board: Effective on April 20, 2026, Andrew Oakley and Thomas Meier notified the Board of their resignation from the Board. As a result of their resignation from the Board and effective as of the date mentioned herein, Mr. Oakley has also resigned from his position as Chairman of the Board and his service on the Audit Committee, Compensation Committee and the Nominating and Corporate Governance Committee, and Mr. Meier has also resigned from his service on the Compensation Committee. Effective on April 23, 2026, the Board has appointed Sammy Dorf, an existing member of the Board, as Chairman of the Board. In connection with Mr. Dorf’s election as Chairman, the Compensation Committee of the Board has agreed to compensate Mr. Dorf $20,000 per year, with $5,000 payable on a quarterly basis, commencing on the date of his election. Election of Josh Epstein: Effective as of April 23, 2026, the Board elected Josh Epstein to serve as a member of the Board and a member of the Audit Committee, Compensation Committee and as the chair of the Nominating and Corporate Governance Committee. Mr. Epstein, a Class II director, will serve for a term expiring at the Company’s 2026 annual meeting of stockholders. For his service on the Board, Mr. Epstein will receive compensation consistent with that of other non-employee directors. Result of the Special Meeting of Stockholders of the Company held on April 30, 2026: On April 30, 2026, the Company held a special meeting of stockholders (the “April 2026 Special Meeting”). At the April 2026 Special Meeting, the stockholders of the Company approved the stockholder proposal to grant discretionary authority to Board to amend the Amended and Restated Certificate of Incorporation of the Company to effect one or more reverse stock splits of the Common Stock, at a ratio in the range of 1-for-2 to 1-for-10, provided that, (i) the Company shall not effect the aforementioned reverse stock splits that, in the aggregate, exceed 1-for-100, and (ii) any such reverse stock split is completed no later than the one year anniversary date of the April 2026 Special Meeting. ELOC Draws and Series D & E Preferred Stock Conversions: In the period between March 31, 2026, and May 12, 2026, the Company issued a total of 8,710,353 shares of common stock through conversions of preferred stock and a sale on the ELOC. The total shares of Series D Preferred Stock converted during this period were 1,796 in exchange for 1,537,118 shares of common stock. The total shares of Series E Preferred Stock converted during this period were 7,581 in exchange for 6,603,654 shares of common stock. The remaining outstanding shares of preferred stock as of May 12, 2026 are 8,156 for Series D Preferred Stock and 0 for Series E Preferred stock. Additionally, the Company received proceeds of approximately $994 thousand on the sale of 569,581 shares under the ELOC.

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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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