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Subsequent Events
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS

 

On July 16, 2025, the Company resolved to effect a reverse stock split of the Company’s outstanding common stock, par value $0.001 per share (the “Common Stock”) with the split ratio set at 1-for-10 (the “Reverse Stock Split”).

 

Upon the effectiveness of the Reverse Stock Split, every ten shares of issued and outstanding Common Stock before the close of business on July 17, 2025 was combined into one issued and outstanding share of Common Stock, with no change in par value per share. The Company’s Common Stock opened for trading on Nasdaq on July 18, 2025 on a post-split basis.

 

The Company decided to round up to the next full share of the Company’s Common Stock any fractional shares resulting from the Reverse Stock Split. Accordingly, this adjustment reduced the total number of issued and outstanding shares of the Company’s Common Stock from approximately 25.3 million to approximately 2.53 million immediately after the effectiveness of the Reverse Stock Split.

 

The Company previously sold and issued to Bucktown Capital, LLC certain Promissory Note dated April 2, 2021 in the original principal amount of $5,250,000. On July 22, 2025, both parties agreed to exchange the original principal amount of $250,000 for the delivery of 123,152 shares of the Company’s Common Stock. On July 31, 2025, both parties agreed to exchange the original principal amount of $250,000 for the delivery of 132,275 shares of the Company’s Common Stock. On August 8, 2025, both parties agreed to exchange the original principal amount of $200,000 for the delivery of 134,408 shares of the Company’s Common Stock.