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Subsequent Events
9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS

 

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 October 9, 2025, both parties agreed to exchange the original principal amount of $200,000 for the delivery of 137,080 shares of the Company’s Common Stock. On October 24, 2025, both parties agreed to exchange the original principal amount of $200,000 for the delivery of 163,934 shares of the Company’s Common Stock.

 

On October 13, 2025, the compensation committee (the “Compensation Committee”) of the Company’s board of directors (the “Board”) and the Board adopted the Inducement Plan, pursuant to which the Company reserved up to 1,000,000 shares of Common Stock, to be used exclusively for grants of equity-based awards to individuals who were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company within the meaning of Nasdaq Listing Rule 5635(c)(4).

 

On October 15, 2025, the Company granted 290,000 restricted stocks, which vest on the six month anniversary of the Date of Grant, to three employees in the engineering department.

 

On October 23, 2025, the Company received entered into securities purchase agreements with certain accredited investors (the “Investors”), pursuant to which the Company agreed to issue and sell, in a private placement (the “Private Placement”), an aggregate of 17,000,000 shares of common stock, par value $0.001 per share (the “Common Stock”) included in 17,000,000 units (the “Units”), each consisting of one share of Common Stock, and one warrant, each exercisable to purchase one share of Common Stock (each, a “Warrant”), at a purchase price of $1.18 per Unit, which is the closing price of the shares of Common Stock of the Company on October 22, 2025, for gross proceeds of $20,060,000. The Company plans to use the process for working capital and general corporate purposes.

 

The Company issued the 16,999,999 units of Shares at a purchase price of $1.305 per Unit for gross proceeds of approximately $22,185,000 and Offering closed on November 10, 2025.