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

NOTE 13 – SUBSEQUENT EVENTS

 

The Company has evaluated all significant events or transactions that occurred through August XX, 2025, the date these consolidated financial statements were available to be issued.

 

Series C-1 Convertible Preferred Stock Redemptions

 

For the period beginning July 1, 2025 through the date of this report, the Company redeemed approximately 275 shares of Series C-1 Convertible Preferred Stock for $316,632.

 

Promissory Note Repayment

 

On July 3, 2025, the Company repaid the June 2025 Promissory Note.

 

Promissory Notes

 

On August 13, 2025, Amro Albanna, the Chief Executive Officer of the Company, and Shahrokh Shabahang, the Chief Innovation Officer of the Company, loaned $95,000 and $95,000, respectively, to the Company. The loans were evidenced by an unsecured promissory note (the “August 13th Notes”). Pursuant to the terms of the August 13th Notes, it will accrue interest at the Prime rate of seven and one-half percent (7.5%) per annum and is due on the earlier of February 13, 2025 or an event of default, as defined therein.

 

ELOC Activity

 

For the period beginning July 1, 2025 through the date of this report, the Company sold 1,569,021 shares at an average price of $1.01 per share under the ELOC. The sale of shares generated net proceeds of approximately $1,586,996 after paying fees and expenses.

 

At the Market Activity

 

For the period beginning July 1, 2025 through the date of this report, the Company sold 230,605 shares at an average price of $1.34 per share under the ATM. The sale of ATM shares generated net proceeds of approximately $293,450 after paying fees and expenses.