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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2025
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS The Company evaluated subsequent events from the balance sheet date of December 31, 2025, through March 30, 2026, the date these consolidated financial statements were issued. Material subsequent events include: On January 8, 2026, the Company appointed Tony Kirton as Chairman of the Board of Directors. The Company granted an RSU award to the Chair of its Board of Directors with a grant date fair value of $200,000 (the “Chair Award”). The number of RSUs granted was determined by dividing the target grant date fair value by the closing price of the Company’s common stock on the grant date of $4.63 per share, resulting in an award of 43,197 RSUs. The Chair Award vests in full on the one-year anniversary of the grant date, January 8, 2027, subject to the Chair’s continued service through such date. Stock-based compensation expense associated with the Chair Award will be recognized on a straight-line basis over the one-year requisite service period commencing January 8, 2026. On January 26, 2026, the Company closed a registered public offering, issuing 4,500,000 shares of Class B common stock and accompanying common stock warrants to purchase up to 4,500,000 shares of Class B common stock. The combined public offering price was $2.00 per share and accompanying warrant, resulting in gross proceeds of approximately $9.0 million, before deducting placement agent fees and other offering expenses. The warrants were issued with an exercise price of $2.00 per share, became exercisable immediately, and expire five years from the issuance date. In connection with the January 2026 Public Offering, the Company’s utilization of the ELOC became subject to a 45-day lock-up period, which expired on March 12, 2026. On March 12, 2026, the Company entered into a warrant inducement agreement with certain holders of the warrants previously issued in the January 2026 public offering. Pursuant to the agreement, the holders exercised warrants to purchase 3,167,500 shares of Class B common stock for gross cash proceeds of approximately $6.3 million, before deducting financial advisor fees and other transaction expenses. In consideration for the immediate cash exercise of these warrants, the Company issued new, unregistered warrants to purchase up to 4,751,250 shares of Class B common stock. The new warrants have an exercise price of $3.50 per share, are immediately exercisable, and expire five years from the date of issuance. Combined with additional warrant exercises during the first quarter of 2026, the Company received aggregate gross cash proceeds of approximately $8.1 million from warrant exercises subsequent to December 31, 2025.

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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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