​

June 30,

​

December 31,

​

2025

2024

Beginning of period

​

$

9,862,378

​

$

9,140,257

Proceeds

​

—

​

10,000,000

Deferred financing costs

​

​

—

​

​

(145,717)

PIK interest

​

​

—

​

​

363,376

Amortization of deferred financing costs

​

​

24,286

​

​

279,019

Conversion

​

​

​

​

​

(9,774,557)

End of period

​

$

9,886,664

​

$

9,862,378

Less: current portion

​

—

​

—

Total convertible debt

​

$

9,886,664

​

$

9,862,378