Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 7 – Related Party Transactions
Related Party Ownership
The Company’s Chairman is a partner and licensed broker at President Street Global, a consultant for the Company. His combined ownership, both individually and through President Street Global, is approximately 17.35% of the Company’s outstanding common stock. During the six months ended June 30, 2025, the Chairman purchased an aggregate of common shares at the public offering price and on the same terms as the other purchasers in the June 2025 PIPE Offering for a purchase price of $500,000, which includes 337,838 June 2025 Series A Warrants, and 168,918 June 2025 Series B Warrants. The Company made payments of $0.3 million and $0.7 million for services rendered during the three and six months ended June 30, 2025, respectively, including offering commissions received as the broker in the June 2025 PIPE Offering. During each of the three and six months ended June 30, 2024, the Company made payments of $0.1 million for services rendered.
The CEO, individually as well as through companies he serves as managing member and managing partner, collectively owns 3.53% of the Company’s outstanding common stock, including common shares available upon exercise of vested options to purchase shares of the Company’s common stock. During the six months ended June 30, 2025, the CEO purchased an aggregate of common shares in the June 2025 PIPE Offering, including 60,806 June 2025 Series A Warrants, and 30,403 June 2025 Series B Warrants.
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