​

  ​ ​ ​

December 31,

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Beginning of period

​

$

9,862,378

​

$

9,140,257

Principal repayments

​

​

(10,100,000)

​

​

​

Proceeds

​

10,000,000

​

10,000,000

Deferred financing costs

​

​

—

​

​

(145,717)

PIK interest

​

​

—

​

​

363,376

Amortization of deferred financing costs

​

​

137,622

​

​

279,019

Conversion

​

​

—

​

​

(9,774,557)

End of period

​

$

9,900,000

​

$

9,862,378

Less: current portion

​

1,300,000

​

—

Total convertible debt

​

$

8,600,000

​

$

9,862,378