Debt / Notes Payable |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Debt Disclosure [Abstract] | |
| Debt / Notes Payable | (12) Debt / Notes Payable
The Company previously had four promissory notes outstanding with an aggregate principal balance of $117,500, all of which were issued between 2012 and 2021 by prior management to unaffiliated third parties. For an extended period, the Company had not made payments on these instruments and had not received demands for payment or other communications from the noteholders.
Management evaluated the status of these obligations under applicable statutes of limitation governing enforcement of debt instruments and, based on that evaluation and consultation with legal counsel, concluded that claims for repayment are time-barred and not enforceable. In reaching this conclusion, management considered, among other factors, the absence of creditor activity for many years and the absence of tolling agreements, waivers, acknowledgments, or other events that would extend or revive the applicable limitations period.
Accordingly, during the third quarter of 2025, the Company derecognized the full aggregate principal balance of these obligations pursuant to ASC 405-20-40-1(b). The corresponding gain on extinguishment was recognized in other income during the year ended December 31, 2025.
The Company continues to monitor communications and claims, if any, relating to historical obligations. |