v3.26.1
Note 7 - Promissory Notes Due to 3i, LP ("3i")
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

7. Promissory Notes due to 3i, LP ("3i")

 

3i Convertible Senior Promissory Notes (2024) (collectively the "2024 Notes")

 

On January 18, 2024, the Company entered into a Securities Purchase Agreement (the "SPA"), as amended, with 3i, pursuant to which three senior convertible promissory notes were issued as follows:

 

 i.On January 18, 2024, in an aggregate principal amount of $440,000 due on  January 18, 2025, and with a set conversion price of $268.50 per share, for an aggregate purchase price of $400,000, representing an approximate 10% original issue discount (the “First Note”).
   
 ii.On  February 13, 2024, in an aggregate principal amount of $440,0000 due on  February 13, 2025, and with a set conversion price of $243.00 per share, for an aggregate purchase price of $400,000, representing an approximately 10% original issue discount (the “Second Note”).
   
 iii.On  March 14, 2024, in an aggregate principal amount of $660,000 due on  March 14, 2025, and with a set conversion price of $210.00 per share, for an aggregate purchase price of $600,000, representing an approximately 10% original issue discount (the “Third Note”).

 

The Company agreed to pay interest to 3i on the aggregate unconverted and then outstanding principal amount of the 2024 Notes at the rate of 8% per annum with interest payments commencing one month after the initial receipt of net proceeds.

 

The 2024 Notes and accrued interest were redeemed in full and cancelled on  May 6, 2024.