Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | NOTE 17 – Subsequent Events
Private Placement On March 16, 2026 (the “Closing Date”), the Company closed a private placement, whereby we received gross proceeds of approximately $200,000 for the sale of 689,656 shares of Common Stock at an offering price of $0.29 per share to International Capital Partners LLC., a Florida limited liability company (“ICP”).
Chairman and Chief Executive Officer Transition The Company and Rajiv Shukla, the Company’s former Chairman and Chief Executive Officer, mutually agreed that Mr. Shukla would no longer serve as our Chairman, director and Chief Executive Officer as of the Closing Date. In connection with Mr. Shukla's separation from the Company, he and the Company entered into a separation and release of claims agreement, dated March 12, 2026 (the “Separation Agreement”), pursuant to which Mr. Shukla will receive a monthly payment of $30,000 for a period of 12 months (the “Severance Period”), beginning in April 2026; provided that the Severance Period shall increase to 18 months in the event that, within three months following the effective date of the Separation Agreement, the Company consummates a transaction or transactions resulting in any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becoming a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total power to vote for the election of directors of the Company. In addition, Mr. Shukla may receive a one-time, lump sum cash payment in satisfaction of the Executive’s accrued and unpaid bonus in the amount of $480,000 upon the closing of a capital raise of at least $1,000,000.
Effective as of the Closing Date, Janakiram Ajjarapu was appointed by the Board as a director of the Company, the Chairman of the Board and the Company’s Chief Executive Officer. Mr. Ajjarapu is the managing member of, and holds a direct minority membership interest in, ICP and serves as the trustee of a family trust that holds the remaining outstanding membership interests in ICP. |