Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 18 – Related Party Transactions
Kaufman Kapital, led by Daniel Kaufman, is a beneficial owner holding more than 10% of the Company’s outstanding common stock.
On July 15, 2024, the Company entered into a Securities Purchase Agreement with Daniel L. Kaufman, as described in Note 12. As of December 31, 2025 the principal outstanding on the Convertible Note was $3,400,000. Kaufman Kapital exercised the $1.00 Warrant on June 24, 2025, as described in Note 15. The $1.50 Warrant has not been exercised as of December 31, 2025.
On August 29, 2024, the Company borrowed $1,200,000 from Kaufman Kapital pursuant to the Secured Note, as described in Note 12.
On May 7, 2025, September 30, 2025, and November 17, 2025 the Company repaid $325,000, $375,000, and $500,000 of principal on the Secured Note. The principal outstanding is $0 as of December 31, 2025.
Subsequent to December 31, 2025, the Company entered into a $1,500,000 Senior Secured Promissory Note with Kaufman Kapital. In addition, Kaufman Kapital converted $500,000 of principal outstanding under the Company’s Convertible Note into shares of the Company’s common stock. See Note 21 – Subsequent Events.
Eagle Vision Fund LP is led by the Company’s CFO, John Dalfonsi.
As discussed further in Note 12 above, on various dates from January 9, 2024 through May 22, 2024, the Company completed the sale of an aggregate $1,675,000 of Senior Secured Notes and Warrants to purchase an aggregate of 518,750 shares of the Company’s common stock, to a group of investors led by Eagle Vision Fund LP.
During the year ended December 31, 2025 the Company repaid $1,560,000 of remaining principal outstanding under the Senior Secured Notes resulting in the payment in full of such notes as of December 31, 2025.
During the year ended December 31, 2025, of the 518,750 Warrants issued to purchasers of the Senior Secured Notes, Warrants were exercised to purchase an aggregate of shares of the Company’s common stock at an exercise price of $1.00 per share for aggregate cash proceeds of $350,000.
|