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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2025
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 13: SUBSEQUENT EVENTS

Subsequent to December 31, 2025 and through the date of this filing, the Company sold 20,000 shares under the 2025 Lincoln Park Agreement for gross proceeds of approximately $6,000. As of the date of issuance, total gross proceeds to the Company over the life of the 2025 Lincoln Park Agreement is $6,000 and the value of the remaining availability was approximately $9,994,000 that could be sold to Lincoln Park under the 2025 Lincoln Park Agreement, subject to the terms of the 2025 Lincoln Park Agreement.

On January 30, 2026, the Company entered into a Subordinated Business Loan and Security Agreement (the “Subordinated Loan Agreement”) with Agile Lending, LLC, as lead lender, and Agile Capital Funding, LLC, as collateral agent, pursuant to which the Lenders (as such term is defined in the Subordinated Loan Agreement) agreed to make a secured term loan to the Company and certain subsidiary co-borrowers.

The term loan is evidenced by a Subordinated Secured Promissory Note (the “Promissory Note”), which was issued in the principal amount of $1,050,000, will include interest charges of $441,000, and is scheduled to mature on August 26, 2026. The Promissory Note is expressly subordinated in right of payment to all Senior Indebtedness, as described in the Promissory Note. The collateral agent is authorized to take actions to perfect the security interests; however, the Subordinated Loan Agreement provides that a financing statement may be filed only upon an event of default. The Company will use the proceeds for general corporate purposes.