RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 11 – RELATED PARTY TRANSACTIONS
On September 18, 2024, the Company entered into a consulting agreement with DRE Chicago LLC (“DRE Chicago”), whose principal is Paramita Das. Ms. Das was previously Chief Strategy Officer and Senior Advisor to the Chief Executive Officer of the Company. Additionally, in December 2024, the Company entered into a binding term sheet with DRE Chicago, providing for a loan in the principal amount of $250,000, bearing interest at a rate of 15% per annum, and maturing in March 2025 (the “Maturity Date”). The Company agreed to issue to DRE Chicago an aggregate of $375,000 in Common Stock as an equity kicker. DRE Chicago was also entitled to receive warrants up to 50% of the Common Stock issued as the equity kicker, with 10 warrants exercisable for one share of Common Stock at an exercise price of $115.00 in accordance with the private placement terms. The Company recognized interest expense of $7,187 during the three months ended March 31, 2025. As of December 31, 2025, the Company repaid the principal amount of $250,000 along with accrued interest of $9,166 and issued shares of Common Stock and 52,374 warrants to DRE Chicago. Ms. Das terminated her employment with the Company in November 2025 and is no longer considered a related party as of March 31, 2026.
In December 2024, the Company entered into a binding Term Sheet (the “Endurance Term Sheet”) with Endurance Antarctica Partners II, LLC (“Endurance”), an affiliate of a director at the time and a shareholder, providing for a loan (the “Endurance Loan”) in the aggregate principal amount of $1,750,000, bearing interest at a rate of 15% per annum, and maturing in March 2025 (the “Endurance Maturity Date”). The Company agreed to issue to Endurance $3,500,000 in Common Stock as an equity kicker. Endurance was also entitled to receive warrants up to 50% of the Common Stock issued as the equity kicker, with 10 warrants exercisable for one share of Common Stock at an exercise price of $115.00 in accordance with the private placement terms. The Company recognized interest expense of $51,042 during the three months ended March 31, 2025. As of December 31, 2025, the Company repaid the principal amount of $1,750,000 along with accrued interest of $70,000 and issued shares of Common Stock and 488,826 warrants to Endurance.
Stardust Power Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
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