Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 12—SUBSEQUENT EVENTS
The Company has evaluated subsequent events that occurred after March 31, 2026 through May 20, 2026, the issuance date of these financial statements.
On April 1, 2026, the Company issued 50 shares of series E preferred stock as payment of quarterly dividends on such shares.
On April 2, 2026, the Company issued (i) a non-qualified stock option for the purchase of 150,000 shares of common stock at an exercise price of $1.88 per share, which vested immediately, and (ii) a non-qualified stock option for the purchase of 100,000 shares of common stock at an exercise price of $1.88 per share, which vests 25% on the first anniversary of the date of grant and monthly thereafter for the remaining 36 months, each under the Company’s 2022 Stock Incentive Plan.
On April 7, 2026, the Company issued 37,129 shares of common stock to a service provider.
On April 10, 2026, all principal and accrued interest due under the secured convertible promissory notes described in Note 7 was exchanged for 583 shares of series E convertible preferred stock in accordance with the terms of the secured convertible promissory notes. As described in Note 10, the conversion price of the series E convertible preferred stock is subject to a floor price of 20% of the “Minimum Price” as defined in Nasdaq Rule 5635, calculated as of the most recent issuance date after the first issuance. Following this issuance, the floor price is $0.376.
On April 23, 2026, the Company entered into a global amendment with Streeterville, pursuant to which the exercise price of the warrants issued to it on November 17, 2025, February 9, 2026 and February 16, 2026 (see Note 10) was reduced to $2.25 per share (subject to standard adjustments for stock splits, stock dividends, recapitalizations and similar transactions). The Company has the right to terminate the global amendment within ninety (90) days of execution upon at least two (2) trading days’ written notice, during which time Streeterville may exercise the warrants at the foregoing price.
On April 27, 2026, the Company issued 3,669 shares of common stock to a service provider.
On May 13, 2026, the Company issued 127,770 shares of common stock upon the conversion of 140 shares of series E convertible preferred stock. |