v3.26.1
CONVERTIBLE NOTES
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Convertible Notes    
CONVERTIBLE NOTES

10. CONVERTIBLE NOTES

 

Table 10: Details of Convertible Notes

 

 

   Principal Value   Unamortized Discount and
Issuance Costs		   Convertible Notes Carrying
Balance		   Weighted Average Interest Rate  Maturity
(Calendar Year)
Balance as of December 31, 2024  $—   $—   $—         
Issuance   440,217    (53,717)   386,500    18.0%   2026
Amortization   —    4,476    4,476         
Balance as of March 31, 2025   440,217    (49,241)   390,976    18.0%   2026
Issuance   2,050,000    (60,000)   1,990,000    15.1%   2026
Conversion to equity   (2,490,217)   82,465    (2,407,752)   18.0%   2026
Amortization   —    26,776    26,776         
Balance as of June 30, 2025   —    —    —         
Issuance   —    —    —         
Balance as of September 30, 2025   —    —    —         
Issuance   192,897    —    192,897    12.0%   2027
Balance as of December 31, 2025   192,897    —    192,897    12.0%   2027
Issuance   —    —    —         
Balance as of March 31, 2026  $ 192,897   $—   $192,897    12.0%   2027

 

During the first quarter of 2025, the Company issued convertible notes in the amount of $440,217 for proceeds of $386,500 to three unaffiliated investors. The notes had a one year term and carried an annual interest rate of 18.0%.

 

During the second quarter of 2025, the Company issued convertible notes in the amount of $2.1 million for proceeds of $2.0 million. All convertible notes were fully converted to Series G Convertible Preferred Stock. See Note 15 – Equity.

 

During the fourth quarter of 2025, the Company issued convertible notes in the amount of $192,897 to one investor, Yield Point LLC. These notes were issued in connection with the repayments of two promissory notes. No cash was received or paid by the Company. This convertible note carries an annual interest rate of 12.0% and has a one year term.

 

 

 

12.CONVERTIBLE NOTES

 

Table 12: Details of Convertible Notes
   Principal Value   Unamortized Discount and
Issuance Costs		   Convertible Notes Carrying
Balance		   Weighted Average Interest Rate   Maturity
(Calendar Year)
Balance as of December 31, 2024  $—   $—   $—         
Issuance   440,217    (53,717)   386,500    18.0%  2026
Amortization   —    4,476    4,476         
Balance as of March 31, 2025   440,217    (49,241)   390,976    18.0%  2026
Issuance   2,050,000    (60,000)   1,990,000    15.1%  2026
Conversion to equity   (2,490,217)   82,465    (2,407,752)   18.0%  2026
Amortization   —    26,776    26,776         
Balance as of June 30, 2025   —    —    —         
Issuance   —    —    —         
Balance as of September 30, 2025   —    —    —         
Issuance   192,897    —    192,897    12.0%  2027
Balance as of December 31, 2025  $192,897   $—   $192,897         

 

During the first quarter of 2025, the Company issued convertible notes in the amount of 440,217 for proceeds of 386,500 to three unaffiliated investors. The notes had a one year term and carried an annual interest rate of 18.0%.

 

During the second quarter of 2025, the Company issued convertible notes in the amount of 2.1 million for proceeds of 2.0 million. All convertible notes were fully converted to Series G Convertible Preferred Stock. See Note 17 – Equity.

 

During the fourth quarter, the Company issued convertible notes in the amount of $192,897 to one investor, Yield Point LLC. These notes were issued in connection with the repayments of two promissory notes. No cash was received or paid by the Company. This convertible note carries an annual interest rate of 12.0% and has a one year term.