Related Party Transactions |
6 Months Ended |
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Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 8 - Related Party Transactions
Ms. Jana M. Schwan is the Company’s Chief Executive Officer. Her father, John H. Schwan, held several positions with the Company over many years, most recently as Chairman of the Board until June 2020 as discussed in Note 3, Mr. John H. Schwan was owed approximately $0.3 million as of both June 30, 2026 and December 31, 2025, in a note from the Company.
Icy Mellon LLC, the landlord of the Company’s Barrington Facility, is a shareholder of the Company. The Company’s Vice President – Strategy and Business Development also serves as a Manager of Icy Mellon LLC. On January 13, 2025, the Company issued shares of common stock with an aggregate fair value of approximately $182,000 to settle rent payable that had been included in accrued expenses as of December 31, 2024. Rent expense related to Barrington facility was approximately $144,000 and $139,000 for the three months ended June 30, 2026, and 2025, respectively. As of June 30, 2026 and December 31, 2025, amounts due to Icy Mellon LLC totaled approximately $283,000 and $234,000.
During the three months ended June 30, 2026, the Company received a cash advance of $75,000 from Icy Mellon LLC. The Company had previously received cash advances totaling $150,000 from Icy Mellon LLC during 2025, resulting in aggregate advances of $225,000 held as of June 30, 2026. The advances were provided pending the execution of a definitive agreement, and the specific terms and purpose of the advances have not yet been finalized. Accordingly, the advances have been recorded as advances from investor on the Company’s condensed consolidated balance sheets.
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