Venture Loan and Security Agreement |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Venture Loan and Security Agreement [Abstract] | |
| Venture Loan and Security Agreement |
Note 10 – Venture Loan and Security Agreement
In August 2022, the Company entered into a Venture Loan and Security Agreement (the “Loan and Security Agreement”) with
Horizon Technology Finance Corporation, as a lender and collateral agent for itself and the other Lenders (in such capacity, the “Collateral Agent”), and
the other persons party thereto from time to time as lenders (“Lenders”). The Company’s indebtedness under the Loan and Security Agreement was retired and
satisfied in full with a portion of the proceeds received from the Securities Purchase Agreement, as discussed in Note 11 below.
The Company recognized zero
interest expense for the three and six months ended June 30, 2026 and $277,859 and $1,206,035 for the three and six months ended June 30, 2025, respectively; and zero amortization of debt discount for the three and six months ended June 30, 2026 and $82,329
and $354,907, for the three and six months ended June 30, 2025, respectively.
During the three months ended June 30, 2025, the Company recognized $1,107,005 of interest expense associated with extinguishment of debt recorded under the Loan and Security Agreement.
|