RELATED PARTY TRANSACTIONS |
6 Months Ended |
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Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 13 – RELATED PARTY TRANSACTIONS
We have certain office space leases whereby the entity leasing the office space as the lessor is controlled or owned by Dr. Prabhu Rachakonda, the founder of SCN and an employee of the Company. The details of these leases are as follows:
Lease #1 – In November 2024, SCN entered into an amended office lease agreement for $22,186 per month with an annual 3% increase to the monthly rent effective each succeeding November. The remaining lease term is for approximately 8.3 years as of June 30, 2026. The Company paid approximately $133 thousand in fixed rent amounts for the six months ended June 30, 2026.
Lease #2 – In January 2024, SCN entered into an office lease agreement when the previous agreement expired. The monthly amount for the lease is $11,452 and has a remaining lease term of 2.5 years as of June 30, 2026. The Company paid approximately $69 thousand in fixed rent amounts for the six months ended June 30, 2026.
Lease #3 – As of December 31, 2025, the Company has an office lease with five years remaining on its lease term. The monthly lease amount is $12,320 and increases each April by 3% and has a remaining lease term of 4.5 years as of June 30, 2026. The Company paid approximately $79 thousand in fixed rent amounts for the six months ended June 30, 2026.
On June 30, 2026, our Chairman and Chief Executive Officer, R. Kirk Huntsman purchased $50,000 of Units in the PIPE SPA at $ per Unit with each Unit consisting of (i) one share of Preferred Stock with a stated value of $0.456 per share, convertible into one share of Common Stock on a one-for-one basis, and (ii) Common Stock purchase Warrants to purchase a number of shares of Common Stock equal to 100% of the number of shares of Common Stock issuable upon conversion of the Preferred Stock included in such Unit.
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