10. SUBSEQUENT EVENTS

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On July 6, 2026, the Company entered into a Subordinated Business Loan and Security Agreement (the “Second Subordinated Loan Agreement”) with Agile Lending, LLC, as lead lender, and Agile Capital Funding, LLC, as collateral agent, pursuant to which the Lenders (as such term is defined in the Second Subordinated Loan Agreement) agreed to make a second secured term loan to the Company and certain subsidiary co-borrowers. The Second Subordinated Loan Agreement is dated as of July 1, 2026.

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The Second Subordinated Loan Agreement is evidenced by a Subordinated Secured Promissory Note (the “Second Promissory Note”), which was issued in the principal amount of $1,050,000, will include interest charges of $441,000, and settled the Promissory Note, which was secured in January. The Second Promissory Note is scheduled to mature on January 26, 2027. The Second Promissory Note is expressly subordinated in right of payment to all Senior Indebtedness, as described in the Second Promissory Note. The Promissory Note is secured by a pledge on all assets. The collateral agent is authorized to take actions to perfect the security interests; however, the Second Subordinated Loan Agreement provides that a financing statement may be filed only upon an event of default.