v3.26.1
CONVERTIBLE NOTES
 6 Months Ended
Jun. 30, 2026
Convertible Notes Payable [Abstract]  
CONVERTIBLE NOTES 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$— $— $— 
Issuance440,217 (53,717)386,500 18.0%2026
Amortization— 4,476 4,476 
Balance as of March 31, 2025440,217 (49,241)390,976 18.0%2026
Issuance2,050,000 (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— — — 
Issuance192,897 — 192,897 12.0%2027
Balance as of December 31, 2025192,897 — 192,897 12.0%2027
Issuance— — — 
Balance as of March 31, 2026192,897 — 192,897 12.0%2027
Issuance2,927,355 — 2,927,355 12.0%2027
Conversion to equity(433,504)— (433,504)12.0%2027
Balance as of June 30, 2026$2,686,748 $— $2,686,748 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 approximately $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. During the second quarter of 2026, the principal totals of $192,897 and accrued interest of $9,893, were converted into 302,672 shares of common stock per the terms of the notes.
During the second quarter of 2026, the Company issued three convertible notes in connection with the repayment of one loan classified as a loan payable and five promissory notes totaling $2.9 million. These convertibles notes all carry an annual interest rate of 12.0% and mature on March 31, 2027. Subsequent to issuance, during the second quarter 2026, $240,607 of these convertible notes were converted to 229,150 shares of common stock per the terms of the notes.