Notes Payable – Related Parties |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Notes Payable – Related Parties [Abstract] | |
| NOTES PAYABLE – RELATED PARTIES | NOTE 4 – NOTES PAYABLE – RELATED PARTIES
Short-Term Promissory Notes
During February, March and April 2026, the Company issued unsecured short-term promissory notes to certain existing shareholders and a director in the aggregate principal amount of $168,158 for working capital purposes. The notes bore interest at 12% per annum and were repayable upon the earlier of the closing of the Company’s Series C Convertible Preferred Stock financing or their stated maturity dates.
On April 21, 2026, following the closing of the Company’s Series C Convertible Preferred Stock financing, all outstanding short-term promissory notes, together with accrued interest thereon, were repaid in full. Accordingly, short-term promissory notes were outstanding as of June 30, 2026.
Convertible Promissory Notes
During May 2025, the Company issued convertible promissory notes in the aggregate principal amount of $1,500,000 to existing investors, members of management and directors to provide interim working capital pending the Company’s anticipated direct listing on the Nasdaq Capital Market. The notes bore interest at 10% per annum and provided for the automatic conversion of all outstanding principal and accrued interest into shares of the Company’s common stock upon the Company’s Nasdaq listing.
On April 23, 2026, in connection with the Company’s direct listing on the Nasdaq Capital Market, all outstanding convertible promissory notes, together with accrued and unpaid interest totaling approximately $147,000, automatically converted into an aggregate of 20,600 shares of the Company’s common stock in accordance with their terms. As a result of the conversion, convertible promissory notes remained outstanding as of June 30, 2026.
The Company recorded interest expense related to notes payable of $10,633 and $48,852 for the three and six months ended June 30, 2026, respectively, and $23,949 and $25,264 for the three and six months ended June 30, 2025, respectively. Interest expense is included in other income (expense) in the accompanying condensed statements of operations. |