Convertible Line of Credit – Related Party and Supplemental Convertible Lines of Credit – Related Party (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Convertible Line of Credit – Related Party and Supplemental Convertible Lines of Credit – Related Party [Abstract] |
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| Schedule of Credit Facility Terms |
Credit Facility Terms | | | | | | | | | | | | | | | | | Facility | Agreement
Date | | | Commitment | | | Draw
Period | | Current
Maturity
(after Dec.
2025
extension) | Conversion
Floor Price | | Warrants
Authorized | | Warrant
Expiration | | Original Line of Credit | July 25, 2022 | | $ | 60.0 | M | | Through July 31, 2024 | | June 30, 2027 | $3.00/share | | 1,700,000 shares | | July 31, 2029 | | Supplemental LOC (2024) | March 29, 2024 | | $ | 10.0 | M | | Through March 31, 2025 | | June 30, 2027 | $3.00/share | | 200,000 shares | | July 31, 2029 | | November 2024 Supplemental LOC | November 14, 2024 | | $ | 6.0 | M | | Through May 31, 2025 (as amended) | | June 30, 2027 | $3.00/share | | 120,000 shares | | July 31, 2029 | | March 2025 Supplemental LOC | March 31, 2025 | | $ | 5.0 | M | | Through September 30, 2025 | | June 30, 2027 | $3.00/share | | 100,000 shares | | July 31, 2029 | | July 2025 Supplemental LOC | July 8, 2025 | | $ | 10.0 | M | | Through April 30, 2026 | | June 30, 2027 | $3.00/share | | 200,000 shares | | Not stated | | December 2025 Supplemental LOC | December 19, 2025 | | $ | 10.0 | M | | Through January 31, 2027 | | June 30, 2027 | $4.38/share | | 200,000 shares | | Not stated |
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| Schedule of Promissory Note Draws |
Promissory Note Draws
| | | | | | | | | | | | | | | | | | | | | | | |
|
Draw
Date
|
Facility
|
| |
Principal
| |
| |
Stated Rate
(AFR + 2%)
| |
Effective
Rate
|
| |
Conversion
Price
| |
| |
Accrued
Interest June 30, 2026
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| |
Accrued Interest
December 31, 2025
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|
Dec 19, 2022
|
Original LOC
|
| $ | 10.0 | M |
| | 6.46 | % |
~7.1%
|
| $ | 3.00 | |
| $ | 2,556,000 | |
| $ | 2,158,000 | |
|
Mar 31, 2023
|
Original LOC
|
| $ | 10.0 | M |
| | 6.41 | % |
~7.1%
|
| $ | 3.00 | |
| $ | 2,309,000 | |
| $ | 1,922,000 | |
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Jun 30, 2023
|
Original LOC
|
| $ | 10.0 | M |
| | 6.34 | % |
~7.1%
|
| $ | 3.00 | |
| $ | 2,089,000 | |
| $ | 1,713,000 | |
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Dec 29, 2023
|
Original LOC
|
| $ | 10.0 | M |
| | 7.13 | % |
~7.5%
|
| $ | 3.00 | |
| $ | 1,950,000 | |
| $ | 1,532,000 | |
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Mar 29, 2024
|
Original LOC
|
| $ | 10.0 | M |
| | 6.62 | % |
~7.1%
|
| $ | 3.00 | |
| $ | 1,606,000 | |
| $ | 1,229,000 | |
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Jun 28, 2024
|
Original LOC
|
| $ | 10.0 | M |
| | 7.01 | % |
~7.4%
|
| $ | 3.00 | |
| $ | 1,505,000 | |
| $ | 1,110,000 | |
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Sep 30, 2024
|
Supplemental LOC (2024)
|
| $ | 10.0 | M |
| | 6.48 | % |
~6.4%
|
| $ | 3.00 | |
| $ | 1,197,000 | |
| $ | 841,000 | |
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Apr 30, 2025
|
Nov 2024 Supplemental LOC
|
| $ | 6.0 | M |
| | 6.13 | % |
~6.4%
|
| $ | 3.00 | |
| $ | 441,000 | |
| $ | 248,000 | |
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Jun 30, 2025
|
Mar 2025 Supplemental LOC
|
| $ | 5.0 | M |
| | 5.93 | % |
~6.4%
|
| $ | 3.00 | |
| $ | 305,000 | |
| $ | 150,000 | |
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Dec 31, 2025
|
Jul 2025 Supplemental LOC
|
| $ | 10.0 | M |
| | 5.6 | % |
~5.9%
|
| $ | 4.05 | |
| $ | 283,000 | |
| | — | |
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| Warrants Issued |
Warrants Issued | | | | | | | | | | | | | | | | | | | | | | | | | | | | Issuance
Date | Related Draw | | | Shares | | | | Exercise
Price | | | | Grant-Date Fair
Value | | | | Expected
Life | | | | Volatility | | | | Risk-Free
Rate | | | Jul 25, 2022 | At closing (Original LOC) | | | 500,000 | | | $ | 5.00 | | | $ | 738,000 | | | | 7.00 | yrs | | | 92 | % | | | 3.19 | % | | Dec 19, 2022 | Original LOC draw | | | 200,000 | | | $ | 3.00 | | | $ | 160,780 | | | | 7.00 | yrs | | | 91 | % | | | 4.06 | % | | Mar 31, 2023 | Original LOC draw | | | 200,000 | | | $ | 3.26 | | | $ | 296,680 | | | | 6.33 | yrs | | | 88 | % | | | 3.94 | % | | Jun 30, 2023 | Original LOC draw | | | 200,000 | | | $ | 3.00 | | | $ | 179,920 | | | | 6.08 | yrs | | | 85 | % | | | 3.59 | % | | Dec 29, 2023 | Original LOC draw | | | 200,000 | | | $ | 3.00 | | | $ | 193,745 | | | | 5.70 | yrs | | | 79 | % | | | 4.49 | % | | Mar 29, 2024 | Original LOC draw | | | 200,000 | | | $ | 3.59 | | | $ | 277,389 | | | | 5.33 | yrs | | | 75 | % | | | 4.19 | % | | Jun 28, 2024 | Original LOC draw | | | 200,000 | | | $ | 3.39 | | | $ | 260,000 | | | | 5.03 | yrs | | | 77 | % | | | 4.29 | % | | Sep 30, 2024 | Supplemental LOC (2024) draw | | | 200,000 | | | $ | 4.13 | | | $ | 307,780 | | | | 4.83 | yrs | | | 78 | % | | | 3.58 | % | | Apr 30, 2025 | Nov 2024 Supplemental LOC draw | | | 120,000 | | | $ | 3.00 | | | $ | 80,040 | | | | 4.25 | yrs | | | 84 | % | | | 3.65 | % | | Jun 30, 2025 | Mar 2025 Supplemental LOC draw | | | 100,000 | | | $ | 3.00 | | | $ | 132,000 | | | | 4.08 | yrs | | | 86 | % | | | 3.75 | % | | Dec 31, 2025 | Jul 2025 Supplemental LOC draw | | | 200,000 | | | $ | 4.05 | | | $ | 454,000 | | | | 3.58 | yrs | | | 92 | % | | | 3.55 | % |
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| Related Amortization Expense |
Related Amortization Expense (recorded as interest expense)
| | | | | | | | | | | | | | Six Months Ended | | | | June 30, | | Warrant Tranche | Amortization Period (current) | | | 2026 | | | | 2025 | | | Jul 2022 closing warrants (deferred financing cost) | Jul 25, 2022 – Jun 30, 2027 | | $ | 24,000 | | | $ | 104,000 | | | Dec 2022 draw warrants | Dec 19, 2022 – Jun 30, 2027 | | $ | 6,000 | | | $ | 26,000 | | | Mar 2023 draw warrants | Mar 31, 2023 – Jun 30, 2027 | | $ | 12,000 | | | $ | 52,000 | | | Jun 2023 draw warrants | Jun 30, 2023 – Jun 30, 2027 | | $ | 8,000 | | | $ | 35,000 | | | Dec 2023 draw warrants | Dec 29, 2023 – Jun 30, 2027 | | $ | 11,000 | | | $ | 47,000 | | | Mar 2024 draw warrants | Mar 29, 2024 – Jun 30, 2027 | | $ | 17,000 | | | $ | 76,000 | | | Jun 2024 draw warrants | Jun 28, 2024 – Jun 30, 2027 | | $ | 19,000 | | | $ | 82,000 | | | Sep 2024 draw warrants | Oct 1, 2024 – Jun 30, 2027 | | $ | 27,000 | | | $ | 116,000 | | | Apr 2025 draw warrants | Apr 30, 2025 – Jun 30, 2027 | | $ | 12,000 | | | $ | 19,000 | | | Jun 2025 draw warrants | Jun 30, 2025 – Jun 30, 2027 | | $ | 26,000 | | | | — | | | Dec 2025 draw warrants | Dec 31, 2025 – Jun 30, 2027 | | $ | 151,000 | | | | — | | | Total | | | $ | 313,000 | | | $ | 557,000 | |
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