SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 8—SUBSEQUENT EVENTS
The Company evaluated subsequent events through the date these financial statements were available to be issued and filed with the SEC.
Loan Extension Agreements
Subsequent to June 30, 2026, the Company entered into loan extension agreements extending the maturity date, of all of its then-outstanding notes payable which had previously been extended to June 30, 2026, to March 30, 2027.
During August 2026, the Company entered into a loan extension agreement with Jan Loeb, the Company’s Executive Chairman, extending the maturity of the bridge loan payable to Mr. Loeb, with net principal advances of $140,115 through the date of the extension, to March 30, 2027. Also during August 2026, the Company entered into a loan extension agreement with Mr. Loeb extending the maturity of a related-party note payable to Mr. Loeb, with an original principal amount of $226,358, to March 30, 2027, and a loan extension agreement with Jerry Wolasky, a shareholder and member of the Board of Directors, extending the maturity of a related-party note payable to Mr. Wolasky, with an original principal amount of $595,408, to March 30, 2027. The Company also entered into loan extension agreements extending the maturity date to for its short-term notes payable to Hewlett Fund and AIGH Investment Partners, LLC and for its convertible debt agreements with unrelated parties. All other terms of the original notes, including the applicable interest rates, remain unchanged. See Note 4 and Exhibits 10.18, 10.19 and 10.20.
Waiver and Confirmation Agreements
Subsequent to June 30, 2026, the Company entered into waiver and confirmation agreements with Hewlett Fund and AIGH Investment Partners, LLC, the holders of the Company’s notes payable to unrelated parties described in Note 4. Under these agreements each holder confirmed the amount owed under its note as of June 30, 2026; confirmed that interest has accrued and continues to accrue at 12% per annum and that no interest is or will become payable at the 24% default rate specified in the notes in respect of any period through the date of the agreements; confirmed that the maturity date of the notes is March 30, 2027; and waived any right it may have had, arising from any financing transaction completed on or prior to the date of the agreements, to accelerate its note, to participate in or tender its note in connection with any such transaction, or to assert an event of default. All other terms of the notes remain unchanged, including the provisions described in Note 4 relating to future capital raise transactions, which the agreements made subject to a notice and election procedure. |