v3.26.1
Note Payable
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Note Payable

 

7. Note Payable

 

On November 18, 2024, we entered into an unsecured convertible promissory note (“Note Purchase Agreement”) with an accredited investor (“Investor”) for proceeds of up to $200,000 to be used for general corporate purposes. On December 4, 2024, the Company received $200,000 under the note purchase agreement and issued an unsecured convertible note bearing interest at a rate of 5% per annum that is due and payable upon closing a financing of at least $10.0 million or convertible into shares of common stock of the Company, at the sole discretion of the accredited investor. The number of shares of common stock to be issued, if converted, would be equal to the unpaid principal amount and accrued and unpaid interest thereon divided by the closing price of our common stock on the date that is one day prior to such election. During the three and six months ended June 30, 2026, the Company recorded interest expense on the note payable of $2,492 and $4,959, respectively. During the three and six months ended June 30, 2025, the Company recorded interest expense on the note payable of $2,493 and $4,959, respectively. As of June 30, 2026 and December 31, 2025, the Company has accrued $15,700 and $10,741, respectively, in interest that is included in other accrued expenses within the accompanying unaudited condensed consolidated balance sheet.