Note 11 - Stockholders' Equity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||
| Equity [Text Block] |
NOTE 11 – STOCKHOLDERS’ EQUITY
May 2026 Capital Raise
On May 19, 2026, the Company entered into subscription agreements with investors for the sale of an aggregate of 6,350,000 shares of its common stock, par value $0.001 per share, at a purchase price per share of $0.20, $270,000 of which was paid in cash, $868,000 of which was paid in the form of debt and outstanding accounts payable forgiveness, and the remainder was paid in exchange for supplies and fixed assets. The Company recognized approximately $347,000 debt extinguishment loss based on the closing price of its common stock on May 19, 2026.
February 2026 Capital Raise
On February 13, 2026, the Company completed a private placement of 3,550,000 shares of its common stock at a purchase price of $0.20 per share, resulting in aggregate consideration of $710,000. Of the total consideration, $510,000 was received in cash and $200,000 was satisfied through the forgiveness of certain outstanding indebtedness owed by the Company (see Note 9). The issuance of shares increased the Company’s liquidity and reduced a portion of its outstanding debt obligations. Charlie’s management and directors purchased 1,350,000 shares of the 3,550,000 total shares that were sold, as follows:
|
||||||||||||||||||||||||||||||||||||