v3.26.1
Note 15 - Subsequent Events
6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 15 SUBSEQUENT EVENTS

 

Future Receivables Sale Agreement – July 23, 2026

 

On July 23, 2026, the Company entered into a Future Receivables Sale Agreement with Austin Business Finance, LLC (“Backd”), under which the Company sold $1,280,000 of future receivables in exchange for a purchase price of $1,000,000, less a 1.0% origination fee, resulting in net proceeds to the Company of $990,000. The Company is obligated to remit the receivables through weekly payments of $24,615.38 over an estimated term of approximately 52 weeks, and its obligations are secured by a first-priority security interest in substantially all of the Company's accounts and receivables.

 

Resignation of Ryan Stump as Chief Operating Officer August 3, 2026

 

On August 3, 2026, Ryan Stump provided notice to our Board of Directors of his intention to resign as Chief Operating Officer of the Company, effective as of September 4, 2026. Mr. Stump’s resignation was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. Mr. Stump will continue to serve as a member of the Board but now with core responsibility for strategic partnerships and mergers and acquisitions.

 

Appointment of Henry Sicignano III as Chief Executive Officer August 4, 2026

 

On August 4, 2026, the Board appointed Henry Sicignano III, Charlie’s President, as the Company’s Chief Executive Officer, effective immediately. Mr. Sicignano will continue to serve as the Company’s President.