Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 19. Subsequent Events
The Company has evaluated subsequent events through the date the financial statements were available to issue.
On July 7, 2026, the Company agreed to issue an aggregate of shares of restricted common stock for dividends owed on our Series A Preferred Stock for April 30, 2026, July 31, 2026, and October 31, 2026 to the holders of the Series A Preferred Stock. Of those shares, an aggregate of 1,445,349 shares were issued to Jorgan Development, LLC and JBAH Holdings, LLC, entities controlled by James Ballengee, our Chief Executive Officer, or their assignees.
On July 10, 2026, the Company filed an amendment to its Articles of Incorporation to effect a 1-for-20 reverse stock split of its common stock, which became effective with Nasdaq at the opening of trading on July 17, 2026. The reverse stock split was implemented to support the Company’s continued listing on the Nasdaq Capital Market.
On July 16, 2026, the Company closed the second tranche of the May 2026 Financing Transaction, receiving $6,000,000. Having received both tranches under the May 2026 Financing Transaction the full amount of the $15 million convertible promissory note issued under the transaction is outstanding. Subsequent to June 30, 2026, the investors converted $2,956,845 of the amount due under the promissory note into shares of the Company’s common stock.
On July 21, 2026 and August 3, 2026 the Company received a Notice of Conversion from ClearThink Capital Partners converting an aggregate of $490,861 of the principal amount and interest due under its promissory note into shares of the Company’s common stock. With these conversions all amounts due under this promissory have been paid.
Between July 21, 2026 and August 10, 2026, the Company received Notices of Conversion from several of the ClearThink Capital Partners, LLC/RBW transaction investors converting $541,080 of the amounts due under the promissory note into shares of the Company’s common stock.
Between July 21, 2026 and August 10, 2026, the Company received Notices of Conversion from J.J. Astor converting an aggregate of $3,151,842.24 of the Principal Amount of J.J. Astor’s Second Note into an aggregate of shares of the Company’s common stock. |