Notes Payable |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Notes Payable [Abstract] | |
| Notes Payable | Note 12 – Notes Payable
On June 16, 2020, the Company entered into a loan authorization and loan agreement with the United States Small Business Administration (the “SBA”), as lender, pursuant to the SBA’s Economic Injury Disaster Loan (“EIDL”) assistance program in light of the impact of the COVID-19 pandemic on the Company’s business (the “EIDL Loan Agreement”) encompassing a $150,000 Promissory Note issued to the SBA (the “EIDL Note”)(together with the EIDL Loan Agreement, the “EIDL Loan”), bearing interest at 3.75% per annum. In connection with entering into the EIDL Loan, the Company also executed a security agreement, dated June 16, 2020, between the SBA and the Company (the “EIDL Security Agreement”) pursuant to which the EIDL Loan is secured by a security interest on all of the Company’s assets. Under the EIDL Note, the Company is required to pay principal and interest payments of $731 every month beginning June 16, 2021. All remaining principal and accrued interest is due and payable on June 16, 2050. The EIDL Note may be repaid at any time without penalty. Sagol Advisors Credit Facility
On May 5, 2026, the Company issued a press release announcing that it had entered into a non-convertible private placement credit facility with Sagol Advisors providing for borrowings of up to $20 million (the “Sagol Credit Facility”). The Company disclosed that the Sagol Credit Facility does not contain any conversion features, warrants or other equity participation rights. The Company further disclosed that proceeds from the Sagol Credit Facility are intended to support the proposed acquisition and development of the Nachu Graphite Project and the Company’s broader strategic expansion into the critical minerals sector. The Company disclosed the Sagol Credit Facility in a Current Report on Form 8-K filed with the Securities and Exchange Commission on May 5, 2026. As of the filing date of these financial statements, no amounts had been drawn under the Sagol Credit Facility. |