Note 4 - Fair Value Measurements and Other Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Notes Tables |
|
| Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
| | June 18, | |
| | 2025 | |
Stated Value | | $ | 6,000,000 | |
Dividend Rate | | | 0.0 | % |
Conversion Price | | $ | 2,000.00 | |
Alternate Conversion Amount | | $ | 960.00 | |
Required Premium | | | 125.0 | % |
Stock Price | | $ | 1,040.00 | |
VWAP | | $ | 1,040.00 | |
| | January 8, | | | March 31, | | | June 30, | |
| | 2026 | | | 2026 | | | 2026 | |
Stock Price on Valuation Date | | $ | 7.80 | | | $ | 5.90 | | | $ | 1.16 | |
Fixed Conversion Price | | $ | 83.00 | | | $ | 83.50 | | | $ | 83.47 | |
| | | | | | | | | | | | |
Market Price Discount | | | 90 | % | | | 90 | % | | | 90 | % |
Redemption Premium | | | 120 | % | | | 120 | % | | | 120 | % |
Interest Rate | | | 10 | % | | | 10 | % | | | 10 | % |
| | December 31, | | | June 26, | | | June 26, | | | March 31, | | | February 4, | |
| | 2025(2) | | | 2025 Post Amendment(2) | | | 2025 Pre-Amendment(2) | | | 2025(1) | | | 2025(1) | |
Stock Price | | $ | 6.34 | | | $ | 116.00 | | | $ | 116.00 | | | $ | 1,440.00 | | | $ | 3,200.00 | |
Conversion Price | | $ | 29,116.16 | | | $ | 363.90 | | | $ | 363.90 | | | $ | 3,600.00 | | | $ | 3,600.00 | |
Alternate Conversion Price | | $ | 48.69 | | | $ | 94.40 | | | $ | 63.30 | | | $ | 632.96 | | | $ | 633.00 | |
Alternate Conversion Amount | | | 120 | % | | | 120 | % | | | 120 | % | | | 120 | % | | | 120 | % |
Redemption Premium | | | 120 | % | | | 120 | % | | | 120 | % | | | 120 | % | | | 120 | % |
Interest Rate | | | 12 | % | | | 12 | % | | | 12 | % | | | 12 | % | | | 12 | % |
| | February 4, | | | March 31, | | | June 18, | |
| | 2025(1) | | | 2025(1) | | | 2025(1) | |
Face Value | | $ | 2,500,000 | | | $ | 2,500,000 | | | $ | 2,500,000 | |
Exercise Price | | $ | 2,256,250 | | | $ | 2,256,250 | | | $ | 2,256,250 | |
Stock Price | | $ | 3,200.00 | | | $ | 1,440.00 | | | $ | 1,000.40 | |
Exercise Threshold | | 20% of Min price(2) | | | 20% of Min price(2) | | | 20% of Min price | |
Valuation per Incremental Warrant upon exercise | | $ | 12,600,000 | | | $ | 10,170,000 | | | $ | 11,320,000 | |
Discount Rate | | | 28.70 | % | | | 30.69 | % | | | 36.97 | % |
Risk Free Rate | | | 4.18 | % | | | 4.03 | % | | | 4.20 | % |
Annualized Volatility | | | 88 | % | | | 100 | % | | | 92 | % |
Forecast horizon (years) | | | 0.08 | | | | 0.08 | | | | 0.08 | |
|
| Fair Value Option, Disclosures [Table Text Block] |
| | As of | | | As of | | | As of | |
| | January 8, | | | March 31, | | | June 30, | |
| | 2026 | | | 2026 | | | 2026 | |
Convertible Note 2026 fair value | | $ | 15,056,000 | | | $ | 14,573,000 | | | $ | 14,927,000 | |
Convertible Note 2026, contractual principal outstanding | | $ | 11,000,000 | | | $ | 11,000,000 | | | $ | 11,000,000 | |
Token Rights | | $ | 5,345,712 | | | $ | 5,345,712 | | | $ | 5,331,380 | |
| | As of | | | As of | | | As of | | | As of | | | As of | |
| | February 4, | | | March 31, | | | June 26, | | | June 30, | | | December 31, | |
| | 2025 | | | 2025 | | | 2025 | | | 2025 | | | 2025 | |
Convertible Note 2025 fair value | | $ | 33,000,000 | | | $ | 15,295,000 | | | $ | 12,477,000 | | | $ | 7,297,000 | | | $ | 5,818,000 | |
Convertible Note 2025, contractual principal outstanding | | $ | 5,500,000 | | | $ | 5,500,000 | | | $ | 5,500,000 | | | $ | 5,500,000 | | | $ | 5,500,000 | |
| | As of | | | As of | | | As of | | | As of | | | As of | |
| | February 4, | | | March 31, | | | June 18, | | | June 30, | | | December 31, | |
| | 2025 | | | 2025 | | | 2025 | | | 2025 | | | 2025 | |
Incremental Warrants | | $ | 100,800,000 | | | $ | 81,360,000 | | | $ | 90,560,000 | | | $ | — | | | $ | — | |
|
| Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] |
| | As of June 30, 2026 | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Convertible Note 2026 | | $ | — | | | $ | — | | | $ | 14,927,000 | | | $ | 14,927,000 | |
Token Rights | | | — | | | | 5,331,380 | | | | — | | | | 5,331,380 | |
| | As of December 31, 2025 | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Convertible Note 2025 | | $ | — | | | $ | — | | | $ | 5,818,000 | | | $ | 5,818,000 | |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
| 2026 | | | | |
| Convertible Note | | Convertible Note | | Token Rights | | Total | |
| 2025 | | 2026 | | | | | | | |
Balance – January 1, |
$
| 5,818,000 | |
$
| — | |
$
| — | |
$
| 5,818,000 | |
Conversion into common stock | | (6,482,902 | ) | | — | | | — | | | (6,482,902 | ) |
Issuance | | — | | | 15,056,000 | | | 5,345,712 | | | 20,401,712 | |
Change in fair value | | 664,902 | | | (483,000 | ) | | — | | | 181,902 | |
Balance – March 31, |
$
| — | |
$
| 14,573,000 | |
$
| 5,345,712 | |
$
| 19,918,712 | |
Conversion into common stock | | — | | | — | | | — | | | — | |
Issuance | | — | | | — | | | (14,332 | ) | | (14,332 | ) |
Change in fair value | | — | | | 354,000 | | | | | | 354,000 | |
Balance – June 30, |
$
| — | |
$
| 14,927,000 | |
$
| 5,331,380 | |
$
| 20,258,380 | |
| 2025 | |
Balance – January 1, |
$
| 1,607,544 | |
Issuance of derivative liability | | 100,800,000 | |
Cash paid to settle derivative liability | | (379,083 | ) |
Issuance of cashless shares for exercising warrants | | (328,587 | ) |
Extinguishment of derivative liability | | (366,308 | ) |
Change in fair market value - extinguished warrants | | (533,566 | ) |
Change in fair market value - new warrants | | (19,440,000 | ) |
Balance – March 31, |
$
| 81,360,000 | |
Extinguishment of derivative liability | | (90,560,000 | ) |
Change in fair market value - extinguished warrants | | 9,200,000 | |
Balance – June 30, |
$
| — | |
|