Shareholders' Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Shareholders’ Equity [Abstract] | |
| Shareholders’ Equity |
Note 11 – Shareholders’ Equity
Reverse Recapitalization
As described in Note 4, Business Combination and Reverse Recapitalization, all historical equity data, including stock option data, in these condensed consolidated financial statements has been retrospectively adjusted by the Exchange Ratio to reflect the reverse recapitalization that occurred on June 18, 2025.
Common Stock
On May 29, 2026, the Company effected a 1-for-25 reverse stock split of its common stock. Accordingly, all share amounts presented below have been retrospectively adjusted, where applicable, to reflect the effect of the reverse stock split. See Note 3 – Reverse Stock Split for additional information.
As of June 30, 2026, the Company was authorized to issue 300,000,000 shares of common stock, par value $0.0001 per share, of which 1,966,042 shares were issued and outstanding.
During the three months ended March 31, 2026, the Board of Directors approved the issuance of 13,598 (Post-split) shares of common stock to a service provider. Although the administrative steps necessary to formally issue the shares were completed in April 2026, the related share-based compensation expense was recognized during the three months ended March 31, 2026 based on the date of Board approval.
During the six months ended June 30, 2026, the Company issued an aggregate of 330,698 shares of common stock pursuant to ELOC purchase notices, including 800 shares issued to New Circle and 329,898 shares issued to White Lion. In addition, the Company issued 360,165 shares to White Lion upon the conversion of an aggregate of $895,155 of outstanding principal and accrued interest, 65,596 shares upon the exercise of $180,000 warrants, and 25,052 shares in settlement of $120,000 of commitment fees. |