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Note 11 - Subsequent Events
9 Months Ended
Sep. 30, 2026
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 11 – Subsequent Events

 

Issuance of Common Stock for Vendor Services Rendered

 

Subsequent to September 30, 2026, we issued 11,699 shares of common stock in exchange for services rendered from a vendor totaling $15,000.

 

On October 6, 2026, we entered into an Assignment, Joinder, and Amendment No. 1 (the “Amendment”) to the Amended and Restated Loan and Security Agreement and closed on the Second Funding receiving $325,000 in additional loan proceeds from the lenders. The Amendment changed the closing date of the Second Funding to October 6, 2026 from September 30, 2026. The Amendment also enabled a lender to assign a $100,000 portion of the lender’s Second Funding commitment and to enable three new persons to join the Loan Agreement as lenders. The loan amount from the related party increased by $25,000. Accordingly, the related party loaned $125,000 in the Second Funding representing an aggregate funding of $425,000 by the related party.  In connection with the Second Funding, we issued Second Notes to the lenders, including the related party, bearing interest at 12% per annum with a maturity date of December 31, 2028.  We also elected the fair value option upon the vesting of the previously issued 56,875 unvested warrants which vested upon the Second Funding (see Note 5 - Stock Purchase Warrants for additional information).  The resulting $30,141 fair value of the warrants was treated as a debt discount which was immediately expensed as interest expense due to our election to carry the debt at fair value.