Financing Liability |
9 Months Ended |
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Sep. 30, 2026 | |
| Financing Liability [Abstract] | |
| FINANCING LIABILITY | 8. FINANCING LIABILITY
In January 2026, the Company, in order to renew its Directors’ and Officers’ Insurance for 2026 with an annual premium of $333,105, paid a 20% downpayment of $66,621 and entered into an insurance premium financing agreement for the remaining $266,484, with a term of 10 months and an annual interest rate of 8.75%. The Company is required to make monthly principal and interest payments of $27,729 over the term of the agreement, which matures in December 2026. As of September 30, 2026, related prepaid insurance of $123,064 is included in prepaid expenses and the remaining financing liability of $81,987 is reflected as financing liability on the accompanying condensed consolidated balance sheet. The Company paid $2,966 and $9,605 of interest expense related to this financing liability for the three and nine months ended September 30, 2026, respectively. |
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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