Quarterly report [Sections 13 or 15(d)]

Notes Payable (Tables)

v3.26.1
Notes Payable (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Notes Payable
Notes payable consisted of the following:
March 31,
2026		 December 31,
2025
November 2024 Debentures - (fair value) $ 1,298,728  $ 163,672 
Convertible senior secured term loan 19,824,812  19,284,709 
SBA loan 485,300  485,300 
AmeriState loan 1,785,026  1,811,327 
Insurance Financing 603,272  331,607 
Total 23,997,138  22,076,615 
Less: debt discount, net (16,249) (26,225)
Less: capitalized debt issuance costs (209,524) (321,004)
2023 Term Loan Agreement exit fee provision 128,238  115,638 
Total notes payable $ 23,899,603  $ 21,845,024 
November 2024 Debentures (principal amount) $ 960,000  $ 100,000 
Schedule of Long-Term Debt Instruments
Interest expense includes the following relating to the Senior Secured Convertible Term Loan:
Three months ended
March 31,
2026 2025
Debt discount amortization $ 9,976  $ 9,895 
Amortization of debt issuance costs 111,840  173,447 
Provision for bridge note exit fee 12,600  24,152 
Capitalized paid-in-kind (PIK) interest 179,939  166,882