Quarterly report [Sections 13 or 15(d)]

Notes Payable (Tables)

v3.26.1
Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Notes Payable
Notes payable consisted of the following:
June 30,
2026		 December 31,
2025
November 2024 Debentures - (fair value) $ 2,729,000  $ 163,672 
Senior Secured Convertible Term Loan 16,363,459  19,284,709 
SBA loan 485,325  485,300 
AmeriState loan 1,757,571  1,811,327 
Insurance Financing 297,355  331,607 
Total 21,632,710  22,076,615 
Less: debt discount, net (1,895) (26,225)
Less: capitalized debt issuance costs, net (77,341) (321,004)
2023 Term Loan Agreement exit fee provision 55,813  115,638 
Total notes payable $ 21,609,287  $ 21,845,024 
November 2024 Debentures (principal amount) $ 2,485,000  100,000 
Schedule of Long-Term Debt Instruments
Three months ended
June 30,		 Six months ended
June 30,
2026 2025 2026 2025
Debt discount amortization $ 14,354  $ 10,025  $ 24,329  $ 19,920 
Amortization of debt issuance costs 132,183  176,856  244,023  350,303 
Provision for exit fee (72,423) 24,472  (59,824) 48,624 
Capitalized paid-in-kind (PIK) interest 185,349  171,900  365,288  338,782