Annual report [Section 13 and 15(d), not S-K Item 405]

Summary of Significant Accounting Policies (Tables)

v3.25.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Liabilities Fair Value

 

    Level 1     Level 2     Level 3     Total  
    December 31, 2025  
    Level 1     Level 2     Level 3     Total  
                         
Liabilities                                
Greenshoe rights liability   $ -     $ -     $ -     $ -  
Warrant liability     -       -       11,000       11,000  
Total liabilities   $ -     $ -     $ 11,000     $ 11,000  

 

    Level 1     Level 2     Level 3     Total  
    December 31, 2024  
    Level 1     Level 2     Level 3     Total  
                         
Liabilities                                
Warrant liability   $ -     $ -     $ 252,000     $ 252,000  
Total liabilities     -       -     $ 252,000     $ 252,000  

 

The change in Level 3 liabilities measured at fair value for the years ended December 31, 2025 and 2024 were as follows:

 

Warrant Liability

 

    Warrant Liability     Greenshoe Rights  
Balance - December 31, 2023   $ 1,052,000     $ -  
Change in fair value of warrant derivative liability     (800,000 )     -  
Balance - December 31, 2024     252,000       -  
Initial recognition of Greenshoe Rights liability     -       28,736,000  
Change in fair value of warrant derivative liability     (241,000 )     (11,413,000 )
Reclassification of greenshoe rights liability to equity     -       (17,323,000 )
Balance - December 31, 2025   $ 11,000     $ -  
Schedule of Anti-dilutive Securities

The following common stock equivalents were excluded in the computation of the net loss per share because their effect is anti-dilutive:

 

    December 31, 2025     December 31, 2024  
Series L Preferred Stock 1     6,847,354        
Options to purchase common stock     597,550       124,600  
Warrants to purchase common stock     50,532,927       1,120,429  
Total anti-dilutive securities     57,977,831       1,245,029  

 

1 Convertible into common stock using a conversion price of $0.5319 per share, as of December 31, 2025.