Quarterly report [Sections 13 or 15(d)]

Stockholders??? Equity (Deficit) (Tables)

v3.25.4
Stockholders’ Equity (Deficit) (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of fair values and allocation of net proceeds

 

    Relative Fair Value     Percentage  
Series L Convertible Preferred Stock     3,688,000       37.7 %
Warrants     6,089,000       62.3 %
Total     9,777,000       100.0 %

 

   

Allocation of

Net Proceeds

     Percentage  
Mezzanine equity     2,052,000       37.7 %
Additional paid in capital     3,389,000       62.3 %
Total     5,441,000       100.0 %
Schedule of Fair Value Greenshoe Rights Liability

The change in the Greenshoe Rights liability measured at fair value for the nine months ended September 30, 2025 is as follows:

    Greenshoe Rights  
       
Balance, December 31, 2024   $ -  
Loss on initial recognition of Greenshoe Rights liability     28,736,000  
Change in fair value of warrant derivative liability     (11,413,000 )
Reclassification of Greenshoe Rights liability to equity     (17,323,000 )
Balance, September 30, 2025   $ -