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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

20. SUBSEQUENT EVENTS

 

Warehouse Line of Credit

 

On May 15, 2026, the Company entered into a second amendment to the Master Repurchase Agreement dated October 6, 2025 with a warehouse lender, increasing the line of credit to $6 million through May 22, 2026 and reverting back to $5 million thereafter. In addition, certain financial covenants were amended through May 30, 2026 and thereafter will revert to the original thresholds.

 

Stockholders’ Equity

 

Common Stock

 

Subsequent to March 31, 2026, the Company sold 155,056 shares for gross proceeds of $0.3 million in at-the-market public placements.

 

Subsequent to March 31, 2026, the Company issued 69,278 shares of common stock upon the exercise of Warrants related to the Company’s Series G Preferred Stock offering under the cashless exercise provision upon the exercise of 96,559 Warrants.

 

ELOC Agreement

 

Subsequent to March 31, 2026, the Company sold and issued a total of 300,000 shares of common stock for an aggregate purchase price of $0.6 million to the Purchaser.

 

2025 Equity Incentive Plan

 

Subsequent to March 31, 2026, the Company issued 7,010 shares of common stock to a member of the board of directors under the 2025 Plan in lieu of cash compensation of $15,000. In addition, the Company granted 75,000 stock options to an employee.

 

Warrants

 

Subsequent to March 31, 2026, an investor exercised 96,559 Warrants related to the Company’s Series G Preferred Stock offering under the cashless exercise provision and the Company issued 69,278 shares of common stock.

 

Related Party Transactions

 

Subsequent to March 31, 2026, Mr. Liuzza surrendered to the Company 70,454 shares of the Company’s common stock in lieu of repaying cash of $0.1 million.

 

In addition, Mr. Liuzza entered into an additional SAFE with MagicBlocks.