STOCKHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

STOCKHOLDERS’ EQUITY

19. STOCKHOLDERS’ EQUITY

ATM Agreement

On April 25, 2024, the Company entered into an At-The-Market Issuance Sales Agreement (the “ATM Agreement”) with Univest Securities, LLC, as the sales agent (the “Agent”), pursuant to which the Company may offer and sell, from time to time through or to the Agent, as sales agent or principal, shares of common stock having an aggregate offering price of up to $2,000,000. On September 25, 2024, the Company entered into an amendment to this agreement which increased the aggregate offering amount to $2,750,000.

The Company will pay the Agent a commission of 3% of the aggregate gross sales prices of the shares of common stock under the ATM Agreement. The Company will also reimburse the Agent for fees and disbursements of counsel to the Agent in an amount not to exceed $37,000 in connection with the signing of the ATM Agreement.

The Company intends to use the net proceeds from the sale of shares of common stock pursuant to the ATM Agreement for working capital and general corporate purposes.

The ATM Agreement may be terminated (i) by the Company at any time in its sole discretion by giving five days’ written notice to the Agent or (ii) by the Agent, at any time in its sole discretion by giving written notice to the Company.

Since entering the agreement through June 30, 2025, the Company had sold 692,890 shares of common stock for net proceeds of $2,422,910 under the ATM Agreement. The Company did not sell any shares of common stock for the three and six months ended June 30, 2025.

Common stock issuances during the six months ended June 30, 2025:

On January 21, 2025, the Company issued 485,381 shares of common stock value at $713,511 to satisfy accrued interest to debt holders.

On March 31, 2025, the Company issued 80,000 shares of common stock valued at $143,201 as settlement of a liability associated with prior period services performed by a consultant related to investor relations.

There were no issuances of common stock during the three months ended June 30, 2025.

As of June 30, 2025 and December 31, 2024, the Company had 3,044,744 and 2,479,363 issued and outstanding shares of Common Stock, respectively.

As of June 30, 2025 and December 31, 2024, the Company had 0 issued and outstanding shares of Series A Preferred Stock, respectively.