v3.25.3
Shareholders’ Deficit
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Shareholders’ Deficit

Note 6 – Shareholders’ Deficit

 

Preferred stock converted

 

During the nine months ended September 30, 2025, 4,455 shares of preferred stock were converted into 1,425,170 shares of common stock.

 

Liquidation preference

 

Liquidation Value

 

   Preferred
Shares Outstanding		   Stated Value   Liquidation
Preference		 
Series C-1   2,020   $1,000   $2,628,000 
Series C-2   876   $1,000    1,093,000 
Series D   14,003   $1,118    17,606,000 
Series E   24,172   $1,118    30,392,000 
Series F   300   $1,118    377,000 
Series G   4,676   $1,064    5,599,000 
Total   46,047        $57,695,000 

 

Common stock

 

On March 26, 2025, the Company’s shareholders approved the Board of Directors’ proposal to increase the number of authorized shares of the Company’s common stock to 120,000,000 shares from 60,000,000 shares.

 

In the nine months ended September 30, 2025, the Company issued 329,932 common shares for cash of $100,000 under its Common Stock Purchase Agreement.