Quarterly report [Sections 13 or 15(d)]

Related Party Transactions

v3.25.1
Related Party Transactions
3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

 

8. Related Party Transactions

 

During the three months ended March 31, 2025 and 2024, we made payments related to legal fees of approximately $2,000 and approximately $7,000, respectively, to a law firm operated by one of our Board members.

 

As of March 31, 2025, we had a receivable balance of approximately $81,000 from Black Titan, a related party. This includes advances of approximately $19,000 made during the three months ended March 31, 2025 and a balance of $62,000 outstanding as of December 31, 2024. This amount is expected to be repaid under standard terms.

 

In August 2023, we received $500,000 in funding in exchange for the issuance of the Hau Promissory Note. In March 2024, the Hau Promissory Note, along with accrued interest of approximately $4,511, was converted into 54,132 shares of our common stock (see Note 7. Stockholders’ Equity).