Note 12 — Subsequent Events

The Company has evaluated subsequent events through the date the unaudited condensed consolidated financial statements were issued and has identified the following subsequent event requiring disclosure.

Maturity of Related-Party Promissory Notes

On November 3, 2025 and November 11, 2025, the Company issued two promissory notes to The Farkas Group, Inc., a related party, each in the principal amount of $250,000, bearing interest at 8% per annum (collectively, the “Notes”). The Notes are described further in Note 7 — Convertible Notes and Notes Payable.

The Notes matured on May 3, 2026 and May 11, 2026, respectively. As of the date these financial statements were available to be issued, the principal balance of $500,000, together with accrued and unpaid interest of approximately $20,700, remains outstanding and has not been repaid. Under the terms of the Notes, upon the Company’s failure to tender payment on the maturity date, the lender has the right, upon notice to the Company, to declare all outstanding principal and accrued interest immediately due and payable. As of the date these financial statements were available to be issued, the lender has not delivered a notice of acceleration or demand for payment.

Given the related-party nature of the Notes, the Company anticipates that it will either repay the Notes or negotiate an extension of the maturity dates with the lender; however, no agreement has been reached and the lender retains its contractual right to demand payment at any time.