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(“we”, “us”, “the Company”, or “Volato”) is a holding company for several wholly owned subsidiaries, including Volato, Inc., Fly Vaunt, LLC, Gulf Coast Aviation, LLC (f/k/a Gulf Coast Aviation, Inc.), Volato Merger Subsidiary, Inc., and Parslee, LLC. The Company’s primary operating subsidiary was founded in 2021. That year, the Company entered the private jet charter and fractional ownership market with its Part 135 HondaJet ownership program, taking delivery of its first jet in August 2021 and completing its first Part 135 charter flight in October of 2021. In March 2022, the Company acquired Gulf Coast Aviation, Inc. (n/k/a Gulf Coast Aviation, LLC), owner of G C Aviation, Inc., a Texas entity and Part 135 air carrier certificate holder. In March 2022, the Company placed orders for <span id="xdx_902_ecustom--PurchaseObligationNumberOfAssets_uInteger_c20220331__20220331__srt--AircraftTypeAxis__custom--GulfstreamG280Member_zlbJFyWsKIed" title="Purchase obligation, number of aircrafts | aircraft">four</span> Gulfstream G280s for delivery in 2024 and 2025. In September 2022, the Company started internal development on its full suite Flight Management Software platform Mission Control, and in the fourth quarter of 2023 the Company commercially launched Vaunt, our proprietary consumer facing empty leg platform.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2024, the Company entered into an agreement with flyExclusive, Inc., (“flyExclusive”) a leading provider of private jet charter services, to transition the management of its aircraft ownership fleet operations to flyExclusive. This move was intended to bring substantial cost savings and allow Volato to focus on its potential high-growth areas, including aircraft sales and proprietary software products. The Company has continued to take delivery of new aircraft and also generate revenue from its proprietary software, including the Vaunt platform, its empty leg consumer app. In the fourth quarter of 2024, we transferred our aircraft lease agreements to flyExclusive and have no further obligations under the aircraft lease agreements or control over flight operations. The Company has retained insider card liabilities of $<span id="xdx_909_ecustom--InsiderCardLiabilities_iI_pn5n6_c20251231_zH0Itjbbyl1a" title="Insider card liabilities">0.3</span> million that is included in discontinued operations as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 24, 2025, the Company effected a reverse stock split of its issued and outstanding Class A common stock (also referred to as “common stock” in this Annual Report), at a ratio of 1-for-25 (the “Reverse Stock Split”) with no change in par value. 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The Merger is subject to approval by the Company’s stockholders and other customary closing conditions. Upon consummation of the Merger, it is currently expected that M2i’s stockholders will own approximately <span id="xdx_90B_ecustom--MergerAgreementOwnershipPercentage_iI_dp_c20250728__srt--OwnershipAxis__custom--VolatoGroupIncMember__dei--LegalEntityAxis__custom--M2iGlobalIncMember_zLQXE21Imxbl" title="Merger agreement ownership percentage">85</span>% of the combined company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the Company began development of an Artificial Intelligence based software platform designed to enhance the reliability of leading large language models when analyzing contracts, SEC filings and reports, and other structured documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 1, 2025, the Company entered into a Fourth Amendment (the “Amendment”) to Aircraft Management Services Agreement (as amended the “Agreement”) with flyExclusive to bring the Agreement in line with Company’s anticipated shift in operations, new business directives, and to better accommodate the proposed Merger with M2i. The Amendment served to (i) modify the term of the Agreement; (ii) grant flyExclusive, subject to certain terms and conditions, the right to purchase certain aviation-related assets from the Company and assume certain obligations of the Company (the “flyExclusive Asset Option”); (iii) grant the Company, subject to certain terms and conditions, the right to sell certain aviation-related assets to flyExclusive and assign certain obligations of the Company to flyExclusive (the “Company Asset Option,” and collectively with the flyExclusive Asset Option, the “Asset Options”); (iv) obligate flyExclusive to pay the Company $<span id="xdx_901_eus-gaap--SettlementAssetsCurrent_iI_pn3n3_c20251001__us-gaap--TypeOfArrangementAxis__custom--AircraftManagementServicesAgreementMember_zd1mIAKtCIJe" title="Cash settlements">100,000</span> upon execution of the Amendment as settlement of net payables owed by flyExclusive to the Company under the terms of the Agreement (the “Net Payables Obligation”); and (v) modify the material terms of flyExclusive’s right to cause the Company to merge with and into a wholly owned subsidiary of flyExclusive (the “flyExclusive Merger Option”), including that the flyExclusive Merger Option is to be only exercisable in the event that the Company and M2i terminate the Merger Agreement. flyExclusive paid the Net Payables Obligation by issuing the Company <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251001__20251001__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--AircraftManagementServicesAgreementMember_zJJWRzDgzfc2" title="Issuance of shares">20,576</span> shares of Class A common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As consideration for the execution of the Amendment, flyExclusive agreed to pay $<span id="xdx_900_eus-gaap--Cash_iI_c20251001__dei--LegalEntityAxis__custom--FlyExclusiveMember_zlccK5pr071" title="Cash settlement">2,000,000</span> to the Company, in cash or shares of flyExclusive Class A common stock, in exchange for the right to receive either (i) the net proceeds that the Company receives from the sale of a certain G280 aircraft, or (ii) if, and only if, Gulfstream provides written consent, assignment of the G280 Agreement from the Company to flyExclusive subject to the execution of an asset purchase agreement relating solely to the transfer of the G280 Agreement. The G280 aircraft was later delivered to the Company pursuant to an existing agreement (the “G280 Agreement”) with Gulfstream Aerospace Corporation (“Gulfstream”). flyExclusive elected to pay all of the $<span id="xdx_900_ecustom--PaymentForShares_c20251001__20251001__dei--LegalEntityAxis__custom--FlyExclusiveMember_zinAhSkR38ii" title="Payment for shares">2,000,000</span> in shares of its Class A common stock and issued an aggregate of <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20251001__20251001__dei--LegalEntityAxis__custom--FlyExclusiveMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zRBFyBajG1E1" title="Issuance of shares">411,523</span> shares of its Class A common stock to the Company, which occurred in Q4 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 300000 2000000.0 1800000 0.85 100000000 20576 2000000 2000000 411523 <p id="xdx_804_eus-gaap--SignificantAccountingPoliciesTextBlock_zugDzFmBjGwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 2 – <span id="xdx_828_zxaGECDvK6F6">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going concern, liquidity, and capital resources</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has limited operating history, and although the Company has realized net income of approximately $<span id="xdx_90C_eus-gaap--NetIncomeLoss_pn5n6_c20250101__20251231_zz4eXeV92Lj8" title="Net income">5.2</span> million for the twelve months ended December 31, 2025, the Company has a working capital deficit of approximately $<span id="xdx_906_ecustom--WorkingCapitalAmount_iI_pn5n6_c20251231_zL7noTqgwfz7" title="Working capital, amount">3.9</span> million and an accumulated deficit of approximately $<span id="xdx_905_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20251231_z4WZLLQIhkkc" title="Accumulated deficit">100.8</span> million as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These above matters raise substantial doubt about the Company’s ability to continue as a going concern. During the next twelve months, the Company intends to fund its operations through the issuance of financial instruments including debt or equity securities and revenues from operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly, management believes that its current cash position, along with its proceeds from future debt and/or equity financings, when combined with prudent expense management, will allow the Company to continue as a going concern and to fund its operations for at least one year from the date of issuance of these financial statements. There are no assurances, however, that management will be able to raise capital or debt on terms acceptable to the Company. If the Company is unable to obtain sufficient additional capital or debt on terms acceptable to the Company, the Company may be required to reduce the near-term scope of its planned development and operations, which could delay implementation of the Company’s business plan and harm its business, financial condition, and operating results. The balance sheets do not include any adjustments that might result from these uncertainties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zJLjnBnK9K45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_z6vRcp8Rwkqh">Basis of presentation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business and following the requirements of the Securities and Exchange Commission (the “SEC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zeSwFcre2oth" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_865_zoA6IOzgRTcf">Reclassifications</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in 2024 have been reclassified to conform with the current period’s presentation to reflect discontinued operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--ConsolidationPolicyTextBlock_z8eKin3gCwug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zcDBW9g2P4Kb">Principles of consolidation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--UseOfEstimates_zGlJMM2PLAl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zNqtsVO03aFi">Use of estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Useful lives of property, plant, and equipment.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumptions used in valuing debt or equity instruments.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income taxes and related valuation allowance.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assessment of long-lived assets impairment.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumptions used in the aviation asset put/call option.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zWAQVNxibNBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zUwVWPRH5lH4">Cash and restricted cash</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2025 and December 31, 2024, the Company had no cash equivalents besides what was in the cash balance as of that date. The Company had <span id="xdx_900_eus-gaap--RestrictedCash_iI_c20251231_zHZG2zmyCxTc" style="display: none" title="Restricted cash">0</span>zero and $<span id="xdx_90D_eus-gaap--RestrictedCash_iI_pn5n6_c20241231_zQJit6AUK8F4" title="Restricted cash">1.8</span> million of restricted cash at December 31, 2025, and December 31, 2024, respectively, which served as collateral for the credit facility with SAC Leasing G280 LLC described in Note 11 below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zvcDfHllyvm9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_zYYw2JxyW7F4">Accounts receivable</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivables are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the twelve months ended December 31, 2025 and 2024, the Company recognized $<span id="xdx_90E_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_c20250101__20251231_z2ZisoEwbB83" title="Bad debt expense">147</span> thousand and <span id="xdx_90A_eus-gaap--ProvisionForDoubtfulAccounts_dc_c20240101__20241231_zKudfxV6yYja" style="display: none" title="Bad debt expense">0</span>zero of bad debt expense, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zqIaW1py5A1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zRUjrMET6apb">Fixed assets</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_899_ecustom--PropertyPlantAndEquipmentUsefulLivesTableTextBlock_zp2bovwvCPQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed assets are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_zChFfji5aaqf" style="display: none">SUMMARY OF ESTIMATED USEFUL LIVES OF FIXED ASSETS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 80%; font-weight: bold">Classification</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: center">Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: right"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zH8eCRJNsaud" title="Property plant and equipment useful life">3</span>-<span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zicPy1uht0pf" title="Property plant and equipment useful life">7</span> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Automobiles</td><td> </td> <td style="text-align: right"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AutomobilesMember_zBlZQ8xVoHoh" title="Property plant and equipment useful life">5</span> years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer and office equipment</td><td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_zw5NhQlfMvb7" title="Property plant and equipment useful life">5</span> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Website development costs</td><td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zVsVOHGF94e2" title="Property plant and equipment useful life">3</span> years</td></tr> </table> <p id="xdx_8A0_zooL3Dpkc0b1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p id="xdx_842_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zLLaitRrIqR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zU8aAMZhJLe6">Computer software development</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software development costs are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-40, <i>Internal Use Software</i>. Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation and software maintenance costs are expensed as incurred. The capitalized computer software development costs are reported under the section “Property and equipment, net” in the consolidated balance sheets and are amortized using the straight-line method over the estimated useful life of the software, generally <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20251231_z0HIKvrF0gR1" title="Property plant and equipment useful life">three years</span> from when the asset is placed in service. The Company capitalized $<span id="xdx_90A_eus-gaap--CapitalizedComputerSoftwareAdditions_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_z51RfB7PUlml" title="Internal software development costs">211</span> thousand and $<span id="xdx_90E_eus-gaap--CapitalizedComputerSoftwareAdditions_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_z6yEEOCG2959" title="Internal software development costs">142</span> thousand and of internal software development costs during the twelve months ended December 31, 2025 and 2024, respectively. The Company recognized $<span id="xdx_90E_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zmz4ntqWPW8" title="Capitalized computer software amortization expense">158</span> thousand and $<span id="xdx_906_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zYulSdntXOb4" title="Capitalized computer software amortization expense">132</span> thousand of amortization expense related to computer software development during the twelve months ended December 31, 2025 and 2024, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. During the twelve months ended December 31, 2025, the Company reduced the value of software development cost by $<span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zFxrdTJvfGWe" title="Reduction in value of software development cost">238</span> thousand, related to a non-monetary exchange with a third party and their use of our mission control software. This software development cost was originally developed for internal use and has subsequently been licensed to a third party in a non-monetary transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_ecustom--WebsiteDevelopmentCostPolicyTextBlock_zmHMbfAwmChd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_z2wKmqNAlSCa">Website development cost</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in FASB ASC 350-40. The Company capitalized zero of website development costs during the twelve months ended December 31, 2025 and 2024, respectively. The Company recognized $<span id="xdx_905_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zL2JsraQcsd8" title="Capitalized computer software, amortization expense">97</span> thousand and $<span id="xdx_905_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zbJmLdiOZIS6" title="Capitalized computer software, amortization expense">97</span> thousand of amortization expense during the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--PropertyPlantAndEquipmentImpairment_zV5IPcc0hwpa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_zoe8xyKPUMGh">Valuation of long-lived assets</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. <span id="xdx_90D_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20250101__20251231_zjPiUQWi5xda" title="Impairment"><span id="xdx_905_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20240101__20241231_znLpHiTYO96l" title="Impairment">No</span></span> impairment was recognized during the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--FairValueOfFinancialInstrumentsPolicy_z2pz6FvqWdlh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_zGZqX4zHFtld">Fair value of financial instruments</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted the provisions of FASB ASC 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"> </td> <td style="text-align: justify; width: 0.25in">■</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">■</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2: Inputs to the valuation methodology include:</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for similar assets or liabilities in active markets.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for identical or similar assets or liabilities in inactive markets.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs other than quoted prices that are observable for the asset or liability.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs that are derived principally from or corroborated by observable market date by correlation or other means; and</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="text-align: justify; width: 0.25in">■</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 28, 2023, the Company entered into a forward purchase agreement (the “Forward Purchase Agreement”). The fair value of the Company’s recorded Forward Purchase Agreement was determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Monte Carlo simulation model was used to determine the fair value as of December 31, 2023. The Company recorded the Forward Purchase Agreement at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations. On July 23, 2024, the Company received notice of termination of the Forward Purchase Agreement and recognized an impairment in the value of the Forward Purchase Agreement in the second quarter of 2024 due to receipt of the termination notice. A loss of $<span id="xdx_907_ecustom--GainLossOnCancellationOfDerivatives_pn5n6_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--ForwardContractsMember_z2l2DJg7cLzd" title="Loss on cancellation of derivatives">3.0</span> million was recorded due to the cancellation of the Forward Purchase Agreement in 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2024, the Company entered into a Securities Purchase Agreement (“Securities Purchase Agreement”) pursuant to which the Company may issue a series of convertible notes for an aggregate principal amount not to exceed $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zM0WemGDwW86" title="Principal amount">36.0</span> million. During the year ended December 31, 2024, the Company issued a single convertible note in the principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourMember_zrwPoLxF23Tl" title="Principal amount">4.5</span> million, (the “2024 Convertible Note”), of which $<span id="xdx_901_eus-gaap--LongTermDebt_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourMember_z72ZA0IsC45b" title="Long term debt">4.1</span> million was funded as of December 31, 2024, representing an original issue discount of ten percent. The Company elected the fair value guidance under ASC 825-10 and the 2024 Convertible Note was recognized at initial fair value as of the issuance date. The value of the 2024 Convertible Note at issuance approximated fair value as of December 31, 2024. Any issuances of additional convertible notes are subject to the terms and conditions of the Security Purchase Agreement (see Note 10).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 30, 2025, Company, entered into Share Exchange Agreements (the “Share Exchange Agreements”), with two investors (together the “Investors”). The Investors are shareholders of M2i whose common stock is publicly quoted on the OTCQB Venture Market of OTC Markets Group, Inc. under the symbol “MTWO”. Pursuant to the Share Exchange Agreements, the Company agreed to issue an aggregate of <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250901__20250930__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zk3UMMhf9zla" title="Common stock issued during period shares">1,197,604</span> shares of the Company’s Class A common stock to the Investors in exchange for an aggregate of <span id="xdx_905_ecustom--CommonStockReceivedInShareExchangeAgreement_c20250901__20250930__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zfcb8oA6eoFk" title="Common stock received in share exchange agreement">16,000,000</span> shares of M2i common stock (the “Investment in M2i”). At the date of the exchange, the Company recognized a loss of $<span id="xdx_902_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20250901__20250930_z3jmjWLzojZh" title="Loss on change in fair value">115</span> thousand in “Loss from change in fair value of financial instruments” on the consolidated statement of operations for the difference between the fair value of the Volato shares issued and the fair value of the Investment in M2i.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to ASC 321, the Investment in M2i is measured at fair value each reporting period, with unrealized gain or loss recognized in earnings. The Investment in M2i is classified within Level 2 of the fair value hierarchy under ASC 820, as it is based on quoted prices for identical assets in inactive markets. The inputs are obtained from OTC quoted prices for level II. During the twelve months ended December 31, 2025, the Company recorded a loss of $<span id="xdx_909_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20250101__20251231_z8yfZbGcDiM2" title="Loss on change in fair value">753</span> thousand related to the change in fair value of the Investment in M2i.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 1, 2025, the Company entered into the Amendment with flyExclusive, as described in Note 1. As part of the amendment, flyExclusive agreed to pay $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20251001__20251001__dei--LegalEntityAxis__custom--FlyExclusiveIncMember_zHDYYpd8lot2" title="Payment in cash">2.1</span> million in cash or shares of common stock to the Company for the net payables option and the proceeds from the sale of the fourth G280. flyExclusive issued the Company <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250101__20251231_zkxtmNwrTR5a" title="Issuance of shares">432,099</span> shares of Class A common stock (the “Investment in flyExclusive”) in the fourth quarter of 2025. At the date of the exchange, the Company recognized a loss of $6.1 million in Other expense in the consolidated statements of operations. During the twelve months ended December 31, 2025 the Company recorded a loss of $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_c20250101__20251231_zqhEmbdnL358" title="Payment in cash">41</span> thousand related to the change in the fair value of the Investment in flyExclusive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to ASC 321, the Investment in flyExclusive is measured at fair value each reporting period, with unrealized gain or loss recognized in earnings. The Investment in flyExclusive is classified within Level 1 of the fair value hierarchy under ASC 820, as it is traded in an active market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, with the signing of the Amendment with flyExclusive, as described in Note 1, it granted flyExclusive the right to purchase certain aviation-related assets from the Company and assume certain obligations of the Company and granted the Company the right to sell certain obligations of the Company to flyExclusive. The fair value of the Company’s recorded Aviation Asset Option was determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Black-Scholes model was used to determine the fair value as of December 31, 2025. As of December 31, 2025 the Company fair valued the aviation asset and recorded a gain on the asset of $324 thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_za4z71xo9s7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents balances of the fair value instruments as of December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zd21tBGQnDB7" style="display: none">SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Fair Value Measurements as of December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices in</p> <p style="margin-top: 0; margin-bottom: 0">Active Markets for</p> <p style="margin-top: 0; margin-bottom: 0">Identical Assets</p> <p style="margin-top: 0; margin-bottom: 0">(Level 1)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 2)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Unobservable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 3)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; text-align: left">Third Tranche Note</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zs3I7WcH1If7" style="width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0695">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_ziNVmAu3MfUj" style="width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0697">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zCiRfQ86QRCh" style="width: 10%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zjf2BHpZU2Tf" style="width: 10%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Fourth Tranche Note</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zfpQulMUERz9" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0703">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zbeayWuuoD4d" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0705">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zDIhIqNhF9l1" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zaZ6Udm10tj5" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zpeblAFtI162" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0711">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z0C3UYpwU3ri" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0713">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zKuR2B0vjkpf" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231_zjjlz7MwYkX4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Investment in M2i</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zL4DdKz5zUJd" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0719">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zF2yOIxJy9Yc" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_z6g1ZKiqIMhg" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0723">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zaaBfWbtQ6rh" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Investment in flyExclusive</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zZkHZJagnLr7" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zBZpF1jZ5Rz5" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0729">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_z2Kqaf9hgEe6" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0731">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_z16naUhzxsCc" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Aviation asset option</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zYX2rxEM9cnl" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0735">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_ztJSNPkOM785" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0737">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zHB0tZfsEKsg" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zklIq9oLKbm" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total financial assets</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSvolVUhKTEi" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zE73dFVEaTT9" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z1cZ2TZy1A57" style="text-align: right" title="Fair value measurements investment">324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231_zYByRKVOKk9l" style="text-align: right" title="Fair value measurements investment">3,260</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Fair Value Measurements as of December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices in</p> <p style="margin-top: 0; margin-bottom: 0">Active Markets for</p> <p style="margin-top: 0; margin-bottom: 0">Identical Assets</p> <p style="margin-top: 0; margin-bottom: 0">(Level 1)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 2)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Unobservable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 3)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left; padding-bottom: 1pt">2024 Convertible Note</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zXLHf0q2QEt2" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0751">—</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zuZuGBdPqY3j" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0753">—</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zaWP2S3956R1" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche">4,050</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zZqaoaXP3Vdg" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche">4,050</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z4eVmDeKDQUa" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0759">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z3P1JonJMzx4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0761">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zlsOFBMW3OAb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,050</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231_zpFdDsH3lcO2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,050</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zpwhSyxOBXLg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zQSDIo4XKjA2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes of all convertible notes issued under the Securities Purchase Agreement (see Note 10) with significant unobservable inputs (Level 3) for the twelve months ended December 31, 2025, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zkWZBshyNL7" style="display: none">SCHEDULE OF FAIR VALUE LIABILITIES MEASURED UNOBSERVABLE INPUT </span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024 Convertible Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zFV5l9l8BWm5" style="width: 16%; text-align: right" title="Beginning balance">4,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zdxCA7GQqD8b" style="text-align: right" title="Change in fair value">1,488</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Conversions</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zMN2OgyOOAe5" style="text-align: right" title="Conversions">(7,356</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Additions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zmkwdYYXg4Cb" style="border-bottom: Black 1pt solid; text-align: right" title="Additions">6,048</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zwTQkYMwfI8l" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_zBzlx53XoTcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zM1wiCjCgzfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measured the Third and Fourth Tranche Notes using a Monte Carlo simulation valuation model using the following assumptions:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zOEeeY4sIobc" style="display: none">SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Twelve months ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Third Tranche Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fourth Tranche Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Volume Weighted average stock price (“VWAP”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_900_ecustom--DerivativeLiabilityMeasurementInputPerShares_iI_pid_uUSDPShares_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputVolumeWeightedAverageStockPriceMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zqYAC54Rf0Kb" title="Volume Weighted average stock price">0.65</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_904_ecustom--DerivativeLiabilityMeasurementInputPerShares_iI_pid_uUSDPShares_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputVolumeWeightedAverageStockPriceMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zQGT1ciBtpYh" title="Volume Weighted average stock price">0.65</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Simulation Period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--DerivativeLiabilityMeasurementInputTerm_iI_dtY_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputSimulationPeriodMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zNFztKdOT8gh" title="Simulation Period">0.56</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DerivativeLiabilityMeasurementInputTerm_iI_dtY_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputSimulationPeriodMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zXFBf1KGCRPc" title="Simulation Period">0.79</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zSFNa3iNzXic" title="Expected Volatility">114.0</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_z7cBGNKEq8I9" title="Expected Volatility">119.7</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Credit risk-adjusted rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCreditRiskAdjustedRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zPbamcWI5VH4" title="Credit risk-adjusted rate">20.9</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCreditRiskAdjustedRateMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_z3GTBBfNNT36" title="Credit risk-adjusted rate">20.9</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zsmuOnYYP1gg" title="Risk-free Rate">3.58</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zvjuE4neMN0k" title="Risk-free Rate">3.53</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8A3_z6WUn4Imws95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zZsDPZpcJ375" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table represents the change in the Aviation asset option for the twelve months ended, December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_z1eaStOtwPn5" style="display: none">FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20251231__us-gaap--FairValueByAssetClassAxis__us-gaap--EquitySecuritiesMember_zYNCWbQNA7b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aviation asset option</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zdbr4Dxtwz79" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance at December 31, 2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0803">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_pn3n3_zytOYkC0Dmfl" style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0805">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_pn3n3_zXC9N4JuuU7g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">324</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_zV9rOB03C74" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zQDNOEcKOWa8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_ecustom--ScheduleOfShareBasedPaymentAwardBlackScholesStockOptionsValuationAssumptionsTableTextBlock_zR1rFU8C5KE5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measured fair value of the aviation asset option using a Black-Scholes model with the following assumption:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zSDMZ9bcrT0f" style="display: none">SCHEDULE OF FAIR VALUE OF THE AVIATION</span>  </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">As of</p> <p style="margin-top: 0; margin-bottom: 0">December 31, 2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Strike price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zivd2sOoabSh" title="Strike price">2,000,000</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dtY_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zo2wJ4B4YOm5">0.67</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z0Ol9Tk5oyJh" title="Expected volatility">88.44</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk fee rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z1Qk5Cph76Ke" title="Risk fee rate">3.49</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zewK4BlfGYk1" title="Dividend">0.00</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8A9_zf5PuOwVVNQ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no transfers between fair value levels during the period. There were no gains and losses attributable to changes in instrument specific credit risk as the Company determined the likelihood of an event of default to be de minimus. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposits approximate their fair value because of the short maturity of those instruments. The Company’s credit facility, convertible notes and other loans approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at December 31, 2025 and December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zNwHNycwk7L2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_z6bosCKGUXye">Commitments and contingencies</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred, and the amount of the assessment can be reasonably estimated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--WarrantsPolicyTextBlock_zrnihpAJVrQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zZuyJdgVIeai">Warrants</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480 <i>Distinguishing Liabilities from Equity</i> (“ASC 480”) and FASB ASC 815, <i>Derivatives and Hedging</i> (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. All of the Company’s warrants have met the criteria for equity treatment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zPkcvfUBDs07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_865_zPQlw4xQ34Ij">Revenue recognition</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines revenue recognition pursuant to ASC 606, Revenue from Contracts with Customers, through the following steps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the contract, or contracts, with a customer.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the performance obligation(s) in the contract.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of the transaction price.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of the transaction to the performance obligation(s) in the contract.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize revenue when or as the entity satisfies a performance obligation.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generates revenue primarily through: (i) the sale of aircraft, and (ii) our Vaunt software-as-a-subscription product. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from aircraft sales is recognized upon the delivery of the aircraft.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--DisaggregationOfRevenueTableTextBlock_zmWcH2Zo7V8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generated revenue during the twelve months ended December 31, 2025 and 2024, broken down as follows, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zUhN0GG1bJRl" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_z7zzGgsWChig" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_zSsEGRekQECb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Twelve Months Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftSalesMember_zh8vFddBYFae" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Aircraft sales</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">77,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">38,150</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftManagementRevenueMember_ztNpe47M6mPc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Subscription</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">914</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zQDoRNqolUQk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">78,559</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">39,064</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zzb6ysQS7Nhf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from the sales of our Vaunt Software-as-a-subscription is deferred and recognized over the subscription term of the software and is included in customer deposits and deferred revenue on the consolidated balances sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zZ6RkVD2HDP1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table provides a rollforward of deferred revenue, recorded in customer deposits and deferred revenue in the consolidated balance sheets, for the twelve months ended December 31, 2025:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zVFC4eX1rmEa" style="display: none">SCHEDULE OF CHANGES IN DEFERRED REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zssWTNjncmc3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerLiability_iS_zWdnWpV7SmSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance as of December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">696</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance_zZm9CftwaXI4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenue recognized</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,459</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--ContractWithCustomerLiabilityIncreaseFromDeferralOfRevenue_zHxcDLGMzqHe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue deferred</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,485</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ContractWithCustomerLiability_iE_zmBexONRoxm7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,722</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zIDyOOtbnWuh" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_ecustom--AssetsRecognizedFromTheCostsToObtainRevenueContractsPolicyTextBlock_zEmD48QW4mTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_z2rm3KSJST04">Assets Recognized from the Costs to Obtain Revenue Contracts</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We recognize an asset for the incremental costs of obtaining a contract with a client if we expect the amortization period to be longer than one year, such costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. We have determined the costs incurred are incremental and recoverable and are subject to capitalization and amortization under ASC 340-40. The capitalized costs relate to revenue share with Vaunt operators and Vaunt sales commissions. The assets are capitalized and amortized ratably over the expected period of the benefit, which is currently estimated at <span id="xdx_900_eus-gaap--CapitalizedContractCostAmortizationPeriod_iI_dtM_c20251231_zMVYWRj5Sukf" title="Contract asset amortization period">14</span> months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--CapitalizedContractCostTableTextBlock_zmmMhx22TCq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables present the asset balances and related amortization expense for the contract assets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zE4q1AeumsRl" style="display: none">SCHEDULE OF RELATED AMORTIZATION EXPENSES</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48E_eus-gaap--CapitalizedContractCostNet_iS_zdwvZHuqtNIc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_480_ecustom--CapitalizedContractCostCapitalizedDuringThePeriod_iS_zZ8QiJZlCQu2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--CapitalizedContractCostAmortization_z9ldzmny0plh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--CapitalizedContractCostNet_iE_zc3TJ17v8zO4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the twelve months ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Beginning Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_414_20250101__20251231_z6HaKtYrOWel" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Contract assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0854">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">935</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(299</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">636</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zpa3meofk7c4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--IncomeTaxPolicyTextBlock_zGYGQDP3Acha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zB1fYYHHyqMh">Income taxes</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_z65C9z76ffn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_z5ptWSb7Q1ie">Stock-based compensation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, <i>Compensation—Stock Compensation</i>, which requires the measurement and recognition of compensation expense for all stock-based payment awards based on estimated fair values. This method requires companies to estimate the fair value of stock-based compensation on the date of grant using an option pricing model. The Company estimates the fair value of each equity-based payment award on the date of grant using the Black-Scholes pricing model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--EarningsPerSharePolicyTextBlock_zoQvghXeItIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zM9efn4Eqn61">Net income (loss) per share</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the twelve months ended months ended December 31, 2025, include stock options, restricted stock units and warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20251231_zf8UNj5umk9e" title="Options outstanding">17,703</span> and <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231_zgoyMy6kkSXb" title="Options outstanding">18,614</span> outstanding stock options to purchase an equivalent number of shares of common stock at December 31, 2025, and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zL3dX2kVHGHl" title="Restricted stock shares outstanding">10,964</span> and <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zVOi1NdfY8li" title="Restricted stock shares outstanding">29,080</span> outstanding restricted stock units to purchase an equivalent number of shares of common stock at December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also had <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20251231_zTpGsE9yPWP2" title="Warrant purchase outstanding"><span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20241231_zyAJKbzx6ZJj" title="Warrant purchase outstanding">1,161,195</span></span> outstanding warrants to purchase an equivalent number of shares of common stock as of December 31, 2025 and 2024, respectively at a weighted average strike price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20251231_zUIz8WVr4sBf" title="Weighted average strike price of warrants"><span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20241231_zwn992jrRGNf" title="Weighted average strike price of warrants">287.50</span></span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zvQxE47zv8j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86A_zxjceUI0oodb">Concentration of credit risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $<span id="xdx_907_eus-gaap--FederalDepositInsuranceCorporationPremiumExpense_c20250101__20251231_zkyP8wZgVcMb" title="Insured FDIC">250,000</span>. At times, the Company may maintain balances in excess of the federally insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_z3O15Kror2he" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zmIlGsQpSB04">Intangible assets</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets other than goodwill consists of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination are recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets are carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the fair value. There was no impairment loss for the twelve months ended December 31, 2025 or 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zdtSwjJmH88h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zQ3tl31Yhadd">Goodwill</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter. In March 2025, the Company sold GC Aviation, Inc. and the Part 135 air carrier certificate. In connection with that sale, the Company recorded an impairment on goodwill of $<span id="xdx_906_eus-gaap--GoodwillImpairmentLoss_pn3n3_c20250101__20251231_zGDqIzIxsHC3" title="Impairment of goodwill">35</span> thousand for the twelve months ended December 31, 2025. The loss is recorded in other income, net in the consolidated statements of operations. There was <span id="xdx_909_eus-gaap--GoodwillImpairmentLoss_pn3n3_do_c20240101__20241231_z8pD8PgFPKt1" title="Impairment of goodwill">no</span> impairment loss recorded for the twelve months ended December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zmikK7UaUvD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zEMUmdzgO9j">Segment reporting</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company identifies operating segments as components of the Company for which discrete financial information is available and is regularly reviewed by the chief operating decision maker (“CODM”), or decision-making group, in making decisions regarding resource allocation and performance assessment. The CODM is the chief executive officer. We determined that the Company operates in a single operating and reportable segment, private aviation services, and the CODM reviews financial information including total assets from continuing operations and net income (loss) from continuing operations before income taxes presented on a consolidated basis for purposes of making operating decisions, allocating resources, and assessing performance. Substantially all of our long-lived assets are located in the U.S.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--CostOfSalesPolicyTextBlock_zs1SSFSNoUK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zLZybd7AJfb1">Cost of revenue</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue includes costs that are directly related to the related revenue streams – aircraft sales and subscription based revenue. Aircraft sales cost of revenue is our purchase price of the aircraft. Subscription costs includes costs of our proprietary software, the Vaunt platform.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--AdvertisingCostsPolicyTextBlock_zkgCHCQcbYH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zpUeJpNw0Tg5">Advertising costs</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs are expensed as incurred and included in selling, general and administrative expenses on the statements of operations. Such advertising amounted to $<span id="xdx_900_eus-gaap--AdvertisingExpense_pn5n6_c20250101__20251231_zJC2zaVxVt7h" title="Advertising expense">1.0</span> million and $<span id="xdx_906_eus-gaap--AdvertisingExpense_pn5n6_c20240101__20241231_zqiko0rbrk02" title="Advertising expense">4.5</span> million for the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--LesseeLeasesPolicyTextBlock_zIqtxGTThXn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zbC5EvLb4lLb">Leases</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 842, “Leases” (“ASC 842”) requires lessees to recognize most leases on the balance sheet with a corresponding right-of-use asset (“ROU asset”). ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. The right-of-use asset and lease liability are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. ROU asset is evaluated for impairment using the long-lived asset impairment guidance. Leases will be classified as financing or operating, which will drive the expense recognition pattern. The Company elects to exclude short-term leases when recording a ROU asset and lease liability if and when the Company has them.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zrQtvkDAgLYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zFmv22BaQ91i">Recent accounting pronouncements</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued Accounting Standards Update “ASU” 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker “CODM” and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption was permitted. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2025. Adoption of the standard will be applied on a prospective basis and retrospective application to all periods presented is permitted. We adopted ASU 2023-09 this Annual Report on Form 10-K using the prospective approach.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to enhance the disclosures for expenses for all public entities in accordance with ASC Topic 220, Income Statement-Reporting Comprehensive Income. ASU 2024-03 addresses investor requests for more detailed information about expenses, specifically cost of sales and selling, general, and administrative expenses. ASU 2024-03 requires a public entity to disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption presented on the face of the income statement as well as a qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 also requires a public entity to disclose the total amount of selling expenses and the entity’s definition of selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. A public entity should apply ASU 2024-03 either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its future consolidated financial statements and related disclosures.</span></p> <p id="xdx_85D_zLGWfcgYnoU2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 5200000 3900000 -100800000 <p id="xdx_849_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zJLjnBnK9K45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_z6vRcp8Rwkqh">Basis of presentation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business and following the requirements of the Securities and Exchange Commission (the “SEC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zeSwFcre2oth" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_865_zoA6IOzgRTcf">Reclassifications</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in 2024 have been reclassified to conform with the current period’s presentation to reflect discontinued operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--ConsolidationPolicyTextBlock_z8eKin3gCwug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zcDBW9g2P4Kb">Principles of consolidation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--UseOfEstimates_zGlJMM2PLAl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zNqtsVO03aFi">Use of estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Useful lives of property, plant, and equipment.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumptions used in valuing debt or equity instruments.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income taxes and related valuation allowance.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assessment of long-lived assets impairment.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumptions used in the aviation asset put/call option.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zWAQVNxibNBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zUwVWPRH5lH4">Cash and restricted cash</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2025 and December 31, 2024, the Company had no cash equivalents besides what was in the cash balance as of that date. The Company had <span id="xdx_900_eus-gaap--RestrictedCash_iI_c20251231_zHZG2zmyCxTc" style="display: none" title="Restricted cash">0</span>zero and $<span id="xdx_90D_eus-gaap--RestrictedCash_iI_pn5n6_c20241231_zQJit6AUK8F4" title="Restricted cash">1.8</span> million of restricted cash at December 31, 2025, and December 31, 2024, respectively, which served as collateral for the credit facility with SAC Leasing G280 LLC described in Note 11 below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 1800000 <p id="xdx_844_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zvcDfHllyvm9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_zYYw2JxyW7F4">Accounts receivable</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivables are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the twelve months ended December 31, 2025 and 2024, the Company recognized $<span id="xdx_90E_eus-gaap--ProvisionForDoubtfulAccounts_pn3n3_c20250101__20251231_z2ZisoEwbB83" title="Bad debt expense">147</span> thousand and <span id="xdx_90A_eus-gaap--ProvisionForDoubtfulAccounts_dc_c20240101__20241231_zKudfxV6yYja" style="display: none" title="Bad debt expense">0</span>zero of bad debt expense, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 147000 0 <p id="xdx_84A_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zqIaW1py5A1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zRUjrMET6apb">Fixed assets</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_899_ecustom--PropertyPlantAndEquipmentUsefulLivesTableTextBlock_zp2bovwvCPQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed assets are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_zChFfji5aaqf" style="display: none">SUMMARY OF ESTIMATED USEFUL LIVES OF FIXED ASSETS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 80%; font-weight: bold">Classification</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: center">Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: right"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zH8eCRJNsaud" title="Property plant and equipment useful life">3</span>-<span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zicPy1uht0pf" title="Property plant and equipment useful life">7</span> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Automobiles</td><td> </td> <td style="text-align: right"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AutomobilesMember_zBlZQ8xVoHoh" title="Property plant and equipment useful life">5</span> years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer and office equipment</td><td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_zw5NhQlfMvb7" title="Property plant and equipment useful life">5</span> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Website development costs</td><td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zVsVOHGF94e2" title="Property plant and equipment useful life">3</span> years</td></tr> </table> <p id="xdx_8A0_zooL3Dpkc0b1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p id="xdx_899_ecustom--PropertyPlantAndEquipmentUsefulLivesTableTextBlock_zp2bovwvCPQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed assets are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_zChFfji5aaqf" style="display: none">SUMMARY OF ESTIMATED USEFUL LIVES OF FIXED ASSETS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 80%; font-weight: bold">Classification</td><td style="width: 2%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 18%; font-weight: bold; text-align: center">Life</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and equipment</td><td> </td> <td style="text-align: right"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zH8eCRJNsaud" title="Property plant and equipment useful life">3</span>-<span id="xdx_903_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zicPy1uht0pf" title="Property plant and equipment useful life">7</span> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Automobiles</td><td> </td> <td style="text-align: right"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AutomobilesMember_zBlZQ8xVoHoh" title="Property plant and equipment useful life">5</span> years</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer and office equipment</td><td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_zw5NhQlfMvb7" title="Property plant and equipment useful life">5</span> years</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Website development costs</td><td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zVsVOHGF94e2" title="Property plant and equipment useful life">3</span> years</td></tr> </table> P3Y P7Y P5Y P5Y P3Y <p id="xdx_842_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_zLLaitRrIqR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zU8aAMZhJLe6">Computer software development</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software development costs are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350-40, <i>Internal Use Software</i>. Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation and software maintenance costs are expensed as incurred. The capitalized computer software development costs are reported under the section “Property and equipment, net” in the consolidated balance sheets and are amortized using the straight-line method over the estimated useful life of the software, generally <span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20251231_z0HIKvrF0gR1" title="Property plant and equipment useful life">three years</span> from when the asset is placed in service. The Company capitalized $<span id="xdx_90A_eus-gaap--CapitalizedComputerSoftwareAdditions_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_z51RfB7PUlml" title="Internal software development costs">211</span> thousand and $<span id="xdx_90E_eus-gaap--CapitalizedComputerSoftwareAdditions_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_z6yEEOCG2959" title="Internal software development costs">142</span> thousand and of internal software development costs during the twelve months ended December 31, 2025 and 2024, respectively. The Company recognized $<span id="xdx_90E_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zmz4ntqWPW8" title="Capitalized computer software amortization expense">158</span> thousand and $<span id="xdx_906_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zYulSdntXOb4" title="Capitalized computer software amortization expense">132</span> thousand of amortization expense related to computer software development during the twelve months ended December 31, 2025 and 2024, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. During the twelve months ended December 31, 2025, the Company reduced the value of software development cost by $<span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zFxrdTJvfGWe" title="Reduction in value of software development cost">238</span> thousand, related to a non-monetary exchange with a third party and their use of our mission control software. This software development cost was originally developed for internal use and has subsequently been licensed to a third party in a non-monetary transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> P3Y 211000 142000 158000 132000 238000 <p id="xdx_846_ecustom--WebsiteDevelopmentCostPolicyTextBlock_zmHMbfAwmChd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_z2wKmqNAlSCa">Website development cost</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in FASB ASC 350-40. The Company capitalized zero of website development costs during the twelve months ended December 31, 2025 and 2024, respectively. The Company recognized $<span id="xdx_905_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zL2JsraQcsd8" title="Capitalized computer software, amortization expense">97</span> thousand and $<span id="xdx_905_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zbJmLdiOZIS6" title="Capitalized computer software, amortization expense">97</span> thousand of amortization expense during the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 97000 97000 <p id="xdx_84C_eus-gaap--PropertyPlantAndEquipmentImpairment_zV5IPcc0hwpa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_zoe8xyKPUMGh">Valuation of long-lived assets</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with FASB ASC 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. <span id="xdx_90D_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20250101__20251231_zjPiUQWi5xda" title="Impairment"><span id="xdx_905_eus-gaap--ImpairmentOfLongLivedAssetsHeldForUse_do_c20240101__20241231_znLpHiTYO96l" title="Impairment">No</span></span> impairment was recognized during the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 0 <p id="xdx_84C_eus-gaap--FairValueOfFinancialInstrumentsPolicy_z2pz6FvqWdlh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_zGZqX4zHFtld">Fair value of financial instruments</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company adopted the provisions of FASB ASC 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"> </td> <td style="text-align: justify; width: 0.25in">■</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">■</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2: Inputs to the valuation methodology include:</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for similar assets or liabilities in active markets.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for identical or similar assets or liabilities in inactive markets.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs other than quoted prices that are observable for the asset or liability.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inputs that are derived principally from or corroborated by observable market date by correlation or other means; and</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="text-align: justify; width: 0.25in">■</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 28, 2023, the Company entered into a forward purchase agreement (the “Forward Purchase Agreement”). The fair value of the Company’s recorded Forward Purchase Agreement was determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Monte Carlo simulation model was used to determine the fair value as of December 31, 2023. The Company recorded the Forward Purchase Agreement at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operations. On July 23, 2024, the Company received notice of termination of the Forward Purchase Agreement and recognized an impairment in the value of the Forward Purchase Agreement in the second quarter of 2024 due to receipt of the termination notice. A loss of $<span id="xdx_907_ecustom--GainLossOnCancellationOfDerivatives_pn5n6_c20240101__20241231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--ForwardContractsMember_z2l2DJg7cLzd" title="Loss on cancellation of derivatives">3.0</span> million was recorded due to the cancellation of the Forward Purchase Agreement in 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2024, the Company entered into a Securities Purchase Agreement (“Securities Purchase Agreement”) pursuant to which the Company may issue a series of convertible notes for an aggregate principal amount not to exceed $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zM0WemGDwW86" title="Principal amount">36.0</span> million. During the year ended December 31, 2024, the Company issued a single convertible note in the principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourMember_zrwPoLxF23Tl" title="Principal amount">4.5</span> million, (the “2024 Convertible Note”), of which $<span id="xdx_901_eus-gaap--LongTermDebt_iI_pn5n6_c20241231__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourMember_z72ZA0IsC45b" title="Long term debt">4.1</span> million was funded as of December 31, 2024, representing an original issue discount of ten percent. The Company elected the fair value guidance under ASC 825-10 and the 2024 Convertible Note was recognized at initial fair value as of the issuance date. The value of the 2024 Convertible Note at issuance approximated fair value as of December 31, 2024. Any issuances of additional convertible notes are subject to the terms and conditions of the Security Purchase Agreement (see Note 10).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 30, 2025, Company, entered into Share Exchange Agreements (the “Share Exchange Agreements”), with two investors (together the “Investors”). The Investors are shareholders of M2i whose common stock is publicly quoted on the OTCQB Venture Market of OTC Markets Group, Inc. under the symbol “MTWO”. Pursuant to the Share Exchange Agreements, the Company agreed to issue an aggregate of <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250901__20250930__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zk3UMMhf9zla" title="Common stock issued during period shares">1,197,604</span> shares of the Company’s Class A common stock to the Investors in exchange for an aggregate of <span id="xdx_905_ecustom--CommonStockReceivedInShareExchangeAgreement_c20250901__20250930__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementsMember_zfcb8oA6eoFk" title="Common stock received in share exchange agreement">16,000,000</span> shares of M2i common stock (the “Investment in M2i”). At the date of the exchange, the Company recognized a loss of $<span id="xdx_902_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20250901__20250930_z3jmjWLzojZh" title="Loss on change in fair value">115</span> thousand in “Loss from change in fair value of financial instruments” on the consolidated statement of operations for the difference between the fair value of the Volato shares issued and the fair value of the Investment in M2i.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to ASC 321, the Investment in M2i is measured at fair value each reporting period, with unrealized gain or loss recognized in earnings. The Investment in M2i is classified within Level 2 of the fair value hierarchy under ASC 820, as it is based on quoted prices for identical assets in inactive markets. The inputs are obtained from OTC quoted prices for level II. During the twelve months ended December 31, 2025, the Company recorded a loss of $<span id="xdx_909_eus-gaap--EquitySecuritiesFvNiRealizedGainLoss_pn3n3_c20250101__20251231_z8yfZbGcDiM2" title="Loss on change in fair value">753</span> thousand related to the change in fair value of the Investment in M2i.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 1, 2025, the Company entered into the Amendment with flyExclusive, as described in Note 1. As part of the amendment, flyExclusive agreed to pay $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20251001__20251001__dei--LegalEntityAxis__custom--FlyExclusiveIncMember_zHDYYpd8lot2" title="Payment in cash">2.1</span> million in cash or shares of common stock to the Company for the net payables option and the proceeds from the sale of the fourth G280. flyExclusive issued the Company <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250101__20251231_zkxtmNwrTR5a" title="Issuance of shares">432,099</span> shares of Class A common stock (the “Investment in flyExclusive”) in the fourth quarter of 2025. At the date of the exchange, the Company recognized a loss of $6.1 million in Other expense in the consolidated statements of operations. During the twelve months ended December 31, 2025 the Company recorded a loss of $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn3n3_c20250101__20251231_zqhEmbdnL358" title="Payment in cash">41</span> thousand related to the change in the fair value of the Investment in flyExclusive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to ASC 321, the Investment in flyExclusive is measured at fair value each reporting period, with unrealized gain or loss recognized in earnings. The Investment in flyExclusive is classified within Level 1 of the fair value hierarchy under ASC 820, as it is traded in an active market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, with the signing of the Amendment with flyExclusive, as described in Note 1, it granted flyExclusive the right to purchase certain aviation-related assets from the Company and assume certain obligations of the Company and granted the Company the right to sell certain obligations of the Company to flyExclusive. The fair value of the Company’s recorded Aviation Asset Option was determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Black-Scholes model was used to determine the fair value as of December 31, 2025. As of December 31, 2025 the Company fair valued the aviation asset and recorded a gain on the asset of $324 thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_za4z71xo9s7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents balances of the fair value instruments as of December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zd21tBGQnDB7" style="display: none">SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Fair Value Measurements as of December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices in</p> <p style="margin-top: 0; margin-bottom: 0">Active Markets for</p> <p style="margin-top: 0; margin-bottom: 0">Identical Assets</p> <p style="margin-top: 0; margin-bottom: 0">(Level 1)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 2)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Unobservable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 3)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; text-align: left">Third Tranche Note</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zs3I7WcH1If7" style="width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0695">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_ziNVmAu3MfUj" style="width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0697">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zCiRfQ86QRCh" style="width: 10%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zjf2BHpZU2Tf" style="width: 10%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Fourth Tranche Note</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zfpQulMUERz9" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0703">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zbeayWuuoD4d" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0705">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zDIhIqNhF9l1" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zaZ6Udm10tj5" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zpeblAFtI162" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0711">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z0C3UYpwU3ri" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0713">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zKuR2B0vjkpf" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231_zjjlz7MwYkX4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Investment in M2i</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zL4DdKz5zUJd" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0719">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zF2yOIxJy9Yc" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_z6g1ZKiqIMhg" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0723">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zaaBfWbtQ6rh" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Investment in flyExclusive</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zZkHZJagnLr7" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zBZpF1jZ5Rz5" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0729">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_z2Kqaf9hgEe6" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0731">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_z16naUhzxsCc" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Aviation asset option</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zYX2rxEM9cnl" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0735">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_ztJSNPkOM785" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0737">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zHB0tZfsEKsg" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zklIq9oLKbm" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total financial assets</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSvolVUhKTEi" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zE73dFVEaTT9" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z1cZ2TZy1A57" style="text-align: right" title="Fair value measurements investment">324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231_zYByRKVOKk9l" style="text-align: right" title="Fair value measurements investment">3,260</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Fair Value Measurements as of December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices in</p> <p style="margin-top: 0; margin-bottom: 0">Active Markets for</p> <p style="margin-top: 0; margin-bottom: 0">Identical Assets</p> <p style="margin-top: 0; margin-bottom: 0">(Level 1)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 2)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Unobservable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 3)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left; padding-bottom: 1pt">2024 Convertible Note</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zXLHf0q2QEt2" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0751">—</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zuZuGBdPqY3j" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0753">—</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zaWP2S3956R1" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche">4,050</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zZqaoaXP3Vdg" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche">4,050</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z4eVmDeKDQUa" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0759">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z3P1JonJMzx4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0761">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zlsOFBMW3OAb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,050</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231_zpFdDsH3lcO2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,050</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zpwhSyxOBXLg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zQSDIo4XKjA2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes of all convertible notes issued under the Securities Purchase Agreement (see Note 10) with significant unobservable inputs (Level 3) for the twelve months ended December 31, 2025, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zkWZBshyNL7" style="display: none">SCHEDULE OF FAIR VALUE LIABILITIES MEASURED UNOBSERVABLE INPUT </span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024 Convertible Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zFV5l9l8BWm5" style="width: 16%; text-align: right" title="Beginning balance">4,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zdxCA7GQqD8b" style="text-align: right" title="Change in fair value">1,488</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Conversions</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zMN2OgyOOAe5" style="text-align: right" title="Conversions">(7,356</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Additions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zmkwdYYXg4Cb" style="border-bottom: Black 1pt solid; text-align: right" title="Additions">6,048</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zwTQkYMwfI8l" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_zBzlx53XoTcd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zM1wiCjCgzfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measured the Third and Fourth Tranche Notes using a Monte Carlo simulation valuation model using the following assumptions:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zOEeeY4sIobc" style="display: none">SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Twelve months ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Third Tranche Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fourth Tranche Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Volume Weighted average stock price (“VWAP”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_900_ecustom--DerivativeLiabilityMeasurementInputPerShares_iI_pid_uUSDPShares_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputVolumeWeightedAverageStockPriceMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zqYAC54Rf0Kb" title="Volume Weighted average stock price">0.65</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_904_ecustom--DerivativeLiabilityMeasurementInputPerShares_iI_pid_uUSDPShares_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputVolumeWeightedAverageStockPriceMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zQGT1ciBtpYh" title="Volume Weighted average stock price">0.65</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Simulation Period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--DerivativeLiabilityMeasurementInputTerm_iI_dtY_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputSimulationPeriodMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zNFztKdOT8gh" title="Simulation Period">0.56</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DerivativeLiabilityMeasurementInputTerm_iI_dtY_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputSimulationPeriodMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zXFBf1KGCRPc" title="Simulation Period">0.79</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zSFNa3iNzXic" title="Expected Volatility">114.0</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_z7cBGNKEq8I9" title="Expected Volatility">119.7</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Credit risk-adjusted rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCreditRiskAdjustedRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zPbamcWI5VH4" title="Credit risk-adjusted rate">20.9</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCreditRiskAdjustedRateMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_z3GTBBfNNT36" title="Credit risk-adjusted rate">20.9</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zsmuOnYYP1gg" title="Risk-free Rate">3.58</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zvjuE4neMN0k" title="Risk-free Rate">3.53</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8A3_z6WUn4Imws95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zZsDPZpcJ375" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table represents the change in the Aviation asset option for the twelve months ended, December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_z1eaStOtwPn5" style="display: none">FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20251231__us-gaap--FairValueByAssetClassAxis__us-gaap--EquitySecuritiesMember_zYNCWbQNA7b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aviation asset option</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zdbr4Dxtwz79" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance at December 31, 2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0803">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_pn3n3_zytOYkC0Dmfl" style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0805">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_pn3n3_zXC9N4JuuU7g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">324</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_zV9rOB03C74" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zQDNOEcKOWa8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_897_ecustom--ScheduleOfShareBasedPaymentAwardBlackScholesStockOptionsValuationAssumptionsTableTextBlock_zR1rFU8C5KE5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measured fair value of the aviation asset option using a Black-Scholes model with the following assumption:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zSDMZ9bcrT0f" style="display: none">SCHEDULE OF FAIR VALUE OF THE AVIATION</span>  </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">As of</p> <p style="margin-top: 0; margin-bottom: 0">December 31, 2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Strike price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zivd2sOoabSh" title="Strike price">2,000,000</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dtY_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zo2wJ4B4YOm5">0.67</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z0Ol9Tk5oyJh" title="Expected volatility">88.44</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk fee rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z1Qk5Cph76Ke" title="Risk fee rate">3.49</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zewK4BlfGYk1" title="Dividend">0.00</span></td><td style="text-align: left">%</td></tr> </table> <p id="xdx_8A9_zf5PuOwVVNQ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There were no transfers between fair value levels during the period. There were no gains and losses attributable to changes in instrument specific credit risk as the Company determined the likelihood of an event of default to be de minimus. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposits approximate their fair value because of the short maturity of those instruments. The Company’s credit facility, convertible notes and other loans approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at December 31, 2025 and December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3000000.0 36000000.0 4500000 4100000 1197604 16000000 115000 753000 2100000 432099 41000 <p id="xdx_89F_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_za4z71xo9s7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents balances of the fair value instruments as of December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zd21tBGQnDB7" style="display: none">SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Fair Value Measurements as of December 31, 2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices in</p> <p style="margin-top: 0; margin-bottom: 0">Active Markets for</p> <p style="margin-top: 0; margin-bottom: 0">Identical Assets</p> <p style="margin-top: 0; margin-bottom: 0">(Level 1)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 2)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Unobservable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 3)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 44%; text-align: left">Third Tranche Note</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zs3I7WcH1If7" style="width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0695">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_ziNVmAu3MfUj" style="width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0697">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zCiRfQ86QRCh" style="width: 10%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zjf2BHpZU2Tf" style="width: 10%; text-align: right" title="Fair value measurements third tranche">3,148</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Fourth Tranche Note</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zfpQulMUERz9" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0703">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zbeayWuuoD4d" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0705">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zDIhIqNhF9l1" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zaZ6Udm10tj5" style="border-bottom: Black 1pt solid; text-align: right" title="Fair value measurements third tranche">1,082</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total financial liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zpeblAFtI162" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0711">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z0C3UYpwU3ri" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0713">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zKuR2B0vjkpf" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements third tranche">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231_zjjlz7MwYkX4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Investment in M2i</td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zL4DdKz5zUJd" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0719">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zF2yOIxJy9Yc" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_z6g1ZKiqIMhg" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0723">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInM2iMember_zaaBfWbtQ6rh" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Investment in flyExclusive</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zZkHZJagnLr7" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_zBZpF1jZ5Rz5" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0729">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_z2Kqaf9hgEe6" style="text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0731">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--InvestmentInFlyExclusiveMember_z16naUhzxsCc" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Aviation asset option</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zYX2rxEM9cnl" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0735">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_ztJSNPkOM785" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment"><span style="-sec-ix-hidden: xdx2ixbrl0737">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_981_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zHB0tZfsEKsg" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_980_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn3n3_c20251231__us-gaap--DebtInstrumentAxis__custom--AviationAssetOptionMember_zklIq9oLKbm" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value measurements investment">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total financial assets</td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zSvolVUhKTEi" style="text-align: right" title="Fair value measurements investment">1,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zE73dFVEaTT9" style="text-align: right" title="Fair value measurements investment">1,197</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z1cZ2TZy1A57" style="text-align: right" title="Fair value measurements investment">324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--AssetsFairValueDisclosure_iI_pn3n3_c20251231_zYByRKVOKk9l" style="text-align: right" title="Fair value measurements investment">3,260</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; text-align: center">Fair Value Measurements as of December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Quoted Prices in</p> <p style="margin-top: 0; margin-bottom: 0">Active Markets for</p> <p style="margin-top: 0; margin-bottom: 0">Identical Assets</p> <p style="margin-top: 0; margin-bottom: 0">(Level 1)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant Other</p> <p style="margin-top: 0; margin-bottom: 0">Observable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 2)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Significant</p> <p style="margin-top: 0; margin-bottom: 0">Unobservable Inputs</p> <p style="margin-top: 0; margin-bottom: 0">(Level 3)</p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left; padding-bottom: 1pt">2024 Convertible Note</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zXLHf0q2QEt2" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0751">—</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zuZuGBdPqY3j" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche"><span style="-sec-ix-hidden: xdx2ixbrl0753">—</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zaWP2S3956R1" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche">4,050</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourNoteMember_zZqaoaXP3Vdg" style="border-bottom: Black 1pt solid; width: 10%; text-align: right" title="Fair value measurements third tranche">4,050</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z4eVmDeKDQUa" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0759">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z3P1JonJMzx4" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities"><span style="-sec-ix-hidden: xdx2ixbrl0761">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zlsOFBMW3OAb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,050</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_c20241231_zpFdDsH3lcO2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total financial liabilities">4,050</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3148000 3148000 1082000 1082000 4230000 4230000 1197000 1197000 1739000 1739000 324000 324000 1739000 1197000 324000 3260000 4050000 4050000 4050000 4050000 <p id="xdx_892_eus-gaap--FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zQSDIo4XKjA2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table presents changes of all convertible notes issued under the Securities Purchase Agreement (see Note 10) with significant unobservable inputs (Level 3) for the twelve months ended December 31, 2025, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B0_zkWZBshyNL7" style="display: none">SCHEDULE OF FAIR VALUE LIABILITIES MEASURED UNOBSERVABLE INPUT </span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024 Convertible Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zFV5l9l8BWm5" style="width: 16%; text-align: right" title="Beginning balance">4,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in fair value</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zdxCA7GQqD8b" style="text-align: right" title="Change in fair value">1,488</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Conversions</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zMN2OgyOOAe5" style="text-align: right" title="Conversions">(7,356</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Additions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_980_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zmkwdYYXg4Cb" style="border-bottom: Black 1pt solid; text-align: right" title="Additions">6,048</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_pn3n3_c20250101__20251231__us-gaap--FairValueByLiabilityClassAxis__us-gaap--ConvertibleDebtMember_zwTQkYMwfI8l" style="border-bottom: Black 2.5pt double; text-align: right" title="Ending balance">4,230</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 4050000 1488000 -7356000 6048000 4230000 <p id="xdx_890_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zM1wiCjCgzfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measured the Third and Fourth Tranche Notes using a Monte Carlo simulation valuation model using the following assumptions:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zOEeeY4sIobc" style="display: none">SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Twelve months ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Third Tranche Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fourth Tranche Note</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Volume Weighted average stock price (“VWAP”)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_900_ecustom--DerivativeLiabilityMeasurementInputPerShares_iI_pid_uUSDPShares_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputVolumeWeightedAverageStockPriceMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zqYAC54Rf0Kb" title="Volume Weighted average stock price">0.65</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_904_ecustom--DerivativeLiabilityMeasurementInputPerShares_iI_pid_uUSDPShares_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputVolumeWeightedAverageStockPriceMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zQGT1ciBtpYh" title="Volume Weighted average stock price">0.65</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Simulation Period</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_ecustom--DerivativeLiabilityMeasurementInputTerm_iI_dtY_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputSimulationPeriodMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zNFztKdOT8gh" title="Simulation Period">0.56</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_ecustom--DerivativeLiabilityMeasurementInputTerm_iI_dtY_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputSimulationPeriodMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zXFBf1KGCRPc" title="Simulation Period">0.79</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zSFNa3iNzXic" title="Expected Volatility">114.0</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_z7cBGNKEq8I9" title="Expected Volatility">119.7</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Credit risk-adjusted rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCreditRiskAdjustedRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zPbamcWI5VH4" title="Credit risk-adjusted rate">20.9</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputCreditRiskAdjustedRateMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_z3GTBBfNNT36" title="Credit risk-adjusted rate">20.9</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free Rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember_zsmuOnYYP1gg" title="Risk-free Rate">3.58</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember_zvjuE4neMN0k" title="Risk-free Rate">3.53</span></td><td style="text-align: left">%</td></tr> </table> 0.65 0.65 P0Y6M21D P0Y9M14D 114.0 119.7 20.9 20.9 3.58 3.53 <p id="xdx_896_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zZsDPZpcJ375" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table represents the change in the Aviation asset option for the twelve months ended, December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_z1eaStOtwPn5" style="display: none">FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250101__20251231__us-gaap--FairValueByAssetClassAxis__us-gaap--EquitySecuritiesMember_zYNCWbQNA7b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Aviation asset option</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zdbr4Dxtwz79" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance at December 31, 2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0803">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_pn3n3_zytOYkC0Dmfl" style="vertical-align: bottom; background-color: White"> <td>Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0805">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_pn3n3_zXC9N4JuuU7g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">324</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_zV9rOB03C74" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">324</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 324000 324000 <p id="xdx_897_ecustom--ScheduleOfShareBasedPaymentAwardBlackScholesStockOptionsValuationAssumptionsTableTextBlock_zR1rFU8C5KE5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company measured fair value of the aviation asset option using a Black-Scholes model with the following assumption:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zSDMZ9bcrT0f" style="display: none">SCHEDULE OF FAIR VALUE OF THE AVIATION</span>  </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">As of</p> <p style="margin-top: 0; margin-bottom: 0">December 31, 2025</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Strike price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zivd2sOoabSh" title="Strike price">2,000,000</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_dtY_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zo2wJ4B4YOm5">0.67</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z0Ol9Tk5oyJh" title="Expected volatility">88.44</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk fee rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z1Qk5Cph76Ke" title="Risk fee rate">3.49</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_c20251231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zewK4BlfGYk1" title="Dividend">0.00</span></td><td style="text-align: left">%</td></tr> </table> 2000000000 0.67 88.44 3.49 0.00 <p id="xdx_84D_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_zNwHNycwk7L2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_860_z6bosCKGUXye">Commitments and contingencies</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred, and the amount of the assessment can be reasonably estimated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--WarrantsPolicyTextBlock_zrnihpAJVrQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zZuyJdgVIeai">Warrants</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC 480 <i>Distinguishing Liabilities from Equity</i> (“ASC 480”) and FASB ASC 815, <i>Derivatives and Hedging</i> (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. All of the Company’s warrants have met the criteria for equity treatment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zPkcvfUBDs07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_865_zPQlw4xQ34Ij">Revenue recognition</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company determines revenue recognition pursuant to ASC 606, Revenue from Contracts with Customers, through the following steps:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the contract, or contracts, with a customer.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification of the performance obligation(s) in the contract.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of the transaction price.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allocation of the transaction to the performance obligation(s) in the contract.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize revenue when or as the entity satisfies a performance obligation.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generates revenue primarily through: (i) the sale of aircraft, and (ii) our Vaunt software-as-a-subscription product. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from aircraft sales is recognized upon the delivery of the aircraft.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--DisaggregationOfRevenueTableTextBlock_zmWcH2Zo7V8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generated revenue during the twelve months ended December 31, 2025 and 2024, broken down as follows, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zUhN0GG1bJRl" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_z7zzGgsWChig" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_zSsEGRekQECb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Twelve Months Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftSalesMember_zh8vFddBYFae" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Aircraft sales</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">77,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">38,150</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftManagementRevenueMember_ztNpe47M6mPc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Subscription</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">914</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zQDoRNqolUQk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">78,559</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">39,064</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zzb6ysQS7Nhf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue from the sales of our Vaunt Software-as-a-subscription is deferred and recognized over the subscription term of the software and is included in customer deposits and deferred revenue on the consolidated balances sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_892_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zZ6RkVD2HDP1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table provides a rollforward of deferred revenue, recorded in customer deposits and deferred revenue in the consolidated balance sheets, for the twelve months ended December 31, 2025:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zVFC4eX1rmEa" style="display: none">SCHEDULE OF CHANGES IN DEFERRED REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zssWTNjncmc3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerLiability_iS_zWdnWpV7SmSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance as of December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">696</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance_zZm9CftwaXI4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenue recognized</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,459</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--ContractWithCustomerLiabilityIncreaseFromDeferralOfRevenue_zHxcDLGMzqHe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue deferred</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,485</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ContractWithCustomerLiability_iE_zmBexONRoxm7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,722</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zIDyOOtbnWuh" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_894_eus-gaap--DisaggregationOfRevenueTableTextBlock_zmWcH2Zo7V8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company generated revenue during the twelve months ended December 31, 2025 and 2024, broken down as follows, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B0_zUhN0GG1bJRl" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_z7zzGgsWChig" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_zSsEGRekQECb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Twelve Months Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftSalesMember_zh8vFddBYFae" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Aircraft sales</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">77,100</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">38,150</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AircraftManagementRevenueMember_ztNpe47M6mPc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Subscription</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,459</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">914</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zQDoRNqolUQk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">78,559</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">39,064</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 77100000 38150000 1459000 914000 78559000 39064000 <p id="xdx_892_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zZ6RkVD2HDP1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table provides a rollforward of deferred revenue, recorded in customer deposits and deferred revenue in the consolidated balance sheets, for the twelve months ended December 31, 2025:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zVFC4eX1rmEa" style="display: none">SCHEDULE OF CHANGES IN DEFERRED REVENUE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zssWTNjncmc3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--ContractWithCustomerLiability_iS_zWdnWpV7SmSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Balance as of December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">696</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance_zZm9CftwaXI4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenue recognized</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,459</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_ecustom--ContractWithCustomerLiabilityIncreaseFromDeferralOfRevenue_zHxcDLGMzqHe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Revenue deferred</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,485</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--ContractWithCustomerLiability_iE_zmBexONRoxm7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,722</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 696000 -1459000 3485000 2722000 <p id="xdx_847_ecustom--AssetsRecognizedFromTheCostsToObtainRevenueContractsPolicyTextBlock_zEmD48QW4mTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_863_z2rm3KSJST04">Assets Recognized from the Costs to Obtain Revenue Contracts</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We recognize an asset for the incremental costs of obtaining a contract with a client if we expect the amortization period to be longer than one year, such costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. We have determined the costs incurred are incremental and recoverable and are subject to capitalization and amortization under ASC 340-40. The capitalized costs relate to revenue share with Vaunt operators and Vaunt sales commissions. The assets are capitalized and amortized ratably over the expected period of the benefit, which is currently estimated at <span id="xdx_900_eus-gaap--CapitalizedContractCostAmortizationPeriod_iI_dtM_c20251231_zMVYWRj5Sukf" title="Contract asset amortization period">14</span> months.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--CapitalizedContractCostTableTextBlock_zmmMhx22TCq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables present the asset balances and related amortization expense for the contract assets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zE4q1AeumsRl" style="display: none">SCHEDULE OF RELATED AMORTIZATION EXPENSES</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48E_eus-gaap--CapitalizedContractCostNet_iS_zdwvZHuqtNIc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_480_ecustom--CapitalizedContractCostCapitalizedDuringThePeriod_iS_zZ8QiJZlCQu2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--CapitalizedContractCostAmortization_z9ldzmny0plh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--CapitalizedContractCostNet_iE_zc3TJ17v8zO4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the twelve months ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Beginning Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_414_20250101__20251231_z6HaKtYrOWel" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Contract assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0854">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">935</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(299</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">636</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zpa3meofk7c4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> P14M <p id="xdx_893_eus-gaap--CapitalizedContractCostTableTextBlock_zmmMhx22TCq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following tables present the asset balances and related amortization expense for the contract assets:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zE4q1AeumsRl" style="display: none">SCHEDULE OF RELATED AMORTIZATION EXPENSES</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48E_eus-gaap--CapitalizedContractCostNet_iS_zdwvZHuqtNIc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_480_ecustom--CapitalizedContractCostCapitalizedDuringThePeriod_iS_zZ8QiJZlCQu2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48C_eus-gaap--CapitalizedContractCostAmortization_z9ldzmny0plh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_489_eus-gaap--CapitalizedContractCostNet_iE_zc3TJ17v8zO4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Contract assets</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of and for the twelve months ended December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Beginning Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amount Capitalized</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Amortization</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ending Balance</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_414_20250101__20251231_z6HaKtYrOWel" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Contract assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0854">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">935</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(299</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">636</td><td style="width: 1%; text-align: left"> </td></tr> </table> 935000 -299000 636000 <p id="xdx_840_eus-gaap--IncomeTaxPolicyTextBlock_zGYGQDP3Acha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zB1fYYHHyqMh">Income taxes</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_z65C9z76ffn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_z5ptWSb7Q1ie">Stock-based compensation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, <i>Compensation—Stock Compensation</i>, which requires the measurement and recognition of compensation expense for all stock-based payment awards based on estimated fair values. This method requires companies to estimate the fair value of stock-based compensation on the date of grant using an option pricing model. The Company estimates the fair value of each equity-based payment award on the date of grant using the Black-Scholes pricing model.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--EarningsPerSharePolicyTextBlock_zoQvghXeItIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zM9efn4Eqn61">Net income (loss) per share</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net income (loss) available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net income (loss) available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the twelve months ended months ended December 31, 2025, include stock options, restricted stock units and warrants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20251231_zf8UNj5umk9e" title="Options outstanding">17,703</span> and <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20241231_zgoyMy6kkSXb" title="Options outstanding">18,614</span> outstanding stock options to purchase an equivalent number of shares of common stock at December 31, 2025, and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zL3dX2kVHGHl" title="Restricted stock shares outstanding">10,964</span> and <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zVOi1NdfY8li" title="Restricted stock shares outstanding">29,080</span> outstanding restricted stock units to purchase an equivalent number of shares of common stock at December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company also had <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20251231_zTpGsE9yPWP2" title="Warrant purchase outstanding"><span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20241231_zyAJKbzx6ZJj" title="Warrant purchase outstanding">1,161,195</span></span> outstanding warrants to purchase an equivalent number of shares of common stock as of December 31, 2025 and 2024, respectively at a weighted average strike price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20251231_zUIz8WVr4sBf" title="Weighted average strike price of warrants"><span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20241231_zwn992jrRGNf" title="Weighted average strike price of warrants">287.50</span></span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 17703 18614 10964 29080 1161195 1161195 287.50 287.50 <p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zvQxE47zv8j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86A_zxjceUI0oodb">Concentration of credit risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $<span id="xdx_907_eus-gaap--FederalDepositInsuranceCorporationPremiumExpense_c20250101__20251231_zkyP8wZgVcMb" title="Insured FDIC">250,000</span>. At times, the Company may maintain balances in excess of the federally insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 250000 <p id="xdx_842_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_z3O15Kror2he" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zmIlGsQpSB04">Intangible assets</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets other than goodwill consists of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination are recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets are carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the fair value. There was no impairment loss for the twelve months ended December 31, 2025 or 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zdtSwjJmH88h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86F_zQ3tl31Yhadd">Goodwill</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter. In March 2025, the Company sold GC Aviation, Inc. and the Part 135 air carrier certificate. In connection with that sale, the Company recorded an impairment on goodwill of $<span id="xdx_906_eus-gaap--GoodwillImpairmentLoss_pn3n3_c20250101__20251231_zGDqIzIxsHC3" title="Impairment of goodwill">35</span> thousand for the twelve months ended December 31, 2025. The loss is recorded in other income, net in the consolidated statements of operations. There was <span id="xdx_909_eus-gaap--GoodwillImpairmentLoss_pn3n3_do_c20240101__20241231_z8pD8PgFPKt1" title="Impairment of goodwill">no</span> impairment loss recorded for the twelve months ended December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 35000 0 <p id="xdx_84D_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zmikK7UaUvD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zEMUmdzgO9j">Segment reporting</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company identifies operating segments as components of the Company for which discrete financial information is available and is regularly reviewed by the chief operating decision maker (“CODM”), or decision-making group, in making decisions regarding resource allocation and performance assessment. The CODM is the chief executive officer. We determined that the Company operates in a single operating and reportable segment, private aviation services, and the CODM reviews financial information including total assets from continuing operations and net income (loss) from continuing operations before income taxes presented on a consolidated basis for purposes of making operating decisions, allocating resources, and assessing performance. Substantially all of our long-lived assets are located in the U.S.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_841_eus-gaap--CostOfSalesPolicyTextBlock_zs1SSFSNoUK3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zLZybd7AJfb1">Cost of revenue</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue includes costs that are directly related to the related revenue streams – aircraft sales and subscription based revenue. Aircraft sales cost of revenue is our purchase price of the aircraft. Subscription costs includes costs of our proprietary software, the Vaunt platform.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--AdvertisingCostsPolicyTextBlock_zkgCHCQcbYH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zpUeJpNw0Tg5">Advertising costs</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising costs are expensed as incurred and included in selling, general and administrative expenses on the statements of operations. Such advertising amounted to $<span id="xdx_900_eus-gaap--AdvertisingExpense_pn5n6_c20250101__20251231_zJC2zaVxVt7h" title="Advertising expense">1.0</span> million and $<span id="xdx_906_eus-gaap--AdvertisingExpense_pn5n6_c20240101__20241231_zqiko0rbrk02" title="Advertising expense">4.5</span> million for the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1000000.0 4500000 <p id="xdx_84E_eus-gaap--LesseeLeasesPolicyTextBlock_zIqtxGTThXn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zbC5EvLb4lLb">Leases</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC Topic 842, “Leases” (“ASC 842”) requires lessees to recognize most leases on the balance sheet with a corresponding right-of-use asset (“ROU asset”). ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. The right-of-use asset and lease liability are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. ROU asset is evaluated for impairment using the long-lived asset impairment guidance. Leases will be classified as financing or operating, which will drive the expense recognition pattern. The Company elects to exclude short-term leases when recording a ROU asset and lease liability if and when the Company has them.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zrQtvkDAgLYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zFmv22BaQ91i">Recent accounting pronouncements</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2023, the FASB issued Accounting Standards Update “ASU” 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker “CODM” and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption was permitted. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2025. Adoption of the standard will be applied on a prospective basis and retrospective application to all periods presented is permitted. We adopted ASU 2023-09 this Annual Report on Form 10-K using the prospective approach.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 is intended to enhance the disclosures for expenses for all public entities in accordance with ASC Topic 220, Income Statement-Reporting Comprehensive Income. ASU 2024-03 addresses investor requests for more detailed information about expenses, specifically cost of sales and selling, general, and administrative expenses. ASU 2024-03 requires a public entity to disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption presented on the face of the income statement as well as a qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 also requires a public entity to disclose the total amount of selling expenses and the entity’s definition of selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. A public entity should apply ASU 2024-03 either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2024-03 on its future consolidated financial statements and related disclosures.</span></p> <p id="xdx_802_eus-gaap--DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock_zs7l8ADuqJi5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 3 – <span id="xdx_82B_zfRYQcsmovpc">DISCONTINUED OPERATIONS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2024, the Company entered into an agreement with flyExclusive to transition our aircraft ownership program fleet operations to flyExclusive. During 2024 and 2025 we continued to take delivery of new aircraft, while also generating revenue from our proprietary software, including the Vaunt platform, Volato’s empty leg consumer app. In March 2025, the Company sold GC Aviation, Inc., which holds the FAA Part 135 certificate, therefore items related to managed aircraft are included in discontinued operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_z3MNOPyPlEo9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major classes of line items constituting net income (loss) from discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zPIA7hy2neng">SCHEDULE OF NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_z5ejst11137d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231_zKEyKIIIkeT" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Twelve Months Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--DisposalGroupIncludingDiscontinuedOperationRevenueAircraftUsage_pn3n3_zFiVx3YkxDY" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Revenue - Aircraft usage</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">89</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">32,546</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DisposalGroupIncludingDiscontinuedOperationRevenueManagedAircraft_pn3n3_zjoupb0phlr7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenue - Managed aircraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0914">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,224</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DisposalGroupIncludingDiscontinuedOperationCostsOfRevenueAircraftUsage_pn3n3_z6oybGfy44y8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Costs of Revenue - Aircraft usage</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,488</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DisposalGroupIncludingDiscontinuedOperationCostOfRevenueManagedAircraft_pn3n3_zzOOBFu60qQ3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cost of Revenue - Managed aircraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0920">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,610</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_pn3n3_zjV6ycg2AQz8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Selling, general and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">406</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,035</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOtherIncome_pn3n3_zAV1f19lCt6a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other income from discontinued operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,530</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,902</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_pn3n3_zwJDQg7gDzF1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income (loss) from discontinued operations before provision for taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,148</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(19,461</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DiscontinuedOperationTaxEffectOfDiscontinuedOperation_pn3n3_zr1Smf3mCH2g" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Benefit for taxes from discontinued operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">829</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0933">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_iT_pn3n3_zKAhHVJyYErf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) from discontinued operations, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,319</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(19,461</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying amounts and major classes of assets included as part of discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zuDkp9hHMAFk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231_zFwb3HL1ZQT" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet_iI_pn3n3_zJoTdEHiQt04" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts receivable, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">13</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,027</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets_iI_pn3n3_zIQtspoYkW41" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid and other assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,254</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment_iI_pn3n3_zFFlbj1SyDub" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0944">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DisposalGroupIncludingDiscontinuedOperationIntangibleAssets_iI_pn3n3_zwMWfLt0y5ee" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangibles, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0947">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,200</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DisposalGroupIncludingDiscontinuedOperationGoodwill1_iI_pn3n3_zcmYvrCow8z2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0950">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">635</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AssetsOfDisposalGroupIncludingDiscontinuedOperation_iTI_pn3n3_zaPg9Ayp2Szb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total assets associated with discontinued operations</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">267</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,119</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying amounts and major classes of liabilities included as part of discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231_zZJxXNZ6LLX9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20241231_zWyywUkhs0m1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities_iI_pn3n3_zVgMYS5Ff0oi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts payable and accrued liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,307</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">6,344</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOtherLiabilities_iI_pn3n3_zTjKBGMWlDdk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Credit facility and other loans</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0959">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">918</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DisposalGroupIncludingDiscontinuedOperationDeferredRevenue_iI_pn3n3_zqRwuJewUIN7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer deposits and deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,156</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DisposalGroupIncludingDiscontinuedOperationDeferredTaxLiabilities_iI_pn3n3_zFaSUz3C8gwl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred income tax liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0965">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">305</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_iTI_pn3n3_z4OMHGHvRzW8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total liabilities associated with discontinued operations</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,591</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,723</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zs9TZQJJd7X6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89F_eus-gaap--ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_z3MNOPyPlEo9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major classes of line items constituting net income (loss) from discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zPIA7hy2neng">SCHEDULE OF NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_z5ejst11137d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231_zKEyKIIIkeT" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Twelve Months Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--DisposalGroupIncludingDiscontinuedOperationRevenueAircraftUsage_pn3n3_zFiVx3YkxDY" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Revenue - Aircraft usage</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">89</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">32,546</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DisposalGroupIncludingDiscontinuedOperationRevenueManagedAircraft_pn3n3_zjoupb0phlr7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Revenue - Managed aircraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0914">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,224</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DisposalGroupIncludingDiscontinuedOperationCostsOfRevenueAircraftUsage_pn3n3_z6oybGfy44y8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Costs of Revenue - Aircraft usage</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">43,488</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DisposalGroupIncludingDiscontinuedOperationCostOfRevenueManagedAircraft_pn3n3_zzOOBFu60qQ3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cost of Revenue - Managed aircraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0920">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,610</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_pn3n3_zjV6ycg2AQz8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Selling, general and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">406</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,035</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOtherIncome_pn3n3_zAV1f19lCt6a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other income from discontinued operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,530</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">9,902</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_pn3n3_zwJDQg7gDzF1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income (loss) from discontinued operations before provision for taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,148</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(19,461</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DiscontinuedOperationTaxEffectOfDiscontinuedOperation_pn3n3_zr1Smf3mCH2g" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Benefit for taxes from discontinued operations</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">829</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0933">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_iT_pn3n3_zKAhHVJyYErf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) from discontinued operations, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,319</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(19,461</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying amounts and major classes of assets included as part of discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zuDkp9hHMAFk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20241231_zFwb3HL1ZQT" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet_iI_pn3n3_zJoTdEHiQt04" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts receivable, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">13</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,027</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets_iI_pn3n3_zIQtspoYkW41" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid and other assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,254</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment_iI_pn3n3_zFFlbj1SyDub" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0944">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DisposalGroupIncludingDiscontinuedOperationIntangibleAssets_iI_pn3n3_zwMWfLt0y5ee" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Intangibles, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0947">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,200</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DisposalGroupIncludingDiscontinuedOperationGoodwill1_iI_pn3n3_zcmYvrCow8z2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0950">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">635</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AssetsOfDisposalGroupIncludingDiscontinuedOperation_iTI_pn3n3_zaPg9Ayp2Szb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total assets associated with discontinued operations</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">267</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,119</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying amounts and major classes of liabilities included as part of discontinued operations are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231_zZJxXNZ6LLX9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20241231_zWyywUkhs0m1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilities_iI_pn3n3_zVgMYS5Ff0oi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accounts payable and accrued liabilities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,307</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">6,344</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DisposalGroupIncludingDiscontinuedOperationOtherLiabilities_iI_pn3n3_zTjKBGMWlDdk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Credit facility and other loans</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0959">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">918</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--DisposalGroupIncludingDiscontinuedOperationDeferredRevenue_iI_pn3n3_zqRwuJewUIN7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer deposits and deferred revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,156</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DisposalGroupIncludingDiscontinuedOperationDeferredTaxLiabilities_iI_pn3n3_zFaSUz3C8gwl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Deferred income tax liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0965">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">305</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation_iTI_pn3n3_z4OMHGHvRzW8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total liabilities associated with discontinued operations</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,591</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,723</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 89000 32546000 7224000 65000 43488000 6610000 406000 19035000 5530000 9902000 5148000 -19461000 829000 4319000 -19461000 13000 1027000 254000 1254000 3000 1200000 635000 267000 4119000 1307000 6344000 918000 284000 5156000 305000 1591000 12723000 <p id="xdx_802_eus-gaap--IntangibleAssetsDisclosureTextBlock_zkl9GP1jSTyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 4–<span id="xdx_824_zaH90C2hrGFl">INTANGIBLES</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finite-Lived Intangible Assets</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the Company impaired the remaining value of the customer relationships asset and recorded a loss on the impairment of $<span id="xdx_904_eus-gaap--ImpairmentOfIntangibleAssetsFinitelived_pn3n3_c20240101__20241231_zpAOYe2WPig6" title="Impairment of intangible assets">130</span> thousand which was recorded in selling, general and administrative expenses. Intangible asset amortization expense was <span id="xdx_90E_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20250101__20251231_zgoy225NzSNl" style="display: none" title="Amortization of intangible assets">0</span>zero and $<span id="xdx_905_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20240101__20241231_zsvpTjALnMS5" title="Amortization of intangible assets">61</span> thousand for the twelve months ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and December 31, 2024 the balance of customer relationships was <span id="xdx_908_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20251231_zJPJoZ1XEjGi" style="display: none" title="Intangible assets"><span id="xdx_903_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_c20251231_zVfWhHBwvh2h" title="Intangible assets">0</span></span>zero.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indefinite - Lived Intangible Assets</i></span></p> <p id="xdx_892_eus-gaap--ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock_zfeJMEBokhX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="font-family: Times New Roman, Times, Serif"><span style="display: none; font-family: Times New Roman, Times, Serif"> <span style="font-size: 10pt"><span id="xdx_8B3_z7MqLqT4m3pi">SCHEDULE OF INDEFINITE - LIVED INTANGIBLE ASSETS</span> </span></span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the balances of the indefinite-lived intangible assets and is included in discontinued operations as of December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20251231_zOIvJ88RvDIj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250930_zvGnexmobB15" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_pn3n3_zy5lnZJHg4Vk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Intangible asset - Part 135 certificate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0985">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,200</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8A3_ziJTcnjrMKBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The FAA Part 135 certificate amount of $<span id="xdx_90F_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_pn5n6_c20251231__dei--LegalEntityAxis__custom--GCAviationIncMember_zMRtrNMbcVNg" title="Indefinite lived intangible assets">1.2</span> million relates to the certificate held by GC Aviation, Inc. In March 2025, the Company sold GC Aviation, Inc., and the FAA Part 135 Certificate for $<span id="xdx_904_eus-gaap--ProceedsFromSaleOfIntangibleAssets_pn5n6_c20250301__20250331_zxk8hk5OXq99" title="Proceeds from sale of intangible assets">2.0</span> million. The Company did <span id="xdx_904_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_do_c20250101__20251231_zeuHtMF1b3A1" title="Impairment of intangible assets"><span id="xdx_903_eus-gaap--ImpairmentOfIntangibleAssetsExcludingGoodwill_do_c20240101__20241231_zlVV07aTj0n" title="Impairment of intangible assets">no</span></span>t recognize any impairment of the Part 135 certificate during the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 130000 0 61000 0 0 <p id="xdx_892_eus-gaap--ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock_zfeJMEBokhX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="font-family: Times New Roman, Times, Serif"><span style="display: none; font-family: Times New Roman, Times, Serif"> <span style="font-size: 10pt"><span id="xdx_8B3_z7MqLqT4m3pi">SCHEDULE OF INDEFINITE - LIVED INTANGIBLE ASSETS</span> </span></span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the balances of the indefinite-lived intangible assets and is included in discontinued operations as of December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20251231_zOIvJ88RvDIj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250930_zvGnexmobB15" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--IndefiniteLivedIntangibleAssetsExcludingGoodwill_iI_pn3n3_zy5lnZJHg4Vk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Intangible asset - Part 135 certificate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0985">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,200</td><td style="width: 1%; text-align: left"> </td></tr> </table> 1200000 1200000 2000000.0 0 0 <p id="xdx_801_ecustom--MergerTransactionCostsPayableTextBlock_zHoO7JSEhU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 5 - <span id="xdx_822_zvZYZWHO0yqd">MERGER TRANSACTION COSTS PAYABLE</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the business combination in December 2023, the Company entered into <span id="xdx_90F_eus-gaap--NumberOfBusinessesAcquired_dc_uInteger_c20230101__20231231_zBdFkYHJ9wy6" title="Number of businesses acquired">three</span> agreements (together, the “Agreements”) with financial institutions, in which the Company agreed to pay a success fee in the aggregate amount of $<span id="xdx_905_eus-gaap--SharesSubjectToMandatoryRedemptionSettlementTermsAmountCurrent_iI_pn4n6_c20231231_zOE934KIkYsk" title="Aggregate amount">4.25</span> million to the financial institutions in case the Company consummated certain acquisition(s). The success fees were paid in shares of the Company’s common stock and warrants during the 2024 fiscal year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 480 <i>Distinguishing Liabilities From Equity</i> requires liability classification for all instruments that embodies an unconditional obligation that the Company must or may settle by issuing a variable number of its equity shares, if, at inception, the monetary value of the obligation is based solely on a fixed monetary amount know at inception. As a result, the Company classified such liability in current liabilities as of December 31, 2023. In January 2024, the Company issued an aggregate number of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240101__20240131__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zX51HFUGlH14" title="Issuance of shares">48,342</span> shares of common stock and <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240131__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zjogQckoMEL2" title="Class of warrant">4,000</span> warrants in accordance with the Agreements in full settlement of the Company’s obligations to the three financial institutions. As of December 31, 2025 and December 31, 2024 the merger transaction costs payable were <span id="xdx_900_eus-gaap--PaymentsForMergerRelatedCosts_dc_c20250101__20251231_zNYxM77dil11" title="Merger transaction costs"><span id="xdx_905_eus-gaap--PaymentsForMergerRelatedCosts_dc_c20240101__20241231_zEM8ML8vtrg8" title="Merger transaction costs">zero</span></span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 3 4250000 48342 4000 0 0 <p id="xdx_802_eus-gaap--AssetAcquisitionTextBlock_zCqSj5CkxDTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 6 – <span id="xdx_82A_zTUuQztTTFV4">FORWARD PURCHASE AGREEMENT</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 28, 2023, the Company, Volato, Inc. and Vellar Opportunities Fund Master, Ltd. (“Seller”), entered into the Forward Purchase Agreement for an OTC Equity Prepaid Forward Transaction (the “Forward Purchase Transaction”). The Seller could purchase, prior to the closing of a business combination we completed in December 2023, up to <span id="xdx_905_eus-gaap--BusinessAcquisitionPreacquisitionContingencyAmountOfSettlement_iI_pn5n6_c20231128_z4omZlEbTbo" title="Business combination amount">2.0</span> million shares (the “Maximum Number of Shares”) of the Company from third parties through a broker in the open market. The Number of Shares subject to the Forward Purchase Agreement were subject to reduction following a termination of the Forward Purchase Agreement with respect to such shares as described under “Optional Early Termination” in the Forward Purchase Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the Forward Purchase Agreement the Seller was directly paid an aggregate cash amount equal to the product of (i) the number of shares as set forth in the pricing date notice and (ii) the redemption price paid by the Company on the closing of its 2023 business combination date to holders of its common stock who exercised their redemption rights in connection with the closing.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2023, the Company paid an aggregate amount of approximately $<span id="xdx_90B_eus-gaap--OtherPaymentsToAcquireBusinesses_pn5n6_c20230101__20231231_zdpwG7u4xH75" title="Acquire businesses">18.9</span> million. The Company collected $<span id="xdx_906_eus-gaap--UnrealizedGainLossOnDerivatives_pn5n6_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--ForwardPurchaseAgreementMember_zwFdbcOEjFHa" title="Recognized a loss on fair value">2.4</span> million in December 2023 and recognized a loss on the change in fair value of the Forward Purchase Agreement in the aggregated amount of $<span id="xdx_90F_eus-gaap--OtherExpenses_pn5n6_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--ForwardPurchaseAgreementMember_z5l2kVqjtzHg" title="Other expenses">13.4</span> million, which was reported in other expenses in the consolidated statement of operations for the year ended December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2024, the Seller notified the Company of the termination of the Forward Purchase Agreement, following a delivery of a notice establishing the Valuation Date (as defined in the Forward Purchase Agreement); upon termination, Seller was not obligated to pay the Company a cash amount. The Company recorded the impact of the notice in the second quarter of 2024. In the twelve months ended December 31, 2025 and 2024, the Company recognized a loss on the change in fair value of <span id="xdx_901_eus-gaap--UnrealizedGainLossOnDerivatives_dc_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--ForwardPurchaseAgreementMember_zmIe0YnQjyc1" title="Recognized a loss on fair value">zero</span> and $<span id="xdx_906_eus-gaap--UnrealizedGainLossOnDerivatives_pn5n6_c20240101__20241231__us-gaap--TypeOfArrangementAxis__custom--ForwardPurchaseAgreementMember_zEJAN8FyMr7" title="Recognized a loss on fair value">3.0</span> million, respectively, reported in other expenses in the consolidated statement of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2000000.0 18900000 2400000 13400000 0 3000000.0 <p id="xdx_806_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zYAotXtmBaul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 7– <span id="xdx_823_zFablV8pOfG2">PROPERTY AND EQUIPMENT, NET</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_89C_eus-gaap--PropertyPlantAndEquipmentTextBlock_zhWGWRawLVhh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consist of the following at December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> <span style="font-size: 10pt"><span id="xdx_8B7_z2dj0QBmQbBh">SCHEDULE OF PROPERTY AND EQUIPMENT, NET</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zh7HQFEtzNC2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zbSHrQzy39ha" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zRA5QgitlNge" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Machine and equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">186</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">188</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AutomobilesMember_zr0ptJf0JI4f" style="vertical-align: bottom; background-color: White"> <td>Automobiles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1031">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zyDGqbCu5Rz1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Website development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_z8EhezZYdfK8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zYSlbLaFT9Sa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Software development costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">553</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">579</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_zoxhpdNT9vH1" style="vertical-align: bottom; background-color: White"> <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,041</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,134</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_z0UsHs0923X8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(718</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(454</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_zDHyt1uY5m5l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">323</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">680</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zbN7O51dWcRi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the twelve months ended December 31, 2025 and 2024, the Company recognized $<span id="xdx_90D_eus-gaap--Depreciation_pn3n3_c20250101__20251231_z7ISumeEeLvi" title="Depreciation">297</span> thousand and $<span id="xdx_900_eus-gaap--Depreciation_pn3n3_c20240101__20241231_zsfTOlJJaqka" title="Depreciation">193</span> thousand of depreciation and amortization, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the twelve months ended December 31, 2025, the Company reduced the value of software development cost by $<span id="xdx_907_eus-gaap--PropertyPlantAndEquipmentTransfersAndChanges_pn3n3_c20250101__20251231_z41ylKD3cAV6" title="Property, plant and equipment, transfers and changes">238</span> thousand, related to a non-monetary exchange with a third party and their use of our mission control software. This software development cost was originally developed for internal use and has subsequently been licensed to a third party in a non-monetary transaction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89C_eus-gaap--PropertyPlantAndEquipmentTextBlock_zhWGWRawLVhh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net consist of the following at December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif"> <span style="font-size: 10pt"><span id="xdx_8B7_z2dj0QBmQbBh">SCHEDULE OF PROPERTY AND EQUIPMENT, NET</span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zh7HQFEtzNC2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zbSHrQzy39ha" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zRA5QgitlNge" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Machine and equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">186</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">188</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--AutomobilesMember_zr0ptJf0JI4f" style="vertical-align: bottom; background-color: White"> <td>Automobiles</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1031">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">72</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--WebsiteDevelopmentCostsMember_zyDGqbCu5Rz1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Website development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">290</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ComputerAndOfficeEquipmentMember_z8EhezZYdfK8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Computer and office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember_zYSlbLaFT9Sa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Software development costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">553</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">579</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_zoxhpdNT9vH1" style="vertical-align: bottom; background-color: White"> <td><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,041</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,134</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_z0UsHs0923X8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(718</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(454</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_zDHyt1uY5m5l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">323</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">680</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 186000 188000 72000 290000 290000 12000 5000 553000 579000 1041000 1134000 718000 454000 323000 680000 297000 193000 238000 <p id="xdx_803_eus-gaap--OtherAssetsDisclosureTextBlock_zdx4TqeTCHu" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 8 – <span id="xdx_829_z23LZ7FvdMF">DEPOSITS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_898_eus-gaap--DepositLiabilitiesTypeTableTextBlock_zLEFnwo9AT47" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits consist of the following at December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_zdyXeKmxV4Y6">SCHEDULE OF DEPOSITS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231_z3npWwvxqYf1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20241231_z8boDK0cJH95" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_ecustom--DepositsOnAircraft_iI_pn3n3_zoPKMfuUGT8j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Deposits on aircraft</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1062">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">36,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Deposits_iI_pn3n3_zkVwgpwYXDCa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other deposits</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DepositAssets_iTI_pn3n3_zc7Xdx7b9jzh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,300</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DepositsAssetsCurrent_iNI_pn3n3_di_zef1Ny9Njzd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(70</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DepositsAssetsNoncurrent_iI_pn3n3_zLpEjfzyK951" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total deposits, non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1074">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">300</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zRZIu5RP2Kxb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zXEcAdGUpU1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below is a breakdown of the deposits on aircraft as of December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_zrnWil6OvgHe" style="display: none">SCHEDULE OF DEPOSITS ON AIRCRAFT</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zDe1IvTEyTK3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_z8M4rEm5VFal" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--GulfstreamAircraftDeposits_iI_pn3n3_zYZu38wAl3Ef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Gulfstream aircraft deposits</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1079">—</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">36,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DepositsOnAircraft_iTI_pn3n3_z3GKWfDdmZXf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total deposits on aircraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1082">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LessCurrentPortionDepositOnAircraft_iNI_pn3n3_di_zVBvRF4qKgal" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1085">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_ecustom--DepositsOnAircraftNoncurrent_iI_pn3n3_zaXMFAYmQr5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total deposits on aircraft non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1088">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1089">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zuNc5iJk8fOe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gulfstream Aerospace, LP</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (<span id="xdx_905_ecustom--PurchaseObligationNumberOfAssets_uInteger_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember_zwCNh6sRkVv5" title="Purchase obligation">4</span>) Gulfstream G280 aircraft for total consideration of $<span id="xdx_90B_eus-gaap--PurchaseObligation_iI_pn6n6_c20221231__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember_zA3K6TgYjZNg" title="Purchase obligation">79</span> million with expected delivery throughout fiscal year 2025. The first Gulfstream G280 was delivered in the third quarter of 2024. The second Gulfstream G280 was delivered in January 2025. The third Gulfstream G280 was delivered in April 2025. The remaining Gulfstream G280 was delivered in the fourth quarter of 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company fully funded an aggregate amount of $<span id="xdx_909_eus-gaap--DepositsAssets_iI_pn5n6_c20241231__dei--LegalEntityAxis__custom--GulfstreamAerospaceLPMember_zZbFqidHffdb" title="Deposits assets"><span id="xdx_904_eus-gaap--DepositsAssets_iI_pn5n6_c20251231__dei--LegalEntityAxis__custom--GulfstreamAerospaceLPMember_zOiNIpTKPrx4" title="Deposits assets">48.0</span></span> million in deposits towards the acquisition price of the <span id="xdx_902_ecustom--PurchaseObligationNumberOfAssets_dc_uInteger_c20250101__20251231__dei--LegalEntityAxis__custom--GulfstreamAerospaceLPMember_z4reNC50mRH5" title="Purchase obligation"><span id="xdx_905_ecustom--PurchaseObligationNumberOfAssets_dc_uInteger_c20240101__20241231__dei--LegalEntityAxis__custom--GulfstreamAerospaceLPMember_zLiqeFzl1z1" title="Purchase obligation">four</span></span> Gulfstream G280 aircraft in accordance with the scheduled payment terms of the agreements as of December 31, 2025, and December 31, 2024, respectively. Upon delivery of the first Gulfstream G280 in the third quarter of 2024, $<span id="xdx_90B_eus-gaap--PaymentsForDeposits_pn5n6_c20240701__20240930__dei--LegalEntityAxis__custom--GulfstreamAerospaceLPMember_zaXRN8Xzo514" title="Payments for deposits">12.0</span> million of the deposits were applied toward the purchase price of the airplane. Upon delivery of the second Gulfstream G280, in January 2025, $<span id="xdx_905_eus-gaap--PaymentsForDeposits_pn5n6_c20250101__20250131__dei--LegalEntityAxis__custom--GulfstreamAerospaceLPMember_zu8NxIQxd8N7" title="Payments for deposits">12.0</span> million of the deposits were applied toward the purchase price of the airplane. Additionally, in March 2025, Gulfstream notified the Company that the fourth Gulfstream G280 would be delayed from the original timeline with delivery now expected in the fourth quarter of 2025. In connection with the delivery delay, Gulfstream agreed to return the deposit on the fourth Gulfstream G280 reducing the deposits by $<span id="xdx_908_eus-gaap--IncreaseDecreaseInDepositOtherAssets_pn5n6_c20250101__20250331__dei--LegalEntityAxis__custom--GulfstreamAerospaceLPMember_zObF6b9tQWKb" title="Increase decrease in deposit assets">9.0</span> million. In April 2025, the third Gulfstream G280 was delivered and $<span id="xdx_908_eus-gaap--PaymentsForDeposits_pn5n6_c20250401__20250430_z2HP5yJVTis" title="Payments for deposits">12.0</span> million of the deposits were applied toward the purchase price of the airplane. In November 2025, the fourth G280 was delivered and the remaining deposit was applied toward the purchase price of the airplane.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the twelve months ended December 31, 2024, the Company funded $<span id="xdx_908_ecustom--PurchaseObligationPrepayments_iI_pn5n6_c20241231__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember_z8Ubh3y0sbR6" title="Purchase obligation prepayments">9.0</span> million pursuant to the terms of the executed purchase agreements, of which $<span id="xdx_904_eus-gaap--LineOfCredit_iI_pn5n6_c20241231__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementsMember_zXDa9ChpZEP5" title="Line of credit">9.0</span> million was funded through the SAC Leasing G280 line of credit further described in Note 11.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_898_eus-gaap--DepositLiabilitiesTypeTableTextBlock_zLEFnwo9AT47" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits consist of the following at December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B6_zdyXeKmxV4Y6">SCHEDULE OF DEPOSITS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231_z3npWwvxqYf1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20241231_z8boDK0cJH95" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_ecustom--DepositsOnAircraft_iI_pn3n3_zoPKMfuUGT8j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Deposits on aircraft</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1062">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">36,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Deposits_iI_pn3n3_zkVwgpwYXDCa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other deposits</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">70</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DepositAssets_iTI_pn3n3_zc7Xdx7b9jzh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deposits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,300</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DepositsAssetsCurrent_iNI_pn3n3_di_zef1Ny9Njzd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(70</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DepositsAssetsNoncurrent_iI_pn3n3_zLpEjfzyK951" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total deposits, non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1074">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">300</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 36000000 70000 300000 70000 36300000 70000 36000000 300000 <p id="xdx_89E_eus-gaap--DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock_zXEcAdGUpU1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below is a breakdown of the deposits on aircraft as of December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_zrnWil6OvgHe" style="display: none">SCHEDULE OF DEPOSITS ON AIRCRAFT</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zDe1IvTEyTK3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_z8M4rEm5VFal" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--GulfstreamAircraftDeposits_iI_pn3n3_zYZu38wAl3Ef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Gulfstream aircraft deposits</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1079">—</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">36,000</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DepositsOnAircraft_iTI_pn3n3_z3GKWfDdmZXf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total deposits on aircraft</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1082">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--LessCurrentPortionDepositOnAircraft_iNI_pn3n3_di_zVBvRF4qKgal" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1085">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_ecustom--DepositsOnAircraftNoncurrent_iI_pn3n3_zaXMFAYmQr5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total deposits on aircraft non-current</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1088">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1089">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 36000000 36000000 36000000 4 79000000 48000000.0 48000000.0 4 4 12000000.0 12000000.0 9000000.0 12000000.0 9000000.0 9000000.0 <p id="xdx_805_eus-gaap--ShortTermDebtTextBlock_zx1qhDWjmL4f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 9 – <span id="xdx_824_zUIP4kUZVhCa">PROMISSORY NOTE- RELATED PARTY</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dennis Liotta - March 2023 note</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 15, 2023, the Company entered into a promissory note agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20230315__us-gaap--TypeOfArrangementAxis__custom--PromissoryNoteAgreementsMember_zQDuiNnBd8b3" title="Debt instrument, face amount">1.0</span> million, with an effective date of <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDateRangeStart1_c20230315__20230315__us-gaap--TypeOfArrangementAxis__custom--PromissoryNoteAgreementsMember_zCg4Hxpdp4R3" title="Debt instrument,effective date">February 27, 2023</span> and which matured on <span id="xdx_906_eus-gaap--DebtInstrumentMaturityDateRangeEnd1_c20230315__20230315__us-gaap--TypeOfArrangementAxis__custom--PromissoryNoteAgreementsMember_zXkBSonH88t3" title="Debt instrument, matured date">March 31, 2024</span> (“March 2023 note”). The entire outstanding principal balance together with accrued but unpaid interest were due at the maturity date. The March 2023 note included a ten percent (<span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20230315__us-gaap--TypeOfArrangementAxis__custom--PromissoryNoteAgreementsMember_zuZzDoduz9dk" title="Debt instrument, interest rate">10</span>%) interest rate per annum. On April 1, 2024, the March 2023 note was paid in full. Promissory note from related party was <span id="xdx_903_eus-gaap--LinesOfCreditCurrent_iI_dxL_c20251231_zXHMJZevNOp9" title="Line of credit, current::XDX::-"><span id="xdx_90C_eus-gaap--LinesOfCreditCurrent_iI_dxL_c20241231__srt--RestatementAxis__srt--ScenarioPreviouslyReportedMember_zsfvBqnA0gCk" title="Line of credit, current::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1125"><span style="-sec-ix-hidden: xdx2ixbrl1127">zero</span></span></span></span> as of December 31, 2025 and December 31, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company incurred <span id="xdx_90B_eus-gaap--InterestExpenseDebt_dc_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--March2023PromissoryNoteMember_zWLDnV4YFYC7" title="Interest expense, debt">zero</span> and $<span id="xdx_902_eus-gaap--InterestExpenseDebt_pn3n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--March2023PromissoryNoteMember_zYpygT5sKkUl" title="Interest expense, debt">23</span> thousand of interest expense during the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1000000.0 2023-02-27 2024-03-31 0.10 0 23000 <p id="xdx_800_eus-gaap--LongTermDebtTextBlock_zUO98IABxi01" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 10 – <span id="xdx_826_zAhLR1mddaNb">UNSECURED CONVERTIBLE NOTES</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unsecured convertible notes consisted of the following at December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zOL5kkyHyT5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_z3gm1EClg66" style="display: none"> SCHEDULE OF LONG-TERM DEBT INSTRUMENTS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231_zeu4K50RX4if" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zewk7nWf2Cm1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z5WKHS1mCnCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">2024 unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IEluc3RydW1lbnRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandTwentyFiveConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zTby6rEOJjY4" title="Interest rate">4</span>% coupon, due December 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1137">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ShortTermBorrowings_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--TwoThousandTwentySixConvertibleDebtMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zLQ9SMRQ30E5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IEluc3RydW1lbnRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandTwentySixConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_fKg_____zyvDcsI46Xda">4</span>% coupon, due June 2026<span id="xdx_F45_zuRQk74pJoF2">*</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1142">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1143">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ShortTermBorrowings_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueJulyTwoThousandTwentySixMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zf9G9N48miSe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IEluc3RydW1lbnRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueJulyTwoThousandTwentySixMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_fKio___zY37d4JGu8Pa">4</span>% coupon, due July 2026<span id="xdx_F48_zvdWvJriaj6c">**</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,148</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1147">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShortTermBorrowings_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueOctoberTwoThousandTwentySixMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zgamCCdz12g4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IEluc3RydW1lbnRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueOctoberTwoThousandTwentySixMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_fKioq_zDUhfEsVZ1xf">4</span>% coupon, due October 2026<span id="xdx_F40_zhLnvYR9aIt4">***</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1151">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtCurrent_iNI_pn3n3_di_hus-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zDTCQNLliVtb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,230</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,050</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_hus-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zlqHjldCorS" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total unsecured convertible note, long term</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1157">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1158">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="text-align: justify; width: 0.35in"><span id="xdx_F01_zqYF1tuBHZj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F19_zGyDi6fLNTA7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the Second Tranche Note (as described in this Note 10)</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span id="xdx_F08_zJfUdKPZ2e9a" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="text-align: justify"><span id="xdx_F1A_zEnlrQyFL8pd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the Third Tranche Note (as described in this Note 10)</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span id="xdx_F01_zxO4Y62oh3E1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td> <td style="text-align: justify"><span id="xdx_F1D_zfEyAmfS9a22" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the Fourth Tranche Note (as described in this Note 10)</span></td></tr> </table> <p id="xdx_8AB_zCCKNflRBjjl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unsecured convertible note due December 2025 - 2024 Convertible Note</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, the Company entered into the Securities Purchase Agreement as described in Note 2 above pursuant to which the Company may issue a series of convertible notes for an aggregate principal not to exceed $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__srt--RangeAxis__srt--MaximumMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zZY2HGIcwZda" title="Debt Instrument, face amount">36.0</span> million. During the year ended December 31, 2024, the Company issued a single convertible note in a principal amount of $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zkkXeulqcQF1" title="Debt Instrument, face amount">4.5</span> million, (as defined above, the “2024 Convertible Note”) of which $<span id="xdx_90D_eus-gaap--LongTermDebt_iI_pn5n6_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z4toFtMldqEh" title="Long termdebt">4.1</span> million was funded as of December 31, 2024, representing an original issue discount of ten<span id="xdx_905_ecustom--DebtInstrumentOriginalIssueDiscountPercentage_iI_pid_dp_uPure_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zdq7dNCZOQhf" style="display: none" title="Original issue discount, percentage">10</span> percent. Interest is payable quarterly at the Company’s option and shall either be (i) paid in cash; (ii) paid-in-kind in shares of common stock; or (iii) compound and become additional principal outstanding. The Company recorded $<span id="xdx_90B_eus-gaap--InterestPayableCurrent_iI_pn3n3_c20241231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zarRAZV5que1" title="Interest payable current">14</span> thousand of accrued interest expense in the year ended December 31, 2024. During the three months ended March 31, 2025 the $<span id="xdx_900_eus-gaap--PaidInKindInterest_pn3n3_c20250101__20250331__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zbQs9nTIFzAi" title="Paid-in-kind interest">14</span> thousand of paid-in-kind interest was rolled into the principal balance of the 2024 Convertible note.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2024 Convertible Note is accounted for as a single liability measured at fair value in accordance with ASC 825-10. At March 31, 2025, the Company valued the 2024 Convertible Note using the Monte-Carlo valuation model. See Note 2.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2025, the outstanding principal and interest of the 2024 Convertible Note was converted into <span id="xdx_909_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20250601__20250630__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zTPEqvuyYKU2" title="Convertible debt, shares converted">2,538,939</span> shares of the Company’s common stock, settling in full the Company’s repayment obligations related to that note. Immediately prior to the conversions, the Company remeasured the liability to its fair value as of the conversion date. The Company recognized a loss of $<span id="xdx_90E_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z4QxOaJhmw3e" title="Convertible debt, value">626</span> thousand related to the change in the fair value of the 2024 Convertible Note recorded in Loss from change in fair value of financial instruments on the consolidated statements of operations for the twelve months ended December 31, 2025, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unsecured convertible note due June 2026 - Second Tranche Note</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In June 2025, the Company issued a second convertible note (the “Second Tranche Note”) in accordance with the terms of the Securities Purchase Agreement in the principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20250630__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zumVW1ioxGij" title="Debt principal amount">1.5</span> million, for a purchase price of $<span id="xdx_907_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20250601__20250630__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zfIFfeXFrxjg">1.4</span> million, representing an original issue discount of ten<span id="xdx_901_ecustom--DebtInstrumentOriginalIssueDiscountPercentage_iI_pid_dp_uPure_c20250630__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zSoeGcrFSshb" style="display: none">10</span> percent, which matures on June 13, 2026. The Second Tranche Note was recorded at a fair value of $<span id="xdx_905_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn5n6_c20250630__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zVlPptbBKDyg">1.4</span> million. The Company recorded a loss of $<span id="xdx_90D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250401__20250630__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z4GzLA1AYP63">124</span> thousand on the change in fair value of the Second Tranche Note in the three months ended June 30, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, $<span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20250701__20250731__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zr8LUzTY2VV9" title="Outstanding principal and accrued interest converted">1.1</span> million of the outstanding principal and accrued interest of the Second Tranche Note was converted into <span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20250701__20250731__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zxGHt8E574Qb" title="Convertible debt, shares converted">988,240</span> shares of the Company’s common stock. Immediately prior to the conversions, the Company remeasured the liability to its fair value as of the conversion date. The Company recorded a loss of $<span id="xdx_900_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250701__20250731__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zVgvA9mPgcfk" title="Gain (loss) on change in fair value">6</span> thousand related to the change in fair value as of the conversion date. In August 2025, the remaining $<span id="xdx_904_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20250801__20250831__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z5PlWdYS7SXg" title="Outstanding principal and accrued interest converted">0.4</span> million of the outstanding principal and accrued interest of the Second Tranche Note was converted into <span id="xdx_909_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20250801__20250831__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z0GIMC2niRrj" title="Convertible debt, shares converted">344,242</span> shares of the Company’s common stock. Immediately prior to the conversion, the Company remeasured the liability to its fair value at the conversion date. The Company recorded a loss of $<span id="xdx_901_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250801__20250831__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zax3wPjKToD2" title="Gain (loss) on change in fair value">12</span> thousand related to the change in fair value as of the conversion date. The Company recorded a loss of $<span id="xdx_903_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--SecondTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zrtI2Kl2D4se" title="Gain (loss) on change in fair value">142</span> thousand for the twelve months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unsecured convertible note due July 2026 - Third Tranche Note</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2025, the Company issued a third convertible note, (the “Third Tranche Note”), in accordance with the terms of the Securities Purchase Agreement, in the principal amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20250731__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zAu1eej7tL5e" title="Outstanding principal and accrued interest converted">3.0</span> million, for a purchase price of $<span id="xdx_90F_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20250701__20250731__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z4c8JsZgTUuj" title="Proceeds from issuance of convertible notes, net">2.7</span> million, representing an original issue discount of ten percent<span id="xdx_90A_ecustom--DebtInstrumentOriginalIssueDiscountPercentage_iI_pid_dp_uPure_c20250731__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zOXM9uoCbtt4" style="display: none" title="Original issue discount, percentage">10</span>, which matures on July 21, 2026. The Third Tranche Note was recorded at an initial fair value of $<span id="xdx_901_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn5n6_c20250731__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zYIH1rmPg2Ma" title="Fair value of convertible notes">2.9</span> million. The Company recorded a loss of $<span id="xdx_904_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zuvuXcXzJNb7" title="Gain (loss) on change in fair value">449</span> thousand on the change in fair value of the Third Tranche Note in the twelve months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unsecured convertible note due October 2026 - Fourth Tranche Note</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2025, the Company issued a fourth convertible note, (the “Fourth Tranche Note”) in accordance with the Securities Purchase Agreement, in the principal amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20251031__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z1dW6Sz8F0S7" title="Outstanding principal and accrued interest converted">2.2</span> million, for a purchase price of $<span id="xdx_904_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20251001__20251031__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zHhYMKGVsIK2" title="Proceeds from issuance of convertible notes, net">2.0</span> million, representing an original issue discount of ten percent<span id="xdx_903_ecustom--DebtInstrumentOriginalIssueDiscountPercentage_iI_pid_dp_uPure_c20251031__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z8If1QwlySF9" style="display: none" title="Original issue discount, percentage">10</span>, which matures on October 16, 2026. The Fourth Tranche Note was recorded at an initial fair value of $<span id="xdx_906_eus-gaap--ConvertibleDebtFairValueDisclosures_iI_pn5n6_c20251031__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zdB5rNLd3PDh" title="Fair value of convertible notes">2.2</span> million. The Company recorded a loss of $<span id="xdx_90C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20251001__20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zPywEVeAsMH9" title="Gain (loss) on change in fair value">200</span> thousand on the change in fair value of the Fourth Tranche Note at issuance. In December 2025, $<span id="xdx_908_eus-gaap--DebtConversionConvertedInstrumentAmount1_pn5n6_c20251201__20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zm0g2V01lrRf" title="Outstanding principal and accrued interest converted">1.2</span> million of the outstanding principal and accrued interest of the Fourth Tranche Note was converted into <span id="xdx_90C_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20251201__20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zYg8QV2NAtV6" title="Convertible debt, shares converted">1,604,091</span> shares of the Company’s common stock. Immediately prior to the conversions, the Company remeasured the liability to its fair value as of the conversion date and recorded a gain of $<span id="xdx_909_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20251201__20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zZq72hIA7Qrb" title="Gain (loss) on change in fair value">10</span> thousand related to the change in fair value as of the conversion date. The Company recorded a loss of $<span id="xdx_90D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zr1d5ph1L6J3" title="Gain (loss) on change in fair value">272</span> thousand on the change in fair value for the twelve months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89B_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_zOL5kkyHyT5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_z3gm1EClg66" style="display: none"> SCHEDULE OF LONG-TERM DEBT INSTRUMENTS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20251231_zeu4K50RX4if" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241231_zewk7nWf2Cm1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--DebtInstrumentCarryingAmount_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--TwoThousandTwentyFourConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_z5WKHS1mCnCc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">2024 unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IEluc3RydW1lbnRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--DecemberTwoThousandTwentyFiveConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zTby6rEOJjY4" title="Interest rate">4</span>% coupon, due December 2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1137">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">4,050</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ShortTermBorrowings_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--TwoThousandTwentySixConvertibleDebtMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zLQ9SMRQ30E5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IEluc3RydW1lbnRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--JuneTwoThousandTwentySixConvertibleDebtMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_fKg_____zyvDcsI46Xda">4</span>% coupon, due June 2026<span id="xdx_F45_zuRQk74pJoF2">*</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1142">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1143">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--ShortTermBorrowings_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueJulyTwoThousandTwentySixMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zf9G9N48miSe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IEluc3RydW1lbnRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueJulyTwoThousandTwentySixMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_fKio___zY37d4JGu8Pa">4</span>% coupon, due July 2026<span id="xdx_F48_zvdWvJriaj6c">**</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,148</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1147">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ShortTermBorrowings_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueOctoberTwoThousandTwentySixMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zgamCCdz12g4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unsecured convertible note, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIExvbmctVGVybSBEZWJ0IEluc3RydW1lbnRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredConvertibleNoteDueOctoberTwoThousandTwentySixMember__us-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_fKioq_zDUhfEsVZ1xf">4</span>% coupon, due October 2026<span id="xdx_F40_zhLnvYR9aIt4">***</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1151">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LongTermDebtCurrent_iNI_pn3n3_di_hus-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zDTCQNLliVtb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less current portion</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,230</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(4,050</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--LongTermDebtNoncurrent_iI_pn3n3_hus-gaap--LongtermDebtTypeAxis__us-gaap--ConvertibleDebtMember_zlqHjldCorS" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total unsecured convertible note, long term</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1157">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1158">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="text-align: justify; width: 0.35in"><span id="xdx_F01_zqYF1tuBHZj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F19_zGyDi6fLNTA7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the Second Tranche Note (as described in this Note 10)</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span id="xdx_F08_zJfUdKPZ2e9a" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="text-align: justify"><span id="xdx_F1A_zEnlrQyFL8pd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the Third Tranche Note (as described in this Note 10)</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"><span id="xdx_F01_zxO4Y62oh3E1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td> <td style="text-align: justify"><span id="xdx_F1D_zfEyAmfS9a22" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents the Fourth Tranche Note (as described in this Note 10)</span></td></tr> </table> 0.04 4050000 0.04 0.04 3148000 0.04 1082000 4230000 4050000 36000000.0 4500000 4100000 0.10 14000 14000 2538939 626000 1500000 1400000 0.10 1400000 124000 1100000 988240 6000 400000 344242 12000 142000 3000000.0 2700000 0.10 2900000 449000 2200000 2000000.0 0.10 2200000 200000 1200000 1604091 10000 272000 <p id="xdx_806_eus-gaap--DebtDisclosureTextBlock_z5JmpfXI9RWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 11 – <span id="xdx_82B_zFLhTxhwoxm9">CREDIT FACILITY AND OTHER LOANS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_ztcNrTZSOrS5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit facility and other loans consisted of the following at December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zWjUeKsAe63c" style="display: none">SCHEDULE OF CREDIT FACILITY AND OTHER LOANS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zxXdPJ8EnVuj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231_zs6dFqa2YZWk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--LinesOfCreditCurrent_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zZP9LknNGut5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1231">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">28,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LinesOfCreditCurrent_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_z2OIH0dsSoA3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Term Loan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1234">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,102</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DebtInstrumentUnamortizedDiscount_iNI_pn3n3_di_hus-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_ziqIp8rgSIl9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less discounts</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1237">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(247</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--LinesOfCreditCurrent_iTI_pn3n3_zS7eYFJdoUHg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total credit facility, net of discount and deposits</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1240">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zIdlHR4KBfE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SAC Leasing G280 LLC Line of credit</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into the pre-delivery payment agreement on October 5, 2022, with SAC Leasing G280, LLC to obtain loans in the aggregate amount of $<span id="xdx_90C_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20221005__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zDK1Co78O8c1" title="Line of credit facility, maximum borrowing capacity">40.5</span> million for the purchase of four (<span id="xdx_907_ecustom--PurchaseObligationNumberOfAssets_uInteger_c20221005__20221005__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zMAm6S756Bu7" title="Purchase obligation, number of aircrafts">4</span>) Gulfstream G280 aircraft to be delivered in 2024 and 2025. On August 25, 2023, the Company and SAC Leasing G280, LLC entered into the first amendment to pre-delivery payment agreement. The maturity date of amounts drawn under the SAC Leasing G280 credit facility is the earlier of the delivery date of the aircraft or September 14, 2025, which is thirty-five (<span id="xdx_901_eus-gaap--LongTermDebtTerm_iI_dtM_c20221005__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember__srt--RangeAxis__srt--MaximumMember_zqZG6zaN0uVk" title="Maturity period">35</span>) months from the date of funding. The purchase agreement contracts were assigned to SAC G280 LLC as collateral on this credit facility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (<span id="xdx_907_ecustom--PurchaseObligationNumberOfAssets_uInteger_c20220101__20221231__srt--AircraftTypeAxis__custom--GulfstreamG280Member_zFCZvx7PrtLc" title="Purchase obligation, number of aircrafts">4</span>) Gulfstream G280 aircraft for total consideration of $<span id="xdx_904_eus-gaap--PurchaseObligation_iI_pn5n6_c20221231__us-gaap--DebtInstrumentAxis__custom--GulfstreamG280Member__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zeCgTp3As3xg" title="Purchase obligation">79.0</span> million with expected deliveries in 2024 and 2025, of which an aggregate amount of $<span id="xdx_902_eus-gaap--PurchaseObligation_iI_pn5n6_c20241231__us-gaap--DebtInstrumentAxis__custom--GulfstreamG280Member__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zLp9rKp3y22a" title="Purchase obligation">48.0</span> million was funded and paid as of December 31, 2024, partially through a credit facility from SAC Leasing G280.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2024, the Company funded an additional $<span id="xdx_901_eus-gaap--ProceedsFromLinesOfCredit_pn5n6_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_z97DDAJsQZK1" title="Proceeds from lines of credit">9.0</span> million through the SAC Leasing G280 credit facility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the twelve months ended December 31, 2025, the Company decreased its SAC leasing G280 line of credit by $<span id="xdx_908_eus-gaap--LineOfCreditFacilityIncreaseDecreaseForPeriodNet_pn5n6_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_z00MVyWMSSTd" title="Decrease in line of credit">28.0</span> million which was a combination of a repayment in the amount of $<span id="xdx_90E_eus-gaap--RepaymentsOfLinesOfCredit_pn5n6_c20250201__20250228__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zKhejb3s9mT3" title="Repayments of lines of credit">10.5</span> million, with the sale of the second G280 in February 2025 and the deposit release and corresponding pay down of the G280 line of credit of $<span id="xdx_901_eus-gaap--RepaymentsOfLinesOfCredit_pn5n6_c20250301__20250331__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zPOWT47XyNa1" title="Repayments of lines of credit">9.0</span> million with the delay of the fourth G280 until Q4 2025. In April 2025, the Company repaid the remaining $<span id="xdx_90A_eus-gaap--RepaymentsOfLinesOfCredit_pn5n6_c20250401__20250430__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zMBfQzOH2yLf" title="Repayments of lines of credit">8.5</span> million, terminating the credit facility with SAC Leasing G280. The line of credit balance was zero as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company incurred <span id="xdx_903_eus-gaap--DeferredFinanceCostsGross_iI_dc_c20251231_zn8MpcVKn0i9" title="Closing financing costs">zero</span> and $<span id="xdx_909_eus-gaap--DeferredFinanceCostsGross_iI_pn3n3_c20241231_zbyYbgtMFw68" title="Closing financing costs">68</span> thousand of incremental closing costs, which are reported as debt discount against the liability in the consolidated balance sheets as of December 31, 2025, and December 31, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the twelve months ended December 31, 2025 and 2024, the Company amortized to interest expense $<span id="xdx_90F_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zcfyiNLo99Rc" title="Amortization of debt discount">247</span> thousand and $<span id="xdx_905_eus-gaap--AmortizationOfDebtDiscountPremium_pn3n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zgzVECr1stgh" title="Amortization of debt discount">197</span> thousand of debt discount, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the twelve months ended December 31, 2025 and 2024, the Company incurred $<span id="xdx_90D_eus-gaap--InterestExpenseDebtExcludingAmortization_pn3n3_c20250101__20251231_zrVQhlWjzxFk" title="Interest expense">641</span> thousand and $<span id="xdx_904_eus-gaap--InterestExpenseDebtExcludingAmortization_pn5n6_c20240101__20241231_zOdMFeHYish1" title="Interest expense">4.2</span> million of interest, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>OgaraJets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the purchase and sale of the second G280, the Company entered into a financing agreement with OgaraJets. The Company borrowed $<span id="xdx_902_ecustom--BorrowingsToFacilitateDeliveryAndSaleOfJets_pn5n6_c20250101__20250331__srt--CounterpartyNameAxis__custom--OgarJetsMember_znGRH80vG764" title="Borrowings to sale">19.6</span> million from OgaraJets to facilitate the delivery and subsequent sale of the second G280. Upon the sale of the second G280, in February 2025, $<span id="xdx_906_ecustom--RepaymentsOfBorrowingsToFacilitateDeliveryAndSaleOfJets_pn4n6_c20250201__20250228__srt--CounterpartyNameAxis__custom--OgarJetsMember_zVgB0RekfjX8" title="Borrowings to sale">19.7</span> million was repaid to OgaraJets. All transactions occurred during the first quarter of 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the purchase and sale of the third G280, the Company entered into a financing agreement with OgaraJets. The Company borrowed $<span id="xdx_90D_ecustom--BorrowingsToFacilitateDeliveryAndSaleOfJets_pn5n6_c20250201__20250228__srt--CounterpartyNameAxis__custom--OgarJetsMember_z7eyTuOcTw03" title="Borrowings to facilitate delivery and sale of jets">17.9</span> million from OgaraJets to facilitate the delivery and subsequent sale of the third G280. Upon the sale of the third G280 in June 2025, $<span id="xdx_909_ecustom--RepaymentsOfBorrowingsToFacilitateDeliveryAndSaleOfJets_pn5n6_c20250601__20250730__srt--CounterpartyNameAxis__custom--OgarJetsMember_zByc3bEwKs2" title="Repayments of borrowing to facility delivery and sale of jets">17.9</span> million was repaid to OgaraJets. All transactions occurred during the second quarter of 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the purchase and sale of the fourth G280, the Company entered into a financing agreement with Ogara Jets. The Company borrowed $<span id="xdx_90A_ecustom--BorrowingsToFacilitateDeliveryAndSaleOfJets_pn5n6_c20250201__20250228__srt--CounterpartyNameAxis__custom--OgarJetsMember__us-gaap--TypeOfArrangementAxis__custom--FourthG280AgreementMember_zKdVqnViN7Xh" title="Borrowings to facilitate delivery and sale of jets">18.4</span> million from OgaraJets to facilitate the delivery and subsequent sale of the fourth G280. Upon the sale of the fourth G280, in December 2025, $<span id="xdx_906_ecustom--RepaymentsOfBorrowingsToFacilitateDeliveryAndSaleOfJets_pn5n6_c20251201__20251231__srt--CounterpartyNameAxis__custom--OgarJetsMember__us-gaap--TypeOfArrangementAxis__custom--FourthG280AgreementMember_zFaYXJ5i157" title="Repayments of borrowing to facility delivery and sale of jets">18.4</span> million was repaid to Ogara Jets. All transaction occurred during the fourth quarter of 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Term Loan</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In July 2024, the Company entered into a business loan and security agreement (the “Loan”) with TVT Capital Sources LLC (the “Lender”), for a term loan in the amount of $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20240731__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--SecuredDebtMember_zclGp5PRGos2" title="Debt instrument, face amount">4.0</span> million. Net proceeds of $<span id="xdx_90E_eus-gaap--ProceedsFromShortTermDebt_pn5n6_c20240731__20240731__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--SecuredDebtMember_zEBviLHZV7nk" title="Debt instrument, face amount">3.9</span> million were received by the Company and used to fund operations. The Loan bore interest at an annual percentage rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20240731__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--SecuredDebtMember_zJGzD0aybg9j" title="Interest rate">165</span>% and matured on January 28, 2025, with principal and interest payments made weekly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company incurred financing fees of $<span id="xdx_905_eus-gaap--DeferredFinanceCostsGross_iI_pn3n3_c20240731__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--SecuredDebtMember_zlnRz6Q8fdCb" title="Closing financing costs">200</span> thousand, which were recorded as a direct discount to the debt and were being amortized over the term of the Loan. The Company amortized $<span id="xdx_900_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--SecuredDebtMember_zv70Jg0PoUd8" title="Amortization of closing financing costs">36</span> thousand and $<span id="xdx_90F_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--SecuredDebtMember_zsReWCf7Pa6k" title="Amortization of closing financing costs">164</span> thousand of financing fees in the twelve months ended December 31, 2025 and 2024, respectively. The Company recorded $<span id="xdx_909_eus-gaap--InterestExpenseDebt_pn3n3_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--SecuredDebtMember_zwtUFodVH9u9" title="Interest expense, debt">107</span> thousand and $<span id="xdx_904_eus-gaap--InterestExpenseDebt_pn5n6_c20240101__20241231__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--SecuredDebtMember_zT1jybEpIAt9" title="Interest expense, debt">1.7</span> million of interest expense related to the Loan in the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the Company entered into an agreement with a third party to settle outstanding payables owed by the Company to designated vendors in exchange for a settlement amount in shares of common stock. As of December 31, 2024 in accordance with the agreement, the Company issued <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20241101__20241231_z6c3QpjHWpf6" title="Stock issued for services shares">639,720</span> shares of common stock for the payment of $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pn3n6_c20241101__20241231_z5xTUgB2u3U1" title="Stock issued for services value">1.475</span> million of principal and interest due to the Lender under the Loan and $<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pn3n3_c20241101__20241231__srt--CounterpartyNameAxis__custom--SeparateVendorMember_zi1ZsCKKfGya" title="Stock issued for services value">725</span> thousand of payables related to a separate vendor. The Company recorded a $<span id="xdx_902_eus-gaap--GainsLossesOnExtinguishmentOfDebt_iN_pn5n6_di_c20240101__20241231_z5nRAJm90nYi" title="Loss on extinguishment of debt">2.8</span> million loss on extinguishment of debt upon the settlement of each issuance equal to the payables less the fair value of the shares calculated as of the closing stock price on the date of settlement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2025, the Company paid the remaining principal balance due on the Loan of $<span id="xdx_902_eus-gaap--RepaymentsOfShortTermDebt_pn5n6_c20250201__20250228__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--SecuredDebtMember_zzmPL3XX0lI" title="Repayments of short-term debt">1.1</span> million and outstanding interest of $<span id="xdx_90E_ecustom--RepaymentsOfInterestShortTermDebt_pn3n3_c20250201__20250228__us-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--ShortTermDebtTypeAxis__us-gaap--SecuredDebtMember_z8uAHsEnYbhe" title="Interest payments">107</span> thousand.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--ScheduleOfOtherCurrentAssetsTableTextBlock_ztcNrTZSOrS5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit facility and other loans consisted of the following at December 31, 2025 and December 31, 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zWjUeKsAe63c" style="display: none">SCHEDULE OF CREDIT FACILITY AND OTHER LOANS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zxXdPJ8EnVuj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20241231_zs6dFqa2YZWk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--LinesOfCreditCurrent_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--SACLeasingG280LLCCreditFacilityMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_zZP9LknNGut5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1231">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">28,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LinesOfCreditCurrent_iI_pn3n3_hus-gaap--DebtInstrumentAxis__custom--TermLoanMember__us-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_z2OIH0dsSoA3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Term Loan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1234">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,102</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DebtInstrumentUnamortizedDiscount_iNI_pn3n3_di_hus-gaap--LongtermDebtTypeAxis__us-gaap--LineOfCreditMember_ziqIp8rgSIl9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Less discounts</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1237">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(247</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--LinesOfCreditCurrent_iTI_pn3n3_zS7eYFJdoUHg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total credit facility, net of discount and deposits</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1240">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">28,855</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 28000000 1102000 247000 28855000 40500000 4 P35M 4 79000000.0 48000000.0 9000000.0 28000000.0 10500000 9000000.0 8500000 0 68000 247000 197000 641000 4200000 19600000 19700000 17900000 17900000 18400000 18400000 4000000.0 3900000 1.65 200000 36000 164000 107000 1700000 639720 1475000 725000 -2800000 1100000 107000 <p id="xdx_807_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zRG4nsAhixL3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 12 – <span id="xdx_82C_zwJ38OQDk0Be">RELATED PARTIES</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liotta Family Office, LLC</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liotta Family Office, LLC (“LFO”) is owned <span id="xdx_908_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_uPure_c20251231__srt--OwnershipAxis__custom--LiottaFamilyOfficeLLCMember__dei--LegalEntityAxis__custom--VolatoGroupInc.ChiefExecutiveOfficerMember_zPhWiDSl3b8a" title="Ownership percentage of issued and outstanding shares of Class A common stock">20</span>% by the Company’s Chief Executive Officer (“CEO”), <span id="xdx_901_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_uPure_c20251231__srt--OwnershipAxis__custom--LiottaFamilyOfficeLLCMember__dei--LegalEntityAxis__custom--VolatoGroupInc.ChiefExecutiveOfficerMember_z27CnYxIT7Al" title="Subsidiary, ownership percentage">60</span>% owned by the father of the Company’s Chief Executive Officer, and <span id="xdx_90A_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_uPure_c20251231__srt--OwnershipAxis__custom--LiottaFamilyOfficeLLCMember__dei--LegalEntityAxis__custom--BrotherOfManagementOrPrincipalOwnerMember_zvtePbTu1UJc" title="Ownership percentage of issued and outstanding shares of Class A common stock">20</span>% by the brother of the CEO. LFO currently owns <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20251231__srt--OwnershipAxis__custom--VolatoGroupInc.Member__dei--LegalEntityAxis__custom--LiottaFamilyOfficeLLCMember_zvLUOvSi8Txj" title="Class A Common Stock outstanding">74,372</span> Shares of the Company’s issued and outstanding common stock which represents less than <span id="xdx_90E_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_uPure_c20251231__srt--OwnershipAxis__custom--VolatoGroupInc.Member__dei--LegalEntityAxis__custom--LiottaFamilyOfficeLLCMember_zbQaa7HxP7oe" title="Class A Common Stock outstanding">1</span>% of the Company’s issued and outstanding common stock as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2023, LFO entered into an unsecured promissory note for a total amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20231231__us-gaap--ShortTermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_zTD7dnttDYsg" title="Debt instrument, face amount">1.0</span> million (see Note 9). The Company incurred approximately $<span id="xdx_900_eus-gaap--InterestExpenseDebt_pn3n3_c20240101__20241231__us-gaap--ShortTermDebtTypeAxis__us-gaap--NotesPayableOtherPayablesMember_zyBpScVgb9eb" title="Interest expense debt">23</span> thousand of interest during the twelve months ended December 31, 2024. In April 2024, the promissory note and interest was paid in full.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Plane Co’s</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company historically facilitated the formation of limited liability companies (“Plane Co’s”), which were then funded by third party members prior to the sale and delivery of an aircraft purchased from Honda Aircraft that entered into the Company’s fractional program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In October 2024, as part of the agreement with flyExclusive, Volato sold all of its interest in the Plane Co’s to flyExclusive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aggregate amount of revenue included in loss from discontinued operations generated from Plane Co’s totaled <span id="xdx_90A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_dc_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zeay8ThoF2ia" title="Revenue">zero</span> and $<span id="xdx_903_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn5n6_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zcmBN4C0uhSd" title="Revenue">3.1</span> million for the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses charged to the Company by Plane Co’s and included in loss from discontinued operations, totaled <span id="xdx_907_eus-gaap--CostsAndExpenses_dc_c20250101__20251231__dei--LegalEntityAxis__custom--PlanceCoLLCMember_zd9FtoUDGje4" title="Costs and expenses">zero</span> and $<span id="xdx_903_eus-gaap--CostsAndExpenses_pn5n6_c20240101__20241231__dei--LegalEntityAxis__custom--PlanceCoLLCMember_zZaky7qkZeY5" title="Costs and expenses">2.8</span> million for the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance due to Plane Co’s amounted to <span id="xdx_90F_eus-gaap--LinesOfCreditCurrent_iI_dc_c20251231__dei--LegalEntityAxis__custom--PlanceCoLLCMember_zPknBuNKUyP5" title="Due balance">zero</span> and $<span id="xdx_90C_eus-gaap--LinesOfCreditCurrent_iI_pn3n3_c20241231__dei--LegalEntityAxis__custom--PlanceCoLLCMember_zykNkK1oHspk" title="Due balance">4</span> thousand as of December 31, 2025 and December 31, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.20 0.60 0.20 74372 0.01 1000000.0 23000 0 3100000 0 2800000 0 4000 <p id="xdx_803_eus-gaap--IncomeTaxDisclosureTextBlock_zUapOOcwCqji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 13 – <span id="xdx_822_zpHzaxnpYM1h">INCOME TAXES</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_896_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zg5mHwruH5Uj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to U.S. federal, state, and local income taxes. The Components of income tax expense for the year ended December 31, 2025 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B9_zaHfTtxCDqu9" style="display: none">SCHEDULE OF INCOME TAX BENEFIT EXPENSE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_z2104hnOtFu8" style="padding-bottom: 1pt; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CurrentFederalTaxExpenseBenefit_pn3n3_maCITEBzRAS_zjZUrOmrwBdk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 80%">Federal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">737</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_pn3n3_maCITEBzRAS_z5wGbZMQSM7g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">State</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--CurrentIncomeTaxExpenseBenefit_iT_pn3n3_mtCITEBzRAS_zZPY8AfNpmwc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,037</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zs1IoI3sj7Eb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management has determined that the Company does not have any uncertain tax positions and associated unrecognized benefits that would impact the consolidated financial statements or related disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income tax assets and liabilities are computed annually for differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company has historically operated at a loss without enough historical evidence of positive income from operations. As a result, the deferred tax asset is offset by a corresponding valuation allowance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zhaherHTIxGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The net deferred tax assets and liabilities consist of the following amounts at December 31, 2025 and 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zbwnWqrmSAui" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zm7TDGiVYE93" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20241231_zO70BivrzJI6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsNetAbstract_iB_z8qwD9Tpyt71" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">Deferred Tax Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsCapitalLossCarryforwards_i01I_pn3n3_maDTAGz2zg_zTy7wCBYU7vb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Capital loss carryover</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">140</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1361">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_pn3n3_maDTAGz2zg_zI210GI9RV5h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Net operating loss carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,774</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,398</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_i01I_pn3n3_maDTAGz2zg_zyPh41azmYel" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Intangible</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">462</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">530</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetInterestCarryforward_i01I_pn3n3_maDTAGz2zg_zsGgDz2wwHu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Interest expense limitations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,484</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOther_i01I_pn3n3_maDTAGz2zg_zHE35mkQQ7Ea" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">47</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsGross_i01TI_pn3n3_mtDTAGz2zg_maDTANzf8i_zu8WJk7MxZVk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,459</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_pn3n3_di_msDTANzf8i_z8doZY0vsxxl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Valuation Allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,699</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,738</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssets_i01I_pn3n3_zedGm6Ugo5O" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Total net deferred tax assets">439</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Total net deferred tax liabilities">(279</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zXMEUmTNjJb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">Deferred Tax Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iNI_pn3n3_di_maDITLzYEe_zvaUrzWbjw7j" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Property and equipment depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(25</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxLiabilitiesInvestments_iNI_pn3n3_di_maDITLzYEe_zRRsA8fENAXi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">flyExclusive investment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1391">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxLiabilitiesOther_iI_pn3n3_maDITLzYEe_zuStqCZSFRXk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Installment sale deferred tax liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(414</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1394">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredIncomeTaxLiabilities_i01NTI_pn3n3_di_mtDITLzYEe_maDTLzgBl_zMX7Np0XR7Ef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total deferred tax liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(439</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(25</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxLiabilities_i01NTI_pn3n3_di_mtDTLzgBl_zfW5QVOdqmd" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net deferred tax assets (liabilities)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1399">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(305</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8AA_zkExyJSd0MQ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has federal operating losses carryforward of approximately $<span id="xdx_908_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_zB8Y0v1RRUD7" title="Operating loss carryforwards">70</span> million and $<span id="xdx_902_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20241231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--DomesticCountryMember_z1YqNGZ03ni4" title="Operating loss carryforwards">73</span> million available as of December 31, 2025 and 2024, respectively, to reduce future taxable income at the federal level, and it has net operating losses of approximately $<span id="xdx_902_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20251231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zFFMJsmLCIp5" title="Operating loss carryforwards">67</span> million and $<span id="xdx_90C_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20241231__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zwSH5DV2s1I2" title="Operating loss carryforwards">68</span> million at the state level, to offset future state taxable income, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zGdizeWqJrbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effective tax rate on income differed from the federal statutory rate of <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20250101__20251231_zGP4IQY0ff0e" title="Federal statutory rate"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20240101__20241231_zuNkaP3ktrif" title="Federal statutory rate">21</span></span>% for the years ended December 31, 2025 and 2024, for the following reasons:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span style="display: none"><span id="xdx_8B8_zrP11s2xdRLf">SCHEDULE OF EFFECTIVE INCOME TAX RATE</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20250101__20251231_zjfgIWTbakSj" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_495_20240101__20241231_zxga9q42kZxj" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_z3hTC6Ykw8D" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">U.S. Federal tax/(benefit) at statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,304</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maicvd_c20250101__20251231_fKg_____zZCK8foYw4p7" title="U S Federal tax benefit at statutory rate">21.00</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(8,500</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_macvrm_c20240101__20241231_fKg_____zluhllPXaIJg" title="U S Federal tax benefit at statutory rate">21.00</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_z5vRNvOd6PS4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State and local income taxes, net of federal income tax effects <span id="xdx_F4D_zcn0kii3EhHd">*</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maicvd_c20250101__20251231_fKg_____zcZ2DBCvUq97" title="State and local income taxes, net of federal income tax effects">4.83</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_macvrm_c20240101__20241231_fKg_____za123NNK2lW8" title="State and local income taxes, net of federal income tax effects">(0.05</span></td><td style="text-align: left">)%</td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_zCpM0i1yvVMj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,108</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maicvd_c20250101__20251231_zkJXQ0AXNGBb" title="Changes in valuation allowance">(17.84</span></td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,257</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_macvrm_c20240101__20241231_z2sg1T9Fl5hj" title="Changes in valuation allowance">(17.93</span></td><td style="text-align: left">)%</td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseAbstract_iB_zuV7ZZFoDLj3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-deductible items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_pn3n3_zvL4TPmzsrW3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_uPure_maicvd_c20250101__20251231_z1K9ceBKKb7j" title="Non deductible items other">1.89</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_uPure_macvrm_c20240101__20241231_zUKF1uJMwz3e" title="Non deductible items other">(1.76</span></td><td style="text-align: left">)%</td></tr> <tr id="xdx_40E_ecustom--IncomeTaxReconciliationNondeductibleConvertibleNoteFairValueAdjustment_pn3n3_z1p0o98qWymd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Convertible note fair value adjustment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">424</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_909_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseConvertibleNoteFairValueAdjustment_pid_dp_uPure_maicvd_c20250101__20251231_zzymdP79boW6" title="Non deductible items convertible note fair value adjustment">6.83</span></td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1448">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseConvertibleNoteFairValueAdjustment_pid_dp_uPure_macvrm_c20240101__20241231_zN4cfsKaC644" title="Non deductible items convertible note fair value adjustment"><span style="-sec-ix-hidden: xdx2ixbrl1452">—</span></span></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_zCNTuEwT8u24" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Effective income tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,037</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_mticvd_c20250101__20251231_zQPBkrEL8wA3" title="Total">16.71</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(507</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_mtcvrm_c20240101__20241231_zkTUo5ljmmI3" title="Total">1.25</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F03_zj5pkoKagVgd" style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F15_zRCLPBICXxwj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State tax expense is primarily attributable to South Carolina and Florida, which represented approximately <span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_maicvd_c20250101__20251231__srt--StatementGeographicalAxis__stpr--SC_fKg_____zsAHt4RKzfX6" title="State and local income taxes, net of federal income tax effects">83.7</span>% and <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_maicvd_c20240101__20241231__srt--StatementGeographicalAxis__stpr--FL_fKg_____zO6QS7CQ2JP2" title="State and local income taxes, net of federal income tax effects">13.5</span>% respectively, of total state and local income tax expense for the period. State income tax expense attributable to all other jurisdictions was not individually material.</span></td></tr> </table> <p id="xdx_8AE_zRBV0cznxnsb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s U.S. tax returns are subject to examination by federal and state taxing authorities. The years open to examination by Federal, state, local and foreign government authorities vary by jurisdiction, but the statute of limitation is generally three years from the date the tax return is filed. For jurisdictions, including Federal, that have generated net operating losses, carryovers may be subject to the statute of limitations applicable for the year those carryovers are utilized. In these cases, the period for which the losses may be adjusted will extend to conform with the statute of limitations for the year in which the losses are utilized. In most circumstances, this is expected to increase the length of time that the applicable taxing authority may examine the carryovers by one year or longer, in limited cases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have not recorded any amount related to uncertainty in income taxes pursuant to ASC Topic 740, as we believe all tax positions are more likely than not to be sustained upon examination by the taxing authorities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_896_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zg5mHwruH5Uj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to U.S. federal, state, and local income taxes. The Components of income tax expense for the year ended December 31, 2025 are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B9_zaHfTtxCDqu9" style="display: none">SCHEDULE OF INCOME TAX BENEFIT EXPENSE</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_z2104hnOtFu8" style="padding-bottom: 1pt; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CurrentFederalTaxExpenseBenefit_pn3n3_maCITEBzRAS_zjZUrOmrwBdk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 80%">Federal</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">737</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_pn3n3_maCITEBzRAS_z5wGbZMQSM7g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt">State</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">300</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--CurrentIncomeTaxExpenseBenefit_iT_pn3n3_mtCITEBzRAS_zZPY8AfNpmwc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,037</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 737000 300000 1037000 <p id="xdx_89E_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zhaherHTIxGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The net deferred tax assets and liabilities consist of the following amounts at December 31, 2025 and 2024, in thousands:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BD_zbwnWqrmSAui" style="display: none">SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_zm7TDGiVYE93" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20241231_zO70BivrzJI6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsNetAbstract_iB_z8qwD9Tpyt71" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">Deferred Tax Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsCapitalLossCarryforwards_i01I_pn3n3_maDTAGz2zg_zTy7wCBYU7vb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Capital loss carryover</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">140</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1361">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_pn3n3_maDTAGz2zg_zI210GI9RV5h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Net operating loss carryforwards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,774</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,398</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_i01I_pn3n3_maDTAGz2zg_zyPh41azmYel" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Intangible</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">462</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">530</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetInterestCarryforward_i01I_pn3n3_maDTAGz2zg_zsGgDz2wwHu7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Interest expense limitations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,702</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,484</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOther_i01I_pn3n3_maDTAGz2zg_zHE35mkQQ7Ea" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">47</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsGross_i01TI_pn3n3_mtDTAGz2zg_maDTANzf8i_zu8WJk7MxZVk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,459</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_pn3n3_di_msDTANzf8i_z8doZY0vsxxl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Valuation Allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(20,699</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(21,738</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssets_i01I_pn3n3_zedGm6Ugo5O" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total net deferred tax assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Total net deferred tax assets">439</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right" title="Total net deferred tax liabilities">(279</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zXMEUmTNjJb8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-style: italic; text-align: left">Deferred Tax Liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iNI_pn3n3_di_maDITLzYEe_zvaUrzWbjw7j" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Property and equipment depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(25</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxLiabilitiesInvestments_iNI_pn3n3_di_maDITLzYEe_zRRsA8fENAXi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">flyExclusive investment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1391">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxLiabilitiesOther_iI_pn3n3_maDITLzYEe_zuStqCZSFRXk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Installment sale deferred tax liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(414</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1394">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredIncomeTaxLiabilities_i01NTI_pn3n3_di_mtDITLzYEe_maDTLzgBl_zMX7Np0XR7Ef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total deferred tax liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(439</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(25</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxLiabilities_i01NTI_pn3n3_di_mtDTLzgBl_zfW5QVOdqmd" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net deferred tax assets (liabilities)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1399">—</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(305</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 140000 17774000 18398000 462000 530000 2702000 2484000 60000 47000 21138000 21459000 20699000 21738000 439000 -279000 9000 25000 16000 -414000 439000 25000 305000 70000000 73000000 67000000 68000000 <p id="xdx_89D_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zGdizeWqJrbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effective tax rate on income differed from the federal statutory rate of <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20250101__20251231_zGP4IQY0ff0e" title="Federal statutory rate"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_dp_c20240101__20241231_zuNkaP3ktrif" title="Federal statutory rate">21</span></span>% for the years ended December 31, 2025 and 2024, for the following reasons:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span style="display: none"><span id="xdx_8B8_zrP11s2xdRLf">SCHEDULE OF EFFECTIVE INCOME TAX RATE</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_492_20250101__20251231_zjfgIWTbakSj" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td id="xdx_495_20240101__20241231_zxga9q42kZxj" style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right"> </td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_z3hTC6Ykw8D" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">U.S. Federal tax/(benefit) at statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,304</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maicvd_c20250101__20251231_fKg_____zZCK8foYw4p7" title="U S Federal tax benefit at statutory rate">21.00</span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(8,500</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_macvrm_c20240101__20241231_fKg_____zluhllPXaIJg" title="U S Federal tax benefit at statutory rate">21.00</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_z5vRNvOd6PS4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State and local income taxes, net of federal income tax effects <span id="xdx_F4D_zcn0kii3EhHd">*</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maicvd_c20250101__20251231_fKg_____zcZ2DBCvUq97" title="State and local income taxes, net of federal income tax effects">4.83</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_macvrm_c20240101__20241231_fKg_____za123NNK2lW8" title="State and local income taxes, net of federal income tax effects">(0.05</span></td><td style="text-align: left">)%</td></tr> <tr id="xdx_403_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_zCpM0i1yvVMj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Changes in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,108</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maicvd_c20250101__20251231_zkJXQ0AXNGBb" title="Changes in valuation allowance">(17.84</span></td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,257</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_macvrm_c20240101__20241231_z2sg1T9Fl5hj" title="Changes in valuation allowance">(17.93</span></td><td style="text-align: left">)%</td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseAbstract_iB_zuV7ZZFoDLj3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-deductible items:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_pn3n3_zvL4TPmzsrW3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_uPure_maicvd_c20250101__20251231_z1K9ceBKKb7j" title="Non deductible items other">1.89</span></td><td style="text-align: left">%</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">714</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_pid_dp_uPure_macvrm_c20240101__20241231_zUKF1uJMwz3e" title="Non deductible items other">(1.76</span></td><td style="text-align: left">)%</td></tr> <tr id="xdx_40E_ecustom--IncomeTaxReconciliationNondeductibleConvertibleNoteFairValueAdjustment_pn3n3_z1p0o98qWymd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Convertible note fair value adjustment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">424</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_909_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseConvertibleNoteFairValueAdjustment_pid_dp_uPure_maicvd_c20250101__20251231_zzymdP79boW6" title="Non deductible items convertible note fair value adjustment">6.83</span></td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1448">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseConvertibleNoteFairValueAdjustment_pid_dp_uPure_macvrm_c20240101__20241231_zN4cfsKaC644" title="Non deductible items convertible note fair value adjustment"><span style="-sec-ix-hidden: xdx2ixbrl1452">—</span></span></td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_zCNTuEwT8u24" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Effective income tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,037</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_mticvd_c20250101__20251231_zQPBkrEL8wA3" title="Total">16.71</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(507</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_mtcvrm_c20240101__20241231_zkTUo5ljmmI3" title="Total">1.25</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td id="xdx_F03_zj5pkoKagVgd" style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F15_zRCLPBICXxwj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State tax expense is primarily attributable to South Carolina and Florida, which represented approximately <span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_maicvd_c20250101__20251231__srt--StatementGeographicalAxis__stpr--SC_fKg_____zsAHt4RKzfX6" title="State and local income taxes, net of federal income tax effects">83.7</span>% and <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_maicvd_c20240101__20241231__srt--StatementGeographicalAxis__stpr--FL_fKg_____zO6QS7CQ2JP2" title="State and local income taxes, net of federal income tax effects">13.5</span>% respectively, of total state and local income tax expense for the period. State income tax expense attributable to all other jurisdictions was not individually material.</span></td></tr> </table> 0.21 0.21 1304000 0.2100 -8500000 0.2100 300000 0.0483 22000 -0.0005 -1108000 -0.1784 7257000 -0.1793 117000 0.0189 714000 -0.0176 424000 0.0683 1037000 0.1671 -507000 0.0125 0.837 0.135 <p id="xdx_804_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_ztvbUED6UMZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 14 – <span id="xdx_820_zI3O8ycnPy8c">SHAREHOLDERS’ EQUITY (DEFICIT)</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 28, 2024, the Company filed an amendment to its Amended and Restated Certificate of Incorporation to increase the number of authorized shares to <span id="xdx_90B_ecustom--CommonAndPreferredStockSharesAuthorized_iI_c20241028_zeRPvYeEQTXc" title="Common and preferred stock, shares authorized">201,000,000</span> shares consisting of <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_c20241028_zdxilzFTey69" title="Common stock, shares authorized">200,000,000</span> shares of common stock and <span id="xdx_90B_eus-gaap--PreferredStockSharesAuthorized_iI_c20241028_zmVFL6lH5Iv" title="Preferred stock, shares authorized">1,000,000</span> shares of preferred stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 24, 2025, the Company effected the Reverse Stock Split described elsewhere in this Annual Report. All share amounts have been retroactively adjusted to account for the Reverse Stock Split as if it occurred at inception. The Reverse Stock Split did not have an effect on the number of authorized shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common stock at the market sales agreement</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 5, 2025, the Company entered into an ATM Sales Agreement (the “Agreement”) with Virtu Americas LLC (the “Agent”) pursuant to which the Agent will act as the Company’s sole sales agent or principal with respect to the offer and sale from time-to-time of shares of the Company’s Class A Common Stock, par value $<span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20251205__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_zsFizlkAV8gj" title="Common stock, par value">0.0001</span> per share, having an aggregate gross sales price of an aggregate of up to $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20251205__20251205__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_zlW2SKm6eGW6" title="Sale of common stock">9.3</span> million. The Company issued <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_z2IS0E0CzKl3" title="Common stock issued during period">436,757</span> shares of common stock for proceeds of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn3n3_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--ATMSalesAgreementMember_zr9aOfHVshh2" title="Sale of common stock">463</span> thousand in the twelve months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preferred Stock</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No shares of preferred stock have been issued as of December 31, 2025 and December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock Options - Equity Incentive Plans</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Summary of the 2025 Plan</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2025 Stock Incentive Plan (the “2025 Plan”) was approved at the annual meeting of the shareholders of the Company on July 21, 2025. The 2025 Plan provides for the grant of stock options (both incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, restricted stock units, performance-based awards, and other stock- and cash-based awards. The Company has reserved a pool of shares of common stock for issuance pursuant to awards under the 2025 Plan equal to <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20250721__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFivePlanMember_zhuBP2lUmxPc" title="Number of stock options authorized for issuance">415,584</span> shares. As of December 31, 2025 the Company had <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFivePlanMember_zyXIELLUHLH1" title="Number of options available for grant">89,060</span> shares available for issuance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Summary of the 2023 Plan</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 2023 Stock Incentive Plan (the “2023 Plan”) was approved at the special meeting of the shareholders of the Company on November 28, 2023. The 2023 Plan provides for the grant of stock options (both incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, restricted stock units, performance-based awards, and other stock- and cash-based awards. The Company has reserved a pool of shares of common stock for issuance pursuant to awards under the 2023 Plan equal to <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20231128__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreePlanMember_z6KQGEf0Hqre" title="Number of stock options authorized for issuance">224,348</span> shares. As of December 31, 2025 the Company had <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20251231__us-gaap--PlanNameAxis__custom--TwoThousandTwentyThreePlanMember_z5lbYYXce9W7" title="Number of options available for grant">21,855</span> shares available for issuance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z7uBz8Cz6fUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock option activity for the periods presented is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zNFqXsChijO7" style="display: none">SCHEDULE OF STOCK OPTION ACTIVITY</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise Price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per Share</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Remaining</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term (years) </b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Outstanding at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231_z3eLiHyVBwlj" style="width: 14%; text-align: right" title="Options outstanding balance, beginning">18,614</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231_z2sqKUTjcrNg" style="width: 14%; text-align: right" title="Weighted average exercise price per share, beginning">5.59</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231_zvfzTUfoI7qi" title="Weighted average remaining contractual term for option awards outstanding">7.5</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231_zcTrctKBV4q4" style="text-align: right" title="Granted"><span style="-sec-ix-hidden: xdx2ixbrl1498">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_z5tTUAxch0n5" style="text-align: right" title="Weighted average exercise price per share, granted"><span style="-sec-ix-hidden: xdx2ixbrl1500">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cancelled</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancellationsInPeriod_iN_pid_di_c20250101__20251231_zg8qv49Uk2id" style="text-align: right" title="Cancelled">(911</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsCancellationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zVnMZqTdWLL9" style="text-align: right" title="Weighted average exercise price per share, cancelled">20.30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231_zSuWjuEJuf5g" style="border-bottom: Black 1pt solid; text-align: right" title="Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1506">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zGxM30hEzH22" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price per share, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1508">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231_zjEsylBlqbGf" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding balance, ending">17,703</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231_zP863mjGno66" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price per share, ending">4.94</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_z5Vn6uxpBVXh" title="Weighted average remaining contractual term for option awards outstanding">6.5</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20250101__20251231_zPCJQoSzFZe9" style="border-bottom: Black 2.5pt double; text-align: right" title="Options Exercisable">16,200</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20250101__20251231_z6gmRwusQprb" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price per share, exercisable">4.24</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zPHuIXDiGNci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_zzU1NZpmZZul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the range of exercise price, weighted average remaining contractual life (“Life”) and weighted average exercise price (“Price”) for all stock options outstanding as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zFdNGnG2whMb" style="display: none">SCHEDULE OF ALL STOCK OPTIONS OUTSTANDING</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid">Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Life (in years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedPaymentArrangementOptionExercisePrice_pid_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.12Member_z5FvT5yr8B5i" style="width: 30%; text-align: right" title="Exercise Price">3.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.12Member_zxk5lZTcZ2L1" style="width: 30%; text-align: right" title="Options outstanding">1,763</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 30%; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.12Member_zd7Vrh9iHxP4" title="Options Outstanding, Life (in years)">5.6</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$</td><td id="xdx_983_ecustom--ShareBasedPaymentArrangementOptionExercisePrice_pid_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.14Member_zOmot9rz6ef" style="text-align: right" title="Exercise Price">3.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.14Member_zhGJLuARmcZc" style="text-align: right" title="Options outstanding">13,510</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.14Member_zRCktX194Tb4" title="Options Outstanding, Life (in years)">6.2</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98C_ecustom--ShareBasedPaymentArrangementOptionExercisePrice_pid_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.16Member_z0Ur5d2cVWXa" style="padding-bottom: 1pt; text-align: right" title="Exercise Price">12.50</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.16Member_zRW6dNEfOOid" style="border-bottom: Black 1pt solid; text-align: right" title="Options outstanding">2,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.16Member_zidf4hV1Qzk8" title="Options Outstanding, Life (in years)">8.4</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231_zTlTiPYpdV4l" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding">17,703</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zLzbqzNhVsx9" title="Options Outstanding, Life (in years)">6.5</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_zhd6A61wuCef" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zNyUHz2srfMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Black-Scholes option pricing model is used by the Company to determine the weighted-average fair value of share-based payments. The Company recognizes forfeitures as they occur. There were no stock options granted in the twelve months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_z3aQe9lqTan5"><span id="xdx_8BE_zYnINipaV79k" style="display: none">SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For The Year Ending</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zwvsOkJv0hok" title="Expected term">5.8</span> - <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_zrfL41ufW4K5" title="Expected term">6.25</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left">Expected volatility</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231_zlEDAgqpav2l" title="Expected volatility">68</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected dividends</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments_dn_c20240101__20241231_zEgW29m0kMf7" title="Expected dividends">None</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20240101__20241231_zSM37J12u9fk" title="Risk-free interest rate, minimum">3.8</span>% - <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20240101__20241231_zOfhGhPTPIM7" title="Risk free interest rate, maximum">4.5</span></span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeitures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitures_dn_c20240101__20241231_zNSw2wVaqmU5" title="Forfeitures">None</span></span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A5_zyjiIekYkkAa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, the unrecognized compensation cost related to non-vested awards was $<span id="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn3n3_c20251231_zvtYgBa8RtMa" title="Unrecognized compensation costs related to non-vested awards">144</span> thousand and is expected to be recognized over a weighted average period of <span id="xdx_90D_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--ShareBasedPaymentArrangementOptionMember_zJovO50KLbvk" title="Weighted average period">0.13</span> years.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted Stock</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_89C_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zTE3GAcocWja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted stock unit activity for the period presented is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_z3O0N3TFRX8b"><span id="xdx_8B9_zC72VdKXW1dh" style="display: none">SCHEDULE OF RESTRICTED STOCK UNIT</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Restricted</p> <p style="margin-top: 0; margin-bottom: 0">Stock Units</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Weighted Average</p> <p style="margin-top: 0; margin-bottom: 0">Grant Date</p> <p style="margin-top: 0; margin-bottom: 0">Fair Value</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Outstanding at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z00w1w18YPG9" style="width: 16%; text-align: right" title="Outstanding, beginning balance">29,080</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_ziTdyUHzTYRe" style="width: 16%; text-align: right" title="Weighted average grant date fair value, outstanding beginning balance">18.75</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zr0g1k6WXdF6" style="text-align: right" title="Granted">470,175</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zQKfOQ2qvtW7" style="text-align: right" title="Weighted average grant date fair value, granted">1.80</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyqVvDSKSI61" style="text-align: right" title="Vested">(488,291</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zVLz1WkrZPY1" style="text-align: right" title="Weighted average grant date fair value, vested">2.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zSoIb47vQxb8" style="border-bottom: Black 1pt solid; text-align: right" title="Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1578">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwb393D9jjEj" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average grant date fair value, forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1580">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zVIz1ZToJhf8" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding, ending balance">10,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zdi2rCnfb9Lb" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, outstanding ending balance">6.64</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_zLYOxf6IRxOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock based compensation expense was $<span id="xdx_90E_eus-gaap--ShareBasedCompensation_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zuvW3G0emXGg" title="Stock based compensation">605</span> thousand and $<span id="xdx_903_eus-gaap--ShareBasedCompensation_pn3n3_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zit6oM9fOFNk" title="Stock based compensation">211</span> thousand for the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2025, there were <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zmZSUBm2wzAj" title="Warrants outstanding">552,000</span> public warrants and <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantMember_zt7neZZAAGZ9" title="Warrants outstanding">609,195</span> private placement warrants issued and outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Private placement warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has <span id="xdx_903_ecustom--NumberOfWarrantsOrRightsIssuedInThePeriod_pid_c20250101__20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantMember_zVuHBNZzrScg" title="Number of warrants issued in the period">609,195</span> private placement warrants outstanding. Each private placement warrant is exercisable for <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_dxL_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantMember_ziK3XH7iyVbl" title="Class of warrant or right, number of securities called by each warrant or right::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1596">one</span></span> whole share of Class A common stock at a price of $<span id="xdx_905_ecustom--NumberOfWarrantOrRightIssuedInThePeriodPricePerWarrant_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantMember_zTB6lsZZeFi3" title="Price per warrant">287.50</span> per share. Such private placement warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are not redeemable by the Company. The private placement warrants are all exercisable as of December 31, 2025. There was no activity during the twelve months ended months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Public warrants</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the initial public offering (“IPO”) by Proof Acquisition Corp I (“PACI”) in 2021, the Company sold <span id="xdx_905_ecustom--NumberOfWarrantsOrRightsIssuedInThePeriod_pid_c20211201__20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--UnitsMember_ztELPxfuIrg4" title="Number of warrants issued in the period">1,104,000</span> units at a price of $<span id="xdx_90A_ecustom--NumberOfWarrantOrRightIssuedInThePeriodPricePerWarrant_iI_pid_c20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--UnitsMember_z6nu1qahX209" title="Price per warrant">250.00</span> per unit. Each unit consisted of <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_pid_dxL_c20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--UnitsMember_zx2y5NxGba1k" title="Class of warrant or right, number of securities called by each warrant or right::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1604">one</span></span> share of Class A common stock and one-half of one redeemable warrant. Each whole public warrant entitles the holder to purchase one share of Class A common stock at a price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zBN7DQDdqnY5" title="Price per warrant">287.50</span> per share, subject to adjustment. A majority of the shares were redeemed before the December 2023 merger transaction, but the warrants remain. As a result, there are <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20251231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zmCgJ1qHaMZ4" title="Warrants outstanding">552,000</span> public warrants outstanding as of December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The public warrants became exercisable on the later of (a) <span id="xdx_90F_ecustom--ClassOfWarrantOrRightPeriodAfterABusinessCombinationInWhichWarrantsBecomeExercisable_dtD_c20211231__20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zAfSApvfi895" title="Number of days after a business combination in which warrants become exercisable">30</span> days after the completion of a business combination and (b) <span id="xdx_906_ecustom--ClassOfWarrantOrRightPeriodAfterInitialPublicOfferingInWhichWarrantsAreExercisable_dtM_c20211231__20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zAOQxxXOUizc" title="Period after initial public offering in which warrants are exercisable">12</span> months from the closing of the IPO. The public warrants expire <span id="xdx_905_ecustom--ClassOfWarrantOrRightExpirationPeriodAfterABusinessCombination_dc_c20211231__20211231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zUDQdNhzRt09" title="Expiration period after a business combination">five years</span> after the completion of a business combination or earlier upon redemption or liquidation. The public and private warrants expire on December 1, 2028. The public warrants are all exercisable as of December 31, 2025. There was no activity during the twelve months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 201000000 200000000 1000000 0.0001 9300000 436757 463000 415584 89060 224348 21855 <p id="xdx_891_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_z7uBz8Cz6fUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock option activity for the periods presented is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zNFqXsChijO7" style="display: none">SCHEDULE OF STOCK OPTION ACTIVITY</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise Price</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Per Share</b></span></p></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Remaining</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term (years) </b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%">Outstanding at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20250101__20251231_z3eLiHyVBwlj" style="width: 14%; text-align: right" title="Options outstanding balance, beginning">18,614</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231_z2sqKUTjcrNg" style="width: 14%; text-align: right" title="Weighted average exercise price per share, beginning">5.59</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231_zvfzTUfoI7qi" title="Weighted average remaining contractual term for option awards outstanding">7.5</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20250101__20251231_zcTrctKBV4q4" style="text-align: right" title="Granted"><span style="-sec-ix-hidden: xdx2ixbrl1498">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_z5tTUAxch0n5" style="text-align: right" title="Weighted average exercise price per share, granted"><span style="-sec-ix-hidden: xdx2ixbrl1500">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Cancelled</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancellationsInPeriod_iN_pid_di_c20250101__20251231_zg8qv49Uk2id" style="text-align: right" title="Cancelled">(911</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsCancellationsInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zVnMZqTdWLL9" style="text-align: right" title="Weighted average exercise price per share, cancelled">20.30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Exercised</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20250101__20251231_zSuWjuEJuf5g" style="border-bottom: Black 1pt solid; text-align: right" title="Exercised"><span style="-sec-ix-hidden: xdx2ixbrl1506">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231_zGxM30hEzH22" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price per share, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1508">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20250101__20251231_zjEsylBlqbGf" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding balance, ending">17,703</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231_zP863mjGno66" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price per share, ending">4.94</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_z5Vn6uxpBVXh" title="Weighted average remaining contractual term for option awards outstanding">6.5</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20250101__20251231_zPCJQoSzFZe9" style="border-bottom: Black 2.5pt double; text-align: right" title="Options Exercisable">16,200</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20250101__20251231_z6gmRwusQprb" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average exercise price per share, exercisable">4.24</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 18614 5.59 P7Y6M 911 20.30 17703 4.94 P6Y6M 16200 4.24 <p id="xdx_891_eus-gaap--ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_zzU1NZpmZZul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table summarizes the range of exercise price, weighted average remaining contractual life (“Life”) and weighted average exercise price (“Price”) for all stock options outstanding as of December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zFdNGnG2whMb" style="display: none">SCHEDULE OF ALL STOCK OPTIONS OUTSTANDING</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td colspan="2"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid">Exercise Price</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Life (in years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedPaymentArrangementOptionExercisePrice_pid_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.12Member_z5FvT5yr8B5i" style="width: 30%; text-align: right" title="Exercise Price">3.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.12Member_zxk5lZTcZ2L1" style="width: 30%; text-align: right" title="Options outstanding">1,763</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 30%; text-align: right"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.12Member_zd7Vrh9iHxP4" title="Options Outstanding, Life (in years)">5.6</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$</td><td id="xdx_983_ecustom--ShareBasedPaymentArrangementOptionExercisePrice_pid_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.14Member_zOmot9rz6ef" style="text-align: right" title="Exercise Price">3.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.14Member_zhGJLuARmcZc" style="text-align: right" title="Options outstanding">13,510</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.14Member_zRCktX194Tb4" title="Options Outstanding, Life (in years)">6.2</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_98C_ecustom--ShareBasedPaymentArrangementOptionExercisePrice_pid_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.16Member_z0Ur5d2cVWXa" style="padding-bottom: 1pt; text-align: right" title="Exercise Price">12.50</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.16Member_zRW6dNEfOOid" style="border-bottom: Black 1pt solid; text-align: right" title="Options outstanding">2,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice0.16Member_zidf4hV1Qzk8" title="Options Outstanding, Life (in years)">8.4</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_pid_c20251231_zTlTiPYpdV4l" style="border-bottom: Black 2.5pt double; text-align: right" title="Options outstanding">17,703</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231_zLzbqzNhVsx9" title="Options Outstanding, Life (in years)">6.5</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3.00 1763 P5Y7M6D 3.50 13510 P6Y2M12D 12.50 2430 P8Y4M24D 17703 P6Y6M <p id="xdx_89D_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zNyUHz2srfMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Black-Scholes option pricing model is used by the Company to determine the weighted-average fair value of share-based payments. The Company recognizes forfeitures as they occur. There were no stock options granted in the twelve months ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B8_z3aQe9lqTan5"><span id="xdx_8BE_zYnINipaV79k" style="display: none">SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="padding-bottom: 1pt; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For The Year Ending</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected term</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231__srt--RangeAxis__srt--MinimumMember_zwvsOkJv0hok" title="Expected term">5.8</span> - <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20240101__20241231__srt--RangeAxis__srt--MaximumMember_zrfL41ufW4K5" title="Expected term">6.25</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left">Expected volatility</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20240101__20241231_zlEDAgqpav2l" title="Expected volatility">68</span></td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected dividends</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments_dn_c20240101__20241231_zEgW29m0kMf7" title="Expected dividends">None</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20240101__20241231_zSM37J12u9fk" title="Risk-free interest rate, minimum">3.8</span>% - <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20240101__20241231_zOfhGhPTPIM7" title="Risk free interest rate, maximum">4.5</span></span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Forfeitures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsForfeitures_dn_c20240101__20241231_zNSw2wVaqmU5" title="Forfeitures">None</span></span></td><td style="text-align: left"> </td></tr> </table> P5Y9M18D P6Y3M 0.68 0 0.038 0.045 0 144000 P0Y1M17D <p id="xdx_89C_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zTE3GAcocWja" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted stock unit activity for the period presented is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_z3O0N3TFRX8b"><span id="xdx_8B9_zC72VdKXW1dh" style="display: none">SCHEDULE OF RESTRICTED STOCK UNIT</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Restricted</p> <p style="margin-top: 0; margin-bottom: 0">Stock Units</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Weighted Average</p> <p style="margin-top: 0; margin-bottom: 0">Grant Date</p> <p style="margin-top: 0; margin-bottom: 0">Fair Value</p></td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Outstanding at December 31, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z00w1w18YPG9" style="width: 16%; text-align: right" title="Outstanding, beginning balance">29,080</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_ziTdyUHzTYRe" style="width: 16%; text-align: right" title="Weighted average grant date fair value, outstanding beginning balance">18.75</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zr0g1k6WXdF6" style="text-align: right" title="Granted">470,175</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zQKfOQ2qvtW7" style="text-align: right" title="Weighted average grant date fair value, granted">1.80</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyqVvDSKSI61" style="text-align: right" title="Vested">(488,291</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zVLz1WkrZPY1" style="text-align: right" title="Weighted average grant date fair value, vested">2.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Forfeited</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_pid_di_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zSoIb47vQxb8" style="border-bottom: Black 1pt solid; text-align: right" title="Forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1578">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwb393D9jjEj" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average grant date fair value, forfeited"><span style="-sec-ix-hidden: xdx2ixbrl1580">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zVIz1ZToJhf8" style="border-bottom: Black 2.5pt double; text-align: right" title="Outstanding, ending balance">10,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zdi2rCnfb9Lb" style="padding-bottom: 2.5pt; text-align: right" title="Weighted average grant date fair value, outstanding ending balance">6.64</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 29080 18.75 470175 1.80 488291 2.50 10964 6.64 605000 211000 552000 609195 609195 287.50 1104000 250.00 287.50 552000 P30D P12M P5Y <p id="xdx_803_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zmikxSn7D2Ij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 15 – <span id="xdx_82C_zDLaAuc7KZna">COMMITMENT AND CONTINGENCIES</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gulfstream Aerospace, LP</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (<span id="xdx_90B_ecustom--PurchaseObligationNumberOfAssets_uInteger_c20220101__20221231__srt--AircraftTypeAxis__custom--GulfstreamG280Member_zE2Ymal3EWOb" title="Purchase obligation, number of aircrafts">4</span>) Gulfstream G280 aircraft for total consideration of $<span id="xdx_904_eus-gaap--PurchaseObligation_iI_pn5n6_c20221231__srt--AircraftTypeAxis__custom--GulfstreamG280Member_z2SIQwVw8vrc" title="Purchase obligation">79.0</span> million and with expected deliveries in 2024 through 2025, for which the Company made prepayments totaling $<span id="xdx_902_eus-gaap--DepositsAssets_iI_pn5n6_c20251231__srt--AircraftTypeAxis__custom--GulfstreamG280Member_zaAJNA3nII1a" title="Deposits assets">48.0</span> million and $<span id="xdx_905_eus-gaap--DepositsAssets_iI_pn5n6_c20241231__srt--AircraftTypeAxis__custom--GulfstreamG280Member_zslV7fLzfZ6a" title="Deposits assets">48.0</span> million as of December 31, 2025, and December 31, 2024, respectively. The $<span id="xdx_905_eus-gaap--DepositsAssets_iI_pn5n6_c20241231__srt--AircraftTypeAxis__custom--GulfstreamG280Member_z29Qwv6HwmG2" title="Deposits assets">48.0</span> million was non-refundable, except in some specific circumstances, and would serve as consideration for liquidated damages of $<span id="xdx_90B_ecustom--PurchaseObligationLiquidatedDamagesPerAircraft_iI_pn5n6_c20221231__srt--AircraftTypeAxis__custom--GulfstreamG280Member_zgPaioGeMGse" title="Liquidated damages per aircraft">3.0</span> million per aircraft should the purchase agreement be terminated by the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In September 2024, the Company took delivery of one Gulfstream G280 and received $<span id="xdx_903_eus-gaap--DepositsAssets_iI_pn5n6_c20240930__us-gaap--BusinessAcquisitionAxis__custom--GulfstreamGTwoEightyMember__us-gaap--DebtInstrumentAxis__custom--SACLeasingGTwoEightyLLCCreditFacilityMember_zDKLkBA26hjj" title="Deposits assets">12.0</span> million in deposits related to the aircraft, of which $<span id="xdx_902_eus-gaap--RepaymentsOfLinesOfCredit_pn5n6_c20240901__20240930__us-gaap--CreditFacilityAxis__us-gaap--LineOfCreditMember__us-gaap--DebtInstrumentAxis__custom--SACLeasingGTwoEightyLLCCreditFacilityMember_zazbAHETh9O4" title="Repayments of line of credit">9.0</span> million paid down the SAC Leasing G280 line of credit and $<span id="xdx_904_ecustom--DepositsAssetsRetained_iI_pn5n6_c20240930__us-gaap--BusinessAcquisitionAxis__custom--GulfstreamGTwoEightyMember_zpDU8oQ5pSDc" title="Deposits assets retained">3.0</span> million was retained by the Company. In the first quarter of 2025, an additional $<span id="xdx_902_eus-gaap--DepositsAssets_iI_pn6n6_c20250331__us-gaap--BusinessAcquisitionAxis__custom--GulfstreamGTwoEightyMember__us-gaap--DebtInstrumentAxis__custom--SACLeasingGTwoEightyLLCCreditFacilityMember_zeuwBvuRsbM2" title="Deposits assets">12</span> million in deposits was received as a result of the delivery of the second Gulfstream G280 and the return of $<span id="xdx_909_ecustom--DepositsAssetsReturned_iI_pn6n6_c20250331__us-gaap--BusinessAcquisitionAxis__custom--GulfstreamGTwoEightyMember_ziRgj8MRAxva" title="Deposits assets returned">9</span> million in deposits related to the fourth Gulfstream G280. The $<span id="xdx_90F_eus-gaap--RepaymentsOfLinesOfCredit_pn6n6_c20250101__20250331__us-gaap--CreditFacilityAxis__us-gaap--LineOfCreditMember__us-gaap--DebtInstrumentAxis__custom--SACLeasingGTwoEightyLLCCreditFacilityMember_zOIpsVlvfv83" title="Repayments of line of credit">9</span> million in returned deposits were used to pay down the SAC Leasing G280 line of credit. In April 2025, the third Gulfstream G280 was delivered and $<span id="xdx_901_eus-gaap--PaymentsForDeposits_pn5n6_c20250401__20250430__us-gaap--BusinessAcquisitionAxis__custom--GulfstreamGTwoEightyMember_zV7UEvxXogRe" title="Payments for deposits">12.0</span> million of the deposits were applied toward the purchase price of the airplane. In October 2025, the fourth Gulfstream G280 was delivered and $<span id="xdx_904_eus-gaap--RepaymentsOfLinesOfCredit_pn5n6_c20251031__20251031__us-gaap--CreditFacilityAxis__us-gaap--LineOfCreditMember__us-gaap--DebtInstrumentAxis__custom--SACLeasingGTwoEightyLLCCreditFacilityMember_zxgVj7Cb4b17" title="Repayments of line of credit">3.0</span> million of the deposits were applied to the purchase price of the airplane.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There are no future minimum payments due under the purchase agreements with Gulfstream Aerospace, LP at December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had a credit facility in place with SAC Leasing G280 LLC to fund $<span id="xdx_909_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20251231__us-gaap--CreditFacilityAxis__us-gaap--LineOfCreditMember__us-gaap--DebtInstrumentAxis__custom--SACLeasingGTwoEightyLLCCreditFacilityMember_zp2RZoRfDs95" title="Line of credit facility maximum borrowing capacity">40.5</span> million of the original $<span id="xdx_90A_eus-gaap--PurchaseObligation_iI_pn5n6_c20251231__us-gaap--BusinessAcquisitionAxis__custom--GulfstreamGTwoEightyMember_zEr7m1zUdO61" title="Purchase obligation">79.0</span> million due under these purchase agreements with Gulfstream Aerospace LP. In April 2025, the Company paid the remaining balance and terminated the credit facility.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating Leases</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company leases property and equipment under operating leases. For leases with terms greater than 12 months, the Company records the related assets and obligations at the present value of the lease payments over the lease term. Many of the leases contain renewal options and/or termination options that are factored into our determination of lease payments when appropriate. The Company uses its incremental borrowing rate to discount lease payments to present value, as the rates implicit in its leases are not readily determinable. The incremental borrowing rate is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at the commencement date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Aircraft Leases</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2023, the Company began leasing an aircraft with a term of <span id="xdx_90B_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dc_c20231231__us-gaap--LeaseContractualTermAxis__custom--AircraftLeasesFixedMember_zwc9EIuA45ii" title="Lessee operating lease term of contract">five years</span> which has fixed lease payments. The Company recognized an operating lease liability in the amount of the net present value of the future minimum lease payments, and a ROU asset. The discount rate used for this lease was <span id="xdx_908_eus-gaap--LesseeOperatingLeaseDiscountRate_iI_pid_dp_uPure_c20231231__us-gaap--LeaseContractualTermAxis__custom--AircraftLeasesFixedMember_z02KMd76HKpc" title="Lessee operating lease discount rate">12</span>%, which was determined to be the incremental borrowing rate based on comparative secured financing in the marketplace at the inception of the fixed lease payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease expense is recognized on a straight-line basis over the lease term. Lease expense was <span id="xdx_907_eus-gaap--OperatingLeaseCost_pn3n3_dc_c20250101__20251231_zRG6kx0xjR2k" title="Operating lease cost">zero</span> and $<span id="xdx_90C_eus-gaap--OperatingLeaseCost_pn3n3_c20240101__20241231_z6M2vQnZs124" title="Operating lease cost">78</span> thousand for the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, the Company leased other aircraft under operating leases with remaining terms ranging from one<span id="xdx_90B_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtY_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--LeaseContractualTermAxis__custom--AircraftLeasesVariableMember_zxTd3UxHRTya" style="display: none" title="Lessee operating lease remaining lease term">1</span> to <span id="xdx_908_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dc_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--LeaseContractualTermAxis__custom--AircraftLeasesVariableMember_zlC8frRjxdI9" title="Lessee operating lease remaining lease term">five years</span>. These leases required lease payments that were variable and were dependent on flight hours that generate charter revenues, with no minimum lease payment commitments. Because of the variable nature of the lease payments, these leases were not recorded on our consolidated balance sheets as ROU assets and lease liabilities. Certain leases had renewal options to extend lease terms for additional periods ranging from three<span id="xdx_900_eus-gaap--LesseeOperatingLeaseRenewalTerm_iI_dtM_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--LeaseContractualTermAxis__custom--AircraftLeasesVariableMember_z572d8LYsntj" style="display: none" title="Lessee operating lease renewal term">3</span> to <span id="xdx_906_eus-gaap--LesseeOperatingLeaseRenewalTerm_iI_dc_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--LeaseContractualTermAxis__custom--AircraftLeasesVariableMember_zS7YtkKutghl" title="Lessee operating lease renewal term">twelve months</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some of the aircraft leases had lease terms of 12 months or less. The Company made a policy election to classify lease agreements with a lease term of 12 months or less as short-term leases. Accordingly, the Company did not recognized ROU assets or lease liabilities related to these lease agreements pursuant to the short-term election. The Company recognized short-term lease costs on a straight-line basis over the lease term and accrues the difference each period between the amount expensed and the amount paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable lease costs associated with the aircraft operating leases were <span id="xdx_905_eus-gaap--VariableLeaseCost_pn5n6_dxL_c20250101__20251231_zFhsrqdLbsFl" title="Variable lease cost::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1666">zero</span></span> and $<span id="xdx_900_eus-gaap--VariableLeaseCost_pn5n6_c20240101__20241231_zsKHFg29Ghpf" title="Variable lease cost">7.7</span> million for the twelve months ended December 31, 2025 and 2024, respectively. Short-term lease costs on the aircraft leases were <span id="xdx_904_eus-gaap--ShortTermLeaseCost_pn3n3_dxL_c20250101__20251231_z07OMfWFKVI3" title="Short term lease cost::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1670">zero</span></span> and $<span id="xdx_907_eus-gaap--ShortTermLeaseCost_pn3n3_c20240101__20241231_zVEMrJrBKbOk" title="Short term lease cost">196</span> thousand for the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2024, the Company had terminated all the aircraft leases as part of the flyExclusive agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Airport Facilities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our facilities leases are for space at airports throughout the south with remaining terms ranging from one<span id="xdx_901_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dtM_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_z3HsC54VvN29" style="display: none" title="Lessee operating lease remaining lease term">1</span> to <span id="xdx_903_eus-gaap--LesseeOperatingLeaseRemainingLeaseTerm_iI_dc_c20251231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_ztR3klBA03Bc" title="Lease operating lease remaining lease term">eleven months</span>. These leases consist of hangar space and office space. The leases have lease terms of 12 months or less. Accordingly, the Company has not recognized ROU assets or lease liabilities related to these lease agreements pursuant to the short-term lease election. The Company has made a policy election to not separate lease and non-lease components for these facility leases. Short term lease costs related to these leases were $<span id="xdx_90C_eus-gaap--ShortTermLeaseCost_pn3n3_c20250101__20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zkPJWBAWDeQi" title="Short term lease cost">3</span> thousand and $<span id="xdx_907_eus-gaap--ShortTermLeaseCost_pn3n3_c20240101__20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--BuildingMember_zNIkqEFg5fEl" title="Short term lease cost">70</span> thousand for the twelve months ended December 31, 2025 and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2024, the Company began leasing space for aircraft with a term of <span id="xdx_907_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtY_c20240131__us-gaap--LeaseContractualTermAxis__custom--AircraftLeasesFixedMember_zfSLrmZcjn8f" title="Lessee operating lease term of contract">5</span> years with fixed lease payments. The Company recognized an operating lease liability in the amount of the net present value of the future minimum lease payments, and a ROU asset. The discount rate used for this lease was <span id="xdx_903_eus-gaap--LesseeOperatingLeaseDiscountRate_iI_pid_dp_uPure_c20240131__us-gaap--LeaseContractualTermAxis__custom--AircraftLeasesFixedMember_z8hdhWTV6wO4" title="Lessee operating lease discount rate">12</span>%, which was determined to be the incremental borrowing rate based on comparative secured financing in the marketplace at the inception of the fixed lease payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_89A_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zsuk2nc3EIS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future estimated minimum lease payments by year and in aggregate, under the Company’s fixed payment operating lease consisted of the following at December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zFiUFNCcnXSf" style="display: none">SCHEDULE OF FUTURE ESTIMATED MINIMUM LEASE PAYMENTS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold; font-style: italic">For the years ended December 31,</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20251231_zk9NG9AnsXph" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leases </i></b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPz1qY_zXEiEDIMk24j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">57</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPz1qY_zLGVcrt2z28i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">57</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPz1qY_z9aVO1juQ6ic" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">38</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYeartThree_iI_pn3n3_maLOLLPz1qY_ztCmTddw8mef" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1694">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPz1qY_zXxJksn3knK1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold">TOTAL</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">152</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AE_zGI9zMHcGgXg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Customer Deposits and Deferred Revenue</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer deposits and deferred revenue consisted of deposits from customers for the purchase of aircraft of $<span id="xdx_90A_eus-gaap--DepositLiabilityCurrent_iI_pn5n6_c20251231_zrX9w6BG8QIi" title="Deposit liability current">0.1</span> million and $<span id="xdx_90D_eus-gaap--DepositLiabilityCurrent_iI_pn5n6_c20241231_z6ayeRJgHux8" title="Deposit liability current">10.7</span> million as of December 31, 2025 and December 31, 2024, respectively, as well as deferred revenue of $<span id="xdx_903_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn5n6_c20251231_zXX1Bln7YDxi" title="Contract with customer liability current">2.7</span> million and $<span id="xdx_909_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3_c20241231_zURZUmMBe891" title="Contract with customer liability current">696</span> thousand as of December 31, 2025 and December 31, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal Contingencies</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, the Company receives claims of and becomes subject to consumer protection, employment, intellectual property and other commercial litigation related to the conduct and operation of the Company’s business. In connection with such litigation, the Company may be subject to significant damages. We may also be subject to equitable remedies and penalties. Such litigation could be costly and time consuming and could divert or distract Company management and key personnel from its business operations. The Company is currently the defendant in suits brought by vendors, customers and suits related to the transfer of the flight operations and leases to flyExclusive and does not currently believe that any of its outstanding litigation will have a material adverse effect on its financial statements or business. However, due to the uncertainty of litigation and depending on the amount and the timing, an unfavorable resolution of some or all of these matters could materially affect the Company’s business, results of operations, financial position, or cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the Tampa Division of the U.S. District Court, in and for the Middle District of Florida on September 12, 2024, Joshua G. Newsteder, LouAnn Gray, and those similarly situated (the “Plaintiffs”) filed suit against the Volato Group, Inc. and Volato, Inc. (together, the “Defendants”) citing various allegations including that the termination of employment of <span id="xdx_90A_ecustom--NumberOfEmployeesTerminated_iI_uInteger_c20240830_zeny58dgUMu7" title="Number of employees terminated">230</span> employees that occurred on August 30, 2024 violated requirements of the Worker Adjustment and Retraining Notification Act of 1988, 29 U.S.C. § 2101 et. seq. Plaintiffs are seeking unpaid wages or salary, benefits and other relief deemed by the court as just and proper. The Defendants deny all allegations. Current range of loss can not be estimated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4 79000000.0 48000000.0 48000000.0 48000000.0 3000000.0 12000000.0 9000000.0 3000000.0 12000000 9000000 9000000 12000000.0 3000000.0 40500000 79000000.0 P5Y 0.12 0 78000 P1Y P5Y P3M P12M 7700000 196000 P1M P11M 3000 70000 P5Y 0.12 <p id="xdx_89A_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zsuk2nc3EIS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future estimated minimum lease payments by year and in aggregate, under the Company’s fixed payment operating lease consisted of the following at December 31, 2025:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zFiUFNCcnXSf" style="display: none">SCHEDULE OF FUTURE ESTIMATED MINIMUM LEASE PAYMENTS</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold; font-style: italic">For the years ended December 31,</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20251231_zk9NG9AnsXph" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Leases </i></b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPz1qY_zXEiEDIMk24j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">2026</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">57</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPz1qY_zLGVcrt2z28i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2027</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">57</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPz1qY_z9aVO1juQ6ic" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2028</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">38</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYeartThree_iI_pn3n3_maLOLLPz1qY_ztCmTddw8mef" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1694">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPz1qY_zXxJksn3knK1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold">TOTAL</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">152</td><td style="text-align: left"> </td></tr> </table> 57000 57000 38000 152000 100000 10700000 2700000 696000 230 <p id="xdx_802_eus-gaap--SegmentReportingDisclosureTextBlock_zxQSo12pM0Qj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 16 – <span id="xdx_825_zMgxpTXvcWZ">SEGMENT INFORMATION</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has one<span id="xdx_901_eus-gaap--NumberOfReportableSegments_uInteger_c20250101__20251231_zW6IAzunJr5a" style="display: none" title="Number of reportable segment">1</span> reportable segment, private aviation services, managed on a consolidated basis by the CEO who is the CODM. The private aviation services segment provides airplane sales and software-as-a-service subscriptions. The Company derives revenue primarily in North America and manages the business activities on a consolidated basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net income (loss) from continuing operations before income taxes that is also reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as consolidated total assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The CODM allocates resources and evaluates performance based on net income (loss) from continuing operations before income taxes, which is the Company’s measure of segment profit or loss. The CODM considers year-over-year variances for net income (loss) from continuing operations before taxes when making decisions about how to utilize the Company’s resources.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zFra5XCyMbi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of segment profit or loss were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zkC8ZqSSEYCd" style="display: none">SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT</span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_ze0E1vj7YYl2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zJFGWcKeYDXb" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Twelve Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zdWlTXLGNNia" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">78,559</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">39,064</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CostOfRevenue_pn3n3_z6PEBoXORjg7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,871</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,181</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SellingGeneralAndAdministrativeExpense_pn3n3_zh0bMnDBdqr3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling, general and administrative<sup id="xdx_F4C_z3NYoicAdnkl">(1) </sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,506</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_pn3n3_z3R3V9B7hgt2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Loss on fair value adjustment of financial instruments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,074</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,983</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--InterestIncomeExpenseNonoperatingNet_pn3n3_zuwGkW5sjwYh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest expense, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,848</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,493</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_zp5iha35JWrf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Loss on debt extinguishment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1729">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,804</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Add:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--SegmentReportingOtherItemAmount_pn3n3_zosQcLkI5lxf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other<sup id="xdx_F45_zkWXd993Csi6">(2)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,023</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">212</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_z945OEkuHHul" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) from continuing operations before income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,061</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(21,691</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F0E_zkO0lnRiRIn2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1E_zvuCCjtIkOy5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes amounts for depreciation and amortization expense.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F09_zKTmaFgfLckl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1B_zajGM35GFprf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other includes gains of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_901_eus-gaap--GainLossRelatedToLitigationSettlement_pn5n6_c20250101__20251231_zp0rcSxGpgre" title="Gain loss related to litigation settlement">10.0</span> million for settlements of deposits and other liabilities at a discount for the twelve months ended December 31, 2025, offset by a loss on the flyExclusive fourth amendment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_90F_ecustom--OffsetByLoss_pn5n6_c20250101__20251231_zytgYn8RKmK7" title="Offset by a loss">6.1</span> million for the twelve months ended December 31, 2025.</span></td> </tr></table> <p id="xdx_8A7_zOs6MXP2juH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 1 <p id="xdx_896_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zFra5XCyMbi9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The components of segment profit or loss were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zkC8ZqSSEYCd" style="display: none">SCHEDULE OF SEGMENT REPORTING INFORMATION, BY SEGMENT</span> </span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_ze0E1vj7YYl2" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__us-gaap--CorporateMember_zJFGWcKeYDXb" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Twelve Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zdWlTXLGNNia" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Revenue</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">78,559</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">39,064</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CostOfRevenue_pn3n3_z6PEBoXORjg7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Cost of revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63,871</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,181</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--SellingGeneralAndAdministrativeExpense_pn3n3_zh0bMnDBdqr3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling, general and administrative<sup id="xdx_F4C_z3NYoicAdnkl">(1) </sup></span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,728</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,506</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_pn3n3_z3R3V9B7hgt2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Loss on fair value adjustment of financial instruments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,074</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,983</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--InterestIncomeExpenseNonoperatingNet_pn3n3_zuwGkW5sjwYh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Interest expense, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,848</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,493</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--GainsLossesOnExtinguishmentOfDebt_pn3n3_zp5iha35JWrf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Loss on debt extinguishment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1729">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,804</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Add:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--SegmentReportingOtherItemAmount_pn3n3_zosQcLkI5lxf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other<sup id="xdx_F45_zkWXd993Csi6">(2)</sup></span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,023</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">212</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_z945OEkuHHul" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Net income (loss) from continuing operations before income taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,061</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(21,691</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F0E_zkO0lnRiRIn2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1E_zvuCCjtIkOy5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes amounts for depreciation and amortization expense.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span id="xdx_F09_zKTmaFgfLckl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1B_zajGM35GFprf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other includes gains of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_901_eus-gaap--GainLossRelatedToLitigationSettlement_pn5n6_c20250101__20251231_zp0rcSxGpgre" title="Gain loss related to litigation settlement">10.0</span> million for settlements of deposits and other liabilities at a discount for the twelve months ended December 31, 2025, offset by a loss on the flyExclusive fourth amendment of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFNFR01FTlQgUkVQT1JUSU5HIElORk9STUFUSU9OLCBCWSBTRUdNRU5UIChEZXRhaWxzKSAoUGFyYW50aGV0aWNhbCkA" id="xdx_90F_ecustom--OffsetByLoss_pn5n6_c20250101__20251231_zytgYn8RKmK7" title="Offset by a loss">6.1</span> million for the twelve months ended December 31, 2025.</span></td> </tr></table> 78559000 39064000 63871000 32181000 10728000 15506000 2074000 2983000 4848000 7493000 2804000 4023000 212000 1061000 -21691000 10000000.0 6100000 <p id="xdx_809_eus-gaap--EarningsPerShareTextBlock_zvy1oRx0u9sd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 17 – <span id="xdx_829_zYU1PZfYAX2">BASIC AND DILUTED NET INCOME (LOSS) PER SHARE</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zAt9Zt31yQC" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zGqvkCij8vob" style="display: none">SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20251231_zrw65CI0n659" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zqjEMdbUYGq4" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Twelve Months Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperations_pn3n3_zIP1XVQ7lAx7" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net income (loss) from continuing operations</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">854</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(21,184</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_pn3n3_zbmXh9cp67K5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income (loss) from discontinued operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,319</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(19,461</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Denominator:</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Weighted-average common shares outstanding, basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20251231_z93ervcNlbw" title="Weighted-average common shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20251231_znrX6QYekfKk" title="Weighted-average common shares outstanding, diluted">4,386,829</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231_zMemWlk8IAA7" title="Weighted-average common shares outstanding, basic"><span id="xdx_90F_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231_zFpCeSQvvlXk" title="Weighted-average shares outstanding, dilutive">1,664,502</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A4_zmXCt4tAO60f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zeGW4LlVZm6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following securities were excluded due to their anti-dilution effect on net income (loss) per share attributable to common stockholders recorded in each of the periods:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zICyDaQRyyI5" style="display: none">SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_z3N5jqlww7Si" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zf3iNS3QJVyd" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zMewKrGRcXA2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Warrants to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,161,195</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,161,195</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ConvertibleNoteAndTrancheMember_zdWgvn8wlBW" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024 convertible note and second, third and fourth tranche notes on an-converted basis</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,522,355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1768">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zCHYXVYnqLV9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock options outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,703</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,614</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zzYfradII1pa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted stock units with performance and market conditions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,601</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,964</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zPA2UmNyow33" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,715,854</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,190,773</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zm5HIMcMK0t6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zAt9Zt31yQC" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zGqvkCij8vob" style="display: none">SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20250101__20251231_zrw65CI0n659" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231_zqjEMdbUYGq4" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Twelve Months Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeLossFromContinuingOperations_pn3n3_zIP1XVQ7lAx7" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Net income (loss) from continuing operations</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">854</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(21,184</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_pn3n3_zbmXh9cp67K5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income (loss) from discontinued operations</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,319</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(19,461</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt">Denominator:</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Weighted-average common shares outstanding, basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20251231_z93ervcNlbw" title="Weighted-average common shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20251231_znrX6QYekfKk" title="Weighted-average common shares outstanding, diluted">4,386,829</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231_zMemWlk8IAA7" title="Weighted-average common shares outstanding, basic"><span id="xdx_90F_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231_zFpCeSQvvlXk" title="Weighted-average shares outstanding, dilutive">1,664,502</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 854000 -21184000 4319000 -19461000 4386829 4386829 1664502 1664502 <p id="xdx_896_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zeGW4LlVZm6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following securities were excluded due to their anti-dilution effect on net income (loss) per share attributable to common stockholders recorded in each of the periods:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zICyDaQRyyI5" style="display: none">SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="display: none"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_z3N5jqlww7Si" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2025</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20240101__20241231_zf3iNS3QJVyd" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">2024</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zMewKrGRcXA2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Warrants to purchase common stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,161,195</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">1,161,195</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ConvertibleNoteAndTrancheMember_zdWgvn8wlBW" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024 convertible note and second, third and fourth tranche notes on an-converted basis</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,522,355</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1768">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zCHYXVYnqLV9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock options outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,703</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18,614</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zzYfradII1pa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Restricted stock units with performance and market conditions</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,601</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,964</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zPA2UmNyow33" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">3,715,854</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,190,773</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1161195000 1161195000 2522355000 17703000 18614000 14601000 10964000 3715854000 1190773000 <p id="xdx_80D_eus-gaap--SubsequentEventsTextBlock_zFBfSB5iAdTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NOTE 18 – <span id="xdx_82A_zxbANey1KtN6">SUBSEQUENT EVENTS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2026, the Company issued a dividend of <span id="xdx_900_eus-gaap--CommonStockDividendsShares_c20260101__20260131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--FlyExclusiveMember_z9jc4o6w73k9" title="Common stock dividend issued">432,099</span> shares of Class A common stock of flyExclusive to Volato shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2026, the remaining $<span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20260101__20260131__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zqOqG30ZjMH3" title="Debt principal and interest">1.0</span> million of principal and interest on the Fourth Tranche note was converted into <span id="xdx_905_eus-gaap--ConversionOfStockSharesConverted1_c20260101__20260131__us-gaap--DebtInstrumentAxis__custom--FourthTrancheNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zPjFlnKYuZAi" title="Shares converted">1,926,618</span> shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 19, 2026, the Company entered into the first Amendment to the merger agreement with M2i Global Inc, to extend the end date to March 31, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through March 10, 2026, $<span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20260310__20260310__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zlb1byKh3Zl7">2.5</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million of principal and interest on the Third Tranche note was converted into <span id="xdx_903_eus-gaap--ConversionOfStockSharesConverted1_c20260310__20260310__us-gaap--DebtInstrumentAxis__custom--ThirdTrancheNoteMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z89RMTEnvjEd">7,406,489</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 6, 2026, the Company signed amendment number five to the Agreement with flyExclusive, pursuant to which the Company sold certain unused intellectual property assets for $<span id="xdx_902_eus-gaap--ProceedsFromSaleOfIntangibleAssets_pn5n6_c20260306__20260306__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zavHBDB0RVwe" title="Sale of property">1.3</span> million payable in cash or shares of flyExclusive’s Class A common stock. Such assets represent a portion of the total assets which were anticipated to be sold under one of the Asset Options as described in Note 1. Following the sale of the intellectual property assets pursuant to the fifth amendment, there is $<span id="xdx_900_eus-gaap--AssetsSoldUnderAgreementsToRepurchaseCarryingAmounts_iI_c20260306__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--IntellectualPropertyMember_zslStLHcPkP1" title="Remaining assets">700,000</span> in remaining assets that may be sold to flyExclusive under the terms of the Agreement, as amended.</span></p> 432099 1000000.0 1926618 2500000 7406489 1300000 700000 411267 80281 76716 5139 487983 85420 487983 85420 883604 598725 1863409 1410157 1863409 1410157 270000 270000 381439 4137500 302960 36050 7535952 2617892 7535952 2617892 100000 100000 0.001 0.001 100000 100000 100000 100000 100 100 1000000000 1000000000 0.001 0.001 712645059 712645059 581704525 581704525 712645 581705 435000 435000 5168037 3321905 -12493751 -6001182 -7047969 -2532472 487983 85420 1447995 1170493 4524350 2624628 5972345 3795121 -5972345 -3795121 -381439 4027 -134758 -92140 -520224 -92140 -6492569 -3887261 -0.01 -0.01 -0.01 -0.01 647803506 647803506 548195417 548195417 100000 100 514333691 514334 -435000 995541 -2113921 -1038946 109137500 109138 1918347 2027485 20000000 20000 -18000 2000 61766666 61767 -55617 6150 370400 370400 -3887261 -3887261 100000 100 581704525 581705 -435000 3321905 -6001182 -2532472 102578206 102578 662004 764582 28362328 28362 1179128 1207490 5000 5000 -6492569 -6492569 100000 100 712645059 712645 -435000 5168037 -12493751 -7047969 -6492569 -3887261 20000 1207490 -381439 71577 3139 284879 423678 453252 1348061 -4237086 -2098661 764582 2026880 5000 369855 4137500 302960 302960 5000 127550 36050 691500 4568072 2130745 330986 32084 80281 48197 411267 80281 20000 <p id="xdx_80D_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zexmi2C99Xg4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 — <span>Description of Organization and Business Operations</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82F_zrJKcMqfDW29" style="display: none">ORGANIZATION AND DESCRIPTION OF BUSINESS</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company was incorporated in the State of Nevada on June 12, 2018. On June 7, 2023, the Company (“M2i Global, Inc.”) (formerly known as “Inky, Inc.”) filed with the Secretary of State of Nevada an Amendment to the Certificate of Incorporation to change its corporate name from “Inky, Inc.”, to “M2i Global, Inc.”, effective June 7, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company was formerly engaged in developing mobile software applications for smartphones and table devices. During May 2023, the Company became the sole shareholder of U.S. Minerals and Metals Corp., a Nevada corporation (“USMM”) through the issuance of preferred and common shares for cash (Note 9). Concurrently, the Company shifted its operations to specialization in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners. The Company’s vision is to develop and execute a complete global value supply chain for critical minerals for the United States government and certain trading partners of the United States. To implement this vision, the Company intends to operate four key business units as set forth below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M2i Mining, Processing &amp; Refining: a business engaged in developing and supplying the U.S sanctioned value chain of critical metals;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M2i Scrap &amp; Recycling: a business engaged in establishing a source of critical metals from scrap and recycling of metals; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M2i Government and Defense Industrial Base: a business engaged in aligning M2i’s business with U.S. policy in terms of industry requirements and national interests.to facilitate participation in U.S. government programs such as the creation and management of a Strategic Minerals Reserve as an enhancement of the U.S. government’s National Defense Stockpile.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 30, 2024, the Company and Komodo Capital (“Komodo”), a company specializing in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into a strategic partnership (the “Strategic Partnership”), in order for Komodo to use its relationships to provide the Company with access to various critical minerals, with an ultimate goal of suppling the U.S. government and U.S. free trade partners with these critical minerals. Komodo Capital also offers comprehensive advisory services. The Company issued <span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_c20240630__us-gaap--TypeOfArrangementAxis__custom--KomodoCapitalMember_zVxZnqOP4PL3" title="Number of shares issued">8,000,000</span> shares of common stock as part of this agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On June 30, 2024, the Company and NTM Minerals Limited (“NTM”), a company specializing in the development and execution of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into an exclusive offtake agreement (the “Offtake Agreement”), in which NTM will provide for <span id="xdx_903_ecustom--MineralOfftakeRights_iI_uTonne_c20240630__us-gaap--TypeOfArrangementAxis__custom--NTMMineralsLimitedMember_zGtZNkMTdQ7h" title="Mineral offtake rights">88,000</span> tonnes of copper, currently valued at approximately $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValuePurchaseOfAssets_pn6n6_c20240630__20240630__us-gaap--TypeOfArrangementAxis__custom--NTMMineralsLimitedMember_zrOjOf16wVf8" title="Value of assets purchased">850</span> million. The Company is granted offtake rights for a maximum of <span id="xdx_90A_ecustom--MineralOfftakeRights_iI_uTonne_c20240630__us-gaap--TypeOfArrangementAxis__custom--NTMMineralsLimitedMember_zrDBt1MobvX4" title="Mineral offtake rights">88,000</span> tonnes of copper that is sourced from the Redbank tenements in return for <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesPurchaseOfAssets_pn6n6_c20240630__20240630__us-gaap--TypeOfArrangementAxis__custom--NTMMineralsLimitedMember_zmerGoFYyYpk" title="Common stock issued for purchase of assets">12</span> million shares of the Company’s common stock. NTM shall receive additional payments for incremental resource increases or upgrades from the Redbank tenements. M2i retains the option to participate in production pre-funding opportunities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 28, 2025, Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) among the Company, Volato Group, Inc., a Delaware corporation (“Volato”), and Volato Merger Subsidiary, Inc., a Nevada corporation and wholly-owned subsidiary of Volato (“Merger Sub”). Pursuant to the Merger Agreement, and subject to the satisfaction or waiver of the conditions therein, at the effective time of the merger, Merger Sub will be merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Volato. The Merger Agreement contains customary representations, warranties and covenants of the parties, and is subject to approval by the Company’s stockholders, approval by the holders of Volato’s Class A common stock, $<span id="xdx_90D_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20250728_zf2g3XecCLii" title="Common stock, par value">0.0001</span> par value per share (“Volato Common Stock”) receipt of certain regulatory approvals and other customary closing conditions. The Company’s board of directors unanimously approved the Merger Agreement and determined that the Merger is advisable and in the best interests of the Company and its stockholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 8000000 88000 850000000 88000 12000000 0.0001 <p id="xdx_802_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zmuVb4KO2O4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2 — <span>Going Concern</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_827_zgh9K4O7ZDW" style="display: none">GOING CONCERN</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying audited consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company had no revenues and incurred losses during the fiscal years ended November 30, 2025 and November 30, 2024 totaling $<span id="xdx_901_eus-gaap--NetIncomeLoss_iN_di_c20241201__20251130_zZLOEfihIH13" title="Incurred losses">6,492,569</span> and $<span id="xdx_907_eus-gaap--NetIncomeLoss_iN_di_c20231201__20241130_zK9699kQi773" title="Incurred losses">3,887,261</span>, respectively and accumulated deficit amounted to $<span id="xdx_903_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20251130_z0tuU41cVG0b" title="Accumulated deficit">12,493,751</span> and $<span id="xdx_902_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20241130_zTfZ21Udfl3c" title="Accumulated deficit">6,001,182</span> as of November 30, 2025 and 2024, respectively. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management anticipates that the Company may be dependent, for the near future, on additional investment capital to fund operating expenses. It is anticipated that revenues will be forthcoming within the third or fourth quarters of the current fiscal year. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> -6492569 -3887261 -12493751 -6001182 <p id="xdx_802_eus-gaap--SignificantAccountingPoliciesTextBlock_z6l6y7b6OdI2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 — <span>Summary of Significant Accounting Policies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_822_ziJ7S2GzTZVl" style="display: none">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></span></p> <p id="xdx_849_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zKAKs9lued11" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of Presentation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--ConsolidationPolicyTextBlock_zPh04Ncn0pV5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Principles of Consolidation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements include the accounts of the Company, including its wholly owned subsidiary, USMM. Intercompany accounts and transactions have been eliminated in consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zGBrnMgolD63" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Segment Reporting</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates as a single reportable segment. The Chief Operating Decision Makers (“CODMs”) have been identified as the Chief Executive Officer and the Chief Financial Officer, who review the total assets and net loss of Company as a whole to make decisions about allocating resources and assessing financial performances. The key measure of segment loss reviewed by the CODMs are the operating expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--UseOfEstimates_zq9uX3bQ9RBb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zUVJUkLdd34g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration: underline">Fair Value of Financial Instruments</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a measurement date. A fair value hierarchy requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Described below are the three levels of input that may be used to measure fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">Level 1 – Quoted market prices in active markets for identical assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">Level 2 – Observable prices that are based on inputs not quoted on active markets but corroborated by market data.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">Level 3 – Unobservable inputs that are used when little or no market data is available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The application of the three levels of the fair value hierarchy under ASC Topic 820-10-35, the Company’s derivation liability as of years ending November 30, 2025, and 2024, were $<span id="xdx_90A_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20241201__20251130_zc5hmbzp8Xy9" title="Derivation liability">381,439</span> and $<span id="xdx_904_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_dixL_c20231201__20241130_zzRq32CbLvZ6" title="Derivation liability::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2184">0</span></span>, respectively and measure on Level 3 inputs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zNzikLd5Gq8d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash and Cash Equivalents</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased, to be cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC provides coverage of up to $<span id="xdx_907_eus-gaap--CashFDICInsuredAmount_iI_c20251130_zHTySbPXDwJ6" title="Cash FDIC insured amount">250,000</span> per depositor, per financial institution, for the aggregate total of depositors’ interest and non-interest-bearing accounts. The Company’s cash balances may exceed FDIC limits. The Company has not experienced any losses on these accounts and management does not believe that the Company is exposed to any significant risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_zoOJ7tawbVkb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intangible Assets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets are amortized over their estimated useful lives. Each period, the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Management tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zhiFAxaxql9i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Impairment of Long-Lived Assets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business climate, market conditions or other events that indicate an asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future cash flows the asset is expected to generate. If the cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets is reduced to fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zGoqFotpksy3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue Recognition</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As stated in Note 1, the Company has shifted its focus and is currently pre-revenue. The Company will recognize revenues in accordance with ASC 606.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--CreditLossFinancialInstrumentPolicyTextBlock_znvCARqPIpSb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Instruments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s financial instruments include cash and cash equivalents, receivables, payables, and debt and are accounted for under the provisions of ASC 825. The carrying amount of these financial instruments, with the exception of discounted debt, as reflected in the accompanying consolidated balance sheets approximates fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_z25XCZmGSrPh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Commitments and Contingencies</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when management assesses that it is probable that a liability has been incurred and the amount can be reasonably estimated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--IncomeTaxPolicyTextBlock_z6dwvUhZ9Cb1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Taxes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 740, the Company provides for the recognition of deferred tax assets if realization of such assets is more likely than not. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Company’s management performs an evaluation of all uncertain income tax positions taken or expected to be taken in the course of preparing the Company’s income tax returns to determine whether the income tax positions meet a “more likely than not” standard of being sustained under examination by the applicable taxing authorities. This evaluation is required to be performed for all open tax years, as defined by the various statutes of limitations, for federal and state purposes. If the Company has interest or penalties associated with insufficient taxes paid, such expenses are reported in income tax expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--DebtPolicyTextBlock_zVMwPvUdpffg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt Issuance Costs</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for debt issuance costs in accordance with ASU 2015-03. This guidance requires direct and incremental costs associated with the issuance of debt instruments such as legal fees, printing costs and underwriters’ fees, among others, paid to parties other than creditors, are reported and presented as a reduction of debt on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_ecustom--ConvertibleDebtPolicyTextBlock_zqx8HCcXOqa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible Debt</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 470 the Company records its convertible notes at the aggregate principal amount, less discount. The discount is amortized over the life of the underlying convertible note. The Company reviews convertible debt for potential bifurcation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--EarningsPerSharePolicyTextBlock_znFFLEQ565f6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basic and Diluted Loss Per Share</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 260 requires a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share (“EPS”) computations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic earnings (loss) per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the year. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had no additional dilutive securities outstanding at the fiscal years ended November 30, 2025 or November 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--TreasuryStockPolicyTextBlock_zCIEI7mdFop9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Treasury Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury stock, representing shares of the Company’s common stock that have been repurchased after having been issued, are recorded at cost. Treasury stock is considered issued and outstanding for basic and diluted earnings (loss) per share computations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_ecustom--RelatedPartyPolicyTextBlock_zdB4N0mE2NTb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Party</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records all related party transactions in accordance with ASC 850-10.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zX2TgMvkExp3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently Issued Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes, which enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate reconciliation and income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued Accounting Standards Update (“ASU 2024-03”), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zAIatLZbIk38" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subsequent Events</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has evaluated all transactions through the date the financial statements were issued for subsequent event disclosure or adjustment consideration.</span></p> <p id="xdx_85E_ze7mVk3FZkY1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zKAKs9lued11" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis of Presentation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--ConsolidationPolicyTextBlock_zPh04Ncn0pV5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Principles of Consolidation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying financial statements include the accounts of the Company, including its wholly owned subsidiary, USMM. Intercompany accounts and transactions have been eliminated in consolidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_847_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zGBrnMgolD63" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Segment Reporting</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates as a single reportable segment. The Chief Operating Decision Makers (“CODMs”) have been identified as the Chief Executive Officer and the Chief Financial Officer, who review the total assets and net loss of Company as a whole to make decisions about allocating resources and assessing financial performances. The key measure of segment loss reviewed by the CODMs are the operating expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84A_eus-gaap--UseOfEstimates_zq9uX3bQ9RBb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zUVJUkLdd34g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span style="text-decoration: underline">Fair Value of Financial Instruments</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a measurement date. A fair value hierarchy requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Described below are the three levels of input that may be used to measure fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">Level 1 – Quoted market prices in active markets for identical assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">Level 2 – Observable prices that are based on inputs not quoted on active markets but corroborated by market data.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">Level 3 – Unobservable inputs that are used when little or no market data is available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The application of the three levels of the fair value hierarchy under ASC Topic 820-10-35, the Company’s derivation liability as of years ending November 30, 2025, and 2024, were $<span id="xdx_90A_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_di_c20241201__20251130_zc5hmbzp8Xy9" title="Derivation liability">381,439</span> and $<span id="xdx_904_eus-gaap--DerivativeGainLossOnDerivativeNet_iN_dixL_c20231201__20241130_zzRq32CbLvZ6" title="Derivation liability::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2184">0</span></span>, respectively and measure on Level 3 inputs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> -381439 <p id="xdx_847_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zNzikLd5Gq8d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash and Cash Equivalents</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased, to be cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). The FDIC provides coverage of up to $<span id="xdx_907_eus-gaap--CashFDICInsuredAmount_iI_c20251130_zHTySbPXDwJ6" title="Cash FDIC insured amount">250,000</span> per depositor, per financial institution, for the aggregate total of depositors’ interest and non-interest-bearing accounts. The Company’s cash balances may exceed FDIC limits. The Company has not experienced any losses on these accounts and management does not believe that the Company is exposed to any significant risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 250000 <p id="xdx_84D_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_zoOJ7tawbVkb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intangible Assets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets are amortized over their estimated useful lives. Each period, the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Management tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zhiFAxaxql9i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Impairment of Long-Lived Assets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business climate, market conditions or other events that indicate an asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future cash flows the asset is expected to generate. If the cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets is reduced to fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zGoqFotpksy3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue Recognition</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As stated in Note 1, the Company has shifted its focus and is currently pre-revenue. The Company will recognize revenues in accordance with ASC 606.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84B_eus-gaap--CreditLossFinancialInstrumentPolicyTextBlock_znvCARqPIpSb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Financial Instruments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s financial instruments include cash and cash equivalents, receivables, payables, and debt and are accounted for under the provisions of ASC 825. The carrying amount of these financial instruments, with the exception of discounted debt, as reflected in the accompanying consolidated balance sheets approximates fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_z25XCZmGSrPh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Commitments and Contingencies</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when management assesses that it is probable that a liability has been incurred and the amount can be reasonably estimated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--IncomeTaxPolicyTextBlock_z6dwvUhZ9Cb1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income Taxes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 740, the Company provides for the recognition of deferred tax assets if realization of such assets is more likely than not. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Company’s management performs an evaluation of all uncertain income tax positions taken or expected to be taken in the course of preparing the Company’s income tax returns to determine whether the income tax positions meet a “more likely than not” standard of being sustained under examination by the applicable taxing authorities. This evaluation is required to be performed for all open tax years, as defined by the various statutes of limitations, for federal and state purposes. If the Company has interest or penalties associated with insufficient taxes paid, such expenses are reported in income tax expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--DebtPolicyTextBlock_zVMwPvUdpffg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Debt Issuance Costs</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for debt issuance costs in accordance with ASU 2015-03. This guidance requires direct and incremental costs associated with the issuance of debt instruments such as legal fees, printing costs and underwriters’ fees, among others, paid to parties other than creditors, are reported and presented as a reduction of debt on the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_ecustom--ConvertibleDebtPolicyTextBlock_zqx8HCcXOqa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible Debt</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 470 the Company records its convertible notes at the aggregate principal amount, less discount. The discount is amortized over the life of the underlying convertible note. The Company reviews convertible debt for potential bifurcation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--EarningsPerSharePolicyTextBlock_znFFLEQ565f6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basic and Diluted Loss Per Share</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC 260 requires a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share (“EPS”) computations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic earnings (loss) per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the year. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had no additional dilutive securities outstanding at the fiscal years ended November 30, 2025 or November 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_ecustom--TreasuryStockPolicyTextBlock_zCIEI7mdFop9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Treasury Stock</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury stock, representing shares of the Company’s common stock that have been repurchased after having been issued, are recorded at cost. Treasury stock is considered issued and outstanding for basic and diluted earnings (loss) per share computations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_846_ecustom--RelatedPartyPolicyTextBlock_zdB4N0mE2NTb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related Party</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company records all related party transactions in accordance with ASC 850-10.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zX2TgMvkExp3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recently Issued Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes, which enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate reconciliation and income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In November 2024, the FASB issued Accounting Standards Update (“ASU 2024-03”), Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zAIatLZbIk38" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subsequent Events</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has evaluated all transactions through the date the financial statements were issued for subsequent event disclosure or adjustment consideration.</span></p> <p id="xdx_80B_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zdphkXNfMhMa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 4 — <span>Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_823_zr9bShqMHFtf" style="display: none">COMMITMENT AND CONTINGENCIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in any litigation that the Company believes could have a material adverse effect on its financial condition or results of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_80C_eus-gaap--IncomeTaxDisclosureTextBlock_zA3qh6UNmSs9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 5 — <span>Income Taxes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_824_z0gS4VjXVfAk" style="display: none">INCOME TAXES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for income taxes under ASC 740-10, which provides for an asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts are calculated for income tax purposes. The provision (benefit) for income taxes for the fiscal years ended November 30, 2025, and 2024, assumes a statutory <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20241201__20251130_zRJMNWz1kLm7" title="Effective tax rate for federal income taxes, percentage"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_uPure_c20231201__20241130_ziQj0NCPZfAi" title="Effective tax rate for federal income taxes, percentage">21</span></span>%, effective tax rate for federal income taxes.</span></p> <p id="xdx_890_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zT7FtkrWk59h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zBhysqFXHqGc" style="display: none">SCHEDULE OF EFFECTIVE INCOME TAX RATE AS A PERCENTAGE OF INCOME BEFORE INCOME TAXES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20241201__20251130_zYmZtpNaF0ii" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49D_20231201__20241130_zs50xbowJapi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maTC_zazNsRBD70h4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Federal tax statutory rate</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_40D_ecustom--EffectiveIncomeTaxRateReconciliationAtTemporaryDifferencesIncomeTaxRate_pid_dp_uPure_maTC_z1QY2dZyew4e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Temporary differences</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_401_ecustom--EffectiveIncomeTaxRateReconciliationAtPermanentDifferencesIncomeTaxRate_pid_dp_uPure_maTC_z9ggffcWo2w" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Permanent differences</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_40F_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maTC_zgeGlxJ8pQUl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Valuation Allowance</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-21</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-21</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtTC_zuFJrjIBYz78" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> <p id="xdx_8A7_zfS3Xaut09t4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_891_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zDW9yGrgKoHh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had deferred income tax assets as of the fiscal years ended November 30, 2025, and 2024, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zhroMEDltCj3" style="display: none">SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_493_20251130_zDLlijwLfR85" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20241130_zPdgR3Mt6bR7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zWCbOf2uZts7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred Tax Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_maDTALNzVZW_zn1XYZDAYVy1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net operating loss carryforwards</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,179,800</p></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,270,500</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--DeferredTaxAssetsTemporaryDifferencesOperatingLossCarryforwards_i01I_maDTALNzVZW_zye7qQ9s0JPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Temporary differences</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2249">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2250">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--DeferredTaxAssetsPermanentDifferencesOperatingLossCarryforwards_i01I_maDTALNzVZW_z6UjGOgopbS2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Permanent differences</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2252">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2253">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTALNzVZW_zdfOpyllB3e4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,179,800</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,270,500</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTALNzVZW_zTaY9Ee2jOw5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net deferred tax assets</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2258">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2259">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> <p id="xdx_8AC_zqtZtlFsRB3a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company provides for a valuation allowance when it is more likely than not that it will not realize a portion of the deferred tax assets. The Company has established a valuation allowance against the net deferred tax asset due to the uncertainty that enough taxable income will be generated in those taxing jurisdictions to utilize the assets. Therefore, the Company has not reflected any benefit of such deferred tax assets in the accompanying financial statements. The Company’s net deferred tax asset and valuation allowance increased by $<span id="xdx_908_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_c20241201__20251130_zIt9QMOStBLf" title="Deferred tax assets, valuation allowance">1,363,400</span> and $<span id="xdx_906_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_c20231201__20241130_z5wSeVJWglEa" title="Deferred tax assets, valuation allowance">816,300</span> in the fiscal years ended November 30, 2025, and 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the fiscal year ended November 30, 2025, the Company had approximately $<span id="xdx_90D_eus-gaap--OperatingLossCarryforwards_iI_c20251130_zHp1PFmctcga" title="Federal net operating loss carryforwards">10,380,000</span> in federal net operating loss carryforwards, substantially all of which are allowed to be carried forward indefinitely and are to be limited to 80% of the taxable income. Pursuant to Internal Revenue Code Section 382, the future utilization of the Company’s net operating loss carryforwards to offset future taxable income may be subject to an annual limitation as a result of ownership changes that may have occurred previously or that could occur in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the fiscal year ended November 30, 2025, the Company had no uncertain tax positions, or interest and penalties, that qualify for either recognition or disclosure in the financial statements. The company is subject to U.S. federal, state, and local income tax examinations by tax authorities. The tax return for the fiscal year ended November 30, 2025, has not yet been filed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.21 0.21 <p id="xdx_890_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zT7FtkrWk59h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B3_zBhysqFXHqGc" style="display: none">SCHEDULE OF EFFECTIVE INCOME TAX RATE AS A PERCENTAGE OF INCOME BEFORE INCOME TAXES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20241201__20251130_zYmZtpNaF0ii" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_49D_20231201__20241130_zs50xbowJapi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maTC_zazNsRBD70h4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Federal tax statutory rate</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">21</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_40D_ecustom--EffectiveIncomeTaxRateReconciliationAtTemporaryDifferencesIncomeTaxRate_pid_dp_uPure_maTC_z1QY2dZyew4e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Temporary differences</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_401_ecustom--EffectiveIncomeTaxRateReconciliationAtPermanentDifferencesIncomeTaxRate_pid_dp_uPure_maTC_z9ggffcWo2w" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Permanent differences</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_40F_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maTC_zgeGlxJ8pQUl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Valuation Allowance</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-21</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-21</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtTC_zuFJrjIBYz78" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr> </table> 0.21 0.21 0 0 0 0 -0.21 -0.21 0 0 <p id="xdx_891_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zDW9yGrgKoHh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company had deferred income tax assets as of the fiscal years ended November 30, 2025, and 2024, as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B2_zhroMEDltCj3" style="display: none">SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_493_20251130_zDLlijwLfR85" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2025</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td colspan="2" id="xdx_498_20241130_zPdgR3Mt6bR7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2024</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zWCbOf2uZts7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred Tax Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_maDTALNzVZW_zn1XYZDAYVy1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net operating loss carryforwards</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,179,800</p></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,270,500</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_406_ecustom--DeferredTaxAssetsTemporaryDifferencesOperatingLossCarryforwards_i01I_maDTALNzVZW_zye7qQ9s0JPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Temporary differences</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2249">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2250">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_401_ecustom--DeferredTaxAssetsPermanentDifferencesOperatingLossCarryforwards_i01I_maDTALNzVZW_z6UjGOgopbS2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Permanent differences</span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2252">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2253">-</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTALNzVZW_zdfOpyllB3e4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif">Valuation allowance</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,179,800</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,270,500</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTALNzVZW_zTaY9Ee2jOw5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Net deferred tax assets</span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2258">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td><td style="padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: xdx2ixbrl2259">-</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"> </span></td></tr> </table> 2179800 1270500 2179800 1270500 1363400 816300 10380000 <p id="xdx_80C_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_z0PfQRAwL7lg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6 — <span>Related Party Transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82B_zX1vLYc9Cwnl" style="display: none">RELATED PARTIES</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of a consulting agreement with the Company’s Executive Chairman and CFO, the Company is obligated to compensate him $<span id="xdx_900_ecustom--PaymentsForCompensateMonth_c20241201__20251130__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zM9Ce2AKYT05" title="Obligated to compensate">43,667</span> per month, consisting of $<span id="xdx_90E_eus-gaap--PaymentsForCommissions_c20241201__20251130__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zxBcEM4v1xie" title="Consultant fees">41,667</span> in consulting fees and a $<span id="xdx_902_eus-gaap--PaymentsForLoans_c20241201__20251130__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zJwRwwm4dbog" title="Monthly allowance">2,000</span> monthly allowance. During the fiscal year ended November 30, 2025, the Company incurred $<span id="xdx_909_eus-gaap--PaymentsForFees_c20241201__20251130__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zSif81a1Xr4e" title="Incurred expenses">524,000</span> in expenses related to the consulting agreement. During the year ended November 30, 2025, the Company paid $<span id="xdx_90C_eus-gaap--RepaymentsOfDebt_c20241201__20251130__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zfd80pWEVnB2" title="Repaid">569,668</span>. At the year ended November 30, 2025, $<span id="xdx_90C_eus-gaap--DebtInstrumentIncreaseDecreaseForPeriodNet_c20241201__20251130__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zEp8q1pYfu54" title="Remained unpaid amount">505,499</span> remained unpaid under the agreement. On November 28, 2025, the Board of Directors authorized the accrual of interest at <span id="xdx_90E_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251128__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zP0hePFgITFe" title="Accrual interest percentage">8</span>% for any unpaid consultant fees beginning with August 2024. The total interest accrued for this consulting agreement accrued in the year ended November 30, 2025 was $<span id="xdx_903_eus-gaap--DebtInstrumentIncreaseAccruedInterest_c20241201__20251130__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zIRiHNvMDCne" title="Total interest accrued">45,480</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of a consulting agreement with the Company’s President and Chief Executive Officer, the Company is obligated to compensate him $<span id="xdx_902_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember__us-gaap--RelatedPartyTransactionAxis__custom--ConsultingAgreementMember_zX3HkKNsGcPj" title="Compensation amount">43,667</span> per month, consisting of $<span id="xdx_90D_eus-gaap--PaymentsForCommissions_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember__us-gaap--RelatedPartyTransactionAxis__custom--ConsultingAgreementMember_zWPYEOePGLxl" title="Consultant fees">41,667</span> in consulting fees and a $<span id="xdx_904_ecustom--MonthlyAllowance_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember__us-gaap--RelatedPartyTransactionAxis__custom--ConsultingAgreementMember_z3gNW5rbWGb3" title="Monthly allowance">2,000</span> monthly allowance. This agreement replaced a former agreement wherein the consultant agreed to serve as Vice President-Operations for $<span id="xdx_908_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pp2d_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember__us-gaap--RelatedPartyTransactionAxis__custom--FormerAgreementMember_zQZbvkUbkDB" title="Compensation amount">22,333.33</span> per month, consisting of $<span id="xdx_901_eus-gaap--PaymentsForCommissions_pp2d_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember__us-gaap--RelatedPartyTransactionAxis__custom--FormerAgreementMember_zL1kAoyHB5te" title="Consultant fees">20,833.33</span> in consulting fees and a $<span id="xdx_903_ecustom--MonthlyAllowance_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember__us-gaap--RelatedPartyTransactionAxis__custom--FormerAgreementMember_zaa2eRghT297" title="Monthly allowance">1,500</span> monthly allowance. During the fiscal year ended November 30, 2025, the Company incurred $<span id="xdx_901_eus-gaap--PaymentsForFees_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember__us-gaap--RelatedPartyTransactionAxis__custom--ConsultingAgreementMember_zvsHrs30qFx" title="Incurred expenses">524,000</span> in expenses related to the consulting agreement. During the year ended November 30, 2025, the Company paid $<span id="xdx_90A_eus-gaap--RepaymentsOfDebt_c20241201__20251130__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_z9RYeuSZ0tYj" title="Repaid">483,333</span>. At the fiscal year ended November 30, 2025, $<span id="xdx_902_ecustom--UnpaidCompensation_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember__us-gaap--RelatedPartyTransactionAxis__custom--ConsultingAgreementMember_zdMUgeRi4Rql" title="Unpaid compensation">119,501</span> remained unpaid under the agreement. On November 28, 2025, the Board of Directors amended the terms of the consulting agreement to a monthly consulting fee of $<span id="xdx_905_eus-gaap--PaymentsForCommissions_c20251128__20251128__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zrO6oN1hLelf" title="Consultant fees">54,167</span> effective December 1, 2025. On November 28, 2025, the Board of Directors authorized the accrual of interest at <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251128__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember__us-gaap--TypeOfArrangementAxis__custom--ConsultingAgreementMember_zedzmPKGpWm8" title="Accrual interest percentage">8</span>% for any unpaid consultant fees beginning with August 2024. The total interest accrued for this consulting agreement accrued in the year ended November 30, 2025 was $<span id="xdx_908_eus-gaap--DebtInstrumentIncreaseAccruedInterest_c20241201__20251130_z47kJ5PAqnn1" title="Total interest accrued">18,230</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has a note payable agreement with the Executive Chairman, further detailed in Note 8.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of agreements with the Company’s directors, the Company is obligated to compensate each of them $<span id="xdx_907_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionAxis__custom--NotePayableAgreementMember_zTjX1gshTu65" title="Compensation amount">10,000</span> per month. During the fiscal year ended November 30, 2025, the Company incurred $<span id="xdx_90E_eus-gaap--InterestExpense_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionAxis__custom--NotePayableAgreementMember_zB2fmfhMHdjk" title="Interest expense">360,000</span> in expenses related to director agreements. During the year ended November 30, 2025, the Company paid $<span id="xdx_90E_eus-gaap--RepaymentsOfDebt_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionAxis__custom--NotePayableAgreementMember_z0eYnvSssikl" title="Repayment of debt">40,000</span>. At the fiscal year ended November 30, 2025, $<span id="xdx_904_ecustom--RemainedUnpaidAmount_c20241201__20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--DirectorMember__us-gaap--RelatedPartyTransactionAxis__custom--NotePayableAgreementMember_z7jlkvFuS915" title="Remained unpaid amount">430,000</span> remained unpaid to all directors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of November 30, 2025, the Company has an account payable to a vendor, who is a more than <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20251130__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--VendorMember__srt--RangeAxis__srt--MinimumMember_zEKsaWXBEOAc" title="Beneficial owner percentage">5</span>% beneficial owner, in an amount of $<span id="xdx_90F_eus-gaap--AccountsPayableCurrent_iI_c20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VendorMember_zUyGhlTRDb39" title="Account payable">350,000</span>. The Company also have an account payable to a vendor, which is controlled by the Executive Chairman, in an amount of $<span id="xdx_90D_eus-gaap--AccountsPayableCurrent_iI_c20251130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--VendorMember__srt--TitleOfIndividualAxis__custom--ExecutiveChairmanMember_zwbpawdBtF9g" title="Account payable">350,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> 43667 41667 2000 524000 569668 505499 0.08 45480 43667 41667 2000 22333.33 20833.33 1500 524000 483333 119501 54167 0.08 18230 10000 360000 40000 430000 0.05 350000 350000 <p id="xdx_80F_ecustom--UnissuedShareLiabilityTextBlock_zoU3xIXxwW5d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7 — <span>Unissued Share Liability</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span> </span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_824_z1HtlUcIoeG8" style="display: none">UNISSUED SHARE LIABILITY</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal year ended November 30, 2025, the Company received $<span id="xdx_90A_ecustom--ProceedsFromUnissuedStockLiability_c20241201__20251130__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertiblePreferredStockMember_zNwhSb6aH04l" title="Issuance of preferred shares">4,137,500</span> for the issuance of shares of Series B Convertible Preferred Shares. Since the terms of this issuance of the Series B Convertible Preferred Shares have not been determined, the value of the cash is recorded as a liability,</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 4137500 <p id="xdx_80E_eus-gaap--DebtDisclosureTextBlock_zUHVJzITVQh9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 8 — <span>Debt</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_822_zTGuAeJu3DKi" style="display: none">DEBT</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible Note Payable</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 24, 2023, the Company entered into a <span id="xdx_905_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_pid_dp_uPure_c20231124__20231124_zRlrqFz5q0q9">10</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% convertible note payable agreement with proceeds totaling $<span id="xdx_90B_eus-gaap--ProceedsFromConvertibleDebt_c20231124__20231124_zHR2qGOgjyma">250,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, net of an original issuance discount of $<span id="xdx_90D_eus-gaap--AmortizationOfDebtDiscountPremium_c20231124__20231124_z6a2XW5Zs1Ri">20,000</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. The note, which matures on <span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDate_dd_c20231124__20231124_zf337ZdUmlL2">November 24, 2024</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, is convertible by the holder at $<span id="xdx_902_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20231124_z17CqXtG9mPf">0.50</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share of common stock for the first six months, then is convertible by the holder at <span id="xdx_900_eus-gaap--DebtInstrumentRedemptionPricePercentage_pid_dp_uPure_c20231124__20231124_zHzGNwJNGqzb">66</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the lowest traded price of the Company’s common stock for the ten days prior to conversion. <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDateDescription_c20231124__20231124_zBzWuR5TOQgj">The note contains certain default provisions which may increase the balance of the note by up to 150%. On November 22, 2024, the Company entered into an extension of this note payable from November 24, 2024 to May 24, 2025. On May 23, 2025, the Company entered into an extension of this note payable from May 24, 2025 to December 31, 2025. </span></span>The Company has a supplemental note with the note holder. Conversion features will not be exercised prior to November 28, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal years ending November 30, 2025 and 2024, the Company accrued $<span id="xdx_90A_eus-gaap--InterestExpense_c20241201__20251130_ztq0auzrASy9" title="Accrued interest"><span id="xdx_905_eus-gaap--InterestExpense_c20231201__20241130_zmkHxWnPremi" title="Accrued interest">27,000</span></span>, respectively. At the end of fiscal year ending November 30, 2025, the accrued interest payable due on this loan is $<span id="xdx_903_eus-gaap--InterestPayableCurrent_iI_c20251130_zad8gcONveN4" title="Loans payable">54,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Notes Payable</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal year ended November 30, 2023, the Company entered into a loan agreement with the Company’s Executive Chairman. The loan, which bears interest at <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20231130__srt--TitleOfIndividualAxis__custom--ExecutiveChairmanMember_zP1cY8qaw1ek" title="Debt instrument, interest rate">7</span>%, is due on demand. During the fiscal years ended November 30, 2025 and 2024, the Executive Chairman loaned the Company $<span id="xdx_904_eus-gaap--LoansPayableCurrent_iI_c20251130__srt--TitleOfIndividualAxis__custom--ExecutiveChairmanMember_z193vNBdklXb" title="Loan, amount due">0</span> and $<span id="xdx_901_eus-gaap--LoansPayableCurrent_iI_c20241130__srt--TitleOfIndividualAxis__custom--ExecutiveChairmanMember_z35iRuSEItkh" title="Loan, amount due">127,500</span>, respectively. During the fiscal year ended November 30, 2025, the Company repaid $<span id="xdx_904_eus-gaap--RepaymentsOfNotesPayable_c20241201__20251130__srt--TitleOfIndividualAxis__custom--ExecutiveChairmanMember_zjHibLNhzJmb" title="Repaid Loan">36,050</span> to the Executive Chairman. At the fiscal years ended November 30, 2025 and 2024, the amount due to the Executive Chairman was $<span id="xdx_909_eus-gaap--LoansPayable_iI_c20251130__srt--TitleOfIndividualAxis__custom--ExecutiveChairmanMember_zVBdglzOsiy4" title="Loans payable">0</span> and $<span id="xdx_901_eus-gaap--LoansPayable_iI_c20241130__srt--TitleOfIndividualAxis__custom--ExecutiveChairmanMember_z2zFcK3ycz84" title="Loans payable">36,050</span>, respectively. This loan is recorded as a related party loan on the balance sheet. During the fiscal years ended November 30, 2025 and 2024, the Company recorded accrued interest of $<span id="xdx_90E_eus-gaap--InterestExpense_c20241201__20251130__srt--TitleOfIndividualAxis__custom--ExecutiveChairmanMember_zv8X5iJ2Zo8l" title="Accrued interest">17,229</span> and $<span id="xdx_90B_eus-gaap--InterestExpense_c20231201__20241130__srt--TitleOfIndividualAxis__custom--ExecutiveChairmanMember_zvs8QGzDCn4g" title="Accrued interest">31,761</span>, respectively. At the fiscal year ended November 30, 2025, accrued interest payable due to the loans from the Executive Chairman totaled $<span id="xdx_901_eus-gaap--InterestPayableCurrent_iI_c20251130__srt--TitleOfIndividualAxis__custom--ExecutiveChairmanMember_zczAlbaZ1B7l" title="Loans payable">38,542</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal year ended November 30, 2024, the Company entered into a Promissory Note with the former President and CEO who resigned on August 23, 2024 for the amount of $<span id="xdx_904_eus-gaap--PaymentForAdministrativeFees_c20231201__20241130__srt--TitleOfIndividualAxis__custom--ChiefExecutiveOfficerFormerMember_zvFE8kT0UmFg" title="Payment of accumulated unpaid consultant fees">302,960</span> for payment of accumulated unpaid consultant fees. The note, which bears interest at <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20241130__srt--TitleOfIndividualAxis__custom--ChiefExecutiveOfficerFormerMember_zh9AdnQXmQY" title="Debt instrument, interest rate">8</span>%, is due and payable by <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_c20231201__20241130_zpOf34eGONGi" title="Debt payable due">October 30, 2025</span>. During the fiscal year ended November 30, 2025, the note and accrued interest were repaid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal year ended November 30, 2025, the Company entered into a financing agreement for payment of D&amp;O insurance. The total note is $<span id="xdx_90C_eus-gaap--NotesPayable_iI_c20251130_zv1YqP7husT6" title="Notes payable">102,953</span> for 10 months. During the fiscal year ended November 30, 2025, the Company paid a downpayment of $<span id="xdx_90A_eus-gaap--DebtInstrumentPeriodicPaymentPrincipal_c20241201__20251130_zoY1TE27Wnyj" title="Debt instrument, periodic payment, principal">15,058</span> and ten monthly payments of $<span id="xdx_908_eus-gaap--DebtInstrumentPeriodicPayment_c20241201__20251130_zbO26AXvaPx8" title="Debt instrument, periodic payment">8,790</span> each. The note has an interest rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateDuringPeriod_pid_dp_uPure_c20241201__20251130_z08HYkleMNV2" title="Debt instrument, interest rate">10.24</span>%. At November 30, 2025, the remaining balance on the loan is $<span id="xdx_90B_eus-gaap--NotesAndLoansPayableCurrent_iI_c20251130_zj8GTdR2goeh" title="Loan amount">0</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 0.10 250000 20000 2024-11-24 0.50 0.66 The note contains certain default provisions which may increase the balance of the note by up to 150%. On November 22, 2024, the Company entered into an extension of this note payable from November 24, 2024 to May 24, 2025. On May 23, 2025, the Company entered into an extension of this note payable from May 24, 2025 to December 31, 2025. 27000 27000 54000 0.07 0 127500 36050 0 36050 17229 31761 38542 302960 0.08 2025-10-30 102953 15058 8790 0.1024 0 <p id="xdx_801_eus-gaap--DerivativesAndFairValueTextBlock_zqZiJLMYLky6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>Note 9 — <span>Derivative Valuation</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span> </span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_828_zNX2k3uiiKsk" style="display: none">DERIVATIVE VALUATION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended November 30, 2024, the Company issued a convertible note (see Footnote 8). The conversion terms of the convertible note are based on certain factors, such as the future price of the Company’s common stock. The number of shares of common stock issuable upon conversion of the promissory note is indeterminate. Due to the exercise terms of the conversion feature becoming available on November 28, 2025, the conversion features in the note met the definition of a derivative and required bifurcation and liability classification at fair value. The fair value of the derivative liability as of the first day of the fourth quarter is $<span id="xdx_902_eus-gaap--DerivativeFairValueOfDerivativeNet_iI_c20250901_zgWw87prLXxe" title="Fair value of derivative liability">641,447</span> and was recorded as loss on derivative liability. At the end of the fiscal year ended November 30, 2025, the fair value of the derivative increased by $<span id="xdx_901_eus-gaap--DerivativeFairValueOfDerivativeNet_iI_c20250901__srt--RangeAxis__srt--MaximumMember_zjAfcuesXJme" title="Fair value of derivative liability">260,008</span> which was recorded as a gain on derivative liability. The Company estimates the fair value of convertible note using a Morte Carlos simulation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_89E_eus-gaap--ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock_zGwGbBBFnbza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended November 30, 2025, the Company had the following activity in the derivative liability account:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8BC_zs8XwZLGESka" style="display: none">SCHEDULE OF ACTIVITY IN THE DERIVATIVE LIABILITY ACCOUNT</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Derivative liability at December 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--DerivativeLiabilities_iS_c20250101__20250831_z0rDIP5xVnA5" style="width: 16%; text-align: right" title="Derivative liability, balance"><span style="-sec-ix-hidden: xdx2ixbrl2384">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Initial recognition of derivative liability</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--IncreaseDecreaseInDerivativeAssetsAndLiabilities_c20250901__20251130_zPGfto2Yifa5" style="text-align: right" title="Initial recognition of derivative liability, balance">641,447</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">(Gain) loss on change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--DerivativeGainLossOnDerivativeNet_c20250901__20251130_zi82UdHwtpKl" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(260,008</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Derivative liability at November 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--DerivativeLiabilities_iE_c20250901__20251130_zC3Iyl2MvoVe" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liability, balance">381,439</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A1_zkGgk4x6fQVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_89D_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zjv6yjVJ2wad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of quantitative information with respect to valuation methodology and significant unobservable income used for the Company’s derivative liability that are categorized within Level 3 of fair value hierarchy for the year ended November 30, 2025 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B9_zk7yM04R2AEi" style="display: none">SCHEDULE OF VALUATION METHODOLOGY AND SIGNIFICANT UNOBSERVABLE INCOME USED FOR THE COMPANY’S DERIVATIVE LIABILITY</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Stock price at valuation date</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90A_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__srt--RangeAxis__srt--MinimumMember_zkb7tNBDpKn2">0.10</span>-<span id="xdx_90F_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__srt--RangeAxis__srt--MaximumMember_zlVNEBRM6WGk">0.11</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MinimumMember_zd9U3u7OiyXl">4.05</span>%-<span id="xdx_907_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MaximumMember_zYnjElsdFKki">4.15</span></span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock volatility factor</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zNg8prBYkst">200</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contractual terms (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--DerivativeLiabilityMeasurementInput_iI_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__srt--RangeAxis__srt--MinimumMember_zuZpp5AEzFud" title="Derivative liability measurement">0.08</span> – <span id="xdx_90C_eus-gaap--DerivativeLiabilityMeasurementInput_iI_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__srt--RangeAxis__srt--MaximumMember_zDDRdOpfnqMf" title="Derivative liability measurement">0.33</span></span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A8_zuWOhiMcEOad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 641447 260008 <p id="xdx_89E_eus-gaap--ScheduleOfDerivativeLiabilitiesAtFairValueTableTextBlock_zGwGbBBFnbza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended November 30, 2025, the Company had the following activity in the derivative liability account:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8BC_zs8XwZLGESka" style="display: none">SCHEDULE OF ACTIVITY IN THE DERIVATIVE LIABILITY ACCOUNT</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%">Derivative liability at December 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--DerivativeLiabilities_iS_c20250101__20250831_z0rDIP5xVnA5" style="width: 16%; text-align: right" title="Derivative liability, balance"><span style="-sec-ix-hidden: xdx2ixbrl2384">-</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Initial recognition of derivative liability</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--IncreaseDecreaseInDerivativeAssetsAndLiabilities_c20250901__20251130_zPGfto2Yifa5" style="text-align: right" title="Initial recognition of derivative liability, balance">641,447</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">(Gain) loss on change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eus-gaap--DerivativeGainLossOnDerivativeNet_c20250901__20251130_zi82UdHwtpKl" style="border-bottom: Black 1pt solid; text-align: right" title="Change in fair value">(260,008</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Derivative liability at November 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--DerivativeLiabilities_iE_c20250901__20251130_zC3Iyl2MvoVe" style="border-bottom: Black 2.5pt double; text-align: right" title="Derivative liability, balance">381,439</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 641447 -260008 381439 <p id="xdx_89D_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zjv6yjVJ2wad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of quantitative information with respect to valuation methodology and significant unobservable income used for the Company’s derivative liability that are categorized within Level 3 of fair value hierarchy for the year ended November 30, 2025 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_8B9_zk7yM04R2AEi" style="display: none">SCHEDULE OF VALUATION METHODOLOGY AND SIGNIFICANT UNOBSERVABLE INCOME USED FOR THE COMPANY’S DERIVATIVE LIABILITY</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Stock price at valuation date</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span id="xdx_90A_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__srt--RangeAxis__srt--MinimumMember_zkb7tNBDpKn2">0.10</span>-<span id="xdx_90F_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember__srt--RangeAxis__srt--MaximumMember_zlVNEBRM6WGk">0.11</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_90E_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MinimumMember_zd9U3u7OiyXl">4.05</span>%-<span id="xdx_907_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MaximumMember_zYnjElsdFKki">4.15</span></span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Stock volatility factor</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--DerivativeLiabilityMeasurementInput_iI_pid_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zNg8prBYkst">200</span></td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contractual terms (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--DerivativeLiabilityMeasurementInput_iI_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__srt--RangeAxis__srt--MinimumMember_zuZpp5AEzFud" title="Derivative liability measurement">0.08</span> – <span id="xdx_90C_eus-gaap--DerivativeLiabilityMeasurementInput_iI_uPure_c20251130__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember__srt--RangeAxis__srt--MaximumMember_zDDRdOpfnqMf" title="Derivative liability measurement">0.33</span></span></td><td style="text-align: left"> </td></tr> </table> 0.10 0.11 4.05 4.15 200 0.08 0.33 <p id="xdx_807_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zRQXMkSnDked" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 10 — <span>Stockholders’ Equity (Deficit)</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_82F_zkx3nd4hSWy1" style="display: none">SHAREHOLDERS’ EQUITY (DEFICIT)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal year ended November 30, 2022, and through May 15, 2023, the Company was authorized to issue <span id="xdx_90E_eus-gaap--CommonStockSharesAuthorized_iI_c20230515_zH0SEC5FkrDi" title="Common stock, shares authorized">75,000,000</span> shares of common stock with a par value of $<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20230515_zk5tvO1G3it1" title="Common stock, par value">0.001</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 16, 2023, the Company filed an amendment to the Articles of Incorporation with the State of Nevada to increase the total number of shares authorized to <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20230516_zDc0eqTyX1fb" title="Number of shares authorized issue">1,000,100,000</span>, consisting of <span id="xdx_906_eus-gaap--CommonStockSharesAuthorized_iI_c20230516_zO4sbuSht6U1" title="Common stock, shares authorized">1,000,000,000</span> shares of common stock with a par value of $<span id="xdx_90A_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20230516_zUVZpwAztcl9" title="Common stock par value">0.001</span> and <span id="xdx_90F_eus-gaap--PreferredStockSharesAuthorized_iI_c20230516__us-gaap--StatementClassOfStockAxis__custom--SuperVotingPreferredStockMember_zD69I8yh7PBk" title="Preferred stock, shares authorized">100,000</span> shares of Series A Super-Voting Preferred stock with a par value of $<span id="xdx_903_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20230516__us-gaap--StatementClassOfStockAxis__custom--SuperVotingPreferredStockMember_zHUsMtQ0gnSg" title="Preferred stock par value">0.001</span>. The Series A Super-Voting Preferred stock vote on the basis of <span id="xdx_903_eus-gaap--PreferredStockVotingRights_c20241201__20251130__us-gaap--StatementClassOfStockAxis__custom--SuperVotingPreferredStockMember_zpx6qyJgraGg" title="Preferred stock votes per share">10,000</span> votes per share. The common stock vote on the basis of <span id="xdx_909_eus-gaap--CommonStockVotingRights_c20241201__20251130_zADCAxJxdyxl" title="Common stock votes per share">1</span> vote per share.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued for Cash</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal year ended November 30, 2025, the Company issued <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20241201__20251130__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z8ZEpLNCGFWb">102,578,206</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of common stock for cash received of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20241201__20251130__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ziULixLPj9D4">764,582</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares Issued for Services</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal year ended November 30, 2025, the Company issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20241201__20251130__us-gaap--AwardTypeAxis__custom--ConsultantsMember_zJBzRMIT5ff5" title="Number of shares issued for services">28,362,328</span> of common stock for services rendered by consultants. The total value of these shares was $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20241201__20251130__us-gaap--AwardTypeAxis__custom--ConsultantsMember_z4s6qPSOyG8f" title="Number of shares issued for services, value">1,207,490</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal year ended November 30, 2024, the Company issued <span style="background-color: white"><span id="xdx_90D_ecustom--StockIssuedDuringPeriodSharesIssuedForFutureService_c20241201__20251130__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zt8eOqyAVawf" title="Number of shares issued for future services">10,000,000</span> shares of common stock issued for future services valued at $<span id="xdx_905_ecustom--StockIssuedDuringPeriodValueIssuedForFutureService_c20241201__20251130__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zVYIk5uUl102" title="Number of shares issued for future services, value">1,000,000</span>. These shares were recorded as deferred stock-based compensation and the value of the shares is being amortized over three years. The value of the deferred stock-based compensation is an offset to additional paid-in capital.</span> During the year ended November 30, 2025, total amounts of $<span id="xdx_905_eus-gaap--AllocatedShareBasedCompensationExpense_c20241201__20251130_zaOB5rroXks8" title="Deferred share based compensation">166,667</span> consulting services are recognized and deducted from deferred stock-based compensation. At the fiscal year ended November 30, 2025, the deferred stock-based compensation balance was $<span id="xdx_90F_eus-gaap--DeferredCompensationShareBasedArrangementsLiabilityCurrent_iI_c20251130_zaBXN4ARJV8c" title="deferred stock based compensation">833,333</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share Cancellation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal year ended November 30, 2024, the Company accepted the resignation of the President and CEO and entered into an agreement with him. The President and CEO agreed to tender back to the Company <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20231201__20241130__us-gaap--TypeOfArrangementAxis__srt--ChiefExecutiveOfficerMember_znzBuNcM4122" title="Common Stock shares issued">37,500,000</span> shares of Common Stock which are part of the shares issued to him in May 2023. These shares have not yet been cancelled.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares to be Issued</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal years ended November 30, 2025 and 2024, the Company received $<span id="xdx_902_eus-gaap--SharesIssued_iI_c20251130_zeboLyZUA9V5">5,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and $<span id="xdx_90D_eus-gaap--SharesIssued_iI_c20241130_zdoEGmQAhrfh">370,400</span>, respectively, for shares to be issued and was recorded as additional paid-in capital</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subscription Receivable</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of November 30, 2025, the Company had $<span id="xdx_903_eus-gaap--CommonStockShareSubscribedButUnissuedSubscriptionsReceivable_iI_c20251130_z5LavBMaISna" title="Subscription receivable">53,785</span> recorded as subscription receivable for shares issued for which funds have not yet been received. This is accounted as an offset to additional paid-in capital.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 75000000 0.001 1000100000 1000000000 0.001 100000 0.001 10,000 1 102578206 764582 28362328 1207490 10000000 1000000 166667 833333 37500000 5000 370400 53785 <p id="xdx_80B_eus-gaap--SubsequentEventsTextBlock_zRsvkVXRhyQa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 11 — <span>Subsequent Events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span> </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_82B_zg0L67xHesT3" style="display: none">SUBSEQUENT EVENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has evaluated all transactions through the date the financial statements were issued for subsequent event disclosure or adjustment considerations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to the fiscal year ended November 30, 2025, the Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251201__20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zoYCTC6KhtI8" title="Purchase of shares">2,648,689</span> shares of common stock for cash received totaling $<span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20251201__20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zus6G1F0tBD" title="Received from purchase of shares">317,933</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to the fiscal year ended November 30, 2025, the holder of the convertible note (See Footnote 8 above) converted $<span id="xdx_904_eus-gaap--DebtConversionOriginalDebtAmount1_c20251201__20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zA4nOBUDh44" title="Converted principal amount">40,000</span> principal and $<span id="xdx_906_eus-gaap--DebtInstrumentPeriodicPaymentInterest_c20251201__20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zs7CqCOG7Uel" title="Accrued interest converted">8,241</span> of accrued interest into <span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20251201__20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zrjLiD9bZlGc" title="Shares issued upon debt conversion">1,042,690</span> shares of common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent to the fiscal year ended November 30, 2025, the Company received cash of $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20251201__20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zjhPOxVcOavj" title="Number of shares to be issued, value">356,000</span> for the issuance of <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20251201__20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zG5KsWb2VTk1" title="Number of shares to be issued, shares">4,550,000</span> shares of common stock. These shares have not been issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Subsequent to the fiscal year ended November 30, 2025, the Company filed an amendment to the Articles of Incorporation with the State of Nevada to increase the total number of shares authorized to issue to <span id="xdx_90E_ecustom--SharesAuthorized_iI_pid_c20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zAUhlf7er2ra" title="Shares authorized">1,010,000,000</span>, consisting of <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPeejj3nmzAi" title="Common stock, shares authorized">1,000,000,000</span> shares of common stock with a par value of $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zSdMvY1Jvndg" title="Common stock, par value">0.001</span> and <span id="xdx_90F_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zDVPCeuDSPNe" title="Preferred stock, shares authorized">10,000,000</span> shares of preferred stock having a par value of $.<span id="xdx_90E_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zIFuonuNz4V9" title="Preferred stock, par value">0.001</span> per share of which <span id="xdx_906_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20251201__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__custom--SeriesASuperVotingPreferredStockMember_zQJMtoAhEih8" title="Preferred stock, shares authorized">100,000</span> shares of preferred stock have already been designated as Series A super-voting preferred stock.</p> 2648689 317933 40000 8241 1042690 356000 4550000 1010000000 1000000000 0.001 10000000 0.001 100000 Represents the Second Tranche Note (as described in this Note 10) Represents the Third Tranche Note (as described in this Note 10) Represents the Fourth Tranche Note (as described in this Note 10) State tax expense is primarily attributable to South Carolina and Florida, which represented approximately 83.7% and 13.5% respectively, of total state and local income tax expense for the period. State income tax expense attributable to all other jurisdictions was not individually material. Includes amounts for depreciation and amortization expense. Other includes gains of $10.0 million for settlements of deposits and other liabilities at a discount for the twelve months ended December 31, 2025, offset by a loss on the flyExclusive fourth amendment of $6.1 million for the twelve months ended December 31, 2025.