0001934642 2025-01-01 2025-12-31 0001934642 us-gaap:CommonClassAMember 2026-03-31 0001934642 us-gaap:CommonClassBMember 2026-03-31 0001934642 2025-06-30 0001934642 2025-12-31 0001934642 2024-12-31 0001934642 us-gaap:CommonClassAMember 2025-12-31 0001934642 us-gaap:CommonClassAMember 2024-12-31 0001934642 us-gaap:CommonClassBMember 2025-12-31 0001934642 us-gaap:CommonClassBMember 2024-12-31 0001934642 2024-01-01 2024-12-31 0001934642 us-gaap:CommonClassAMember 2025-01-01 2025-12-31 0001934642 us-gaap:CommonClassAMember 2024-01-01 2024-12-31 0001934642 us-gaap:CommonClassBMember 2025-01-01 2025-12-31 0001934642 us-gaap:CommonClassBMember 2024-01-01 2024-12-31 0001934642 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-12-31 0001934642 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-12-31 0001934642 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001934642 us-gaap:RetainedEarningsMember 2024-12-31 0001934642 us-gaap:NoncontrollingInterestMember 2024-12-31 0001934642 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2023-12-31 0001934642 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2023-12-31 0001934642 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001934642 us-gaap:RetainedEarningsMember 2023-12-31 0001934642 us-gaap:NoncontrollingInterestMember 2023-12-31 0001934642 2023-12-31 0001934642 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001934642 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001934642 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-12-31 0001934642 us-gaap:RetainedEarningsMember 2025-01-01 2025-12-31 0001934642 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-12-31 0001934642 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001934642 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001934642 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0001934642 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0001934642 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-12-31 0001934642 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2025-12-31 0001934642 us-gaap:CommonClassBMember us-gaap:CommonStockMember 2025-12-31 0001934642 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001934642 us-gaap:RetainedEarningsMember 2025-12-31 0001934642 us-gaap:NoncontrollingInterestMember 2025-12-31 0001934642 us-gaap:CommonClassAMember us-gaap:IPOMember 2023-09-20 2023-09-20 0001934642 us-gaap:CommonClassAMember us-gaap:IPOMember 2023-09-20 0001934642 us-gaap:WarrantMember us-gaap:IPOMember 2023-09-20 0001934642 us-gaap:WarrantMember us-gaap:IPOMember 2023-09-20 2023-09-20 0001934642 us-gaap:WarrantMember 2023-09-20 0001934642 us-gaap:WarrantMember 2023-09-20 2023-09-20 0001934642 MDBH:MDBMinnesotaOneIncMember 2024-07-01 0001934642 MDBH:MayoFoundationMember 2024-07-01 0001934642 2024-07-01 0001934642 MDBH:SAFEMember 2023-01-01 2023-12-31 0001934642 2023-01-01 2023-12-31 0001934642 us-gaap:RevolvingCreditFacilityMember 2024-07-26 0001934642 us-gaap:RevolvingCreditFacilityMember 2024-07-26 2024-07-26 0001934642 us-gaap:RevolvingCreditFacilityMember 2025-12-31 0001934642 us-gaap:RevolvingCreditFacilityMember 2024-12-31 0001934642 MDBH:BrokerDealerMember us-gaap:CommonStockMember 2025-12-31 0001934642 MDBH:BrokerDealerMember us-gaap:CommonStockMember 2024-12-31 0001934642 MDBH:BrokerDealerMember MDBH:WarrantsOfPubliclyTradedCompaniesMember 2025-12-31 0001934642 MDBH:BrokerDealerMember MDBH:WarrantsOfPubliclyTradedCompaniesMember 2024-12-31 0001934642 MDBH:BrokerDealerMember MDBH:WarrantsOfNonPubliclyTradedCompaniesMember 2025-12-31 0001934642 MDBH:BrokerDealerMember MDBH:WarrantsOfNonPubliclyTradedCompaniesMember 2024-12-31 0001934642 MDBH:BrokerDealerMember 2025-12-31 0001934642 MDBH:BrokerDealerMember 2024-12-31 0001934642 MDBH:NonBrokerDealerMember MDBH:WarrantsOfPubliclyTradedCompaniesMember 2025-12-31 0001934642 MDBH:NonBrokerDealerMember MDBH:WarrantsOfPubliclyTradedCompaniesMember 2024-12-31 0001934642 MDBH:NonBrokerDealerMember 2025-12-31 0001934642 MDBH:NonBrokerDealerMember 2024-12-31 0001934642 MDBH:SimpleAgreementOnFutureEquitiesMember 2025-12-31 0001934642 MDBH:SimpleAgreementOnFutureEquitiesMember 2024-12-31 0001934642 MDBH:ImpairmentMember 2025-12-31 0001934642 MDBH:ImpairmentMember 2024-12-31 0001934642 us-gaap:FairValueInputsLevel1Member us-gaap:CommonStockMember 2025-12-31 0001934642 us-gaap:FairValueInputsLevel2Member us-gaap:CommonStockMember 2025-12-31 0001934642 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember 2025-12-31 0001934642 us-gaap:CommonStockMember 2025-12-31 0001934642 us-gaap:FairValueInputsLevel1Member us-gaap:WarrantMember 2025-12-31 0001934642 us-gaap:FairValueInputsLevel2Member us-gaap:WarrantMember 2025-12-31 0001934642 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember 2025-12-31 0001934642 us-gaap:WarrantMember 2025-12-31 0001934642 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001934642 us-gaap:FairValueInputsLevel2Member 2025-12-31 0001934642 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001934642 us-gaap:FairValueInputsLevel1Member us-gaap:CommonStockMember 2024-12-31 0001934642 us-gaap:FairValueInputsLevel2Member us-gaap:CommonStockMember 2024-12-31 0001934642 us-gaap:FairValueInputsLevel3Member us-gaap:CommonStockMember 2024-12-31 0001934642 us-gaap:CommonStockMember 2024-12-31 0001934642 us-gaap:FairValueInputsLevel1Member us-gaap:WarrantMember 2024-12-31 0001934642 us-gaap:FairValueInputsLevel2Member us-gaap:WarrantMember 2024-12-31 0001934642 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember 2024-12-31 0001934642 us-gaap:WarrantMember 2024-12-31 0001934642 us-gaap:FairValueInputsLevel1Member 2024-12-31 0001934642 us-gaap:FairValueInputsLevel2Member 2024-12-31 0001934642 us-gaap:FairValueInputsLevel3Member 2024-12-31 0001934642 srt:MinimumMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001934642 srt:MaximumMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001934642 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001934642 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2024-12-31 0001934642 MDBH:LaboratoryEquipmentMember 2025-12-31 0001934642 MDBH:DevelopedSoftwareMember 2025-12-31 0001934642 us-gaap:FurnitureAndFixturesMember 2025-12-31 0001934642 us-gaap:LeaseholdImprovementsMember 2025-12-31 0001934642 MDBH:BrokerDealerAndIntellectualPropertyServiceMember 2025-12-31 0001934642 MDBH:TechnologyDevelopmentMember 2025-12-31 0001934642 MDBH:OtherSegmentsMember 2025-12-31 0001934642 MDBH:EliminationsMember 2025-12-31 0001934642 MDBH:BrokerDealerIntellectualPropertyServiceMember 2024-12-31 0001934642 MDBH:TechnologyDevelopmentMember 2024-12-31 0001934642 MDBH:OtherSegmentsMember 2024-12-31 0001934642 MDBH:EliminationsMember 2024-12-31 0001934642 MDBH:BrokerDealerIntellectualPropertyServiceMember 2025-01-01 2025-12-31 0001934642 MDBH:TechnologyDevelopmentMember 2025-01-01 2025-12-31 0001934642 MDBH:OtherSegmentsMember 2025-01-01 2025-12-31 0001934642 MDBH:EliminationsMember 2025-01-01 2025-12-31 0001934642 MDBH:BrokerDealerIntellectualPropertyServiceMember 2024-01-01 2024-12-31 0001934642 MDBH:TechnologyDevelopmentMember 2024-01-01 2024-12-31 0001934642 MDBH:OtherSegmentsMember 2024-01-01 2024-12-31 0001934642 MDBH:EliminationsMember 2024-01-01 2024-12-31 0001934642 us-gaap:CommonClassAMember us-gaap:IPOMember 2025-01-01 2025-12-31 0001934642 MDBH:MinnesotaOneMember srt:MinimumMember 2024-12-31 0001934642 MDBH:MinnesotaOneMember srt:MaximumMember 2024-12-31 0001934642 MDBH:MinnesotaOneMember srt:WeightedAverageMember 2024-12-31 0001934642 MDBH:MinnesotaOneMember srt:WeightedAverageMember 2025-12-31 0001934642 MDBH:ExozymeTechnologiesIncMember srt:MinimumMember 2024-12-31 0001934642 MDBH:ExozymeTechnologiesIncMember srt:MaximumMember 2024-12-31 0001934642 srt:MinimumMember MDBH:MinnesotaOneMember 2025-12-31 0001934642 srt:MaximumMember MDBH:MinnesotaOneMember 2025-12-31 0001934642 srt:MinimumMember MDBH:ExozymeTechnologiesIncMember 2024-12-31 0001934642 srt:MaximumMember MDBH:ExozymeTechnologiesIncMember 2024-12-31 0001934642 MDBH:ExozymeTechnologiesIncMember 2025-01-01 2025-12-31 0001934642 MDBH:ExozymeTechnologiesIncMember 2024-01-01 2024-12-31 0001934642 MDBH:ExozymeTechnologiesIncMember 2024-12-31 0001934642 MDBH:ExozymeTechnologiesIncMember 2023-12-31 0001934642 MDBH:ExozymeTechnologiesIncMember 2025-12-31 0001934642 MDBH:ExozymesIncMember 2024-11-15 2024-12-31 0001934642 MDBH:ExozymesIncMember 2024-12-31 0001934642 MDBH:ExozymesIncMember 2024-01-01 2024-12-31 0001934642 MDBH:ExozymesMember 2024-12-31 0001934642 MDBH:ExozymesIncMember 2024-11-15 0001934642 MDBH:ExozymesIncMember 2024-11-14 0001934642 MDBH:ExozymesIncMember 2024-11-14 2024-11-14 0001934642 MDBH:ExozymesMember 2024-11-13 0001934642 MDBH:ExozymesMember 2024-11-14 0001934642 srt:MaximumMember MDBH:ExozymesMember 2024-11-14 0001934642 MDBH:ExozymesMember 2025-01-01 2025-12-31 0001934642 MDBH:ExozymesMember 2025-12-31 0001934642 MDBH:InvizyneTechnologiesIncMember 2025-12-31 0001934642 us-gaap:RestrictedStockUnitsRSUMember 2022-04-19 2022-09-21 0001934642 us-gaap:RestrictedStockUnitsRSUMember us-gaap:PrivatePlacementMember 2024-01-01 2024-12-31 0001934642 us-gaap:RestrictedStockUnitsRSUMember us-gaap:PrivatePlacementMember 2025-12-31 0001934642 us-gaap:RestrictedStockUnitsRSUMember us-gaap:PrivatePlacementMember 2025-01-01 2025-12-31 0001934642 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-12-31 0001934642 us-gaap:RestrictedStockUnitsRSUMember 2022-04-19 2022-04-19 0001934642 MDBH:MarketBasedMember 2025-04-28 0001934642 MDBH:MarketBasedMember 2025-04-28 2025-04-28 0001934642 MDBH:TimeBasedMember 2025-04-28 2025-04-28 0001934642 MDBH:TimeBasedMember 2025-04-28 0001934642 MDBH:TimeBasedMember us-gaap:PrivatePlacementMember 2025-12-31 0001934642 us-gaap:PrivatePlacementMember 2025-12-31 0001934642 MDBH:TimeBasedMember 2025-01-01 2025-12-31 0001934642 MDBH:MarketBasedMember 2025-01-01 2025-12-31 0001934642 MDBH:TimeBasedMember 2024-12-31 0001934642 MDBH:MarketBasedMember 2024-12-31 0001934642 MDBH:TimeBasedMember 2025-12-31 0001934642 MDBH:MarketBasedMember 2025-12-31 0001934642 us-gaap:WarrantMember 2025-01-01 2025-12-31 0001934642 MDBH:ENDRAMember 2024-01-01 2024-12-31 0001934642 MDBH:ExozymesMember 2025-01-01 2025-12-31 0001934642 MDBH:ExozymesMember 2024-01-01 2024-12-31 0001934642 MDBH:PublicVenturesMember 2025-12-31 0001934642 MDBH:PublicVenturesMember 2024-12-31 0001934642 srt:MinimumMember 2024-12-31 0001934642 srt:MinimumMember 2025-12-31 0001934642 MDBH:DTCMembershipRequirementsMember 2025-12-31 0001934642 srt:MinimumMember MDBH:DTCMembershipRequirementsMember 2025-12-31 0001934642 MDBH:LicenseAgreementMember 2025-01-01 2025-12-31 0001934642 MDBH:PhaseIIclinicalMember 2025-01-01 2025-12-31 0001934642 MDBH:PhaseIIIclinicalMember 2025-01-01 2025-12-31 0001934642 MDBH:NewDrugApplicationFirstMember 2025-01-01 2025-12-31 0001934642 MDBH:NewDrugApplicationMember 2025-01-01 2025-12-31 0001934642 2023-04-03 0001934642 2023-04-03 2023-04-03 0001934642 2023-10-31 0001934642 2023-04-30 0001934642 2023-10-01 2023-10-31 0001934642 2022-07-01 0001934642 MDBH:USFederalTaxMember 2025-12-31 0001934642 MDBH:FloridaIncomeTaxMember 2025-12-31 0001934642 us-gaap:RestrictedStockUnitsRSUMember us-gaap:SubsequentEventMember 2026-02-03 2026-02-03 iso4217:USD shares iso4217:USD shares pure MDBH:Segment false FY 0001934642 Yes Yes http://fasb.org/us-gaap/2025#UsefulLifeTermOfLeaseMember 10-K true 2025-12-31 --12-31 2025 false 001-41751 MDB CAPITAL HOLDINGS, LLC DE 87-4366624 14135 Midway Road Suite G-150 Addison TX 75001 75001 (945) 262-9012 Class A Common Shares, representing Limited Liability Interests MDBH NASDAQ No Yes Non-accelerated Filer true true true false false false 5300132 5000000 22178831 None We incorporate by reference the disclosure about cybersecurity regulation that is generally applicable to MDB from section Part I, Item 1, Business – Regulation – Data Protection ad Cybersecurity Regulation. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not had any reportable cybersecurity breaches, including what we may perceive or recognize as cybersecurity incidents or credible threats during the fiscal year ended December 31, 2025. To date, as a result, there has not been any material adverse effect on our business operations or financial condition. If there is a cybersecurity attack and an infiltration of our files, data, customer data and the like, there would be a material adverse effect on our business, our reputation, our operations and financial condition. For example, our reputation would be damaged in the event of a cybersecurity infiltration. If there were a cybersecurity infiltration, we could lose access to our data which would disrupt our operations, and we even may not be able to operate. Such a loss of access might be temporary or permanent, and it might be localized or general. The level of disruption will depend on our backup systems. Our clients financial and other data could be taken and used against us to damage our reputation or cause harm to our clients in different ways. In the latter instance, we may be liable for monetary damages to our clients. We may be held for cyber ransom, which would be loss to our financial resources. Our inability to operate, payment of damages, payment of ransom, and the costs of reparation of our systems, consultants and tangential expenses will all result in damage to our business and our financial resources.</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; text-align: justify; text-indent: 0.5in">For MDB Holdings and its subsidiaries including Public Ventures, our regulated broker-dealer, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90F_ecyd--CybersecurityRiskManagementProcessesIntegratedTextBlock_dbF_c20250101__20251231_zyoxShBxRKKj">we have <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90E_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20250101__20251231_zTViQMCcuC3a">implemented</span> a comprehensive cybersecurity program aimed at identifying, monitoring, and mitigating cybersecurity risks to the best of our ability. Our security program encompasses information security responsibilities, incident response, and is diligently managed by our information technology department. Cybersecurity is integrated into our overall risk management framework, with consultation from subject matter experts to assess and address potential cyber risks and their impacts.</span></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; text-align: justify"></p> <div style="border-bottom: Black 1pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">46</td></tr></table></div> <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"> </td></tr></table></div> <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; text-indent: 0.5in"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_909_ecyd--CybersecurityRiskRoleOfManagementTextBlock_dbF_c20250101__20251231_zXSW81eyiwn4">Management is committed to providing the Audit Committee with regular cybersecurity updates, at least annually or more often as needed, based on emerging threats or specific incidents. These updates cover risk assessments, the current threat landscape, and any recent cybersecurity incidents.</span></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; text-align: justify; text-indent: 0.5in">The information technology department has put in place robust governance measures for information security. This includes control requirements for change management, patching processes, the implementation of multifactor authentication, comprehensive data backup strategies, and continuous security monitoring. Additionally, management continues to enhance our security controls, with any significant issues promptly reported to the Audit Committee.</p>   we have <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90E_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbT_c20250101__20251231_zTViQMCcuC3a">implemented</span> a comprehensive cybersecurity program aimed at identifying, monitoring, and mitigating cybersecurity risks to the best of our ability. Our security program encompasses information security responsibilities, incident response, and is diligently managed by our information technology department. Cybersecurity is integrated into our overall risk management framework, with consultation from subject matter experts to assess and address potential cyber risks and their impacts. true Management is committed to providing the Audit Committee with regular cybersecurity updates, at least annually or more often as needed, based on emerging threats or specific incidents. These updates cover risk assessments, the current threat landscape, and any recent cybersecurity incidents. true RBSM LLP New York 587 <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have audited the accompanying consolidated balance sheets of MDB Capital Holdings, LLC and Subsidiaries (collectively, the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, equity and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.</span> 13217000 20437000 2331000 844000 124000 13000 64000 2000000 1738000 433000 513000 7166000 5858000 235000 37543000 41764000 14000 27000 117000 90000 547000 641000 63740000 71976000 267000 324000 95000 72000 1000 23000 2189000 773000 609000 711000 3161000 1903000 10000000 10000000 0 0 0 0 0 0 95000000 95000000 0 0 5138632 5138632 4950632 4950632 5000000 5000000 0 0 5000000 5000000 5000000 5000000 80493000 68721000 -19803000 1442000 60690000 70163000 -111000 -90000 60579000 70073000 63740000 71976000 331000 275000 85000 14000 4282000 2221000 200000 861000 411000 4911000 2157000 14969000 20057000 1833000 1486000 1937000 3112000 1103000 922000 556000 1137000 2239000 2608000 22637000 29322000 0 2003000 1468000 22637000 30790000 -17726000 -28633000 75000 112000 617000 1179000 72000 61000 130000 39307000 -16973000 12023000 11000 2000 -16984000 12021000 -4282000 -420000 -21266000 11601000 -21000 -90000 -21245000 11691000 -2.14 1.31 5022742 4424484 -2.10 1.18 5000000 5000000 -2.10 1.18 5000000 5000000 -1.91 0.81 6145212 9462904 -1.91 0.81 5000000 5000000 -1.91 0.81 5000000 5000000 4951000 5000000 68721000 1442000 -90000 70073000 188000 11772000 11772000 -21245000 -21000 -21266000 5139000 5000000 80493000 -19803000 -111000 60579000 4296000 5000000 49406000 -12092000 7000 37321000 4296000 5000000 49406000 -12092000 7000 37321000 655000 14435000 14435000 4880000 1836000 6716000 13534000 -1933000 11601000 13534000 -1933000 11601000 4951000 5000000 68721000 1442000 -90000 70073000 4951000 5000000 68721000 1442000 -90000 70073000 -21266000 11601000 -246000 -275000 534000 14000 11772000 14435000 6716000 22000 230000 -13000 -49000 -41000 39307000 4282000 420000 61000 130000 297000 1889000 659000 200000 -20000 95000 1679000 -103000 -1705000 -882000 100000 -51000 64000 -55000 -11000 262000 1478000 58000 -252000 22000 -1033000 -22000 23000 1417000 772000 -1405000 -5684000 -9038000 17766000 42959000 2747000 100000 49000 -546000 -49000 22892000 69000 69000 -5733000 13923000 21281000 7358000 15548000 21281000 11000 2000 657000 323000 100000 65000 13217000 20437000 2331000 844000 15548000 21281000 <p id="xdx_80D_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zkzaZ4LO8kPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>1. <span id="xdx_820_znzVrhQ6zlii">Organization and Description of Business</span></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 0pt 0.25in; text-align: justify">MDB Capital Holdings, LLC (“the Company” or “MDB”), a Delaware limited liability company, is a holding company that has three wholly-owned subsidiaries: MDB CG Management Company (“MDB Management”); Public Ventures, LLC, d/b/a MDB Capital (“Public Ventures”); and PatentVest, Inc. (“PatentVest”), and MDB Minnesota One (“M1”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">MDB Management is principally an “administrative” entity whose purpose is to conduct, and wherever possible, to consolidate shared services/resources, for our US-based operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Public Ventures is a U.S. registered broker-dealer under the Securities Exchange Act of 1934, and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Texas State Securities Board. Public Ventures operates on a fully disclosed basis with a nonrelated FINRA member firm, Interactive Brokers, LLC (“Interactive Brokers”), and is not required to maintain a clearing deposit. Interactive Brokers is the clearing firm and custodian of investments maintained by Public Ventures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">PatentVest is a wholly-owned subsidiary that performs intellectual property validation services for Public Ventures’, due diligence functions on the intellectual property of partner and prospective partner companies, and creates an intellectual property roadmap for such partner companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">M1 is a majority owned subsidiary and was formed with the purpose of developing pharmaceuticals, based on patents and licensed technology from Mayo Foundation for Medical Education and Research (“Mayo”). The objective of the License Agreement is for Minnesota One to develop a small molecule senescence platform.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On September 20, 2023, MDB completed an initial public offering, consisting of the sale of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pn4n6_c20230920__20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z0bspOUwJAEc" title="Sale of stock, number of shares issued in transaction">1.67</span> million shares of Class A Common Shares at $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_c20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zbd1Aqld8785" title="Sale of stock, price per share">12.00</span> per share, for gross proceeds of $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20230920__20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zRtvOJlTSsK7" title="Gross proceeds">20.0</span> million. Accordingly, the Company received total gross proceeds of $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20230920__20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjsfc4fiXtte" title="Gross proceeds">20.0</span> million from the sale of <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pn4n6_c20230920__20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zABDTLkJSHD" title="Sale of stock, number of shares issued in transaction">1.67</span> million shares of Class A Common Shares, or $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20230920__20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zW3POXn2rZgd" title="Net proceeds">17.4</span> million net of $<span id="xdx_90A_eus-gaap--OtherExpenses_pn5n6_c20230920__20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zM0S2lXoM4Za" title="Offering expenses">2.6</span> million of offering expenses. In conjunction with the IPO, the Company issued warrants to the placement agent to purchase <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pn2n3_c20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z27rOZeewFVg" title="Warrants to puchase common shares">16.7</span> thousand shares of Class A Common Shares, exercisable upon issuance for a period of <span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_znKTktnDm914" title="Warrants term">5</span> years at $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zBN0muUEESWh" title="Exercise price of warrants">15.00</span> per share, for a cash consideration of $<span id="xdx_90F_eus-gaap--SharesIssuedPricePerShare_iI_c20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zFo4Y6aYbFTe" title="Cash consideration per share">0.001</span>/share. The placement agent’s warrants had a fair value of $<span id="xdx_90D_eus-gaap--FairValueAdjustmentOfWarrants_pn2n3_c20230920__20230920__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5bVsPCpf8zh" title="Warrants fair value">65.4</span> thousand, as calculated pursuant to the Black-Scholes option-pricing model and accounted for as issuance costs that were accounted for as equity instruments and recorded against paid in capital. The inputs used to determine the fair value was Common Stock price of $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20230920__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z285dQ5xu3Xe" title="Common stock price">12.00</span>, option exercise price of $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20230920__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zYQjRKCtfARa" title="Exercise price">15.00</span>, expected life in years of <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230920__20230920__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z9gLUmTvWgGl" title="Estimated life">2.45</span> years, with a contract life of <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20230920__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zGG31Y8m87fi" title="Contract life">5</span> years, risk-free rate of <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_c20230920__20230920__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zPozmDGfIN39" title="Risk-free rate">4.79</span>%, expected annual volatility of <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_c20230920__20230920__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSttQ5itcJcj" title="Expected annual volatility">59.99</span>%, and annual rate of dividends of $<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments_c20230920__20230920__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zuRUDrw3cnL5" title="Annual rate of dividends">0</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 1, 2024, the founding ownership of M1 had MDB owning <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240701__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MDBMinnesotaOneIncMember_zAuSzCMlDHv3" title="Ownership percentage">67</span>% and Mayo owning <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20240701__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MayoFoundationMember_zZ3hjBOHmsP5" title="Ownership percentage">33</span>% of the issued and outstanding common stock. M1 was formed with the purpose of developing pharmaceuticals, based on patents and licensed technology from Mayo. After the initial formation of M1 and finalization and entry into a license agreement between Mayo and M1, MDB entered into a Term Equity Purchase Agreement (“Purchase Agreement”) to provide capital for operations of M1 in exchange for the issuance of shares of common stock of M1 to MDB. The objective of the License Agreement is for M1 to develop a small molecule senescence platform. Under the terms of the License Agreement M1 has paid an up-front license fee to Mayo of One Hundred Fifty Thousand Dollars ($<span id="xdx_909_eus-gaap--AdvancesToAffiliate_iI_pn3n3_c20240701_zwPm1CLki7b3" title="Up-front fees">150</span> thousand). To maintain its rights under the License Agreement, M1 is subject to achieving certain developmental and funding milestones within designated time periods and to paying Mayo royalties on net sales of licensed products. Under the terms of the Purchase Agreement, MDB may invest up to $<span id="xdx_906_eus-gaap--Investments_iI_pn5n6_c20240701_zVtWwfD9CV2d" title="Investments">5.0</span> million over a five-year period into M1 in amounts and increments tied to its business operating requirements. In an ancillary agreement to the license agreement, Mayo has the right of participation in future financings of M1.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 1670000 12.00 20000000.0 20000000.0 1670000 17400000 2600000 16700 P5Y 15.00 0.001 65400 12.00 15.00 P2Y5M12D P5Y 0.0479 0.5999 0 0.67 0.33 150000 5000000.0 <p id="xdx_80E_eus-gaap--SignificantAccountingPoliciesTextBlock_zL8aA90zjScb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>2. <span id="xdx_827_zWU5FLj60lpk">Summary of Significant Accounting Policies</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_84B_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zbvuMgc7HMkg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Basis of Presentation and Principles of Consolidation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the financial statements of wholly-owned and majority owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests at December 31, 2025 and 2024 relate to the interests of third parties in the partially owned subsidiaries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The managing members of the Company have a controlling interest in PatentVest, S.A., a company organized and based in Nicaragua (which was renamed MDB Capital, S.A in 2022). As the Company itself does not have a controlling financial interest in this entity, management has determined PatentVest, S.A. is not a variable interest entity and should not be consolidated as it has no ownership interests, so has excluded this entity from the Company’s consolidated financial statements. It is the Company’s policy to reevaluate this conclusion on an annual basis or if there are significant changes in ownership.</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"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_84E_ecustom--DeconsolidationPolicyTextBlock_z9F9sgQUCM07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Deconsolidation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Upon the occurrence of certain events and on a regular basis, the Company evaluates whether it no longer has a controlling interest in its subsidiaries, including consolidated variable interest entities. If the Company determines it no longer has a controlling interest, the subsidiary is deconsolidated. The Company records a gain or loss on deconsolidation based on the difference on the deconsolidation date between (i) the aggregate of (a) the fair value of any consideration received, (b) the fair value of any retained noncontrolling investment in the former subsidiary and (c) the carrying amount of any noncontrolling interest in the subsidiary being deconsolidated, less (ii) the carrying amount of the former subsidiary’s assets and liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company evaluated whether the deconsolidation should be presented as a discontinued operation in its consolidated financial statements as of the deconsolidation date. This assessment considers whether the deconsolidation constitutes a strategic shift that has, or will have, a major impact on the Company’s operations or financial results. Based on this evaluation, the Company concluded that the deconsolidation does not meet the criteria for presentation as a discontinued operation. Accordingly, the Consolidated Statement of Operations includes the results of operations for the deconsolidated entity through November 14, 2024, the effective date of deconsolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_843_eus-gaap--EquityMethodInvestmentsPolicy_zeX1leJLKmW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Equity method investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company applies the equity method to account for investments in entities where it has the ability to exercise significant influence over the operating and financial policies of the investee. Under the equity method, the investment in eXoZymes Inc, (“eXoZymes “), formerly Invizyne Technologies Inc. (“Invizyne”)”, is initially recorded at cost and subsequently adjusted to reflect the Company’s proportional share of the investee’s results of operations in its consolidated financial statements. Equity method investments are periodically reviewed for any other-than-temporary declines in value. The Company’s investment in eXoZymes is presented as “Equity method investment” on the consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Any excess of the acquisition cost over the Company’s share of the net fair value of eXoZymes’ identifiable assets and liabilities at the acquisition date is recognized as goodwill, which is included in the carrying amount of the investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When the Company increases its interest in an affiliate accounted for under the equity method while retaining significant influence, it applies the acquisition method only to the additional interest acquired, leaving the previous interest unchanged. Conversely, when there is a decrease in the interest in an affiliate accounted for under the equity method while retaining significant influence, the Company derecognizes a proportionate part of its investment and recognizes any resulting gain or loss in profit or loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_zWOfx76LB65j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Income Taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We account for income taxes using the asset and liability method, under which we would recognize the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in our financial statements or tax returns. We measure current and deferred tax assets and liabilities based on provisions of enacted tax law. We evaluate the realization of our deferred tax assets based on all available evidence and establish a valuation allowance to reduce deferred tax assets when it is more likely than not that they will not be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_848_eus-gaap--UseOfEstimates_zqrc9oBsVfg9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Use of Estimates</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the disclosure of contingent assets and liabilities. Some of those judgments can be subjective and complex, and therefore, actual results could differ materially from those estimates under different assumptions or conditions. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Significant estimates include those related to assumptions used in the valuation of investment securities, accruals for potential liabilities, valuing equity instruments issued for services, assumptions used in the valuation of the equity method investment and gains on the deconsolidation of the subsidiary, the estimate of the fair value of the lease liability and related right of use assets, net realizable value of receivables, useful life of property and equipment, determining impairment of long-lived assets, and the realization of any deferred tax assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_841_ecustom--EmergingGrowthCompanyPolicyTextBlock_zWbadvRIbCGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Emerging Growth Company</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company is an “emerging growth company,” or “EGC” as defined in Section 2(a) of the Securities Act of 1933, as amended, or the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected to opt out of the extended transition periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_848_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_znoJLvxnNDo5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Cash and Cash Equivalents</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company considers highly liquid investments with original maturities or remaining maturities upon purchase of three months or less to be cash equivalents. There were $<span id="xdx_90D_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn5n6_c20251231_zrDGrtDWZr0f" title="Cash Equivalents">4.5</span> million and $<span id="xdx_903_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn5n6_c20241231_zGBlfJQ1PcEf" title="Cash Equivalents">11.8</span> million cash equivalents held by the Company at December 31, 2025 and 2024, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s policy is to maintain its cash balances with financial institutions with high credit ratings and in accounts insured by the Federal Deposit Insurance Corporation (the “FDIC”) and/or by the Securities Investor Protection Corporation (the “SIPC”). The Company may periodically have cash balances in financial institutions in excess of the FDIC and SIPC insurance limits of $<span id="xdx_904_eus-gaap--CashFDICInsuredAmount_iI_pn4n6_c20251231_z9yskUhQkfTb" title="Cash, FDIC insured limits">0.25</span> million and $<span id="xdx_906_ecustom--CashSIPCInsuredAmount_iI_pn5n6_c20251231_zFYU47D2MVbb" title="Cash, SIPC insured limits">0.5</span> million. At December 31, 2025, the Company held $<span id="xdx_90B_eus-gaap--Cash_iI_pn5n6_c20251231_zix1xGBhe045" title="Unsegregated cash">8.7</span> million of unsegregated cash and $<span id="xdx_905_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn5n6_c20251231_zMs7qsmkP4nf" title="Cash equivalents">4.5</span> million of cash equivalents. For the years ended December 31, 2025 and 2024, respectively, the Company had approximately $<span id="xdx_90C_eus-gaap--CashUninsuredAmount_iI_pn5n6_c20251231_zviXm48akQ9h" title="Cash uninsured limits">7.2</span> million and $<span id="xdx_908_eus-gaap--CashUninsuredAmount_iI_pn5n6_c20241231_zPtWfFI5fLa2" title="Cash uninsured limits">4.3</span> million of cash and segregated cash in financial institutions in excess of FDIC insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company periodically reviews the financial condition of the financial institutions and assesses the credit risk of such investments. The Company did not experience any credit risk losses during the years ended December 31, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s membership agreement with the Depository Trust Clearing Corporation (“DTCC”) requires that we maintain a line of credit with our settlement bank in the amount $<span id="xdx_905_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20251231_zoKJtkzFEFIf" title="Line of credit">2.0</span> million, to be drawn down upon as needed for self-clearing operations. The Company has established a line of credit with its settlement bank, Lakeside Bank, which is collateralized by a $<span id="xdx_901_eus-gaap--Deposits_iI_pn5n6_c20251231_zRlQibc6QRh7" title="Deposit">2.0</span> million deposit of cash at Lakeside. The collateral amount may be withdrawn, but the availability of the line of credit is dependent upon the maintenance of such compensating balance and is included in cash and cash equivalents on the Statement of Financial Condition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_842_ecustom--SegregatedCashAndDepositsPolicyTextBlock_zEdxvQaMMd95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Segregated Cash and Deposits</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">From time to time the Company provides deposits or enters into agreements that would require funds to be held in a segregated cash account. At December 31, 2025 and 2024, respectively, the Company had $<span id="xdx_90F_eus-gaap--CashAndSecuritiesSegregatedUnderSecuritiesExchangeCommissionRegulation_iI_pn5n6_c20251231_zW4DOkMjezg" title="Cash segregated in compliance with regulations">2.3</span> million and $<span id="xdx_902_eus-gaap--CashAndSecuritiesSegregatedUnderSecuritiesExchangeCommissionRegulation_iI_pn5n6_c20241231_zH4eJBfqO7pj" title="Cash segregated in compliance with regulations">0.8</span> million of segregated cash consisting of funds held in reserve for customers and non-customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_843_eus-gaap--DepositContractsPolicy_zXe17lXZT4Q7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Clearing Deposits</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company is obligated to maintain security deposits with the DTCC and National Securities Clearing Corporation (“NSCC”). At December 31, 2025 and 2024, these deposits totaled $<span id="xdx_900_eus-gaap--DepositsAssets_iI_pn5n6_c20251231_zDAy8NALC5y6" title="Clearing deposits">2.0</span> million and $<span id="xdx_90D_eus-gaap--DepositsAssets_iI_pn5n6_c20241231_zclBROS6osn9" title="Clearing deposits">1.7</span> million, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_84E_ecustom--PrepaidAndOtherCurrentAssetsPolicyTextBlock_zNKUuAkbGSea" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Prepaid and other current assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has prepaid and other current assets totaling $<span id="xdx_906_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231_zj7INjmPlGV9" title="Prepaid and other current assets">433</span> thousand at December 31, 2025 consisting of acquired intangible assets totaling $<span id="xdx_90A_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn3n3_c20250101__20251231_z0yEmAC6bRb4" title="Intangible assets acquired">44</span> thousand, prepaid professional fees totaling $<span id="xdx_905_ecustom--PrepaidProfessionalFees_pn3n3_c20250101__20251231_zllM01zlh6Ul" title="Prepaid professional fees">50</span> thousand, security deposits totaling $<span id="xdx_90B_eus-gaap--SecurityDeposit_iI_pn3n3_c20251231_zrMtKd7vB4x5" title="Security deposit">19</span> thousand, prepaid insurance $<span id="xdx_902_eus-gaap--PrepaidInsurance_iI_pn3n3_c20251231_zK9n860ZZMZ6" title="Prepaid insurance">169</span> thousand, various prepaid expense of $<span id="xdx_903_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_c20251231_zRKRbjQictU3" title="Various prepaid expense">130</span> thousand, and other assets of $<span id="xdx_901_eus-gaap--OtherAssets_iI_pn3n3_c20251231_zxLCMJrZIVxk" title="Other assets">21</span> thousand. Prepaid and other expenses totaling $<span id="xdx_907_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231_z1eqPWY77Zpd" title="Prepaid and other expenses">513</span> thousand at December 31, 2024 consisting of acquired intangible assets totaling $<span id="xdx_90B_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn3n3_c20240101__20241231_z69yTaaoZwKd" title="Intangible assets acquired">44</span> thousand, prepaid professional fees totaling $<span id="xdx_900_ecustom--PrepaidProfessionalFees_pn3n3_c20240101__20241231_zO8uio7h2SUg" title="Prepaid professional fees">50</span> thousand, security deposits totaling $<span id="xdx_908_eus-gaap--SecurityDeposit_iI_pn3n3_c20241231_zk8QBjBoucW4" title="Security deposit">19</span> thousand, prepaid insurance $<span id="xdx_905_eus-gaap--PrepaidInsurance_iI_pn3n3_c20241231_zEeAzlURSyjc" title="Prepaid insurance">160</span> thousand, various prepaid expense of $<span id="xdx_900_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_c20241231_z42b4Zoa3uJ4" title="Various prepaid expense">150</span> thousand, and other assets of $<span id="xdx_90A_eus-gaap--OtherAssets_iI_pn3n3_c20241231_zRlD3U4ITts" title="Other assets">90</span> thousand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_847_eus-gaap--LesseeLeasesPolicyTextBlock_zepmYoy0mMLi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Leases</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Leases of the Company consist primarily of contracts for the right to use and direct use of an individual property. Leases were analyzed for evidence of significant additional components and to determine if these components were separately identifiable within the context of the contract. As an accounting policy, to account for these components, the Company has elected the practical expedient for property leases that have both lease and non-lease components for them to be combined into a single component and account for as a lease. This policy is effective for all current and future property operating leases and applied uniformly and will be disclosed as such within the financial statements. Operating lease assets are included within right-of-use assets and the corresponding operating lease liabilities are included within liabilities on the Company’s consolidated balance sheet as of December 31, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has elected not to present short-term leases on the consolidated balance sheet as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that the Company is reasonably certain to exercise. All other right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. Because the Company’s leases do not provide an implicit rate of return, the Company used the Company’s incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p id="xdx_84E_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zaeBpyEiNdfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Stock Based Compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Stock-based compensation primarily consists of restricted stock units with service or market/performance conditions. Equity awards are measured at the fair market value of the underlying stock at the grant date. The Company recognized stock based compensation expense using the straight-line attribution method over the requisite service period. The Company’s subsidiary issued stock-options and the fair value is determined utilizing Black-Scholes options-pricing model. The Company accounts for forfeitures as they occur, rather than applying an estimated forfeiture rate. For performance-based restricted stock units, the compensation cost is recognized based on the number of units expected to vest upon the achievement of the performance conditions. Shares are issued on the vesting dates net of the applicable statutory tax withholding to be paid by us on behalf of our employees. As a result, fewer shares are issued to the employee than the number of awards outstanding. The Company records a liability for the tax withholding to be paid by it as a reduction to Additional paid-in capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_842_eus-gaap--InvestmentPolicyTextBlock_zjbe21QMRo1j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Investment Securities </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company strategically invests funds in U.S. Treasury Bills, early-stage technology companies, and equity securities and options of publicly traded and privately held companies. The Company classifies investment securities as investment securities, at amortized cost, investment securities, at fair value, or investment securities, at cost less impairment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Investment securities, at amortized cost</i> – From time to time the Company will hold funds in investment securities, at amortized cost. This is comprised of debt securities held by MDB and are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Initially, the cost of these securities was recorded, and later on, they were assessed at amortized cost, which was modified for unamortized purchase premiums and discounts, and also for credit losses provision. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective-interest method. Such amortization and accretion are included in the other operating income in the statements of operations. Interest income is recognized when earned. The Company recognizes estimated expected credit losses over the life of the investment security through the allowance for credit losses account. The allowance for credit losses is a valuation account that is deducted from, or added to, the amortized cost basis of the investment security to present the net amount expected to be collected. In determining expected credit losses, the Company considers relevant qualitative factors including, but not limited to, term and structure of the instrument, credit rating by rating agencies and historic credit losses adjusted for current conditions and reasonable and supportable forecasts. The Company holds investments in U.S. Treasury Bills or money market funds backed by U.S. Treasury Bills, so there are no expected credit losses. Declines in fair value of these securities is due to changes in market interest rates, and because it expects to hold these securities until maturity, it does not expect to realize any losses. There were no investment securities, at amortized cost as of December 31, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Investment securities, at fair value </i>- This is comprised of equity investments held by the broker dealer subsidiary and are reported at fair value with changes in fair value recognized in the statement of operations. Purchases and sales of equity securities, consisting of common stock and warrants to purchase common stock, are recorded based on the respective market price quotations on the trade date. Realized gains and losses on investments represent the net gains and losses on investments sold during the period based on the average cost method. Differences between the fair value of investments at the beginning of the year and the end of the year are recorded on the income statement as unrealized gains and losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Investment securities, at cost less impairment</i> - This is comprised of equity securities without a readily determinable fair value held by the broker dealer subsidiary, the Company has elected to apply the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes. The Company will reassess whether such an investment qualifies for the measurement alternative at each reporting period. In evaluating an investment for impairment or observable price changes, we will use inputs including recent financing events, as well as other available information regarding the investee’s historical and forecasted performance. The Company has assessed this investment and determined that the current impairment of such securities held at the year ended December 31, 2025 is accurate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment securities are as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Broker/Dealer Securities</b></p> <p id="xdx_89B_ecustom--ScheduleofInvestmentSecuritiesBrokerDealerTableTextBlock_zMvP1R6aTtJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zQRLhofnSVV3" style="display: none">Schedule of Investment Securities Broker Dealer</span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zUbx359wvHi5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_zDF0bXiJ0Xhb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Investment securities, at fair value:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardTypeAxis__custom--BrokerDealerMember_zqnr4SRWxfUh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left">Common stock of publicly traded companies</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">2,571</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">2,528</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--WarrantsOfPubliclyTradedCompaniesMember__us-gaap--AwardTypeAxis__custom--BrokerDealerMember_zibg9LDUD2d4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Warrants of publicly traded companies</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,937</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,330</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--WarrantsOfNonPubliclyTradedCompaniesMember__us-gaap--AwardTypeAxis__custom--BrokerDealerMember_zHLr4CcqTpTa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Warrants of non-publicly traded companies</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">658</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0800">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--AwardTypeAxis__custom--BrokerDealerMember_zZRyDZBIn7fi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Investment securities, at fair value</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,166</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,858</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_z9OkuMpESene" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Non-Broker/Dealer Securities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b> </b></p> <p id="xdx_892_ecustom--ScheduleofInvestmentSecuritiesNonBrokerDealerTableTextBlock_z8CA9nQBrEB3" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b><span id="xdx_8BF_zJ7jauHHoWlg">Schedule of Investment Securities Non-Broker Dealer</span></b></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 style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zsaY1v1Re4Yh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 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_zVFJ8DiNtW3e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 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; text-align: left">Investment securities, at fair value:</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_404_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--WarrantsOfPubliclyTradedCompaniesMember__us-gaap--AwardTypeAxis__custom--NonBrokerDealerMember_zFsBP9BpXYQh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Common stock of publicly traded companies</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">235</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">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0808">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--AwardTypeAxis__custom--NonBrokerDealerMember_zNQaY9DJkew4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Investment securities, at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">235</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: xdx2ixbrl0811">-</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 0 0pt 0.25in; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 style="display: none"></span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_z3vuVWvKADX2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_zK43YW8cKLSc" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Investment securities, at cost less impairment</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--InvestmentSecuritiesAtCostLessImpairmentNonBrokerDealer_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--SimpleAgreementOnFutureEquitiesMember_zr9wJUh3Lvmg" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left">Simple agreement on future equities (not market listed)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">    <span style="-sec-ix-hidden: xdx2ixbrl0813">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">200</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--InvestmentSecuritiesAtCostLessImpairmentNonBrokerDealer_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--ImpairmentMember_zZ4fbOCRdn6k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Impairment</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0816">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(200</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--InvestmentSecuritiesAtCostLessImpairmentNonBrokerDealer_iI_pn3n3_zlViBe3xM6hc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Investment securities, at cost less impairment</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0819">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0820">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zuwmTRHBqnx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For investment securities at fair value held at the end of each year, net unrealized loss of $<span id="xdx_900_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_di_c20250101__20251231_zsuIBnQqld4g" title="Net unrealized gain (loss) on investment securities">246</span> thousand and $<span id="xdx_90A_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_di_c20240101__20241231_z6mVQU83Glli" title="Net unrealized gain (loss) on investment securities">275</span> thousand were recognized in the statement of operations for years ended December 31, 2025 and 2024, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">  </p> <p id="xdx_84B_eus-gaap--FairValueOfFinancialInstrumentsPolicy_z1icpMWXqG9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Fair Value of Financial Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 the measurement date. Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</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 0pt 0.25in; text-align: justify">The Company determines the fair value of its financial instruments based on a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three levels:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Level 1 - Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to access as of the measurement date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Level 2 - Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Level 3 - Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s financial instruments primarily consist of cash and investment securities. These investment securities and securities sold and not yet purchased are recorded at fair value as of the balance sheet date, with unrealized gains and losses resulting from changes in fair value recognized in the statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A description of the valuation techniques applied to the Company’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment securities, at fair value and securities sold, not yet purchased: These securities are valued based on quoted prices from the exchange or other trading platform. To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in level 1 of the fair value hierarchy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A description of the valuation techniques applied to the Company’s other financial assets and liabilities is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment securities, at amortized cost: The fair value of U.S. Treasury Bills classified as held-to-maturity investment securities is based on the market price and is classified as level 1 of the fair value hierarchy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment securities, at cost less impairment: Non-public equity securities and simple agreements for future equity are valued based on the initial investment, less impairment. The Company determined that an impairment is warranted. Since these securities are not actively traded, we will apply valuation adjustments when they become available, and they are categorized in level 3 of the fair value hierarchy. The Company fully impaired a Simple Agreement for Future Equity (“SAFE”) that was previously valued at $<span id="xdx_907_ecustom--ImpairmentOfInvestmentSecurities_pn3n3_c20230101__20231231__us-gaap--DebtInstrumentAxis__custom--SAFEMember_zfEVnkDkesF5" title="Impairment of securities">100</span> thousand and stock that was previously valued at $<span id="xdx_909_ecustom--ImpairmentOfInvestmentSecurities_pn3n3_c20230101__20231231_zjICz0hNW6R2" title="Impairment of securities">50</span> thousand both were held at the year ended December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_gL3SOFVAALMOR-YZJZHH_zKNdk4IUdr21" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, except for the Level 3 investment that is recorded at cost (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_z82LCnEDOUFb" style="display: none">Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis</span></span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Assets</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Classification</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-size: 10pt; text-align: left">Investment securities, at fair value, held by the licensed broker dealer</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 14%; font-size: 10pt; text-align: left">Equity securities - common stock</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_985_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z5yaXsnvskfc" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,571</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZ1zvbRlmcme" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0839">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98D_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZUCyH4JyD8" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0841">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zHTnUCVVXmhe" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,571</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Investment securities, at fair value, held by the non-licensed broker dealer</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">Equity securities - common stock</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQqDkj5bP8S8" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer">235</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98B_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zmKOhKeS9lKh" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer"><span style="-sec-ix-hidden: xdx2ixbrl0847">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_980_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zXUzqOXynTn3" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer"><span style="-sec-ix-hidden: xdx2ixbrl0849">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98C_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zbaUZ3O4Rhq4" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer">235</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: justify"> </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="font-size: 10pt; text-align: left; padding-bottom: 1pt">Investment Securities (held by our licensed broker dealer)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt">Warrants</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_988_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ztDiVJ504s9a" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zVbziE4510w8" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">132</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zgO4XciMPO8c" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">4,463</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_980_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zt5vtXKcgGd5" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">4,595</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total assets measured at fair value </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_983_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zWZKKqn50Fb5" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,806</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98F_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zHc2BQpRsvM4" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">132</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z3bxXQ2MsHk5" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">4,463</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_980_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231_zUHehZ18Lob4" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">7,401</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zIWcQtXRunp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the year ended December 31, 2025, the Company did not have any transfers between Level 1, Level 2, or Level 3 of the fair value hierarchy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_89E_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_gL3FVAMORBUIR-BRK_zubCz0KS0w3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B2_zLQDKsgMVcPa" style="display: none">Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td id="xdx_49A_20250101__20251231_zOXfDIxljjqj" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_406_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zlCvYQUqiela" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">December 31, 2024</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">2,662</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zafdvOmK9mMl" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt">Beginning Balance</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left">$</td><td style="display: none; font-size: 10pt; text-align: right">2,662</td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease_pn3n3_zFjOso181nYc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Receipt from investment banking fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,690</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_pn3n3_zqcXodyPYKO6" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Unrealized gain</td><td style="font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">111</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_z8goyZIAlUD7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">December 31, 2025</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,463</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_z0ImEbOhMri2" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt; padding-bottom: 2.5pt">Ending Balance</td><td style="display: none; font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: right">4,463</td><td style="display: none; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zwiD6wiM66M7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p id="xdx_890_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_gL3FVAALMORAN-L_zAkPAt4hh3K6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>The following table present information about significant unobservable inputs related to material components of Level 3 warrants as of December 31, 2025 (in thousands)</b>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B8_zYKZqfnooG2" style="display: none">Schedule of Significant Unobservable Inputs Related to Material Components of Level 3 Warrants</span></span></p> <table cellpadding="0" cellspacing="0" style="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left"><span style="font-size: 10pt"><b>Assets</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Fair Value</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Valuation<br/> Techniques</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Ranges of<br/> Inputs</b></span></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"><span style="font-size: 10pt"><b>Weighted-Average</b></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 33%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Warrants</span></td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_987_eus-gaap--WarrantsAndRightsOutstanding_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zGJ46KNMhby3" style="text-align: right" title="Warrants, Fair value"><span style="font-size: 10pt">4,463</span></td> <td> </td> <td> </td> <td><span style="font-size: 10pt">Black Scholes</span></td> <td> </td> <td><span style="font-size: 10pt">Volatility</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zerGRqZc5bTe" title="Range of inputs">95.92</span> -  <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zjSG43wxIkNi" title="Range of inputs">120.3</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_984_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--WeightedAverageMember_zK3SVvf8OeW3" style="text-align: right" title="Weighted measurement input"><span style="font-size: 10pt">115.45</span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <p id="xdx_8AE_z2C5euSaftok" 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 0pt 0.25in; text-align: justify"><span id="xdx_C0C_gL3SOFVAALMOR-YZJZHH_zlqM1QVW6kJb"><b>The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, except for the Level 3 investment that is recorded at cost (in thousands):</b></span></p> <div id="xdx_C04_gL3SOFVAALMOR-YZJZHH_zKHclHGg20w9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_307_134_zJ4jvCAPyYU1" style="border-collapse: collapse; width: 90%; margin-right: 0pt; margin-left: 0.25in" summary="xdx: Disclosure - Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Assets</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Classification</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-size: 10pt; text-align: left">Investment Securities (held by our licensed broker dealer)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 14%; font-size: 10pt; text-align: left">Equity securities - common stock</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_983_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ztq1kaSQACS4" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,528</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_988_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zan0tGANGXd9" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0901">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z1sdK04Ksegc" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0903">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_984_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zau6N9aOAAFg" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,528</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Investment Securities (held by our licensed broker dealer)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Warrants</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zfRdboQCEt34" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0907">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_986_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ziw9ZEWYpvx2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">668</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_987_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5yzqaIoyP3j" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,662</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98C_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSZ9UgPeL4tl" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">3,330</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total assets measured at fair value (held by our licensed broker dealer)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_982_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z21BZSqbm8H" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,528</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_987_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z0vciQfjC1hj" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">668</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_981_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z3edShlEpCg2" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,662</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98E_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231_zVvimIVVRECi" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">5,858</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_C0C_gL3SOFVAALMOR-YZJZHH_zWa3Fx0mjlFf"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the year ended December 31, 2024, the Company did not have any transfers between Level 1, Level 2, or Level 3 of the fair value hierarchy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_C04_gL3FVAMORBUIR-BRK_zQrFBAw5dIYe"> </span></p> <div id="xdx_C08_gL3FVAMORBUIR-BRK_z3xAKOAdAp5d"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_304_134_pn3n3_zbHzz9SxyZf6" style="border-collapse: collapse; width: 96%; margin-left: 0.25in" summary="xdx: Disclosure - Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy (Details)"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td id="xdx_492_20240101__20241231_zQKzfZdXzGI5" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_405_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_zWSd3P8HiwI2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">December 31, 2023</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">3,134</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_zh6Q81Tbfp21" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt">Beginning Balance</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left">$</td><td style="display: none; font-size: 10pt; text-align: right">3,134</td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_zX1b9OgDqn87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Unrealized gains</td><td style="font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(472</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_zrn8NID0uWxk" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt; text-align: left">Unrealized (loss) gains</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right">(472</td><td style="display: none; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_zkT9NuMx7Bz7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">December 31, 2024</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,662</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_zAVNeCUE3Awk" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-size: 10pt; padding-bottom: 2.5pt">Ending Balance</td><td style="display: none; font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: right">2,662</td><td style="display: none; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_C05_gL3FVAMORBUIR-BRK_z2jUR5Nf99T4"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_C09_gL3FVAALMORAN-L_zDICDGAXkhH3"><b>The following table present information about significant unobservable inputs related to material components of Level 3 warrants as of December 31, 2024 (in thousands)</b>:</span></p> <div id="xdx_C02_gL3FVAALMORAN-L_z8NPe4RhThA9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left"><span style="font-size: 10pt"><b>Assets</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Fair Value</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Valuation<br/> Techniques</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Ranges of<br/> Inputs</b></span></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"><span style="font-size: 10pt"><b>Weighted-Average</b></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 33%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Warrants</span></td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_982_eus-gaap--WarrantsAndRightsOutstanding_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zXejIrL7q0og" style="text-align: right" title="Warrants, Fair value"><span style="font-size: 10pt">2,662</span></td> <td> </td> <td> </td> <td><span style="font-size: 10pt">Black Scholes</span></td> <td> </td> <td><span style="font-size: 10pt">Volatility</span></td> <td> </td> <td> </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z00HWruzcq2h" style="text-align: right" title="Range of inputs"><span style="font-size: 10pt">111.03</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_980_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--WeightedAverageMember_zoW4whkUg0W3" style="text-align: right" title="Weighted measurement input"><span style="font-size: 10pt">111.03</span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_C08_gL3FVAALMORAN-L_zFRFYdbkeMvc"> </span></p> <p id="xdx_846_eus-gaap--DebtPolicyTextBlock_zgWoIHtxQztb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Secured Debt–- Revolving Credit Facility</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company entered into a revolving credit facility with a bank, (the “Lender”) on July 26, 2024 for a commitment of up to $<span id="xdx_90C_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20240726__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_z0EOvrB8hnAd" title="Revolving credit, maximum borrowing capacity">2.0</span> million and which matures <span id="xdx_90E_eus-gaap--LineOfCreditFacilityExpirationDate1_dd_c20240726__20240726__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zhhYByZAPftd" title="Maturity date">July 26, 2025</span>. The loan has a variable interest rate equal to a defined index, currently the Lender’s rate on the sale of Federal Funds, plus <span id="xdx_904_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_dp_c20240726__20240726__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zBayzkWHgzIa" title="Variable rate">2.25</span>%. The loan commenced with a calculated interest rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240726__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zpgvzJk0sZ65" title="Interest rate">7.75</span>%. If the Lender determines, in its sole discretion, that the index becomes unavailable or unreliable, either temporary, indefinitely, or permanently, during the term of this loan, the Lender may amend this loan by designating a substantially similar substitute index. The agreement provides for a quarterly payment of the greater of accrued interest or a non-usage fee of $<span id="xdx_907_eus-gaap--LineOfCreditFacilityCommitmentFeeAmount_pn3n3_c20240726__20240726__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zmaGjZ86t8Ae" title="Credit non-usage fee">5</span> thousand. The Company has not made any draw downs on the credit facility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company granted the Lender a security interest in a cash checking account held at the bank as collateral. The Lender has a right of setoff available from this cash account when the line of credit is accessed. As of December 31, 2025 and 2024, there was $<span id="xdx_904_eus-gaap--Deposits_iI_pn5n6_c20251231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zyQmiqWvezV7" title="Deposits">2.1</span> and $<span id="xdx_905_eus-gaap--Deposits_iI_pn5n6_c20241231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zXBTreFjla7j" title="Deposits">2.1</span> million deposited in this account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company is responsible for the payment of all of the Lender’s legal and other fees incurred in connection with administering the loan. The Company has incurred no such costs or debt issue costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2025 and 2024, there are <span id="xdx_909_eus-gaap--LineOfCredit_iI_do_c20251231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zZIwhsjYOybh" title="Outstanding indebtedness"><span id="xdx_90A_eus-gaap--LineOfCredit_iI_do_c20241231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zkDXvC2Zhwpe" title="Outstanding indebtedness">no</span></span> outstanding indebtedness under the credit facility and interest expense totaled $<span id="xdx_90A_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_c20251231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zeQjdwsqGVrk" title="Interest payable"><span id="xdx_90F_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_c20241231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zjlzMwhVXdI7" title="Interest payable">0</span></span>. The Company is in compliance with all covenants under the agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p id="xdx_84B_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zyma5WBbqKKh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Property and Equipment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and equipment are recorded at cost. Major improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Gains and losses from disposition of property and equipment are included in the statement of operations when realized. Depreciation is provided using the straight-line method over the following estimated useful lives:</p> <p id="xdx_89C_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_z2SMZIqFk2k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zJpn0xSXA7Yc" style="display: none">Schedule of Estimated Useful Lives of Property and Equipment</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span> </p> <table cellpadding="0" cellspacing="0" style="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><span style="font-size: 10pt">Laboratory equipment</span></td> <td style="width: 2%"> </td> <td style="width: 49%"><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_zl6LFUMCpzsi" title="Property and equipment, estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-size: 10pt">Developed software</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DevelopedSoftwareMember_zXEuEITjOKob" title="Property and equipment, estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Furniture and fixtures</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z8cJloSaFDdg" title="Property and equipment, estimated useful lives">7</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-size: 10pt">Leasehold improvements</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zH6hFzsnmtj" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2025%23UsefulLifeTermOfLeaseMember"><span style="-sec-ix-hidden: xdx2ixbrl0974">Lesser of the lease duration or the life of the improvements</span></span></span></td></tr> </table> <p id="xdx_8AD_zPIXDQXW8b0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p id="xdx_899_eus-gaap--PropertyPlantAndEquipmentTextBlock_zIGdQDsmIjw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and equipment consist of the following as of December 31, 2025 and 2024, respectively, (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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_8B6_z8fPKC7TjJZh" style="display: none">Schedule of Property And Equipment</span></span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_zDu3cASrOjek" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2025</b></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_zMlOAIjI3y21" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2024<span></span></b></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_407_eus-gaap--CapitalizedComputerSoftwareGross_iI_pn3n3_zGuZwmqWxWGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Developed software</td><td style="width: 2%; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; font-size: 10pt; text-align: right">139</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; font-size: 10pt; text-align: right">113</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENz9CG_z2pDn4OK5cqj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total property and equipment</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">139</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">113</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENz9CG_z6sVmD9eQLr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(22</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(23</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENz9CG_zRDbqFrGjXz9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">117</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">90</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zSieLJh9Yjw4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_845_eus-gaap--RevenueRecognitionPolicyTextBlock_ziTtwP2xkno9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Revenue </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 0pt 0.25in; text-align: justify">The Company generates revenue primarily from providing brokerage services and underwriting through Public Ventures. PatentVest and eXoZymes, have had limited activity during the years ended December 31, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Brokerage revenues consist of (i) trade-based commission income from executed trade orders, (ii) net realized gains and losses from proprietary trades, and (iii) other income consisting primarily of stock loan income earned on customer accounts. Public Ventures recognizes revenue from trade-based commissions and other income when performance obligations are satisfied through the transfer of control, as specified in the contract, of promised services to the customers of Public Ventures. Commissions are recognized on a trade date basis. Public Ventures believes that each executed trade order represents a single performance obligation that is fulfilled on the trade date because that is when the underlying financial instrument is identified, the pricing is agreed upon, and the risks and rewards of ownership have been transferred to/from the customer. When another party is involved in transferring a good or service to a customer, Public Ventures assesses whether revenue is presented based on the gross consideration received from customers (principal) or net of amounts paid to a third party (agent). Public Ventures has determined that it is acting as the principal as the provider of the brokerage services and therefore records this revenue on a gross basis. Clearing, custody and trade administration fees incurred from Interactive Brokers, the Company’s clearing firm, are recorded effective as of the trade date. The costs are treated as fulfillment costs and are recorded in operating expenses in the consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Brokerage revenue is measured by the transaction price, which is defined as the amount of consideration that Public Ventures expects to receive in exchange for services to customers. The transaction price is adjusted for estimates of known or expected variable consideration based upon the individual contract terms. Variable consideration is recorded as a reduction to revenue based on amounts that Public Ventures expects to refund back to the customer. There were no variable considerations for the years ended December 31, 2025, and 2024, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment banking revenues consist of private placement and underwriting fees. The Company generally does not incur costs to obtain contracts with customers that are eligible for deferral or receive fees prior to recognizing revenue related to investment banking transactions, and therefore, as of December 31, 2025 and 2024, the Company did not have any contract assets or liabilities related to these revenues on its consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company enters into underwriting agreements, to act as an underwriter and security offerings which include distribution and sale of securities to investors. These agreements allow non-defaulting underwriters and the issuer’s representative to seek substitute purchasers within 36 hours if the Company defaults on its commitment. If replacements are not found and the default exceeds 10% of the offering, the agreement may be terminated without liability. Under ASC 606, revenue is recognized only upon transfer of cash from the escrow account from investors which is the final receipt of payment, as well receipt of warrants and common stock on the date of closing, with no recognition for defaulted or terminated portions until resolution.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0 0pt 0.25in; text-align: justify">Private placement fees are related to non-underwritten transactions such as private placements of equity securities, private investments in public equity, and Rule 144A private offerings and are recorded on the closing date of the transaction. Client reimbursements for costs associated for private placement fees are recorded gross within investment banking and various expense captions, excluding compensation. The Company typically receives payments on private placements transactions at the completion of the contract. The Company views the majority of placement fees as a single performance obligation that is satisfied when the transaction is complete, and the revenue is recognized at that point in time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Taxes and regulatory fees assessed by a government authority or agency that are both imposed on and concurrent with a specified revenue-producing transaction, which are collected by Public Ventures from a customer, are excluded from revenue and recorded against general and administrative expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Public Ventures does not incur any costs to obtain contracts with customers for revenues that are eligible for deferral or receive fees prior to recognizing revenue, and therefore, as of December 31, 2025 and 2024, Public Ventures did not have any contract assets or liabilities related to these revenues in its consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the years ended December 31, 2025 and 2024, the Company’s technology development segment did not have any revenue.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">PatentVest recognizes revenue when performance obligations are satisfied by transferring promised goods and services to customers in an amount the Company expects to receive in exchange for those goods or services. PatentVest enters into contracts that can include various combinations of its offerings which are generally capable of being distinct and accounted for as a separate performance obligation for the entire contract or a portion of the contract. When performance obligations are combined into a single contract, PatentVest utilizes stand-alone selling price to allocate the transaction price among the performance obligations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Certain contracts or portions of contracts are duration-based, which in the event of customer cancellation, provide PatentVest with an enforceable right to a proportional payment for the portion of the services provided. Accordingly, revenue from duration-based contracts is recognized using a time-based measure of progress, which PatentVest believes best depicts how it satisfies its performance obligations in these arrangements as control is continuously transferred throughout the contract period. Revenue from certain contracts is recognized over the expected period of performance using a single measure of progress, typically based on hours incurred. Payments received in advance of services being rendered are recorded as a component of contract liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_896_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zfe2eWlP2gw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The PatentVest’s contract liabilities which is presented as deferred revenue, consist of advance payments. The table below shows changes in deferred revenue (in thousands):</p> <p 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zzOhoIIdeFQf" style="display: none">Schedule of Changes in Deferred Revenue</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">Balance as of December 31, 2023</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_c20240101__20241231_zGRN9FexRDQl" style="width: 16%; font-size: 10pt; text-align: right" title="Deferred revenue, Balance">20</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 9pt">Amounts billed but not recognized</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_ecustom--ContractWithCustomerLiabilityAmountsBilledNotRecognized_pn3n3_c20240101__20241231_zYFceMgFV667" style="font-size: 10pt; text-align: right" title="Amounts billed but not recognized"><span style="-sec-ix-hidden: xdx2ixbrl0996">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Revenue recognized</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_c20240101__20241231_zeaXCsMVfoL2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Revenue recognized">20</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Balance as of December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_984_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_c20250101__20251231_zNrKgAU1HjRi" style="font-size: 10pt; text-align: right" title="Deferred revenue, Balance"><span style="-sec-ix-hidden: xdx2ixbrl1000">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 9pt">Amounts billed but not recognized</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ContractWithCustomerLiabilityAmountsBilledNotRecognized_pn3n3_c20250101__20251231_zR4yMUzQfgWb" style="font-size: 10pt; text-align: right" title="Amounts billed but not recognized"><span style="-sec-ix-hidden: xdx2ixbrl1002">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Revenue recognized</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_982_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_c20250101__20251231_zN7a68aqPaYj" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Revenue recognized"><span style="-sec-ix-hidden: xdx2ixbrl1004">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Balance as of December 31, 2025</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_c20250101__20251231_zZCA7xYsEiwl" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Deferred revenue, Balance"><span style="-sec-ix-hidden: xdx2ixbrl1006">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zwq8sGRWvSh1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p id="xdx_845_ecustom--AccountingForResearchGrantsPolicyTextBlock_zKADqWpB076k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Research Grants</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">eXoZymes, receives grant reimbursements, which are netted against research and development expenses in the consolidated statement of operations. Grant reimbursements for capitalized assets are recognized over the useful life of the assets, with the unrecognized portion recorded as deferred grant reimbursements and included in liabilities in the consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Grants function on a reimbursement model are accounted for using the accrual method. They are treated as reductions to expenses, corresponding to the amount of disbursements and obligations eligible for reimbursement. These are for permissible expenses incurred as of December 31, 2024. The reimbursements are anticipated to be received from the respective funding entities in the following year. Management considers such receivables at December 31, 2024, to be fully collectable due to the historical experience with the Federal Government of the United States of America. Accordingly, no allowance for credit losses on the grants receivable was recorded in the accompanying consolidated financial statements. The Company was not engaged in any research grants for the year ended December 31. 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_89B_ecustom--GrantsReceivableActivityTableTextBlock_zZJHPaW14c85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Summary of grants receivable activity for the years ended December 31, 2025 and 2024, is presented below (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B4_zvvVxNvqM2t4" style="display: none">Summary of Grants Receivable Activity</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_znEqRha0u1uj" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_zaR5YVggx5rl" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024<span id="xdx_F5E_zzT4nWlrl6oh">(1)</span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_400_eus-gaap--GrantsReceivable_iS_pn3n3_zxAqmnQodUm9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Balance at beginning of year<span id="xdx_F49_zeT54RJrBuT1">(1)</span></td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1012">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">882</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--GrantCostsExpensed_pn3n3_zBYszimRPJil" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Grant costs expensed</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1015">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,897</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--GrantsForEquipmentPurchased_pn3n3_ztotq5uThaig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Grants for equipment purchased</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1018">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">44</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--GrantFees_pn3n3_zkrGotPdFEM4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Grant fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1021">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">52</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--GrantFundsReceived_pn3n3_zd1r2OD2E8Dk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Grant funds received</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1024">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(2,173</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--RemovalOfBalanceDueToDeconsolidation_pn3n3_ziLD0WrPGhxf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Removal of balance due to deconsolidation of eXoZymes at November 14, 2024</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1027">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(702</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--GrantsReceivable_iE_pn3n3_zv37DVY1UBg3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Balance at end of year</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1030">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1031">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F03_zJR2RXktLp34" style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F17_zX8rGMhjMgSe" style="font-size: 10pt">In 2024, eXoZymes was deconsolidated from the Company’s consolidated financial statements. As all grant-related costs were associated with eXoZymes, no grant-related figures are reported for 2024.</span></td> </tr></table> <p id="xdx_8A0_z4a8wDrTKNud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">eXoZymes has received three grants provided by the National Institute of Health, the Department of Energy and Department of Defense through December 31, 2024. The first grant was awarded on October 1, 2023 and the latest of these grants was set to expire on May 14, 2026, however grants can be extended, or new phases can be granted, extending the expiration of the grant. None of the grants have commitments made by the parties, provisions for recapture, or any other contingencies, beyond complying with the normal terms of each research and development grant. Research grants received from organizations are subject to the contract agreement as to how eXoZymes, formerly known as eXoZymes, conducts its research activities, and eXoZymes is required to comply with the agreement terms relating to those grants. Amounts received under research grants are nonrefundable, regardless of the success of the underlying research project, to the extent that such amounts are expended in accordance with the approved grant project. eXoZymes is permitted to draw down the research grants after incurring the related expenses. Amounts received under research grants are offset against the related research and development costs in the Company’s consolidated statement of operations. For the years ended December 31, 2025 and 2024, grants amounting $<span id="xdx_905_eus-gaap--OtherResearchAndDevelopmentExpense_c20250101__20251231_zx1DsG46DI38" title="Research and development costs">0</span> and $<span id="xdx_906_eus-gaap--OtherResearchAndDevelopmentExpense_pn5n6_c20240101__20241231_zvUD2nyd6316" title="Research and development costs">2.8</span> million, were offset against the research and development costs. Grant drawdowns, which includes grants costs expensed, grants for equipment purchased, and grant fees, for the years ended December 31, 2025 and 2024, totaled $<span id="xdx_90B_ecustom--GrantDrawdowns_c20250101__20251231_zX0Wcdhg4k9d" title="Grant drawdowns">0</span> and $<span id="xdx_90F_ecustom--GrantDrawdowns_pn5n6_c20240101__20241231_zTw0cXZNZD38" title="Grant drawdowns">2.0</span> million, respectively, which included grant costs expensed, grants for equipment purchased, and grants fees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_841_eus-gaap--ResearchAndDevelopmentExpensePolicy_zFio8zeF0yx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Research and Development Costs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Research and development costs are expensed as incurred. Research and development costs consist primarily of compensation costs, fees paid to consultants, and other expenses relating to the development of eXoZymes’ technology. For the years ended December 31, 2025 and 2024, research and development costs prior to offset of the grants amounted to $<span id="xdx_90B_ecustom--ResearchAndDevelopmentExpenseGross_c20250101__20251231_zHnagssCOgN4" title="Net of grant received">0</span> and $<span id="xdx_904_ecustom--ResearchAndDevelopmentExpenseGross_pn5n6_c20240101__20241231_zw8WD44tPH7l" title="Net of grant received">3.4</span> million, respectively, which included grant costs expensed, grants fees, and research and development costs, net of the grant received.</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 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b> </b></p> <p id="xdx_84B_ecustom--PatentAndLicensingLegalAndFilingFeesAndCostsPolicyTextBlock_zNGl6M1zDfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Patent and Licensing Legal and Filing Fees and Costs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and related patent applications, all patent and licensing legal and filing fees and costs related to the development and protection of its intellectual property are charged to operations as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Patent and licensing legal and filing fees and costs were $<span id="xdx_90A_eus-gaap--OtherCostAndExpenseOperating_pn3n3_c20250101__20251231_zAAazgXGyKU5" title="Patent and licensing legal and filing fees and costs">54</span> thousand and $<span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_pn3n3_c20240101__20241231_zE6M4QA6cWb5" title="Patent and licensing legal and filing fees and costs">296</span> thousand for the years ended December 31, 2025 and 2024, respectively. Patent and licensing legal and filing fees and costs are included in general and administrative costs in the Company’s consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_845_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zssHT9mtPbQ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Recently Issued Accounting Pronouncements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 1, 2020, The Company adopted ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”) and retrospectively applied the guidance to prior transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amendments in ASU 2021-10 require the following annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy: (1) information about the nature of the transactions and the related accounting policy used to account for the transactions; (2) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item; and (3) significant terms and conditions of the transactions, including commitments and contingencies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s consolidated financial statement presentation or disclosures.</p> <p id="xdx_85E_zcQgKELri1l2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_84B_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zbvuMgc7HMkg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Basis of Presentation and Principles of Consolidation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the financial statements of wholly-owned and majority owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. Non-controlling interests at December 31, 2025 and 2024 relate to the interests of third parties in the partially owned subsidiaries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The managing members of the Company have a controlling interest in PatentVest, S.A., a company organized and based in Nicaragua (which was renamed MDB Capital, S.A in 2022). As the Company itself does not have a controlling financial interest in this entity, management has determined PatentVest, S.A. is not a variable interest entity and should not be consolidated as it has no ownership interests, so has excluded this entity from the Company’s consolidated financial statements. It is the Company’s policy to reevaluate this conclusion on an annual basis or if there are significant changes in ownership.</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"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_84E_ecustom--DeconsolidationPolicyTextBlock_z9F9sgQUCM07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Deconsolidation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Upon the occurrence of certain events and on a regular basis, the Company evaluates whether it no longer has a controlling interest in its subsidiaries, including consolidated variable interest entities. If the Company determines it no longer has a controlling interest, the subsidiary is deconsolidated. The Company records a gain or loss on deconsolidation based on the difference on the deconsolidation date between (i) the aggregate of (a) the fair value of any consideration received, (b) the fair value of any retained noncontrolling investment in the former subsidiary and (c) the carrying amount of any noncontrolling interest in the subsidiary being deconsolidated, less (ii) the carrying amount of the former subsidiary’s assets and liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company evaluated whether the deconsolidation should be presented as a discontinued operation in its consolidated financial statements as of the deconsolidation date. This assessment considers whether the deconsolidation constitutes a strategic shift that has, or will have, a major impact on the Company’s operations or financial results. Based on this evaluation, the Company concluded that the deconsolidation does not meet the criteria for presentation as a discontinued operation. Accordingly, the Consolidated Statement of Operations includes the results of operations for the deconsolidated entity through November 14, 2024, the effective date of deconsolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_843_eus-gaap--EquityMethodInvestmentsPolicy_zeX1leJLKmW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Equity method investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company applies the equity method to account for investments in entities where it has the ability to exercise significant influence over the operating and financial policies of the investee. Under the equity method, the investment in eXoZymes Inc, (“eXoZymes “), formerly Invizyne Technologies Inc. (“Invizyne”)”, is initially recorded at cost and subsequently adjusted to reflect the Company’s proportional share of the investee’s results of operations in its consolidated financial statements. Equity method investments are periodically reviewed for any other-than-temporary declines in value. The Company’s investment in eXoZymes is presented as “Equity method investment” on the consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Any excess of the acquisition cost over the Company’s share of the net fair value of eXoZymes’ identifiable assets and liabilities at the acquisition date is recognized as goodwill, which is included in the carrying amount of the investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When the Company increases its interest in an affiliate accounted for under the equity method while retaining significant influence, it applies the acquisition method only to the additional interest acquired, leaving the previous interest unchanged. Conversely, when there is a decrease in the interest in an affiliate accounted for under the equity method while retaining significant influence, the Company derecognizes a proportionate part of its investment and recognizes any resulting gain or loss in profit or loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_846_eus-gaap--IncomeTaxPolicyTextBlock_zWOfx76LB65j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Income Taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">We account for income taxes using the asset and liability method, under which we would recognize the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in our financial statements or tax returns. We measure current and deferred tax assets and liabilities based on provisions of enacted tax law. We evaluate the realization of our deferred tax assets based on all available evidence and establish a valuation allowance to reduce deferred tax assets when it is more likely than not that they will not be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_848_eus-gaap--UseOfEstimates_zqrc9oBsVfg9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Use of Estimates</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period, as well as the disclosure of contingent assets and liabilities. Some of those judgments can be subjective and complex, and therefore, actual results could differ materially from those estimates under different assumptions or conditions. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Significant estimates include those related to assumptions used in the valuation of investment securities, accruals for potential liabilities, valuing equity instruments issued for services, assumptions used in the valuation of the equity method investment and gains on the deconsolidation of the subsidiary, the estimate of the fair value of the lease liability and related right of use assets, net realizable value of receivables, useful life of property and equipment, determining impairment of long-lived assets, and the realization of any deferred tax assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_841_ecustom--EmergingGrowthCompanyPolicyTextBlock_zWbadvRIbCGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Emerging Growth Company</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company is an “emerging growth company,” or “EGC” as defined in Section 2(a) of the Securities Act of 1933, as amended, or the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected to opt out of the extended transition periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_848_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_znoJLvxnNDo5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Cash and Cash Equivalents</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company considers highly liquid investments with original maturities or remaining maturities upon purchase of three months or less to be cash equivalents. There were $<span id="xdx_90D_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn5n6_c20251231_zrDGrtDWZr0f" title="Cash Equivalents">4.5</span> million and $<span id="xdx_903_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn5n6_c20241231_zGBlfJQ1PcEf" title="Cash Equivalents">11.8</span> million cash equivalents held by the Company at December 31, 2025 and 2024, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s policy is to maintain its cash balances with financial institutions with high credit ratings and in accounts insured by the Federal Deposit Insurance Corporation (the “FDIC”) and/or by the Securities Investor Protection Corporation (the “SIPC”). The Company may periodically have cash balances in financial institutions in excess of the FDIC and SIPC insurance limits of $<span id="xdx_904_eus-gaap--CashFDICInsuredAmount_iI_pn4n6_c20251231_z9yskUhQkfTb" title="Cash, FDIC insured limits">0.25</span> million and $<span id="xdx_906_ecustom--CashSIPCInsuredAmount_iI_pn5n6_c20251231_zFYU47D2MVbb" title="Cash, SIPC insured limits">0.5</span> million. At December 31, 2025, the Company held $<span id="xdx_90B_eus-gaap--Cash_iI_pn5n6_c20251231_zix1xGBhe045" title="Unsegregated cash">8.7</span> million of unsegregated cash and $<span id="xdx_905_eus-gaap--CashEquivalentsAtCarryingValue_iI_pn5n6_c20251231_zMs7qsmkP4nf" title="Cash equivalents">4.5</span> million of cash equivalents. For the years ended December 31, 2025 and 2024, respectively, the Company had approximately $<span id="xdx_90C_eus-gaap--CashUninsuredAmount_iI_pn5n6_c20251231_zviXm48akQ9h" title="Cash uninsured limits">7.2</span> million and $<span id="xdx_908_eus-gaap--CashUninsuredAmount_iI_pn5n6_c20241231_zPtWfFI5fLa2" title="Cash uninsured limits">4.3</span> million of cash and segregated cash in financial institutions in excess of FDIC insured limits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company periodically reviews the financial condition of the financial institutions and assesses the credit risk of such investments. The Company did not experience any credit risk losses during the years ended December 31, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s membership agreement with the Depository Trust Clearing Corporation (“DTCC”) requires that we maintain a line of credit with our settlement bank in the amount $<span id="xdx_905_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20251231_zoKJtkzFEFIf" title="Line of credit">2.0</span> million, to be drawn down upon as needed for self-clearing operations. The Company has established a line of credit with its settlement bank, Lakeside Bank, which is collateralized by a $<span id="xdx_901_eus-gaap--Deposits_iI_pn5n6_c20251231_zRlQibc6QRh7" title="Deposit">2.0</span> million deposit of cash at Lakeside. The collateral amount may be withdrawn, but the availability of the line of credit is dependent upon the maintenance of such compensating balance and is included in cash and cash equivalents on the Statement of Financial Condition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 4500000 11800000 250000 500000 8700000 4500000 7200000 4300000 2000000.0 2000000.0 <p id="xdx_842_ecustom--SegregatedCashAndDepositsPolicyTextBlock_zEdxvQaMMd95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Segregated Cash and Deposits</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">From time to time the Company provides deposits or enters into agreements that would require funds to be held in a segregated cash account. At December 31, 2025 and 2024, respectively, the Company had $<span id="xdx_90F_eus-gaap--CashAndSecuritiesSegregatedUnderSecuritiesExchangeCommissionRegulation_iI_pn5n6_c20251231_zW4DOkMjezg" title="Cash segregated in compliance with regulations">2.3</span> million and $<span id="xdx_902_eus-gaap--CashAndSecuritiesSegregatedUnderSecuritiesExchangeCommissionRegulation_iI_pn5n6_c20241231_zH4eJBfqO7pj" title="Cash segregated in compliance with regulations">0.8</span> million of segregated cash consisting of funds held in reserve for customers and non-customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 2300000 800000 <p id="xdx_843_eus-gaap--DepositContractsPolicy_zXe17lXZT4Q7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Clearing Deposits</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company is obligated to maintain security deposits with the DTCC and National Securities Clearing Corporation (“NSCC”). At December 31, 2025 and 2024, these deposits totaled $<span id="xdx_900_eus-gaap--DepositsAssets_iI_pn5n6_c20251231_zDAy8NALC5y6" title="Clearing deposits">2.0</span> million and $<span id="xdx_90D_eus-gaap--DepositsAssets_iI_pn5n6_c20241231_zclBROS6osn9" title="Clearing deposits">1.7</span> million, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 2000000.0 1700000 <p id="xdx_84E_ecustom--PrepaidAndOtherCurrentAssetsPolicyTextBlock_zNKUuAkbGSea" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Prepaid and other current assets</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has prepaid and other current assets totaling $<span id="xdx_906_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20251231_zj7INjmPlGV9" title="Prepaid and other current assets">433</span> thousand at December 31, 2025 consisting of acquired intangible assets totaling $<span id="xdx_90A_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn3n3_c20250101__20251231_z0yEmAC6bRb4" title="Intangible assets acquired">44</span> thousand, prepaid professional fees totaling $<span id="xdx_905_ecustom--PrepaidProfessionalFees_pn3n3_c20250101__20251231_zllM01zlh6Ul" title="Prepaid professional fees">50</span> thousand, security deposits totaling $<span id="xdx_90B_eus-gaap--SecurityDeposit_iI_pn3n3_c20251231_zrMtKd7vB4x5" title="Security deposit">19</span> thousand, prepaid insurance $<span id="xdx_902_eus-gaap--PrepaidInsurance_iI_pn3n3_c20251231_zK9n860ZZMZ6" title="Prepaid insurance">169</span> thousand, various prepaid expense of $<span id="xdx_903_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_c20251231_zRKRbjQictU3" title="Various prepaid expense">130</span> thousand, and other assets of $<span id="xdx_901_eus-gaap--OtherAssets_iI_pn3n3_c20251231_zxLCMJrZIVxk" title="Other assets">21</span> thousand. Prepaid and other expenses totaling $<span id="xdx_907_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_c20241231_z1eqPWY77Zpd" title="Prepaid and other expenses">513</span> thousand at December 31, 2024 consisting of acquired intangible assets totaling $<span id="xdx_90B_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn3n3_c20240101__20241231_z69yTaaoZwKd" title="Intangible assets acquired">44</span> thousand, prepaid professional fees totaling $<span id="xdx_900_ecustom--PrepaidProfessionalFees_pn3n3_c20240101__20241231_zO8uio7h2SUg" title="Prepaid professional fees">50</span> thousand, security deposits totaling $<span id="xdx_908_eus-gaap--SecurityDeposit_iI_pn3n3_c20241231_zk8QBjBoucW4" title="Security deposit">19</span> thousand, prepaid insurance $<span id="xdx_905_eus-gaap--PrepaidInsurance_iI_pn3n3_c20241231_zEeAzlURSyjc" title="Prepaid insurance">160</span> thousand, various prepaid expense of $<span id="xdx_900_eus-gaap--OtherPrepaidExpenseCurrent_iI_pn3n3_c20241231_z42b4Zoa3uJ4" title="Various prepaid expense">150</span> thousand, and other assets of $<span id="xdx_90A_eus-gaap--OtherAssets_iI_pn3n3_c20241231_zRlD3U4ITts" title="Other assets">90</span> thousand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 433000 44000 50000 19000 169000 130000 21000 513000 44000 50000 19000 160000 150000 90000 <p id="xdx_847_eus-gaap--LesseeLeasesPolicyTextBlock_zepmYoy0mMLi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Leases</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Leases of the Company consist primarily of contracts for the right to use and direct use of an individual property. Leases were analyzed for evidence of significant additional components and to determine if these components were separately identifiable within the context of the contract. As an accounting policy, to account for these components, the Company has elected the practical expedient for property leases that have both lease and non-lease components for them to be combined into a single component and account for as a lease. This policy is effective for all current and future property operating leases and applied uniformly and will be disclosed as such within the financial statements. Operating lease assets are included within right-of-use assets and the corresponding operating lease liabilities are included within liabilities on the Company’s consolidated balance sheet as of December 31, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has elected not to present short-term leases on the consolidated balance sheet as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that the Company is reasonably certain to exercise. All other right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at the lease commencement date. Because the Company’s leases do not provide an implicit rate of return, the Company used the Company’s incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p> <p id="xdx_84E_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zaeBpyEiNdfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Stock Based Compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Stock-based compensation primarily consists of restricted stock units with service or market/performance conditions. Equity awards are measured at the fair market value of the underlying stock at the grant date. The Company recognized stock based compensation expense using the straight-line attribution method over the requisite service period. The Company’s subsidiary issued stock-options and the fair value is determined utilizing Black-Scholes options-pricing model. The Company accounts for forfeitures as they occur, rather than applying an estimated forfeiture rate. For performance-based restricted stock units, the compensation cost is recognized based on the number of units expected to vest upon the achievement of the performance conditions. Shares are issued on the vesting dates net of the applicable statutory tax withholding to be paid by us on behalf of our employees. As a result, fewer shares are issued to the employee than the number of awards outstanding. The Company records a liability for the tax withholding to be paid by it as a reduction to Additional paid-in capital.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_842_eus-gaap--InvestmentPolicyTextBlock_zjbe21QMRo1j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Investment Securities </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company strategically invests funds in U.S. Treasury Bills, early-stage technology companies, and equity securities and options of publicly traded and privately held companies. The Company classifies investment securities as investment securities, at amortized cost, investment securities, at fair value, or investment securities, at cost less impairment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Investment securities, at amortized cost</i> – From time to time the Company will hold funds in investment securities, at amortized cost. This is comprised of debt securities held by MDB and are classified as investment securities held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Initially, the cost of these securities was recorded, and later on, they were assessed at amortized cost, which was modified for unamortized purchase premiums and discounts, and also for credit losses provision. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to yield using the effective-interest method. Such amortization and accretion are included in the other operating income in the statements of operations. Interest income is recognized when earned. The Company recognizes estimated expected credit losses over the life of the investment security through the allowance for credit losses account. The allowance for credit losses is a valuation account that is deducted from, or added to, the amortized cost basis of the investment security to present the net amount expected to be collected. In determining expected credit losses, the Company considers relevant qualitative factors including, but not limited to, term and structure of the instrument, credit rating by rating agencies and historic credit losses adjusted for current conditions and reasonable and supportable forecasts. The Company holds investments in U.S. Treasury Bills or money market funds backed by U.S. Treasury Bills, so there are no expected credit losses. Declines in fair value of these securities is due to changes in market interest rates, and because it expects to hold these securities until maturity, it does not expect to realize any losses. There were no investment securities, at amortized cost as of December 31, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Investment securities, at fair value </i>- This is comprised of equity investments held by the broker dealer subsidiary and are reported at fair value with changes in fair value recognized in the statement of operations. Purchases and sales of equity securities, consisting of common stock and warrants to purchase common stock, are recorded based on the respective market price quotations on the trade date. Realized gains and losses on investments represent the net gains and losses on investments sold during the period based on the average cost method. Differences between the fair value of investments at the beginning of the year and the end of the year are recorded on the income statement as unrealized gains and losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Investment securities, at cost less impairment</i> - This is comprised of equity securities without a readily determinable fair value held by the broker dealer subsidiary, the Company has elected to apply the measurement alternative of cost minus impairment, if any, plus or minus changes resulting from observable price changes. The Company will reassess whether such an investment qualifies for the measurement alternative at each reporting period. In evaluating an investment for impairment or observable price changes, we will use inputs including recent financing events, as well as other available information regarding the investee’s historical and forecasted performance. The Company has assessed this investment and determined that the current impairment of such securities held at the year ended December 31, 2025 is accurate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment securities are as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Broker/Dealer Securities</b></p> <p id="xdx_89B_ecustom--ScheduleofInvestmentSecuritiesBrokerDealerTableTextBlock_zMvP1R6aTtJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zQRLhofnSVV3" style="display: none">Schedule of Investment Securities Broker Dealer</span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zUbx359wvHi5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_zDF0bXiJ0Xhb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Investment securities, at fair value:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardTypeAxis__custom--BrokerDealerMember_zqnr4SRWxfUh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left">Common stock of publicly traded companies</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">2,571</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">2,528</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--WarrantsOfPubliclyTradedCompaniesMember__us-gaap--AwardTypeAxis__custom--BrokerDealerMember_zibg9LDUD2d4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Warrants of publicly traded companies</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,937</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,330</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--WarrantsOfNonPubliclyTradedCompaniesMember__us-gaap--AwardTypeAxis__custom--BrokerDealerMember_zHLr4CcqTpTa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Warrants of non-publicly traded companies</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">658</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0800">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--AwardTypeAxis__custom--BrokerDealerMember_zZRyDZBIn7fi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Investment securities, at fair value</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,166</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,858</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_z9OkuMpESene" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Non-Broker/Dealer Securities</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b> </b></p> <p id="xdx_892_ecustom--ScheduleofInvestmentSecuritiesNonBrokerDealerTableTextBlock_z8CA9nQBrEB3" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b><span id="xdx_8BF_zJ7jauHHoWlg">Schedule of Investment Securities Non-Broker Dealer</span></b></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 style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zsaY1v1Re4Yh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 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_zVFJ8DiNtW3e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 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; text-align: left">Investment securities, at fair value:</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_404_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--WarrantsOfPubliclyTradedCompaniesMember__us-gaap--AwardTypeAxis__custom--NonBrokerDealerMember_zFsBP9BpXYQh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Common stock of publicly traded companies</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">235</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">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0808">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--AwardTypeAxis__custom--NonBrokerDealerMember_zNQaY9DJkew4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Investment securities, at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">235</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: xdx2ixbrl0811">-</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 0 0pt 0.25in; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 style="display: none"></span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_z3vuVWvKADX2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_zK43YW8cKLSc" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Investment securities, at cost less impairment</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--InvestmentSecuritiesAtCostLessImpairmentNonBrokerDealer_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--SimpleAgreementOnFutureEquitiesMember_zr9wJUh3Lvmg" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left">Simple agreement on future equities (not market listed)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">    <span style="-sec-ix-hidden: xdx2ixbrl0813">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">200</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--InvestmentSecuritiesAtCostLessImpairmentNonBrokerDealer_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--ImpairmentMember_zZ4fbOCRdn6k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Impairment</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0816">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(200</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--InvestmentSecuritiesAtCostLessImpairmentNonBrokerDealer_iI_pn3n3_zlViBe3xM6hc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Investment securities, at cost less impairment</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0819">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0820">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zuwmTRHBqnx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For investment securities at fair value held at the end of each year, net unrealized loss of $<span id="xdx_900_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_di_c20250101__20251231_zsuIBnQqld4g" title="Net unrealized gain (loss) on investment securities">246</span> thousand and $<span id="xdx_90A_eus-gaap--UnrealizedGainLossOnInvestments_pn3n3_di_c20240101__20241231_z6mVQU83Glli" title="Net unrealized gain (loss) on investment securities">275</span> thousand were recognized in the statement of operations for years ended December 31, 2025 and 2024, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">  </p> <p id="xdx_89B_ecustom--ScheduleofInvestmentSecuritiesBrokerDealerTableTextBlock_zMvP1R6aTtJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zQRLhofnSVV3" style="display: none">Schedule of Investment Securities Broker Dealer</span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zUbx359wvHi5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_zDF0bXiJ0Xhb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Investment securities, at fair value:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--AwardTypeAxis__custom--BrokerDealerMember_zqnr4SRWxfUh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left">Common stock of publicly traded companies</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">2,571</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">2,528</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--WarrantsOfPubliclyTradedCompaniesMember__us-gaap--AwardTypeAxis__custom--BrokerDealerMember_zibg9LDUD2d4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Warrants of publicly traded companies</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,937</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,330</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--WarrantsOfNonPubliclyTradedCompaniesMember__us-gaap--AwardTypeAxis__custom--BrokerDealerMember_zHLr4CcqTpTa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Warrants of non-publicly traded companies</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">658</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0800">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--AwardTypeAxis__custom--BrokerDealerMember_zZRyDZBIn7fi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Investment securities, at fair value</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">7,166</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,858</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> 2571000 2528000 3937000 3330000 658000 7166000 5858000 <p id="xdx_892_ecustom--ScheduleofInvestmentSecuritiesNonBrokerDealerTableTextBlock_z8CA9nQBrEB3" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b><span id="xdx_8BF_zJ7jauHHoWlg">Schedule of Investment Securities Non-Broker Dealer</span></b></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 style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_zsaY1v1Re4Yh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 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_zVFJ8DiNtW3e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,<br/> 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; text-align: left">Investment securities, at fair value:</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_404_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--WarrantsOfPubliclyTradedCompaniesMember__us-gaap--AwardTypeAxis__custom--NonBrokerDealerMember_zFsBP9BpXYQh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left; padding-bottom: 1pt">Common stock of publicly traded companies</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">235</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">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0808">-</span></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_hus-gaap--AwardTypeAxis__custom--NonBrokerDealerMember_zNQaY9DJkew4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Investment securities, at fair value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">235</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: xdx2ixbrl0811">-</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 0 0pt 0.25in; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 style="display: none"></span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_z3vuVWvKADX2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20241231_zK43YW8cKLSc" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31,<br/> 2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Investment securities, at cost less impairment</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--InvestmentSecuritiesAtCostLessImpairmentNonBrokerDealer_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--SimpleAgreementOnFutureEquitiesMember_zr9wJUh3Lvmg" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left">Simple agreement on future equities (not market listed)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">    <span style="-sec-ix-hidden: xdx2ixbrl0813">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">200</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--InvestmentSecuritiesAtCostLessImpairmentNonBrokerDealer_iI_pn3n3_hus-gaap--StatementEquityComponentsAxis__custom--ImpairmentMember_zZ4fbOCRdn6k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Impairment</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0816">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(200</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--InvestmentSecuritiesAtCostLessImpairmentNonBrokerDealer_iI_pn3n3_zlViBe3xM6hc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Investment securities, at cost less impairment</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0819">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0820">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> 235000 235000 200000 -200000 -246000 -275000 <p id="xdx_84B_eus-gaap--FairValueOfFinancialInstrumentsPolicy_z1icpMWXqG9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Fair Value of Financial Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 the measurement date. Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.</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 0pt 0.25in; text-align: justify">The Company determines the fair value of its financial instruments based on a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three levels:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Level 1 - Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to access as of the measurement date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Level 2 - Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Level 3 - Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s financial instruments primarily consist of cash and investment securities. These investment securities and securities sold and not yet purchased are recorded at fair value as of the balance sheet date, with unrealized gains and losses resulting from changes in fair value recognized in the statement of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A description of the valuation techniques applied to the Company’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment securities, at fair value and securities sold, not yet purchased: These securities are valued based on quoted prices from the exchange or other trading platform. To the extent these securities are actively traded, valuation adjustments are not applied, and they are categorized in level 1 of the fair value hierarchy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A description of the valuation techniques applied to the Company’s other financial assets and liabilities is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment securities, at amortized cost: The fair value of U.S. Treasury Bills classified as held-to-maturity investment securities is based on the market price and is classified as level 1 of the fair value hierarchy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment securities, at cost less impairment: Non-public equity securities and simple agreements for future equity are valued based on the initial investment, less impairment. The Company determined that an impairment is warranted. Since these securities are not actively traded, we will apply valuation adjustments when they become available, and they are categorized in level 3 of the fair value hierarchy. The Company fully impaired a Simple Agreement for Future Equity (“SAFE”) that was previously valued at $<span id="xdx_907_ecustom--ImpairmentOfInvestmentSecurities_pn3n3_c20230101__20231231__us-gaap--DebtInstrumentAxis__custom--SAFEMember_zfEVnkDkesF5" title="Impairment of securities">100</span> thousand and stock that was previously valued at $<span id="xdx_909_ecustom--ImpairmentOfInvestmentSecurities_pn3n3_c20230101__20231231_zjICz0hNW6R2" title="Impairment of securities">50</span> thousand both were held at the year ended December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_gL3SOFVAALMOR-YZJZHH_zKNdk4IUdr21" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, except for the Level 3 investment that is recorded at cost (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_z82LCnEDOUFb" style="display: none">Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis</span></span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Assets</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Classification</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-size: 10pt; text-align: left">Investment securities, at fair value, held by the licensed broker dealer</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 14%; font-size: 10pt; text-align: left">Equity securities - common stock</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_985_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z5yaXsnvskfc" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,571</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZ1zvbRlmcme" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0839">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98D_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZUCyH4JyD8" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0841">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zHTnUCVVXmhe" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,571</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Investment securities, at fair value, held by the non-licensed broker dealer</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">Equity securities - common stock</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQqDkj5bP8S8" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer">235</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98B_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zmKOhKeS9lKh" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer"><span style="-sec-ix-hidden: xdx2ixbrl0847">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_980_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zXUzqOXynTn3" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer"><span style="-sec-ix-hidden: xdx2ixbrl0849">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98C_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zbaUZ3O4Rhq4" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer">235</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: justify"> </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="font-size: 10pt; text-align: left; padding-bottom: 1pt">Investment Securities (held by our licensed broker dealer)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt">Warrants</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_988_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ztDiVJ504s9a" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zVbziE4510w8" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">132</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zgO4XciMPO8c" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">4,463</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_980_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zt5vtXKcgGd5" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">4,595</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total assets measured at fair value </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_983_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zWZKKqn50Fb5" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,806</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98F_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zHc2BQpRsvM4" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">132</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z3bxXQ2MsHk5" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">4,463</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_980_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231_zUHehZ18Lob4" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">7,401</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zIWcQtXRunp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the year ended December 31, 2025, the Company did not have any transfers between Level 1, Level 2, or Level 3 of the fair value hierarchy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_89E_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_gL3FVAMORBUIR-BRK_zubCz0KS0w3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B2_zLQDKsgMVcPa" style="display: none">Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td id="xdx_49A_20250101__20251231_zOXfDIxljjqj" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_406_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zlCvYQUqiela" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">December 31, 2024</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">2,662</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zafdvOmK9mMl" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt">Beginning Balance</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left">$</td><td style="display: none; font-size: 10pt; text-align: right">2,662</td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease_pn3n3_zFjOso181nYc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Receipt from investment banking fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,690</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_pn3n3_zqcXodyPYKO6" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Unrealized gain</td><td style="font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">111</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_z8goyZIAlUD7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">December 31, 2025</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,463</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_z0ImEbOhMri2" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt; padding-bottom: 2.5pt">Ending Balance</td><td style="display: none; font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: right">4,463</td><td style="display: none; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zwiD6wiM66M7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p id="xdx_890_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_gL3FVAALMORAN-L_zAkPAt4hh3K6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>The following table present information about significant unobservable inputs related to material components of Level 3 warrants as of December 31, 2025 (in thousands)</b>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B8_zYKZqfnooG2" style="display: none">Schedule of Significant Unobservable Inputs Related to Material Components of Level 3 Warrants</span></span></p> <table cellpadding="0" cellspacing="0" style="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left"><span style="font-size: 10pt"><b>Assets</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Fair Value</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Valuation<br/> Techniques</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Ranges of<br/> Inputs</b></span></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"><span style="font-size: 10pt"><b>Weighted-Average</b></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 33%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Warrants</span></td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_987_eus-gaap--WarrantsAndRightsOutstanding_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zGJ46KNMhby3" style="text-align: right" title="Warrants, Fair value"><span style="font-size: 10pt">4,463</span></td> <td> </td> <td> </td> <td><span style="font-size: 10pt">Black Scholes</span></td> <td> </td> <td><span style="font-size: 10pt">Volatility</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zerGRqZc5bTe" title="Range of inputs">95.92</span> -  <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zjSG43wxIkNi" title="Range of inputs">120.3</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_984_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--WeightedAverageMember_zK3SVvf8OeW3" style="text-align: right" title="Weighted measurement input"><span style="font-size: 10pt">115.45</span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <p id="xdx_8AE_z2C5euSaftok" 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 0pt 0.25in; text-align: justify"><span id="xdx_C0C_gL3SOFVAALMOR-YZJZHH_zlqM1QVW6kJb"><b>The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, except for the Level 3 investment that is recorded at cost (in thousands):</b></span></p> <div id="xdx_C04_gL3SOFVAALMOR-YZJZHH_zKHclHGg20w9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_307_134_zJ4jvCAPyYU1" style="border-collapse: collapse; width: 90%; margin-right: 0pt; margin-left: 0.25in" summary="xdx: Disclosure - Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Assets</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Classification</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-size: 10pt; text-align: left">Investment Securities (held by our licensed broker dealer)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 14%; font-size: 10pt; text-align: left">Equity securities - common stock</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_983_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ztq1kaSQACS4" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,528</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_988_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zan0tGANGXd9" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0901">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z1sdK04Ksegc" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0903">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_984_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zau6N9aOAAFg" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,528</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Investment Securities (held by our licensed broker dealer)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Warrants</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zfRdboQCEt34" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0907">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_986_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ziw9ZEWYpvx2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">668</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_987_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5yzqaIoyP3j" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,662</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98C_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSZ9UgPeL4tl" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">3,330</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total assets measured at fair value (held by our licensed broker dealer)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_982_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z21BZSqbm8H" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,528</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_987_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z0vciQfjC1hj" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">668</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_981_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z3edShlEpCg2" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,662</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98E_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231_zVvimIVVRECi" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">5,858</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_C0C_gL3SOFVAALMOR-YZJZHH_zWa3Fx0mjlFf"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the year ended December 31, 2024, the Company did not have any transfers between Level 1, Level 2, or Level 3 of the fair value hierarchy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_C04_gL3FVAMORBUIR-BRK_zQrFBAw5dIYe"> </span></p> <div id="xdx_C08_gL3FVAMORBUIR-BRK_z3xAKOAdAp5d"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_304_134_pn3n3_zbHzz9SxyZf6" style="border-collapse: collapse; width: 96%; margin-left: 0.25in" summary="xdx: Disclosure - Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy (Details)"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td id="xdx_492_20240101__20241231_zQKzfZdXzGI5" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_405_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_zWSd3P8HiwI2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">December 31, 2023</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">3,134</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_zh6Q81Tbfp21" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt">Beginning Balance</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left">$</td><td style="display: none; font-size: 10pt; text-align: right">3,134</td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_zX1b9OgDqn87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Unrealized gains</td><td style="font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(472</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_zrn8NID0uWxk" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt; text-align: left">Unrealized (loss) gains</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right">(472</td><td style="display: none; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_zkT9NuMx7Bz7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">December 31, 2024</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,662</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_zAVNeCUE3Awk" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-size: 10pt; padding-bottom: 2.5pt">Ending Balance</td><td style="display: none; font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: right">2,662</td><td style="display: none; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_C05_gL3FVAMORBUIR-BRK_z2jUR5Nf99T4"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span id="xdx_C09_gL3FVAALMORAN-L_zDICDGAXkhH3"><b>The following table present information about significant unobservable inputs related to material components of Level 3 warrants as of December 31, 2024 (in thousands)</b>:</span></p> <div id="xdx_C02_gL3FVAALMORAN-L_z8NPe4RhThA9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left"><span style="font-size: 10pt"><b>Assets</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Fair Value</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Valuation<br/> Techniques</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Ranges of<br/> Inputs</b></span></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"><span style="font-size: 10pt"><b>Weighted-Average</b></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 33%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Warrants</span></td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_982_eus-gaap--WarrantsAndRightsOutstanding_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zXejIrL7q0og" style="text-align: right" title="Warrants, Fair value"><span style="font-size: 10pt">2,662</span></td> <td> </td> <td> </td> <td><span style="font-size: 10pt">Black Scholes</span></td> <td> </td> <td><span style="font-size: 10pt">Volatility</span></td> <td> </td> <td> </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z00HWruzcq2h" style="text-align: right" title="Range of inputs"><span style="font-size: 10pt">111.03</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_980_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--WeightedAverageMember_zoW4whkUg0W3" style="text-align: right" title="Weighted measurement input"><span style="font-size: 10pt">111.03</span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_C08_gL3FVAALMORAN-L_zFRFYdbkeMvc"> </span></p> 100000 50000 <p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_gL3SOFVAALMOR-YZJZHH_zKNdk4IUdr21" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025, except for the Level 3 investment that is recorded at cost (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_z82LCnEDOUFb" style="display: none">Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis</span></span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Assets</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Classification</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-size: 10pt; text-align: left">Investment securities, at fair value, held by the licensed broker dealer</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 14%; font-size: 10pt; text-align: left">Equity securities - common stock</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_985_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z5yaXsnvskfc" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,571</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZ1zvbRlmcme" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0839">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98D_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZUCyH4JyD8" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0841">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zHTnUCVVXmhe" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,571</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Investment securities, at fair value, held by the non-licensed broker dealer</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">Equity securities - common stock</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQqDkj5bP8S8" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer">235</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98B_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zmKOhKeS9lKh" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer"><span style="-sec-ix-hidden: xdx2ixbrl0847">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_980_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zXUzqOXynTn3" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer"><span style="-sec-ix-hidden: xdx2ixbrl0849">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98C_ecustom--InvestmentSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_iI_pn3n3_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zbaUZ3O4Rhq4" style="font-size: 10pt; text-align: right" title="Investment securities, at fair value, held by the non-licensed broker dealer">235</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: justify"> </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="font-size: 10pt; text-align: left; padding-bottom: 1pt">Investment Securities (held by our licensed broker dealer)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt">Warrants</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_988_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ztDiVJ504s9a" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0853">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98A_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zVbziE4510w8" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">132</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zgO4XciMPO8c" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">4,463</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_980_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zt5vtXKcgGd5" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">4,595</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total assets measured at fair value </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_983_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zWZKKqn50Fb5" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,806</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98F_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zHc2BQpRsvM4" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">132</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98B_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z3bxXQ2MsHk5" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">4,463</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_980_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20251231_zUHehZ18Lob4" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">7,401</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <b>The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, except for the Level 3 investment that is recorded at cost (in thousands):</b><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_307_134_zJ4jvCAPyYU1" style="border-collapse: collapse; width: 90%; margin-right: 0pt; margin-left: 0.25in" summary="xdx: Disclosure - Schedule of Fair Value of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Assets</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Classification</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 1</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 2</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-size: 10pt; text-align: left">Investment Securities (held by our licensed broker dealer)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 14%; font-size: 10pt; text-align: left">Equity securities - common stock</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_983_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ztq1kaSQACS4" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,528</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_988_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zan0tGANGXd9" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0901">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z1sdK04Ksegc" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0903">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_984_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zau6N9aOAAFg" style="width: 10%; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,528</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: justify"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Investment Securities (held by our licensed broker dealer)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Warrants</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zfRdboQCEt34" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value"><span style="-sec-ix-hidden: xdx2ixbrl0907">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_986_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_ziw9ZEWYpvx2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">668</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_987_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5yzqaIoyP3j" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,662</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98C_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zSZ9UgPeL4tl" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Investment securities, at fair value">3,330</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total assets measured at fair value (held by our licensed broker dealer)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_982_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z21BZSqbm8H" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,528</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_987_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z0vciQfjC1hj" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">668</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_981_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z3edShlEpCg2" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">2,662</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98E_ecustom--InvestmentSecuritiesAtFairValue_iI_pn3n3_c20241231_zVvimIVVRECi" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Investment securities, at fair value">5,858</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>   2571000 2571000 235000 235000 132000 4463000 4595000 2806000 132000 4463000 7401000 <p id="xdx_89E_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_gL3FVAMORBUIR-BRK_zubCz0KS0w3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B2_zLQDKsgMVcPa" style="display: none">Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td id="xdx_49A_20250101__20251231_zOXfDIxljjqj" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_406_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zlCvYQUqiela" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">December 31, 2024</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">2,662</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_pn3n3_zafdvOmK9mMl" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt">Beginning Balance</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left">$</td><td style="display: none; font-size: 10pt; text-align: right">2,662</td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease_pn3n3_zFjOso181nYc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Receipt from investment banking fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,690</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_pn3n3_zqcXodyPYKO6" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Unrealized gain</td><td style="font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">111</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_z8goyZIAlUD7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">December 31, 2025</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,463</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_pn3n3_z0ImEbOhMri2" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt; padding-bottom: 2.5pt">Ending Balance</td><td style="display: none; font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: right">4,463</td><td style="display: none; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Reconciliation of fair value measurements categorized within Level 3 of the fair value hierarchy (in thousands):</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_304_134_pn3n3_zbHzz9SxyZf6" style="border-collapse: collapse; width: 96%; margin-left: 0.25in" summary="xdx: Disclosure - Schedule of Reconciliation of Fair Value Measurements Within Level 3 of Fair Value Hierarchy (Details)"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td id="xdx_492_20240101__20241231_zQKzfZdXzGI5" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_405_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_zWSd3P8HiwI2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">December 31, 2023</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">3,134</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iS_zh6Q81Tbfp21" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt">Beginning Balance</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left">$</td><td style="display: none; font-size: 10pt; text-align: right">3,134</td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_zX1b9OgDqn87" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Unrealized gains</td><td style="font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(472</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_406_ecustom--FairValueMeasurementWithUnobservableInputReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss_zrn8NID0uWxk" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt; text-align: left">Unrealized (loss) gains</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right">(472</td><td style="display: none; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_zkT9NuMx7Bz7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">December 31, 2024</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,662</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_iE_zAVNeCUE3Awk" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-size: 10pt; padding-bottom: 2.5pt">Ending Balance</td><td style="display: none; font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; display: none; font-size: 10pt; text-align: right">2,662</td><td style="display: none; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table>   2662000 2662000 1690000 111000 4463000 4463000 <p id="xdx_890_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_gL3FVAALMORAN-L_zAkPAt4hh3K6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>The following table present information about significant unobservable inputs related to material components of Level 3 warrants as of December 31, 2025 (in thousands)</b>:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B8_zYKZqfnooG2" style="display: none">Schedule of Significant Unobservable Inputs Related to Material Components of Level 3 Warrants</span></span></p> <table cellpadding="0" cellspacing="0" style="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left"><span style="font-size: 10pt"><b>Assets</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Fair Value</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Valuation<br/> Techniques</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Ranges of<br/> Inputs</b></span></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"><span style="font-size: 10pt"><b>Weighted-Average</b></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 33%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Warrants</span></td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_987_eus-gaap--WarrantsAndRightsOutstanding_iI_pn3n3_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zGJ46KNMhby3" style="text-align: right" title="Warrants, Fair value"><span style="font-size: 10pt">4,463</span></td> <td> </td> <td> </td> <td><span style="font-size: 10pt">Black Scholes</span></td> <td> </td> <td><span style="font-size: 10pt">Volatility</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MinimumMember_zerGRqZc5bTe" title="Range of inputs">95.92</span> -  <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_907_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--MaximumMember_zjSG43wxIkNi" title="Range of inputs">120.3</span></span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_984_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--WeightedAverageMember_zK3SVvf8OeW3" style="text-align: right" title="Weighted measurement input"><span style="font-size: 10pt">115.45</span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <b>The following table present information about significant unobservable inputs related to material components of Level 3 warrants as of December 31, 2024 (in thousands)</b>:<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: left"><span style="font-size: 10pt"><b>Assets</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Fair Value</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Valuation<br/> Techniques</b></span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs</b></span></td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Ranges of<br/> Inputs</b></span></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"><span style="font-size: 10pt"><b>Weighted-Average</b></span></td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 33%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 12%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Warrants</span></td> <td> </td> <td><span style="font-size: 10pt">$</span></td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_982_eus-gaap--WarrantsAndRightsOutstanding_iI_pn3n3_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zXejIrL7q0og" style="text-align: right" title="Warrants, Fair value"><span style="font-size: 10pt">2,662</span></td> <td> </td> <td> </td> <td><span style="font-size: 10pt">Black Scholes</span></td> <td> </td> <td><span style="font-size: 10pt">Volatility</span></td> <td> </td> <td> </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z00HWruzcq2h" style="text-align: right" title="Range of inputs"><span style="font-size: 10pt">111.03</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td> </td> <td class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFNpZ25pZmljYW50IFVub2JzZXJ2YWJsZSBJbnB1dHMgUmVsYXRlZCB0byBNYXRlcmlhbCBDb21wb25lbnRzIG9mIExldmVsIDMgV2FycmFudHMgKERldGFpbHMpAA__" id="xdx_980_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__srt--RangeAxis__srt--WeightedAverageMember_zoW4whkUg0W3" style="text-align: right" title="Weighted measurement input"><span style="font-size: 10pt">111.03</span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table>   4463000 95.92 120.3 115.45 2528000 2528000 668000 2662000 3330000 2528000 668000 2662000 5858000 3134000 3134000 -472000 -472000 2662000 2662000 2662000 111.03 111.03 <p id="xdx_846_eus-gaap--DebtPolicyTextBlock_zgWoIHtxQztb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>Secured Debt–- Revolving Credit Facility</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company entered into a revolving credit facility with a bank, (the “Lender”) on July 26, 2024 for a commitment of up to $<span id="xdx_90C_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn5n6_c20240726__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_z0EOvrB8hnAd" title="Revolving credit, maximum borrowing capacity">2.0</span> million and which matures <span id="xdx_90E_eus-gaap--LineOfCreditFacilityExpirationDate1_dd_c20240726__20240726__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zhhYByZAPftd" title="Maturity date">July 26, 2025</span>. The loan has a variable interest rate equal to a defined index, currently the Lender’s rate on the sale of Federal Funds, plus <span id="xdx_904_eus-gaap--DebtInstrumentBasisSpreadOnVariableRate1_pid_dp_c20240726__20240726__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zBayzkWHgzIa" title="Variable rate">2.25</span>%. The loan commenced with a calculated interest rate of <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20240726__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zpgvzJk0sZ65" title="Interest rate">7.75</span>%. If the Lender determines, in its sole discretion, that the index becomes unavailable or unreliable, either temporary, indefinitely, or permanently, during the term of this loan, the Lender may amend this loan by designating a substantially similar substitute index. The agreement provides for a quarterly payment of the greater of accrued interest or a non-usage fee of $<span id="xdx_907_eus-gaap--LineOfCreditFacilityCommitmentFeeAmount_pn3n3_c20240726__20240726__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zmaGjZ86t8Ae" title="Credit non-usage fee">5</span> thousand. The Company has not made any draw downs on the credit facility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company granted the Lender a security interest in a cash checking account held at the bank as collateral. The Lender has a right of setoff available from this cash account when the line of credit is accessed. As of December 31, 2025 and 2024, there was $<span id="xdx_904_eus-gaap--Deposits_iI_pn5n6_c20251231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zyQmiqWvezV7" title="Deposits">2.1</span> and $<span id="xdx_905_eus-gaap--Deposits_iI_pn5n6_c20241231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zXBTreFjla7j" title="Deposits">2.1</span> million deposited in this account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company is responsible for the payment of all of the Lender’s legal and other fees incurred in connection with administering the loan. The Company has incurred no such costs or debt issue costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2025 and 2024, there are <span id="xdx_909_eus-gaap--LineOfCredit_iI_do_c20251231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zZIwhsjYOybh" title="Outstanding indebtedness"><span id="xdx_90A_eus-gaap--LineOfCredit_iI_do_c20241231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zkDXvC2Zhwpe" title="Outstanding indebtedness">no</span></span> outstanding indebtedness under the credit facility and interest expense totaled $<span id="xdx_90A_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_c20251231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zeQjdwsqGVrk" title="Interest payable"><span id="xdx_90F_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_c20241231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zjlzMwhVXdI7" title="Interest payable">0</span></span>. The Company is in compliance with all covenants under the agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> 2000000.0 2025-07-26 0.0225 0.0775 5000 2100000 2100000 0 0 0 0 <p id="xdx_84B_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zyma5WBbqKKh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Property and Equipment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and equipment are recorded at cost. Major improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Gains and losses from disposition of property and equipment are included in the statement of operations when realized. Depreciation is provided using the straight-line method over the following estimated useful lives:</p> <p id="xdx_89C_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_z2SMZIqFk2k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zJpn0xSXA7Yc" style="display: none">Schedule of Estimated Useful Lives of Property and Equipment</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span> </p> <table cellpadding="0" cellspacing="0" style="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><span style="font-size: 10pt">Laboratory equipment</span></td> <td style="width: 2%"> </td> <td style="width: 49%"><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_zl6LFUMCpzsi" title="Property and equipment, estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-size: 10pt">Developed software</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DevelopedSoftwareMember_zXEuEITjOKob" title="Property and equipment, estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Furniture and fixtures</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z8cJloSaFDdg" title="Property and equipment, estimated useful lives">7</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-size: 10pt">Leasehold improvements</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zH6hFzsnmtj" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2025%23UsefulLifeTermOfLeaseMember"><span style="-sec-ix-hidden: xdx2ixbrl0974">Lesser of the lease duration or the life of the improvements</span></span></span></td></tr> </table> <p id="xdx_8AD_zPIXDQXW8b0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p id="xdx_899_eus-gaap--PropertyPlantAndEquipmentTextBlock_zIGdQDsmIjw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and equipment consist of the following as of December 31, 2025 and 2024, respectively, (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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_8B6_z8fPKC7TjJZh" style="display: none">Schedule of Property And Equipment</span></span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_zDu3cASrOjek" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2025</b></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_zMlOAIjI3y21" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2024<span></span></b></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_407_eus-gaap--CapitalizedComputerSoftwareGross_iI_pn3n3_zGuZwmqWxWGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Developed software</td><td style="width: 2%; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; font-size: 10pt; text-align: right">139</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; font-size: 10pt; text-align: right">113</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENz9CG_z2pDn4OK5cqj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total property and equipment</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">139</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">113</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENz9CG_z6sVmD9eQLr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(22</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(23</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENz9CG_zRDbqFrGjXz9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">117</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">90</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zSieLJh9Yjw4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_89C_ecustom--PropertyPlantAndEquipmentEstimatedUsefulLivesTableTextBlock_z2SMZIqFk2k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zJpn0xSXA7Yc" style="display: none">Schedule of Estimated Useful Lives of Property and Equipment</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span> </p> <table cellpadding="0" cellspacing="0" style="width: 96%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%"><span style="font-size: 10pt">Laboratory equipment</span></td> <td style="width: 2%"> </td> <td style="width: 49%"><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--LaboratoryEquipmentMember_zl6LFUMCpzsi" title="Property and equipment, estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-size: 10pt">Developed software</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--DevelopedSoftwareMember_zXEuEITjOKob" title="Property and equipment, estimated useful lives">5</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-size: 10pt">Furniture and fixtures</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z8cJloSaFDdg" title="Property and equipment, estimated useful lives">7</span> years</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-size: 10pt">Leasehold improvements</span></td> <td> </td> <td><span style="font-size: 10pt"><span id="xdx_900_eus-gaap--PropertyPlantAndEquipmentUsefulLifeDescriptionOfTermExtensibleEnumeration_iI_dxL_c20251231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zH6hFzsnmtj" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2025%23UsefulLifeTermOfLeaseMember"><span style="-sec-ix-hidden: xdx2ixbrl0974">Lesser of the lease duration or the life of the improvements</span></span></span></td></tr> </table> P5Y P5Y P7Y <p id="xdx_899_eus-gaap--PropertyPlantAndEquipmentTextBlock_zIGdQDsmIjw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and equipment consist of the following as of December 31, 2025 and 2024, respectively, (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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_8B6_z8fPKC7TjJZh" style="display: none">Schedule of Property And Equipment</span></span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20251231_zDu3cASrOjek" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2025</b></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_zMlOAIjI3y21" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2024<span></span></b></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_407_eus-gaap--CapitalizedComputerSoftwareGross_iI_pn3n3_zGuZwmqWxWGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Developed software</td><td style="width: 2%; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; font-size: 10pt; text-align: right">139</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; font-size: 10pt; text-align: right">113</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENz9CG_z2pDn4OK5cqj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total property and equipment</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">139</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">113</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENz9CG_z6sVmD9eQLr" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(22</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(23</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENz9CG_zRDbqFrGjXz9" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">117</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">90</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> 139000 113000 139000 113000 22000 23000 117000 90000 <p id="xdx_845_eus-gaap--RevenueRecognitionPolicyTextBlock_ziTtwP2xkno9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Revenue </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 0pt 0.25in; text-align: justify">The Company generates revenue primarily from providing brokerage services and underwriting through Public Ventures. PatentVest and eXoZymes, have had limited activity during the years ended December 31, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Brokerage revenues consist of (i) trade-based commission income from executed trade orders, (ii) net realized gains and losses from proprietary trades, and (iii) other income consisting primarily of stock loan income earned on customer accounts. Public Ventures recognizes revenue from trade-based commissions and other income when performance obligations are satisfied through the transfer of control, as specified in the contract, of promised services to the customers of Public Ventures. Commissions are recognized on a trade date basis. Public Ventures believes that each executed trade order represents a single performance obligation that is fulfilled on the trade date because that is when the underlying financial instrument is identified, the pricing is agreed upon, and the risks and rewards of ownership have been transferred to/from the customer. When another party is involved in transferring a good or service to a customer, Public Ventures assesses whether revenue is presented based on the gross consideration received from customers (principal) or net of amounts paid to a third party (agent). Public Ventures has determined that it is acting as the principal as the provider of the brokerage services and therefore records this revenue on a gross basis. Clearing, custody and trade administration fees incurred from Interactive Brokers, the Company’s clearing firm, are recorded effective as of the trade date. The costs are treated as fulfillment costs and are recorded in operating expenses in the consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Brokerage revenue is measured by the transaction price, which is defined as the amount of consideration that Public Ventures expects to receive in exchange for services to customers. The transaction price is adjusted for estimates of known or expected variable consideration based upon the individual contract terms. Variable consideration is recorded as a reduction to revenue based on amounts that Public Ventures expects to refund back to the customer. There were no variable considerations for the years ended December 31, 2025, and 2024, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Investment banking revenues consist of private placement and underwriting fees. The Company generally does not incur costs to obtain contracts with customers that are eligible for deferral or receive fees prior to recognizing revenue related to investment banking transactions, and therefore, as of December 31, 2025 and 2024, the Company did not have any contract assets or liabilities related to these revenues on its consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company enters into underwriting agreements, to act as an underwriter and security offerings which include distribution and sale of securities to investors. These agreements allow non-defaulting underwriters and the issuer’s representative to seek substitute purchasers within 36 hours if the Company defaults on its commitment. If replacements are not found and the default exceeds 10% of the offering, the agreement may be terminated without liability. Under ASC 606, revenue is recognized only upon transfer of cash from the escrow account from investors which is the final receipt of payment, as well receipt of warrants and common stock on the date of closing, with no recognition for defaulted or terminated portions until resolution.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; 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 0 0pt 0.25in; text-align: justify">Private placement fees are related to non-underwritten transactions such as private placements of equity securities, private investments in public equity, and Rule 144A private offerings and are recorded on the closing date of the transaction. Client reimbursements for costs associated for private placement fees are recorded gross within investment banking and various expense captions, excluding compensation. The Company typically receives payments on private placements transactions at the completion of the contract. The Company views the majority of placement fees as a single performance obligation that is satisfied when the transaction is complete, and the revenue is recognized at that point in time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Taxes and regulatory fees assessed by a government authority or agency that are both imposed on and concurrent with a specified revenue-producing transaction, which are collected by Public Ventures from a customer, are excluded from revenue and recorded against general and administrative expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Public Ventures does not incur any costs to obtain contracts with customers for revenues that are eligible for deferral or receive fees prior to recognizing revenue, and therefore, as of December 31, 2025 and 2024, Public Ventures did not have any contract assets or liabilities related to these revenues in its consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the years ended December 31, 2025 and 2024, the Company’s technology development segment did not have any revenue.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">PatentVest recognizes revenue when performance obligations are satisfied by transferring promised goods and services to customers in an amount the Company expects to receive in exchange for those goods or services. PatentVest enters into contracts that can include various combinations of its offerings which are generally capable of being distinct and accounted for as a separate performance obligation for the entire contract or a portion of the contract. When performance obligations are combined into a single contract, PatentVest utilizes stand-alone selling price to allocate the transaction price among the performance obligations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Certain contracts or portions of contracts are duration-based, which in the event of customer cancellation, provide PatentVest with an enforceable right to a proportional payment for the portion of the services provided. Accordingly, revenue from duration-based contracts is recognized using a time-based measure of progress, which PatentVest believes best depicts how it satisfies its performance obligations in these arrangements as control is continuously transferred throughout the contract period. Revenue from certain contracts is recognized over the expected period of performance using a single measure of progress, typically based on hours incurred. Payments received in advance of services being rendered are recorded as a component of contract liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_896_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zfe2eWlP2gw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The PatentVest’s contract liabilities which is presented as deferred revenue, consist of advance payments. The table below shows changes in deferred revenue (in thousands):</p> <p 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zzOhoIIdeFQf" style="display: none">Schedule of Changes in Deferred Revenue</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">Balance as of December 31, 2023</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_c20240101__20241231_zGRN9FexRDQl" style="width: 16%; font-size: 10pt; text-align: right" title="Deferred revenue, Balance">20</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 9pt">Amounts billed but not recognized</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_ecustom--ContractWithCustomerLiabilityAmountsBilledNotRecognized_pn3n3_c20240101__20241231_zYFceMgFV667" style="font-size: 10pt; text-align: right" title="Amounts billed but not recognized"><span style="-sec-ix-hidden: xdx2ixbrl0996">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Revenue recognized</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_c20240101__20241231_zeaXCsMVfoL2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Revenue recognized">20</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Balance as of December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_984_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_c20250101__20251231_zNrKgAU1HjRi" style="font-size: 10pt; text-align: right" title="Deferred revenue, Balance"><span style="-sec-ix-hidden: xdx2ixbrl1000">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 9pt">Amounts billed but not recognized</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ContractWithCustomerLiabilityAmountsBilledNotRecognized_pn3n3_c20250101__20251231_zR4yMUzQfgWb" style="font-size: 10pt; text-align: right" title="Amounts billed but not recognized"><span style="-sec-ix-hidden: xdx2ixbrl1002">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Revenue recognized</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_982_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_c20250101__20251231_zN7a68aqPaYj" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Revenue recognized"><span style="-sec-ix-hidden: xdx2ixbrl1004">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Balance as of December 31, 2025</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_c20250101__20251231_zZCA7xYsEiwl" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Deferred revenue, Balance"><span style="-sec-ix-hidden: xdx2ixbrl1006">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zwq8sGRWvSh1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_896_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zfe2eWlP2gw7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The PatentVest’s contract liabilities which is presented as deferred revenue, consist of advance payments. The table below shows changes in deferred revenue (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BC_zzOhoIIdeFQf" style="display: none">Schedule of Changes in Deferred Revenue</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt">Balance as of December 31, 2023</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_989_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_c20240101__20241231_zGRN9FexRDQl" style="width: 16%; font-size: 10pt; text-align: right" title="Deferred revenue, Balance">20</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 9pt">Amounts billed but not recognized</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_ecustom--ContractWithCustomerLiabilityAmountsBilledNotRecognized_pn3n3_c20240101__20241231_zYFceMgFV667" style="font-size: 10pt; text-align: right" title="Amounts billed but not recognized"><span style="-sec-ix-hidden: xdx2ixbrl0996">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Revenue recognized</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_c20240101__20241231_zeaXCsMVfoL2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Revenue recognized">20</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Balance as of December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_984_eus-gaap--ContractWithCustomerLiability_iS_pn3n3_c20250101__20251231_zNrKgAU1HjRi" style="font-size: 10pt; text-align: right" title="Deferred revenue, Balance"><span style="-sec-ix-hidden: xdx2ixbrl1000">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 9pt">Amounts billed but not recognized</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ContractWithCustomerLiabilityAmountsBilledNotRecognized_pn3n3_c20250101__20251231_zR4yMUzQfgWb" style="font-size: 10pt; text-align: right" title="Amounts billed but not recognized"><span style="-sec-ix-hidden: xdx2ixbrl1002">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 9pt">Revenue recognized</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_982_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_c20250101__20251231_zN7a68aqPaYj" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Revenue recognized"><span style="-sec-ix-hidden: xdx2ixbrl1004">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Balance as of December 31, 2025</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_c20250101__20251231_zZCA7xYsEiwl" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Deferred revenue, Balance"><span style="-sec-ix-hidden: xdx2ixbrl1006">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> 20000 20000 <p id="xdx_845_ecustom--AccountingForResearchGrantsPolicyTextBlock_zKADqWpB076k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Research Grants</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">eXoZymes, receives grant reimbursements, which are netted against research and development expenses in the consolidated statement of operations. Grant reimbursements for capitalized assets are recognized over the useful life of the assets, with the unrecognized portion recorded as deferred grant reimbursements and included in liabilities in the consolidated balance sheet.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Grants function on a reimbursement model are accounted for using the accrual method. They are treated as reductions to expenses, corresponding to the amount of disbursements and obligations eligible for reimbursement. These are for permissible expenses incurred as of December 31, 2024. The reimbursements are anticipated to be received from the respective funding entities in the following year. Management considers such receivables at December 31, 2024, to be fully collectable due to the historical experience with the Federal Government of the United States of America. Accordingly, no allowance for credit losses on the grants receivable was recorded in the accompanying consolidated financial statements. The Company was not engaged in any research grants for the year ended December 31. 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_89B_ecustom--GrantsReceivableActivityTableTextBlock_zZJHPaW14c85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Summary of grants receivable activity for the years ended December 31, 2025 and 2024, is presented below (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B4_zvvVxNvqM2t4" style="display: none">Summary of Grants Receivable Activity</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_znEqRha0u1uj" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_zaR5YVggx5rl" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024<span id="xdx_F5E_zzT4nWlrl6oh">(1)</span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_400_eus-gaap--GrantsReceivable_iS_pn3n3_zxAqmnQodUm9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Balance at beginning of year<span id="xdx_F49_zeT54RJrBuT1">(1)</span></td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1012">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">882</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--GrantCostsExpensed_pn3n3_zBYszimRPJil" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Grant costs expensed</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1015">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,897</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--GrantsForEquipmentPurchased_pn3n3_ztotq5uThaig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Grants for equipment purchased</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1018">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">44</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--GrantFees_pn3n3_zkrGotPdFEM4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Grant fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1021">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">52</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--GrantFundsReceived_pn3n3_zd1r2OD2E8Dk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Grant funds received</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1024">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(2,173</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--RemovalOfBalanceDueToDeconsolidation_pn3n3_ziLD0WrPGhxf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Removal of balance due to deconsolidation of eXoZymes at November 14, 2024</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1027">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(702</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--GrantsReceivable_iE_pn3n3_zv37DVY1UBg3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Balance at end of year</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1030">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1031">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F03_zJR2RXktLp34" style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F17_zX8rGMhjMgSe" style="font-size: 10pt">In 2024, eXoZymes was deconsolidated from the Company’s consolidated financial statements. As all grant-related costs were associated with eXoZymes, no grant-related figures are reported for 2024.</span></td> </tr></table> <p id="xdx_8A0_z4a8wDrTKNud" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">eXoZymes has received three grants provided by the National Institute of Health, the Department of Energy and Department of Defense through December 31, 2024. The first grant was awarded on October 1, 2023 and the latest of these grants was set to expire on May 14, 2026, however grants can be extended, or new phases can be granted, extending the expiration of the grant. None of the grants have commitments made by the parties, provisions for recapture, or any other contingencies, beyond complying with the normal terms of each research and development grant. Research grants received from organizations are subject to the contract agreement as to how eXoZymes, formerly known as eXoZymes, conducts its research activities, and eXoZymes is required to comply with the agreement terms relating to those grants. Amounts received under research grants are nonrefundable, regardless of the success of the underlying research project, to the extent that such amounts are expended in accordance with the approved grant project. eXoZymes is permitted to draw down the research grants after incurring the related expenses. Amounts received under research grants are offset against the related research and development costs in the Company’s consolidated statement of operations. For the years ended December 31, 2025 and 2024, grants amounting $<span id="xdx_905_eus-gaap--OtherResearchAndDevelopmentExpense_c20250101__20251231_zx1DsG46DI38" title="Research and development costs">0</span> and $<span id="xdx_906_eus-gaap--OtherResearchAndDevelopmentExpense_pn5n6_c20240101__20241231_zvUD2nyd6316" title="Research and development costs">2.8</span> million, were offset against the research and development costs. Grant drawdowns, which includes grants costs expensed, grants for equipment purchased, and grant fees, for the years ended December 31, 2025 and 2024, totaled $<span id="xdx_90B_ecustom--GrantDrawdowns_c20250101__20251231_zX0Wcdhg4k9d" title="Grant drawdowns">0</span> and $<span id="xdx_90F_ecustom--GrantDrawdowns_pn5n6_c20240101__20241231_zTw0cXZNZD38" title="Grant drawdowns">2.0</span> million, respectively, which included grant costs expensed, grants for equipment purchased, and grants fees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_89B_ecustom--GrantsReceivableActivityTableTextBlock_zZJHPaW14c85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Summary of grants receivable activity for the years ended December 31, 2025 and 2024, is presented below (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B4_zvvVxNvqM2t4" style="display: none">Summary of Grants Receivable Activity</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20250101__20251231_znEqRha0u1uj" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20240101__20241231_zaR5YVggx5rl" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024<span id="xdx_F5E_zzT4nWlrl6oh">(1)</span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_400_eus-gaap--GrantsReceivable_iS_pn3n3_zxAqmnQodUm9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Balance at beginning of year<span id="xdx_F49_zeT54RJrBuT1">(1)</span></td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1012">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">882</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--GrantCostsExpensed_pn3n3_zBYszimRPJil" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Grant costs expensed</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1015">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,897</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--GrantsForEquipmentPurchased_pn3n3_ztotq5uThaig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Grants for equipment purchased</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1018">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">44</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--GrantFees_pn3n3_zkrGotPdFEM4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Grant fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1021">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">52</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--GrantFundsReceived_pn3n3_zd1r2OD2E8Dk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Grant funds received</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1024">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(2,173</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--RemovalOfBalanceDueToDeconsolidation_pn3n3_ziLD0WrPGhxf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Removal of balance due to deconsolidation of eXoZymes at November 14, 2024</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1027">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(702</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_402_eus-gaap--GrantsReceivable_iE_pn3n3_zv37DVY1UBg3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Balance at end of year</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1030">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1031">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F03_zJR2RXktLp34" style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F17_zX8rGMhjMgSe" style="font-size: 10pt">In 2024, eXoZymes was deconsolidated from the Company’s consolidated financial statements. As all grant-related costs were associated with eXoZymes, no grant-related figures are reported for 2024.</span></td> </tr></table> 882000 1897000 44000 52000 -2173000 -702000 0 2800000 0 2000000.0 <p id="xdx_841_eus-gaap--ResearchAndDevelopmentExpensePolicy_zFio8zeF0yx5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Research and Development Costs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Research and development costs are expensed as incurred. Research and development costs consist primarily of compensation costs, fees paid to consultants, and other expenses relating to the development of eXoZymes’ technology. For the years ended December 31, 2025 and 2024, research and development costs prior to offset of the grants amounted to $<span id="xdx_90B_ecustom--ResearchAndDevelopmentExpenseGross_c20250101__20251231_zHnagssCOgN4" title="Net of grant received">0</span> and $<span id="xdx_904_ecustom--ResearchAndDevelopmentExpenseGross_pn5n6_c20240101__20241231_zw8WD44tPH7l" title="Net of grant received">3.4</span> million, respectively, which included grant costs expensed, grants fees, and research and development costs, net of the grant received.</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 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b> </b></p> 0 3400000 <p id="xdx_84B_ecustom--PatentAndLicensingLegalAndFilingFeesAndCostsPolicyTextBlock_zNGl6M1zDfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Patent and Licensing Legal and Filing Fees and Costs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Due to the significant uncertainty associated with the successful development of one or more commercially viable products based on the Company’s research efforts and related patent applications, all patent and licensing legal and filing fees and costs related to the development and protection of its intellectual property are charged to operations as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Patent and licensing legal and filing fees and costs were $<span id="xdx_90A_eus-gaap--OtherCostAndExpenseOperating_pn3n3_c20250101__20251231_zAAazgXGyKU5" title="Patent and licensing legal and filing fees and costs">54</span> thousand and $<span id="xdx_902_eus-gaap--OtherCostAndExpenseOperating_pn3n3_c20240101__20241231_zE6M4QA6cWb5" title="Patent and licensing legal and filing fees and costs">296</span> thousand for the years ended December 31, 2025 and 2024, respectively. Patent and licensing legal and filing fees and costs are included in general and administrative costs in the Company’s consolidated statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 54000 296000 <p id="xdx_845_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zssHT9mtPbQ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Recently Issued Accounting Pronouncements</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On January 1, 2020, The Company adopted ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”) and retrospectively applied the guidance to prior transactions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The amendments in ASU 2021-10 require the following annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy: (1) information about the nature of the transactions and the related accounting policy used to account for the transactions; (2) the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item; and (3) significant terms and conditions of the transactions, including commitments and contingencies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s consolidated financial statement presentation or disclosures.</p> <p id="xdx_804_eus-gaap--SegmentReportingDisclosureTextBlock_zqY4SbD7RhTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. <span id="xdx_822_zedJztFAtkf1">Segment Reporting</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In its operation of the business, management, including the Company’s chief operating decision maker, who is also the Company’s Chief Executive Officer, reviews certain financial information, including segmented profit and loss and balance sheet statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company currently operates in <span id="xdx_90A_eus-gaap--NumberOfReportableSegments_dc_uSegment_c20250101__20251231_zba93brjOd7k" title="Number of reportable segments">two</span> reportable segments: a broker dealer &amp; intellectual property service and technology development.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The broker dealer &amp; intellectual property service segment currently has two subsidiaries, Public Ventures and PatentVest. Public Ventures is a full-service broker dealer firm focusing on conducting private and public securities offerings. PatentVest offers in-depth patent research used for investment banking due diligence.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The technology development segment currently has two subsidiaries, eXoZymes, and M1. eXoZymes is a research and development stage company synthetic biology company, that is consolidated in the Statement of Operations up to November 14, 2024. M1 research and development stage company that is developing a small molecule senescence platform.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Non-income generating subsidiaries for management of the business, including MDB Management are reported in the Other column in the table below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The segments are based on the discrete financial information reviewed by the Chief Executive Officer to make resource allocation decisions and to evaluate performance. The reportable segments are each managed separately because they will provide a distinct product or provide services with different processes. All reported segment revenues are derived from external customers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The accounting policies of the Company’s reportable segments are in consideration of ASC 280 and the same as those described in the summary of significant accounting policies (see Note 2).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_89D_eus-gaap--LongLivedAssetsByGeographicAreasTableTextBlock_gL3LLABGATTB-CUTW_zvEk2dnfJff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following sets forth the long-lived assets and total assets by segment at December 31, 2025 (in thousands):</p> <p 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zkO4me2B3pk8" style="display: none">Schedule of Long-lived Assets and Total Assets by Segment</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">ASSETS</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--BrokerDealerAndIntellectualPropertyServiceMember_zeGm3LNUjGIj" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Broker<br/> Dealer and<br/> Intellectual<br/> Property<br/> Service</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TechnologyDevelopmentMember_zcbZMLyosrsl" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Technology<br/> Development</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--OtherSegmentsMember_zGlPhHZ2RzWf" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--EliminationsMember_zC2bHg5bN0Ua" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231_z0NyLqDFEtca" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AssetsNoncurrent_iI_pn3n3_zzu8fMKvlUD7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; font-size: 10pt; text-align: justify">Long-lived assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">117</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">      <span style="-sec-ix-hidden: xdx2ixbrl1066">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">547</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">     <span style="-sec-ix-hidden: xdx2ixbrl1068">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">664</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Assets_iI_pn3n3_zrwrkCQlJ5h" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">25,128</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">38,609</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1074">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">63,740</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A8_zsjWS16NaZB5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_890_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_gL3SOSRIBSTB-MWGIM_zm6DXnzPilq6" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zPloS8TgOQDa" style="display: none">Schedule of Statement of Operation by Segment</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--BrokerDealerIntellectualPropertyServiceMember_zmsUppUTSRGa" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Broker<br/> Dealer &amp;<br/> Intellectual<br/> Property<br/> Service</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TechnologyDevelopmentMember_zrWrHbGhlL63" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Technology Development</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--OtherSegmentsMember_zW5BrpeC8f9h" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--EliminationsMember_z1OiMiy5lO65" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_zR2CtlQalrc" style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Consolidated</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingIncomeLossAbstract_iB_z0HvKk5gBVg5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Operating income:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--UnrealizedLossOnInvestmentSecuritiesNetFromLicensedBrokerDealerNotes1And2_i01N_pn3n3_di_zLQAyD0Qvvgl" style="vertical-align: bottom; background-color: White"> <td style="width: 30%; font-size: 10pt; text-align: left">Unrealized (loss) on investment securities, net from the licensed broker dealer <span id="xdx_F4B_zewLDUAXxTw8">(1)</span></td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">(331</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1089">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1090">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1091">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">(331</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_409_ecustom--InvestmentsSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_i01I_pn3n3_z3XCdhHMah51" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Investment securities, at fair value, held by the non-licensed broker dealer (1)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">85</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1095">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1096">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1097">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">85</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--RealizedInvestmentGainsLossesOne_i01_pn3n3_zMkq46JflBx4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Realized gain on investment securities, net from the licensed broker dealer <span id="xdx_F47_zDOEqJXPcqz7">(2)</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1101">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1102">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1103">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FeeIncome_i01_pn3n3_z75w6lRdU654" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Fee income from the licensed broker dealer <span id="xdx_F40_zo1u9pGYbML9">(3)</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">4,282</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1107">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1108">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1109">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">4,282</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ImpairmentOfInvestmentSecurities_i01N_di_zxitFAN2Fjp3" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Impairment loss</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1112">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1113">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1114">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1115">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1116">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherOperatingIncome_i01_pn3n3_zz7DiKDnrtk5" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating income <span id="xdx_F4D_zdiglk5bUe8j">(4)</span></td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">861</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1119">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1120">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1121">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">861</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_i01T_pn3n3_zesmzpastxF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total operating income, net</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,911</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1125">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1126">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1127">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,911</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingExpensesAbstract_iB_zJGRCuuKpyec" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating costs:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpenseAbstract_i01B_zsXiVkEKYe91" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">General and administrative costs:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LaborAndRelatedExpense_i02_pn3n3_zdiHBXM7mDxd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,875</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1143">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">12,094</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1145">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,969</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherNonoperatingExpense_i02_pn3n3_zYfTjFL1toq7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Operating expense, related party</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,471</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1149">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">362</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1151">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,833</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ProfessionalFees_i02_pn3n3_z3ySzdMJZG93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Professional fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,005</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">64</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">868</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1157">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,937</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CommunicationsAndInformationTechnology_i02_pn3n3_zJfQcRLb3Llj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Information technology</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">968</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1161">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">135</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1163">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,103</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--ClearingAndOtherCharges_i02_pn3n3_zpPAGMTrpmre" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Clearing and other charges</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">556</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1167">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1168">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1169">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">556</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherGeneralAndAdministrativeExpense_i02_pn3n3_znbwBwmr5zb7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">General and administrative-other</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">742</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1173">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,497</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1175">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,239</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--GeneralAndAdministrativeExpense_i02T_pn3n3_zAOk4nWkddFf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">General and administrative costs</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">7,617</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">64</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,956</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1181">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">22,637</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ResearchAndDevelopmentExpense_i02_pn3n3_zskYsgAMkCJl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Research and development costs</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1184">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1185">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1186">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1187">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1188">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingExpenses_i01T_pn3n3_zLgZCyfaTS5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total operating costs</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,617</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">14,956</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1193">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">22,637</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--NetOperatingIncomeLoss_iT_pn3n3_zrIierldZ4T1" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net operating (loss)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,706</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(64</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(14,956</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1199">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(17,726</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OtherNonoperatingIncomeExpenseAbstract_iB_pn3n3_zojnS0jg4fef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other income and expense:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--MiscellaneousIncome_pn3n3_zLrqgUQKpwvl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Miscellaneous income</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">75</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1209">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1210">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1211">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">75</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InterestExpenseNonoperating_i01N_pn3n3_di_z7eafuHWNQ52" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(990</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1215">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1216">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">990</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1218">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherNonoperatingIncome_i01_pn3n3_zKw4Aws7eeVf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interest income</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">471</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1221">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,136</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(990</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">617</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--GainRelatedToDilutionEvents_i01_pn3n3_zcBNWLxpXySk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain related to dilution events</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1226">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1227">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">61</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1229">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">61</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeconsolidationGainOrLossAmount_i01_zTkZ8Yb74lx6" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain on deconsolidation of subsidiary</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1232">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1233">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1234">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1235">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1236">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_zuFjLfJo3MTe" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">(Loss) before income taxes</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(3,150</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(64</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(13,759</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1241">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(16,973</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_zMBLAtT4rIz1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1245">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1246">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1247">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestment_pn3n3_zzgkoWOiXIw" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Income (loss) before equity method investee</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(3,161</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(64</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(13,759</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1253">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(16,984</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--IncomeLossFromEquityMethodInvestment_i01_pn3n3_ziwMXHlip1ee" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity in loss of equity method investee</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1256">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1257">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,282</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1259">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,282</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--ProfitLoss_iT_pn3n3_zobhMCmM7mL3" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net (loss)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(3,161</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(64</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(18,041</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1265">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(21,266</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_zVxxXDefdtL4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less net loss attributable to non-controlling interests</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1268">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1270">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1271">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_iT_pn3n3_zdPCaBKfaeGe" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net loss attributable to MDB Capital Holdings, LLC</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(3,161</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(43</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(18,041</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1277">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(21,245</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0D_zEor9fRn3qpi" style="font-size: 10pt">(1)</span></td> <td style="text-align: justify"><span id="xdx_F15_zgbWJ4PSadxe" style="font-size: 10pt">Includes unrealized losses on securities held by the broker-dealer and non-broker dealer.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"><span id="xdx_F09_zGLgxMMdFQN9" style="font-size: 10pt">(2)</span></td> <td style="text-align: justify"><span id="xdx_F17_zOe2PuXCzajk" style="font-size: 10pt">Includes realized gains on securities held by the broker-dealer.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"><span id="xdx_F05_z4JoAFWJTPN1" style="font-size: 10pt">(3)</span></td> <td style="text-align: justify"><span id="xdx_F11_zFxNmoNpBLpi" style="font-size: 10pt">Includes fee income generated for the broker-dealer from investment banking activities, including advisory services, capital raising, and other related financial transactions.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"><span id="xdx_F03_zUWsCc363nV3" style="font-size: 10pt">(4)</span></td> <td style="text-align: justify"><span id="xdx_F12_zUyKanJjUJle" style="font-size: 10pt">Includes fees earned from self-clearing activities by the broker-dealer and professional fees generated by PatentVest services.</span></td></tr> </table> <p id="xdx_8AF_zoLhQ72RvHFc" 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"></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 0pt 0.25in; text-align: justify"><span id="xdx_C03_gL3LLABGATTB-CUTW_zZCbmgn9oyGj">The following sets forth the long-lived assets and total assets by segment at December 31, 2024 (in thousands):</span></p> <div id="xdx_C0E_gL3LLABGATTB-CUTW_zk7ARLLz2F94"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_301_134_pn3n3_z8BIYhWOFah8" style="border-collapse: collapse; width: 96%; margin-right: 0pt; margin-left: 0.25in" summary="xdx: Disclosure - Schedule of Long-lived Assets and Total Assets by Segment (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">ASSETS</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--BrokerDealerIntellectualPropertyServiceMember_zxfqZ3K4Y2tb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Broker<br/> Dealer &amp;<br/> Intellectual<br/> Property<br/> Service</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--TechnologyDevelopmentMember_zwebjIF7XvUb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Technology<br/> Development</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--OtherSegmentsMember_zwt74Hy0bln7" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--EliminationsMember_z4xjSKBLaOA3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20241231_zykqqBau8oYe" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--AssetsNoncurrent_iI_zcB5szCPRVQk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; font-size: 10pt; text-align: justify">Long-lived assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">91</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">    <span style="-sec-ix-hidden: xdx2ixbrl1285">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">641</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">    <span style="-sec-ix-hidden: xdx2ixbrl1287">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">732</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Assets_iI_zEbvqLQ6XxQ8" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">21,754</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">50,221</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1293">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">71,976</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_C07_gL3LLABGATTB-CUTW_z7w7ePXwXSrk"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_C0F_gL3SOSRIBSTB-MWGIM_zuVkSPH6Si92"> </span></p> <div id="xdx_C0F_gL3SOSRIBSTB-MWGIM_zKvMYYxqAfxd"><table cellpadding="0" cellspacing="0" id="xdx_307_134_pn3n3_zxDkWDamkN9a" style="border-collapse: collapse; width: 96%; margin-right: 0pt; margin-left: 0.25in" summary="xdx: Disclosure - Schedule of Statement of Operation by Segment (Details)"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--BrokerDealerIntellectualPropertyServiceMember_zNgyo9QxRcDb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Broker<br/> Dealer &amp;<br/> Intellectual<br/> Property<br/> Service</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--TechnologyDevelopmentMember_zVBQNxHgGlHe" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Technology Development</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--OtherSegmentsMember_zfLHp1q4wxLk" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--EliminationsMember_z6aN42ks42Yi" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_z30lEVjjKxWj" style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Consolidated</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingIncomeLossAbstract_iB_zKRi1AQrpD9i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Operating income:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--UnrealizedGainLossOnInvestments_i01_zyb7rlhTFXw9" style="vertical-align: bottom; background-color: White"> <td style="width: 30%; font-size: 10pt; text-align: left">Unrealized (loss) on investment securities, net from the licensed broker dealer <span id="xdx_F43_zWUs8Dto14ke">(1)</span></td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">(275</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1303">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1304">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1305">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">(275</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--FeeIncome_i01_z6d9ZzKadMk3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Fee income from the licensed broker dealer <span id="xdx_F42_z5fs0BmS5l03">(2)</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,221</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1309">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1310">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1311">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,221</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ImpairmentOfInvestmentSecurities_i01N_di_ztiPAN9vDBPc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Impairment loss <span id="xdx_F4A_z2dxI5NLo03f">(3)</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(200</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(200</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--OtherOperatingIncome_i01_zyNFBZXjfPZ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating income <span id="xdx_F4D_zt1W4aTYGOT9">(4)</span></td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">411</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1321">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1322">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1323">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">411</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingIncomeLoss_i01T_zHvhMmllsUH3" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total operating income, net</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,157</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1327">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1328">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1329">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,157</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingExpensesAbstract_iB_zMmiKetVtgrb" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating costs:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpenseAbstract_i01B_zvbbvLQPhjTe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">General and administrative costs:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LaborAndRelatedExpense_i02_zqK1qW87qCrj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,226</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,062</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,769</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1347">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">20,057</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherNonoperatingExpense_i02_zrPywaAV9Cwj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Operating expense, related party</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,301</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1351">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">185</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1353">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,486</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ProfessionalFees_i02_zGxKygTch0B" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Professional fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">820</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,206</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,086</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1359">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,112</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CommunicationsAndInformationTechnology_i02_zLQaYBeMtBTl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Information technology</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">805</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">34</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">83</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1365">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">922</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ClearingAndOtherCharges_i02_zh7JLkyObDE3" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Clearing and other charges</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,137</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1369">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1370">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1371">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,137</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherGeneralAndAdministrativeExpense_i02_zZ34HDAX8LPf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">General and administrative-other</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">806</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">133</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,669</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1377">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,608</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--GeneralAndAdministrativeExpense_i02T_zZhBF38SfJsa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">General and administrative costs</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">8,095</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,435</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">17,792</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1383">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">29,322</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_i02_zIHEVSPhbYY4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Research and development costs</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1386">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,468</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1388">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1389">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,468</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingExpenses_i01T_zvCDo2CdarEk" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total operating costs</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,095</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,903</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,792</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1395">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">30,790</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--NetOperatingIncomeLoss_iT_z02ABQ5Zs9Ec" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net operating (loss)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,938</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,903</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(17,792</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1401">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(28,633</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OtherNonoperatingIncomeExpenseAbstract_iB_ztBJeXpqWF0i" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other income and expense:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--MiscellaneousIncome_zuWi4EoOwQah" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Miscellaneous income</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">112</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1411">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1412">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1413">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">112</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InterestExpenseNonoperating_i01N_di_zY0krAMLtmAj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interest expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(779</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(92</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1418">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">799</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(72</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--OtherNonoperatingIncome_i01_zfjLtL3YPDO9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest income</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">465</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,510</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(799</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,179</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--GainRelatedToDilutionEvents_i01_zZnbGs53y3dl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Gain related to dilution events</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1428">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1429">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">130</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1431">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">130</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeconsolidationGainOrLossAmount_i01_zPqWOkFi4UC6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Gain on deconsolidation of subsidiary</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1434">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1435">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">39,307</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1437">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">39,307</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_zkk18ubnFh3d" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Income (loss) before income taxes</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(6,140</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(4,992</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">23,155</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1443">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">12,023</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_zN3z37vUv7y2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1446">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1448">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1449">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestment_zel5TqRLBvLa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Income (loss) before equity method investee</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(6,140</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(4,994</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">23,155</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1455">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">12,021</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--IncomeLossFromEquityMethodInvestment_i01_zjOzGfZpvHW6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity in loss of equity method investee</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1458">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1459">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(420</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1461">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(420</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--ProfitLoss_iT_zxSS0fvY1v51" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income (loss)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(6,140</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(4,994</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">22,735</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1467">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11,601</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_zPA4DtmKvFQg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less net loss attributable to non-controlling interests</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1470">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(90</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1472">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1473">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(90</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_iT_z4NUZU0Rd7Ig" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net income and (loss) attributable to MDB Capital Holdings, LLC</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(6,140</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(4,904</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">22,735</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1479">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">11,691</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0C_zItwKHS2g4Kh" style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F19_zX8aEhgzrEuk" style="font-size: 10pt">Includes unrealized gains and losses on securities held by the broker-dealer.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F09_zBzu6syX8buj" style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F16_zorbWRAAllIf" style="font-size: 10pt">Includes fee income generated for the broker from investment banking activities, including advisory services, capital raising, and other related financial transactions.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F02_zyhMfb3EvK0b" style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F14_ztBZbU7oANQ5" style="font-size: 10pt">Includes impairment loss of assets from the reduced fair value of the asset.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0E_zCCvHQu57k5a" style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span id="xdx_F1A_zdtty7wgl7m" style="font-size: 10pt">Includes fees earned from self-clearing activities and professional fees generated by PatentVest services.</span></td> </tr></table> </div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_C0F_gL3SOSRIBSTB-MWGIM_zYgOk9fNWKxg"> </span></p> 2 <p id="xdx_89D_eus-gaap--LongLivedAssetsByGeographicAreasTableTextBlock_gL3LLABGATTB-CUTW_zvEk2dnfJff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following sets forth the long-lived assets and total assets by segment at December 31, 2025 (in thousands):</p> <p 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8B7_zkO4me2B3pk8" style="display: none">Schedule of Long-lived Assets and Total Assets by Segment</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">ASSETS</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--BrokerDealerAndIntellectualPropertyServiceMember_zeGm3LNUjGIj" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Broker<br/> Dealer and<br/> Intellectual<br/> Property<br/> Service</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TechnologyDevelopmentMember_zcbZMLyosrsl" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Technology<br/> Development</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--OtherSegmentsMember_zGlPhHZ2RzWf" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20251231__us-gaap--StatementBusinessSegmentsAxis__custom--EliminationsMember_zC2bHg5bN0Ua" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231_z0NyLqDFEtca" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AssetsNoncurrent_iI_pn3n3_zzu8fMKvlUD7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; font-size: 10pt; text-align: justify">Long-lived assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">117</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">      <span style="-sec-ix-hidden: xdx2ixbrl1066">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">547</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">     <span style="-sec-ix-hidden: xdx2ixbrl1068">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">664</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--Assets_iI_pn3n3_zrwrkCQlJ5h" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">25,128</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">38,609</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1074">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">63,740</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> The following sets forth the long-lived assets and total assets by segment at December 31, 2024 (in thousands):<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_301_134_pn3n3_z8BIYhWOFah8" style="border-collapse: collapse; width: 96%; margin-right: 0pt; margin-left: 0.25in" summary="xdx: Disclosure - Schedule of Long-lived Assets and Total Assets by Segment (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">ASSETS</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--BrokerDealerIntellectualPropertyServiceMember_zxfqZ3K4Y2tb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Broker<br/> Dealer &amp;<br/> Intellectual<br/> Property<br/> Service</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--TechnologyDevelopmentMember_zwebjIF7XvUb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Technology<br/> Development</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--OtherSegmentsMember_zwt74Hy0bln7" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231__us-gaap--StatementBusinessSegmentsAxis__custom--EliminationsMember_z4xjSKBLaOA3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20241231_zykqqBau8oYe" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--AssetsNoncurrent_iI_zcB5szCPRVQk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; font-size: 10pt; text-align: justify">Long-lived assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">91</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">    <span style="-sec-ix-hidden: xdx2ixbrl1285">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">641</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">    <span style="-sec-ix-hidden: xdx2ixbrl1287">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">732</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Assets_iI_zEbvqLQ6XxQ8" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">21,754</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">50,221</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1293">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">71,976</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table>   117000 547000 664000 25128000 3000 38609000 63740000 <p id="xdx_890_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_gL3SOSRIBSTB-MWGIM_zm6DXnzPilq6" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span><span id="xdx_8BE_zPloS8TgOQDa" style="display: none">Schedule of Statement of Operation by Segment</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--BrokerDealerIntellectualPropertyServiceMember_zmsUppUTSRGa" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Broker<br/> Dealer &amp;<br/> Intellectual<br/> Property<br/> Service</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--TechnologyDevelopmentMember_zrWrHbGhlL63" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Technology Development</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--OtherSegmentsMember_zW5BrpeC8f9h" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231__us-gaap--StatementBusinessSegmentsAxis__custom--EliminationsMember_z1OiMiy5lO65" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231_zR2CtlQalrc" style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Consolidated</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingIncomeLossAbstract_iB_z0HvKk5gBVg5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Operating income:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--UnrealizedLossOnInvestmentSecuritiesNetFromLicensedBrokerDealerNotes1And2_i01N_pn3n3_di_zLQAyD0Qvvgl" style="vertical-align: bottom; background-color: White"> <td style="width: 30%; font-size: 10pt; text-align: left">Unrealized (loss) on investment securities, net from the licensed broker dealer <span id="xdx_F4B_zewLDUAXxTw8">(1)</span></td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">(331</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1089">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1090">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1091">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">(331</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_409_ecustom--InvestmentsSecuritiesAtFairValueHeldByNonlicensedBrokerDealer_i01I_pn3n3_z3XCdhHMah51" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Investment securities, at fair value, held by the non-licensed broker dealer (1)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">85</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1095">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1096">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1097">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">85</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--RealizedInvestmentGainsLossesOne_i01_pn3n3_zMkq46JflBx4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Realized gain on investment securities, net from the licensed broker dealer <span id="xdx_F47_zDOEqJXPcqz7">(2)</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1101">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1102">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1103">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--FeeIncome_i01_pn3n3_z75w6lRdU654" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Fee income from the licensed broker dealer <span id="xdx_F40_zo1u9pGYbML9">(3)</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">4,282</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1107">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1108">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1109">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">4,282</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ImpairmentOfInvestmentSecurities_i01N_di_zxitFAN2Fjp3" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Impairment loss</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1112">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1113">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1114">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1115">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1116">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OtherOperatingIncome_i01_pn3n3_zz7DiKDnrtk5" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating income <span id="xdx_F4D_zdiglk5bUe8j">(4)</span></td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">861</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1119">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1120">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1121">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">861</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_i01T_pn3n3_zesmzpastxF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total operating income, net</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,911</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1125">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1126">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1127">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,911</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingExpensesAbstract_iB_zJGRCuuKpyec" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating costs:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpenseAbstract_i01B_zsXiVkEKYe91" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">General and administrative costs:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LaborAndRelatedExpense_i02_pn3n3_zdiHBXM7mDxd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,875</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1143">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">12,094</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1145">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,969</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherNonoperatingExpense_i02_pn3n3_zYfTjFL1toq7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Operating expense, related party</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,471</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1149">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">362</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1151">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,833</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ProfessionalFees_i02_pn3n3_z3ySzdMJZG93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Professional fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,005</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">64</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">868</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1157">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,937</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CommunicationsAndInformationTechnology_i02_pn3n3_zJfQcRLb3Llj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Information technology</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">968</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1161">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">135</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1163">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,103</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--ClearingAndOtherCharges_i02_pn3n3_zpPAGMTrpmre" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Clearing and other charges</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">556</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1167">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1168">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1169">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">556</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherGeneralAndAdministrativeExpense_i02_pn3n3_znbwBwmr5zb7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">General and administrative-other</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">742</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1173">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,497</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1175">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,239</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--GeneralAndAdministrativeExpense_i02T_pn3n3_zAOk4nWkddFf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">General and administrative costs</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">7,617</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">64</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,956</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1181">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">22,637</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ResearchAndDevelopmentExpense_i02_pn3n3_zskYsgAMkCJl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Research and development costs</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1184">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1185">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1186">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1187">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1188">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingExpenses_i01T_pn3n3_zLgZCyfaTS5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total operating costs</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,617</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">14,956</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1193">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">22,637</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--NetOperatingIncomeLoss_iT_pn3n3_zrIierldZ4T1" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net operating (loss)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,706</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(64</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(14,956</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1199">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(17,726</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OtherNonoperatingIncomeExpenseAbstract_iB_pn3n3_zojnS0jg4fef" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other income and expense:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--MiscellaneousIncome_pn3n3_zLrqgUQKpwvl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Miscellaneous income</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">75</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1209">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1210">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1211">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">75</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--InterestExpenseNonoperating_i01N_pn3n3_di_z7eafuHWNQ52" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(990</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1215">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1216">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">990</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1218">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--OtherNonoperatingIncome_i01_pn3n3_zKw4Aws7eeVf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interest income</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">471</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1221">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,136</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(990</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">617</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--GainRelatedToDilutionEvents_i01_pn3n3_zcBNWLxpXySk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain related to dilution events</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1226">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1227">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">61</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1229">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">61</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeconsolidationGainOrLossAmount_i01_zTkZ8Yb74lx6" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Gain on deconsolidation of subsidiary</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1232">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1233">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1234">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1235">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1236">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_zuFjLfJo3MTe" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">(Loss) before income taxes</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(3,150</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(64</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(13,759</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1241">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(16,973</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_zMBLAtT4rIz1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1245">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1246">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1247">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestment_pn3n3_zzgkoWOiXIw" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Income (loss) before equity method investee</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(3,161</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(64</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(13,759</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1253">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(16,984</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_401_ecustom--IncomeLossFromEquityMethodInvestment_i01_pn3n3_ziwMXHlip1ee" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity in loss of equity method investee</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1256">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1257">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,282</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1259">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,282</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--ProfitLoss_iT_pn3n3_zobhMCmM7mL3" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net (loss)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(3,161</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(64</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(18,041</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1265">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(21,266</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_zVxxXDefdtL4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less net loss attributable to non-controlling interests</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1268">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1270">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1271">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(21</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_iT_pn3n3_zdPCaBKfaeGe" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net loss attributable to MDB Capital Holdings, LLC</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(3,161</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(43</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(18,041</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1277">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(21,245</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0D_zEor9fRn3qpi" style="font-size: 10pt">(1)</span></td> <td style="text-align: justify"><span id="xdx_F15_zgbWJ4PSadxe" style="font-size: 10pt">Includes unrealized losses on securities held by the broker-dealer and non-broker dealer.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"><span id="xdx_F09_zGLgxMMdFQN9" style="font-size: 10pt">(2)</span></td> <td style="text-align: justify"><span id="xdx_F17_zOe2PuXCzajk" style="font-size: 10pt">Includes realized gains on securities held by the broker-dealer.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"><span id="xdx_F05_z4JoAFWJTPN1" style="font-size: 10pt">(3)</span></td> <td style="text-align: justify"><span id="xdx_F11_zFxNmoNpBLpi" style="font-size: 10pt">Includes fee income generated for the broker-dealer from investment banking activities, including advisory services, capital raising, and other related financial transactions.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: left"><span id="xdx_F03_zUWsCc363nV3" style="font-size: 10pt">(4)</span></td> <td style="text-align: justify"><span id="xdx_F12_zUyKanJjUJle" style="font-size: 10pt">Includes fees earned from self-clearing activities by the broker-dealer and professional fees generated by PatentVest services.</span></td></tr> </table>  <table cellpadding="0" cellspacing="0" id="xdx_307_134_pn3n3_zxDkWDamkN9a" style="border-collapse: collapse; width: 96%; margin-right: 0pt; margin-left: 0.25in" summary="xdx: Disclosure - Schedule of Statement of Operation by Segment (Details)"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--BrokerDealerIntellectualPropertyServiceMember_zNgyo9QxRcDb" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Broker<br/> Dealer &amp;<br/> Intellectual<br/> Property<br/> Service</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--TechnologyDevelopmentMember_zVBQNxHgGlHe" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Technology Development</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--OtherSegmentsMember_zfLHp1q4wxLk" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240101__20241231__us-gaap--StatementBusinessSegmentsAxis__custom--EliminationsMember_z6aN42ks42Yi" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Eliminations</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240101__20241231_z30lEVjjKxWj" style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Consolidated</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingIncomeLossAbstract_iB_zKRi1AQrpD9i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Operating income:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--UnrealizedGainLossOnInvestments_i01_zyb7rlhTFXw9" style="vertical-align: bottom; background-color: White"> <td style="width: 30%; font-size: 10pt; text-align: left">Unrealized (loss) on investment securities, net from the licensed broker dealer <span id="xdx_F43_zWUs8Dto14ke">(1)</span></td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">(275</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1303">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1304">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1305">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">(275</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--FeeIncome_i01_z6d9ZzKadMk3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Fee income from the licensed broker dealer <span id="xdx_F42_z5fs0BmS5l03">(2)</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,221</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1309">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1310">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1311">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,221</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--ImpairmentOfInvestmentSecurities_i01N_di_ztiPAN9vDBPc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Impairment loss <span id="xdx_F4A_z2dxI5NLo03f">(3)</span></td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(200</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(200</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--OtherOperatingIncome_i01_zyNFBZXjfPZ8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating income <span id="xdx_F4D_zt1W4aTYGOT9">(4)</span></td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">411</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1321">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1322">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1323">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">411</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--OperatingIncomeLoss_i01T_zHvhMmllsUH3" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total operating income, net</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,157</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1327">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1328">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1329">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,157</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--OperatingExpensesAbstract_iB_zMmiKetVtgrb" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Operating costs:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpenseAbstract_i01B_zvbbvLQPhjTe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">General and administrative costs:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LaborAndRelatedExpense_i02_zqK1qW87qCrj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,226</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,062</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14,769</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1347">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">20,057</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherNonoperatingExpense_i02_zrPywaAV9Cwj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Operating expense, related party</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,301</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1351">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">185</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1353">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,486</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ProfessionalFees_i02_zGxKygTch0B" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Professional fees</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">820</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,206</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,086</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1359">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,112</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CommunicationsAndInformationTechnology_i02_zLQaYBeMtBTl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Information technology</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">805</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">34</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">83</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1365">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">922</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ClearingAndOtherCharges_i02_zh7JLkyObDE3" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Clearing and other charges</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,137</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1369">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1370">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1371">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,137</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherGeneralAndAdministrativeExpense_i02_zZ34HDAX8LPf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">General and administrative-other</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">806</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">133</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,669</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1377">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,608</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--GeneralAndAdministrativeExpense_i02T_zZhBF38SfJsa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">General and administrative costs</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">8,095</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,435</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">17,792</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1383">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">29,322</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ResearchAndDevelopmentExpense_i02_zIHEVSPhbYY4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Research and development costs</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1386">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,468</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1388">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1389">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,468</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingExpenses_i01T_zvCDo2CdarEk" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total operating costs</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,095</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,903</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,792</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1395">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">30,790</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--NetOperatingIncomeLoss_iT_z02ABQ5Zs9Ec" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net operating (loss)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(5,938</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,903</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(17,792</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1401">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(28,633</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OtherNonoperatingIncomeExpenseAbstract_iB_ztBJeXpqWF0i" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other income and expense:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--MiscellaneousIncome_zuWi4EoOwQah" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Miscellaneous income</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">112</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1411">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1412">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1413">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">112</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--InterestExpenseNonoperating_i01N_di_zY0krAMLtmAj" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Interest expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(779</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(92</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1418">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">799</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(72</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--OtherNonoperatingIncome_i01_zfjLtL3YPDO9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest income</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">465</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,510</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(799</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,179</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--GainRelatedToDilutionEvents_i01_zZnbGs53y3dl" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Gain related to dilution events</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1428">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1429">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">130</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1431">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">130</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeconsolidationGainOrLossAmount_i01_zPqWOkFi4UC6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">Gain on deconsolidation of subsidiary</td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1434">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1435">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">39,307</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1437">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">39,307</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_zkk18ubnFh3d" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Income (loss) before income taxes</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(6,140</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(4,992</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">23,155</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1443">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">12,023</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_zN3z37vUv7y2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Income tax expense</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1446">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1448">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1449">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestment_zel5TqRLBvLa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Income (loss) before equity method investee</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(6,140</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(4,994</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">23,155</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1455">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">12,021</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--IncomeLossFromEquityMethodInvestment_i01_zjOzGfZpvHW6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Equity in loss of equity method investee</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1458">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1459">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(420</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1461">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(420</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--ProfitLoss_iT_zxSS0fvY1v51" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Net income (loss)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(6,140</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">(4,994</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">22,735</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1467">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11,601</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_zPA4DtmKvFQg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less net loss attributable to non-controlling interests</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1470">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(90</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1472">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1473">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(90</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--NetIncomeLoss_iT_z4NUZU0Rd7Ig" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net income and (loss) attributable to MDB Capital Holdings, LLC</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(6,140</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(4,904</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">22,735</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1479">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">11,691</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0C_zItwKHS2g4Kh" style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F19_zX8aEhgzrEuk" style="font-size: 10pt">Includes unrealized gains and losses on securities held by the broker-dealer.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F09_zBzu6syX8buj" style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F16_zorbWRAAllIf" style="font-size: 10pt">Includes fee income generated for the broker from investment banking activities, including advisory services, capital raising, and other related financial transactions.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F02_zyhMfb3EvK0b" style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F14_ztBZbU7oANQ5" style="font-size: 10pt">Includes impairment loss of assets from the reduced fair value of the asset.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0E_zCCvHQu57k5a" style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span id="xdx_F1A_zdtty7wgl7m" style="font-size: 10pt">Includes fees earned from self-clearing activities and professional fees generated by PatentVest services.</span></td> </tr></table>   331000 331000 85000 85000 14000 14000 4282000 4282000 861000 861000 4911000 4911000 2875000 12094000 14969000 1471000 362000 1833000 1005000 64000 868000 1937000 968000 135000 1103000 556000 556000 742000 1497000 2239000 7617000 64000 14956000 22637000 7617000 64000 14956000 22637000 -2706000 -64000 -14956000 -17726000 75000 75000 990000 -990000 471000 1136000 -990000 617000 61000 61000 -3150000 -64000 -13759000 -16973000 11000 11000 -3161000 -64000 -13759000 -16984000 -4282000 -4282000 -3161000 -64000 -18041000 -21266000 -21000 -21000 -3161000 -43000 -18041000 -21245000 91000 641000 732000 21754000 1000 50221000 71976000 -275000 -275000 2221000 2221000 200000 200000 411000 411000 2157000 2157000 3226000 2062000 14769000 20057000 1301000 185000 1486000 820000 1206000 1086000 3112000 805000 34000 83000 922000 1137000 1137000 806000 133000 1669000 2608000 8095000 3435000 17792000 29322000 1468000 1468000 8095000 4903000 17792000 30790000 -5938000 -4903000 -17792000 -28633000 112000 112000 779000 92000 -799000 72000 465000 3000 1510000 -799000 1179000 130000 130000 39307000 39307000 -6140000 -4992000 23155000 12023000 2000 2000 -6140000 -4994000 23155000 12021000 -420000 -420000 -6140000 -4994000 22735000 11601000 -90000 -90000 -6140000 -4904000 22735000 11691000 <p id="xdx_80B_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zbT32cUspVz3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>4. <span id="xdx_821_znnEikvNcEoh">Equity and Non-Controlling Interests</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Equity</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Preferred shares – <span id="xdx_901_eus-gaap--PreferredStockSharesAuthorized_iI_c20251231_z4BPQ5xp2mX7" title="Preferred stock, shares authorized">10,000,000</span> shares authorized, <span id="xdx_900_eus-gaap--PreferredStockSharesIssued_iI_do_c20251231_z6MdOwb2BUW1" title="Preferred stock, shares issued"><span id="xdx_902_eus-gaap--PreferredStockSharesOutstanding_iI_do_c20251231_zmUVNqMFALi6" title="Preferred stock, shares outstanding">no</span></span> shares issued and outstanding. The board of directors may designate preferred shares to be issued, and may rank preferred shares as junior to, on parity with or senior to other preferred shares (in each case, with respect to distributions or other payments in respect of shares). Since the board of directors may set all the terms of any class of preferred shares, these are considered “blank check” preferred shares. Currently the board has not defined dividend and liquidation preference, participation rights, call prices and dates, sinking-fund requirements, or terms that may change the conversation or exercise price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Class A Common Shares – <span id="xdx_905_eus-gaap--CommonStockSharesAuthorized_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zNftXpF7D32a" title="Common stock, shares authorized">95,000,000</span> shares authorized, <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHQy6flaBmHl" title="Common stock, shares, issued"><span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zrX3IxQo2ydl" title="Common stock, shares, outstanding">4,950,632</span></span> shares issued and outstanding as of December 31, 2024. These shares are common shares and have one vote per share. Currently there is not a defined dividend or liquidation preference.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Class B Common Shares – <span id="xdx_90E_eus-gaap--CommonStockSharesAuthorized_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zQr9uU8Y3Hql" title="Common stock, shares authorized">5,000,000</span> shares authorized, <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zZ95B7Sjniee" title="Common stock, shares, issued"><span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zAKt2iGo4EGc" title="Common stock, shares, outstanding">5,000,000</span></span> issued and outstanding as of December 31, 2024. These shares are common shares and have five votes per share. Currently there is not a defined dividend or liquidation preference. These shares may be converted one to one for Class A Common Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Placement Agent and Selling Agent Warrants – <span id="xdx_909_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zL57LYQMhBFe" title="Placement agent and selling agent warrants">43,420</span> warrants of Class A common shares have been issued as part of the private placement and the initial public offering. The Placement Agent and Selling Agent Warrants are subject to standard anti-dilution provisions and may include cashless exercise provisions under certain circumstances. The issuance of the Placement and Selling Agent Warrants is a customary part of compensation for the placement or selling agent’s services in connection with prior offerings. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Non-Controlling Interests</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 1, 2024 M1 was incorporated. During the year ended December 31, 2024, the ownership interest in M1, ranged from <span id="xdx_901_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_c20241231__srt--OwnershipAxis__custom--MinnesotaOneMember__srt--RangeAxis__srt--MinimumMember_zPlOXYx5EBNk" title="Ownership interest rate">67.0</span>% to <span id="xdx_902_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_c20241231__srt--OwnershipAxis__custom--MinnesotaOneMember__srt--RangeAxis__srt--MaximumMember_zgIRLn3G5yNi" title="Ownership interest rate">67.9</span>% (weighted average of <span id="xdx_905_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_c20241231__srt--OwnershipAxis__custom--MinnesotaOneMember__srt--RangeAxis__srt--WeightedAverageMember_znwaragf88ci" title="Ownership interest rate">67.47</span> %), with the non-controlling interest ranging from <span id="xdx_907_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_c20241231__srt--OwnershipAxis__custom--MinnesotaOneMember__srt--RangeAxis__srt--MinimumMember_zG6RFwYL43r3" title="Non-controlling interest rate">33.0</span>% to <span id="xdx_90A_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_c20241231__srt--OwnershipAxis__custom--MinnesotaOneMember__srt--RangeAxis__srt--MaximumMember_zYoO7sZOuep8" title="Non-controlling interest rate">32.1</span>% (weighted average of <span id="xdx_907_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_c20241231__srt--OwnershipAxis__custom--MinnesotaOneMember__srt--RangeAxis__srt--WeightedAverageMember_zqybr6fXCRA4" title="Ownership interest rate">32.53</span>%).</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 0pt 0.25in; text-align: justify">During the year ended December 31, 2025, the Company held a weighted average of <span id="xdx_90C_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_c20251231__srt--OwnershipAxis__custom--MinnesotaOneMember__srt--RangeAxis__srt--WeightedAverageMember_z67fcHuaYfzl" title="Ownership interest by parent">67.84</span>% ownership interest in M1, with the remaining <span id="xdx_909_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_c20251231__srt--OwnershipAxis__custom--MinnesotaOneMember__srt--RangeAxis__srt--WeightedAverageMember_zUgUEhVNjwBc" title="Ownership interest by NCI">32.16</span>% representing NCI. During the year ended December 31, 2024, the ownership interest in eXoZymes, ranged from <span id="xdx_90F_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_c20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember__srt--RangeAxis__srt--MinimumMember_zij2aaGvQ0Vh" title="Ownership interest rate">60.94</span>% to <span id="xdx_908_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_dp_c20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember__srt--RangeAxis__srt--MaximumMember_zFxgOv51fUh1" title="Ownership interest rate">47.0</span>%, with the non-controlling interest ranging from <span id="xdx_909_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_c20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember__srt--RangeAxis__srt--MinimumMember_zgBPdVgO7LR9" title="Non-controlling interest rate">39.06</span> % to <span id="xdx_909_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_c20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember__srt--RangeAxis__srt--MaximumMember_zLjv4TDRDaCa" title="Non-controlling interest rate">53.0</span>%. On November 14, 2024 the ownership of eXoZymes by MDB moved below 50%, therefore on that day the eXoZymes was deconsolidated from the financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During each period, controlling and non-controlling interests changes as a result of capital infusions from MDB. For the years ended December 31, 2025, and 2024, there were capital infusions of $<span id="xdx_907_eus-gaap--ProceedsFromContributionsFromParent_pn3n3_c20250101__20251231_z3OhzTWMfmO" title="Capital infusions">93</span> thousand (M1) and $<span id="xdx_907_eus-gaap--ProceedsFromContributionsFromParent_pn3n3_c20240101__20241231_zO1fSF66FOza" title="Capital infusions">177</span> thousand (M1), respectively. The NCI ownership will be equal to the NCI percentage as of the reporting period. Therefore, there will be a redistribution of equity between MDB and the non-controlling interest owner. As of December 31, 2025, the Company’s equity interest in M1 was <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MinnesotaOneMember__srt--RangeAxis__srt--MinimumMember_zkv73oRc6s9" title="Equity interest rate">67.9</span>% to <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MinnesotaOneMember__srt--RangeAxis__srt--MaximumMember_zjtMVKmqrHJa" title="Equity interest rate">67.8</span>%, and the remaining equity interest was owned by the non-controlling interests as presented below. As of December 31, 2024, the Company’s equity interest in M1 was <span id="xdx_90A_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20241231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ExozymeTechnologiesIncMember__srt--RangeAxis__srt--MinimumMember_zTKvLFrPhfYe" title="Equity interest rate">67.9</span>% to <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20241231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ExozymeTechnologiesIncMember__srt--RangeAxis__srt--MaximumMember_zUOUseYen9Y4" title="Equity interest rate">67.0</span>%, and the remaining equity interest was owned by the non-controlling interests as presented below (in thousands):</p> <p id="xdx_890_ecustom--ScheduleOfEquityAndNonControllingInterestsTableTextBlock_z9Is05pwWqf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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_8B2_zicnOOB87EGb" style="display: none">Schedule of Equity and Non-Controlling Interests</span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the Years Ended <br/> December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Non-controlling interest net loss</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_981_eus-gaap--NetIncomeLoss_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zWr6RDg9fa57" style="width: 16%; font-size: 10pt; text-align: right" title="Non-controlling net loss">(64</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--NetIncomeLoss_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_ztA2iFFOG2Z1" style="width: 16%; font-size: 10pt; text-align: right" title="Non-controlling net loss">(276</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Weighted average non-controlling percentage</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98B_ecustom--WeightedAverageNonControllingPercentage_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_z1bJQyiL07ij" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Weighted average non-controlling percentage">32.16</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_ecustom--WeightedAverageNonControllingPercentage_pid_dp_uPure_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zEj8rkCBjvm4" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Weighted average non-controlling percentage">32.53</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net loss non-controlling interest</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zdZMLh4owWm6" style="font-size: 10pt; text-align: right" title="Net loss non-controlling interest">(21</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_985_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zgRUoT5KtNzi" style="font-size: 10pt; text-align: right" title="Net loss non-controlling interest">(90</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Prior period balance</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_903_eus-gaap--MinorityInterest_iS_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zMurvPsBzLN5" title="Prior period balance">(90</span></td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_905_eus-gaap--MinorityInterest_iS_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zKE3C98v5r68" title="Prior period balance">7</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Removal of prior period balance of eXoZymes due to deconsolidation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_ecustom--DueToDeconsolidation_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zxxbfXPqBvLk" style="font-size: 10pt; text-align: right" title="Removal of prior period balance of Exozyme due to deconsolidation"><span style="-sec-ix-hidden: xdx2ixbrl1562">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_ecustom--DueToDeconsolidation_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zcqxZHWj9WQ7" style="font-size: 10pt; text-align: right" title="Removal of prior period balance of Exozyme due to deconsolidation">(7</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Stock-based compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationToNonControllingInterest_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zCr9gC2yi8nd" style="font-size: 10pt; text-align: right" title="Stock-based compensation"><span style="-sec-ix-hidden: xdx2ixbrl1566">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_ecustom--ShareBasedCompensationToNonControllingInterest_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_z7EZ9iT65vmj" style="font-size: 10pt; text-align: right" title="Stock-based compensation"><span style="-sec-ix-hidden: xdx2ixbrl1568">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Ownership change of non-controlling interest</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_ecustom--OwnershipChangeOfNoncontrollingInterest_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_z6hMl72ml2h4" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Ownership change of non-controlling interest"><span style="-sec-ix-hidden: xdx2ixbrl1570">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_986_ecustom--OwnershipChangeOfNoncontrollingInterest_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zRcWaomFVX13" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Ownership change of non-controlling interest"><span style="-sec-ix-hidden: xdx2ixbrl1572">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Ending period balance</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_900_eus-gaap--MinorityInterest_iE_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zPCK1BhahCs8" title="Ending period balance">(111</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_907_eus-gaap--MinorityInterest_iE_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zIZVBDMi0Gtf" title="Ending period balance">(90</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> <p id="xdx_8A5_z1Lzyg2PEibk" 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 0pt 0.25in; text-align: justify">If there is a change in the parent ownership in a subsidiary from an additional investment or from the issuance of stock based compensation, a change of the non-controlling ownership is recognized based on the amount invested as required, and per ASC 810-45-21A, the carrying amount of the non-controlling interest is adjusted to reflect the change in the non-controlling ownership in the subsidiary’s net assets. Since there was a change in the equity, a reclassification of the non-controlling interest in the subsidiary’s net assets is required and demonstrated in the ending period balance above.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 10000000 0 0 95000000 4950632 4950632 5000000 5000000 5000000 43420 0.670 0.679 0.6747 0.330 0.321 0.3253 0.6784 0.3216 0.6094 0.470 0.3906 0.530 93000 177000 0.679 0.678 0.679 0.670 <p id="xdx_890_ecustom--ScheduleOfEquityAndNonControllingInterestsTableTextBlock_z9Is05pwWqf1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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_8B2_zicnOOB87EGb" style="display: none">Schedule of Equity and Non-Controlling Interests</span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the Years Ended <br/> December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Non-controlling interest net loss</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_981_eus-gaap--NetIncomeLoss_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zWr6RDg9fa57" style="width: 16%; font-size: 10pt; text-align: right" title="Non-controlling net loss">(64</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98D_eus-gaap--NetIncomeLoss_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_ztA2iFFOG2Z1" style="width: 16%; font-size: 10pt; text-align: right" title="Non-controlling net loss">(276</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Weighted average non-controlling percentage</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98B_ecustom--WeightedAverageNonControllingPercentage_pid_dp_uPure_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_z1bJQyiL07ij" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Weighted average non-controlling percentage">32.16</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_ecustom--WeightedAverageNonControllingPercentage_pid_dp_uPure_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zEj8rkCBjvm4" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Weighted average non-controlling percentage">32.53</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net loss non-controlling interest</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zdZMLh4owWm6" style="font-size: 10pt; text-align: right" title="Net loss non-controlling interest">(21</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_985_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zgRUoT5KtNzi" style="font-size: 10pt; text-align: right" title="Net loss non-controlling interest">(90</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Prior period balance</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_903_eus-gaap--MinorityInterest_iS_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zMurvPsBzLN5" title="Prior period balance">(90</span></td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_905_eus-gaap--MinorityInterest_iS_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zKE3C98v5r68" title="Prior period balance">7</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Removal of prior period balance of eXoZymes due to deconsolidation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_ecustom--DueToDeconsolidation_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zxxbfXPqBvLk" style="font-size: 10pt; text-align: right" title="Removal of prior period balance of Exozyme due to deconsolidation"><span style="-sec-ix-hidden: xdx2ixbrl1562">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_ecustom--DueToDeconsolidation_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zcqxZHWj9WQ7" style="font-size: 10pt; text-align: right" title="Removal of prior period balance of Exozyme due to deconsolidation">(7</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Stock-based compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationToNonControllingInterest_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zCr9gC2yi8nd" style="font-size: 10pt; text-align: right" title="Stock-based compensation"><span style="-sec-ix-hidden: xdx2ixbrl1566">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_ecustom--ShareBasedCompensationToNonControllingInterest_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_z7EZ9iT65vmj" style="font-size: 10pt; text-align: right" title="Stock-based compensation"><span style="-sec-ix-hidden: xdx2ixbrl1568">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Ownership change of non-controlling interest</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_ecustom--OwnershipChangeOfNoncontrollingInterest_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_z6hMl72ml2h4" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Ownership change of non-controlling interest"><span style="-sec-ix-hidden: xdx2ixbrl1570">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_986_ecustom--OwnershipChangeOfNoncontrollingInterest_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zRcWaomFVX13" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Ownership change of non-controlling interest"><span style="-sec-ix-hidden: xdx2ixbrl1572">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Ending period balance</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_900_eus-gaap--MinorityInterest_iE_pn3n3_c20250101__20251231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zPCK1BhahCs8" title="Ending period balance">(111</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_907_eus-gaap--MinorityInterest_iE_pn3n3_c20240101__20241231__srt--OwnershipAxis__custom--ExozymeTechnologiesIncMember_zIZVBDMi0Gtf" title="Ending period balance">(90</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td></tr> </table> -64000 -276000 0.3216 0.3253 -21000 -90000 -90000 7000 -7000 -111000 -90000 <p id="xdx_808_ecustom--DeconsolidationDisclosureTextBlock_zgA2s0FZ7ZJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 5 – <span id="xdx_827_zZ5CivyykUNc">Deconsolidation</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 14, 2024 (the “Deconsolidation Date”), the Company deconsolidated eXoZymes from its financial statements due to its ownership interest falling below 50%, resulting in the loss of a controlling financial interest. This change occurred in connection with eXoZymes’ completion of its initial public offering, which reduced the Company’s ownership stake.</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 0pt 0.25in; text-align: justify">The consolidated financial statements as of December 31, 2024 reflect the inclusion of eXoZymes’ financial results through the Deconsolidation Date. For the period from November 15, 2024 through December 31, 2024, the Company accounted for its investment in eXoZymes under the equity method, recognizing its proportionate share of eXoZymes’ net loss in the amount of $<span id="xdx_903_eus-gaap--GainOrLossOnSaleOfPreviouslyUnissuedStockByEquityInvestee_pn3n3_c20241115__20241231__dei--LegalEntityAxis__custom--ExozymesIncMember_zYwaPYnN6aU6" title="Equity method, net loss">420</span> thousand, based on eXoZymes’ total net loss of $<span id="xdx_907_eus-gaap--NetIncomeLoss_pn3n3_c20241115__20241231__dei--LegalEntityAxis__custom--ExozymesIncMember_zqRhCrcg4bp4" title="Net loss">893</span> thousand for that period.</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 0pt 0.25in; text-align: justify">As of December 31, 2024, the Company continues to hold a 47% interest in eXoZymes Class A common stock. While the Company and eXoZymes share certain officers, board members, and accounting personnel, the two entities operate independently. eXoZymes also utilizes professional services provided by PatentVest, a wholly owned subsidiary of the Company </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 0pt 0.25in; text-align: justify">The assessment of the potential impairment of the Company’s equity method investments when indicators such as a history of operating losses, a negative earnings and cash flow outlook, and the financial condition and prospects for the investee’s business segment might indicate a loss in value. The Company has not recognized any impairment loss on investment in unconsolidated affiliate to date.  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_89C_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_znmQzXpgD9Ub" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 40pt; text-align: justify">The following table represents the consolidated balance sheet of xXoZymes immediately prior to the Deconsolidation Date (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zaLyXtrRNZ45" style="display: none">Schedule of Consolidated Balance Sheet</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td> </td><td colspan="2" id="xdx_49E_20241231__srt--ConsolidatedEntitiesAxis__custom--ExozymesMember_zTaT0KOHYLYe" style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Assets</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01I_pn3n3_zZ7Bta7BJts1" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="width: 2%"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">68</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--GrantsReceivable_i01I_pn3n3_zBeZI8Qfk3d9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0.25in">Grants receivable</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">701</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i01I_pn3n3_zSb3j8rkuW35" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Prepaid expenses and other current assets</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">441</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredOfferingCosts_i01I_pn3n3_zM7K82YpJtRf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Deferred IPO Costs</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">550</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentNet_i01I_pn3n3_zPkogiIDJgB7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Property and equipment, net</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">710</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_pn3n3_zyo8gcPejVH2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Operating lease right-of-use asset, net</td> <td> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,366</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Assets_i01TI_pn3n3_zMMW3LhApfK7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total assets</td> <td> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,836</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Liabilities and Deficit</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccountsPayableOtherCurrentAndNoncurrent_i01I_pn3n3_zZlZGfilAbul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Accounts payable</td> <td> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">851</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_i01I_pn3n3_zu2hkw194UL8" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accrued expenses</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">241</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherReceivables_i01I_pn3n3_zqAZYoN9Lrph" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Due to affiliates</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,479</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DeferredGrantReimbursement_i01I_pn3n3_zvCJLMY52BEf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Deferred grant reimbursement</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">130</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiability_i01I_pn3n3_zOPU1t4Ro0xc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Operating lease liabilities</td> <td> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,417</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Liabilities_i01TI_pn3n3_zvJfKbAAatkd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total liabilities</td> <td> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">8,118</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Deficit:</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CommonStockValue_i02I_pn3n3_zXc173vBPXRk" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Common shares</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1612">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AdditionalPaidInCapital_i02I_pn3n3_z2W5ji9NjBbd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Paid-in-capital</td> <td> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">4,120</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_pn3n3_zlTZ9Z1if509" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Accumulated deficit</td> <td> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(8,402</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i02TI_pn3n3_zJobKiQ0UCja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total deficit</td> <td> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,282</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_pn3n3_zXIMBmWesci4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total liabilities and deficit</td> <td> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,836</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_ziXdUjgiIncb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At December 31, 2024 eXoZymes had current assets of approximately $<span id="xdx_904_eus-gaap--AssetsCurrent_iI_pn5n6_c20241231__dei--LegalEntityAxis__custom--ExozymesIncMember_zBGLgRPknX2a" title="Current assets">10.8</span> million, total assets of approximately $<span id="xdx_90D_eus-gaap--Assets_iI_pn5n6_c20241231__dei--LegalEntityAxis__custom--ExozymesIncMember_z83nOlXaNTI3" title="Total assets">13.0</span> million, current liabilities of approximately $<span id="xdx_903_eus-gaap--LiabilitiesCurrent_iI_pn5n6_c20241231__dei--LegalEntityAxis__custom--ExozymesIncMember_zizTKcSwYHd" title="Current liabilities">1.3</span> million and total liabilities of approximately $<span id="xdx_90E_eus-gaap--Liabilities_iI_pn5n6_c20241231__dei--LegalEntityAxis__custom--ExozymesIncMember_zaYX6y0DKaj6" title="Total liabilities">2.6</span> million. For the year ended December 31, 2024, eXoZymes had revenues of $<span id="xdx_907_eus-gaap--Revenues_c20240101__20241231__dei--LegalEntityAxis__custom--ExozymesIncMember_zkRAaCwJTjQk" title="Revenues">0</span> and a net loss of approximately $<span id="xdx_902_eus-gaap--NetIncomeLoss_pn5n6_c20240101__20241231__dei--LegalEntityAxis__custom--ExozymesIncMember_zEU4OVlT1Rb8" title="Net loss">5.9</span> million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_89D_ecustom--ScheduleOfGainOnDeconsolidationTableTextBlock_zjocbmbLWKXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following represents the calculation of the gain on deconsolidation of eXoZymes from the consolidated financial statements of the Company (in thousands, except for share price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BE_zhsrE4JjEvP" style="display: none">Schedule of Gain on Deconsolidation</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt; text-align: left">eXoZymes Class A common shares retained on November 14, 2024</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 16%; font-size: 10pt; text-align: right"><span id="xdx_904_eus-gaap--InvestmentOwnedBalanceShares_iI_pn3n3_c20241115__dei--LegalEntityAxis__custom--ExozymesIncMember_z8OxGjezDJwl" title="Class A common shares retained">3,931</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Quoted closing price of eXoZymes Class A common shares at November 14, 2024</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span id="xdx_906_eus-gaap--SharePrice_iI_pid_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zaqtv82MfCF9" title="Quoted closing price of Class A common shares">10.36</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Subtotal of quoted closing price of eXoZymes Class A common shares at November 14, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right"><span id="xdx_904_eus-gaap--InvestmentOwnedBalanceShares_iI_pn3n3_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zKN8E9VImEtd" title="Subtotal of quoted closing price of Class A common shares">40,727</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Fair value of warrants held for eXoZymes at November 14, 2024</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span id="xdx_904_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_c20241114__20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zFYz9Y9eXRe2" title="Fair value of warrants">1,327</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Fair value of equity method investment retained by eXoZymes</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_902_eus-gaap--EquityMethodInvestmentsFairValueDisclosure_iI_pn3n3_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zebt75n0aUSh" title="Fair value of equity method investment">42,054</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Carrying Value of the NCI</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_900_eus-gaap--CashEquivalentsAtCarryingValue_iNI_pn3n3_di_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zzAECntclUEh" title="Carrying Value of the NCI">(921</span></td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Carrying value of eXoZymes assets at November 14, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_902_ecustom--CarryingValueOfAssets_iI_pn3n3_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zjHrObnUdcc8" title="Carrying value of assets">4,282</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Less carrying value of former investment into eXoZymes  at November 14, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_90B_ecustom--LessCarryingValueOfFormerInvestment_iI_pn3n3_c20241115__dei--LegalEntityAxis__custom--ExozymesIncMember_zLptOMZvyKp6" title="Less carrying value of former investment">(5,787</span></td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Carrying value of warrants held for eXoZymes at November 14,2024</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span id="xdx_901_ecustom--CarryingValueOfWarrants_iI_pn3n3_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zaMrQyJUqbZa" title="Carrying value of warrants">(321</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Gain on deconsolidation</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_901_eus-gaap--DeconsolidationGainOrLossAmount_pn3n3_c20241114__20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_z40mjl1Vfus7" title="Gain on deconsolidation">39,307</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_zk0nTGECPGL4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 420000 893000 <p id="xdx_89C_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_znmQzXpgD9Ub" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 40pt; text-align: justify">The following table represents the consolidated balance sheet of xXoZymes immediately prior to the Deconsolidation Date (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zaLyXtrRNZ45" style="display: none">Schedule of Consolidated Balance Sheet</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-size: 10pt"> </td> <td> </td><td colspan="2" id="xdx_49E_20241231__srt--ConsolidatedEntitiesAxis__custom--ExozymesMember_zTaT0KOHYLYe" style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><b>December 31, 2024</b></td><td style="padding-bottom: 1pt; font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold">Assets</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01I_pn3n3_zZ7Bta7BJts1" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; font-size: 10pt; text-align: left">Cash and cash equivalents</td> <td style="width: 2%"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">68</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--GrantsReceivable_i01I_pn3n3_zBeZI8Qfk3d9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 0.25in">Grants receivable</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">701</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i01I_pn3n3_zSb3j8rkuW35" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Prepaid expenses and other current assets</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">441</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredOfferingCosts_i01I_pn3n3_zM7K82YpJtRf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Deferred IPO Costs</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">550</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentNet_i01I_pn3n3_zPkogiIDJgB7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Property and equipment, net</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">710</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_pn3n3_zyo8gcPejVH2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Operating lease right-of-use asset, net</td> <td> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,366</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--Assets_i01TI_pn3n3_zMMW3LhApfK7" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total assets</td> <td> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,836</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Liabilities and Deficit</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccountsPayableOtherCurrentAndNoncurrent_i01I_pn3n3_zZlZGfilAbul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Accounts payable</td> <td> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">851</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccruedLiabilitiesCurrentAndNoncurrent_i01I_pn3n3_zu2hkw194UL8" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Accrued expenses</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">241</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherReceivables_i01I_pn3n3_zqAZYoN9Lrph" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Due to affiliates</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,479</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DeferredGrantReimbursement_i01I_pn3n3_zvCJLMY52BEf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Deferred grant reimbursement</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">130</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OperatingLeaseLiability_i01I_pn3n3_zOPU1t4Ro0xc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Operating lease liabilities</td> <td> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,417</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--Liabilities_i01TI_pn3n3_zvJfKbAAatkd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total liabilities</td> <td> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">8,118</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Deficit:</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--CommonStockValue_i02I_pn3n3_zXc173vBPXRk" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Common shares</td> <td> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1612">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AdditionalPaidInCapital_i02I_pn3n3_z2W5ji9NjBbd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Paid-in-capital</td> <td> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">4,120</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_pn3n3_zlTZ9Z1if509" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Accumulated deficit</td> <td> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(8,402</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i02TI_pn3n3_zJobKiQ0UCja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total deficit</td> <td> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,282</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_pn3n3_zXIMBmWesci4" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total liabilities and deficit</td> <td> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,836</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> 68000 701000 441000 550000 710000 1366000 3836000 851000 241000 5479000 130000 1417000 8118000 4120000 -8402000 -4282000 3836000 10800000 13000000.0 1300000 2600000 0 5900000 <p id="xdx_89D_ecustom--ScheduleOfGainOnDeconsolidationTableTextBlock_zjocbmbLWKXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following represents the calculation of the gain on deconsolidation of eXoZymes from the consolidated financial statements of the Company (in thousands, except for share price):</p> <p 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"> <span id="xdx_8BE_zhsrE4JjEvP" style="display: none">Schedule of Gain on Deconsolidation</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt; text-align: left">eXoZymes Class A common shares retained on November 14, 2024</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 16%; font-size: 10pt; text-align: right"><span id="xdx_904_eus-gaap--InvestmentOwnedBalanceShares_iI_pn3n3_c20241115__dei--LegalEntityAxis__custom--ExozymesIncMember_z8OxGjezDJwl" title="Class A common shares retained">3,931</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Quoted closing price of eXoZymes Class A common shares at November 14, 2024</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span id="xdx_906_eus-gaap--SharePrice_iI_pid_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zaqtv82MfCF9" title="Quoted closing price of Class A common shares">10.36</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Subtotal of quoted closing price of eXoZymes Class A common shares at November 14, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right"><span id="xdx_904_eus-gaap--InvestmentOwnedBalanceShares_iI_pn3n3_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zKN8E9VImEtd" title="Subtotal of quoted closing price of Class A common shares">40,727</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Fair value of warrants held for eXoZymes at November 14, 2024</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span id="xdx_904_eus-gaap--FairValueAdjustmentOfWarrants_pn3n3_c20241114__20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zFYz9Y9eXRe2" title="Fair value of warrants">1,327</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Fair value of equity method investment retained by eXoZymes</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_902_eus-gaap--EquityMethodInvestmentsFairValueDisclosure_iI_pn3n3_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zebt75n0aUSh" title="Fair value of equity method investment">42,054</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Carrying Value of the NCI</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_900_eus-gaap--CashEquivalentsAtCarryingValue_iNI_pn3n3_di_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zzAECntclUEh" title="Carrying Value of the NCI">(921</span></td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Carrying value of eXoZymes assets at November 14, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_902_ecustom--CarryingValueOfAssets_iI_pn3n3_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zjHrObnUdcc8" title="Carrying value of assets">4,282</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Less carrying value of former investment into eXoZymes  at November 14, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_90B_ecustom--LessCarryingValueOfFormerInvestment_iI_pn3n3_c20241115__dei--LegalEntityAxis__custom--ExozymesIncMember_zLptOMZvyKp6" title="Less carrying value of former investment">(5,787</span></td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Carrying value of warrants held for eXoZymes at November 14,2024</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span id="xdx_901_ecustom--CarryingValueOfWarrants_iI_pn3n3_c20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_zaMrQyJUqbZa" title="Carrying value of warrants">(321</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Gain on deconsolidation</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_901_eus-gaap--DeconsolidationGainOrLossAmount_pn3n3_c20241114__20241114__dei--LegalEntityAxis__custom--ExozymesIncMember_z40mjl1Vfus7" title="Gain on deconsolidation">39,307</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> 3931000 10.36 40727000 1327000 42054000 921000 4282000 -5787000 -321000 39307000 <p id="xdx_802_eus-gaap--EquityMethodInvestmentsDisclosureTextBlock_zbezwg98FQp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 6 – <span id="xdx_829_zp5M2beOTH1f">Equity Method Investment</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On November 14, 2024, eXoZymes underwent an initial public offering in which MDB’s ownership interest in eXoZymes decreased from <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20241113__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ExozymesMember_zl6ffa1Zv9Tf" title="Ownership interest">60%</span> to <span id="xdx_906_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20241114__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ExozymesMember_zUCiomo9wflj" title="Ownership interest">47%</span>. MDB and eXoZymes deconsolidated the financial statements as the investment in eXoZymes fell below <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20241114__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ExozymesMember__srt--RangeAxis__srt--MaximumMember_zdcSFPm1e83k" title="Ownership interest">50%</span> majority ownership.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The fair value of the equity method investment was determined based on the number of eXoZymes shares held by MDB and the market price of eXoZymes stock on the deconsolidation date. This valuation also included the estimated fair value of warrants held in eXoZymes, along with an assessment of the investment for any potential impairment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s portion of the net loss for the year ended December 31, 2025, was $<span id="xdx_90E_eus-gaap--NetIncomeLoss_pn4n6_c20250101__20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ExozymesMember_zNIIsWO4GPRj" title="Net loss">4.28</span> million. As of December 31, 2025, MDB owned <span id="xdx_907_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ExozymesMember_zWmZIg4BFAd5" title="Owned shares">3.93</span> million shares of eXoZymes shares, representing a <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20251231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--InvizyneTechnologiesIncMember_z81oc0FCbj0f" title="Equity method investment, percentage">46.76%</span> ownership of eXoZymes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_893_eus-gaap--EquityMethodInvestmentsTextBlock_zhVkgjWMqWm3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following summarizes the Company’ consolidated balance sheet equity method investment as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zFC2ZkijDefc" style="display: none">Schedule of Equity Method Investment</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying Amount</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2024, carrying amount</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><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: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98F_eus-gaap--EquityMethodInvestments_iS_c20250101__20251231_zzwPfe5YKIl8" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%" title="Equity method investments, balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,764</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portion of loss from eXoZymes</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98B_eus-gaap--GainOrLossOnSaleOfPreviouslyUnissuedStockByEquityInvestee_c20250101__20251231_zgqyyMSX7w7k" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Portion of loss from Invizyne"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,282</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain related to dilution events</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98D_ecustom--EquityMethodInvestmentsGainRelatedToDilutionEvents_c20250101__20251231_ziSrlYOB3bLl" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Gain related to dilution events"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2025, carrying amount</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_984_eus-gaap--EquityMethodInvestments_iE_c20250101__20251231_zqB3C2Vu0QZ4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Equity method investments, balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37,543</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0.60 0.47 0.50 4280000 3.93 0.4676 <p id="xdx_893_eus-gaap--EquityMethodInvestmentsTextBlock_zhVkgjWMqWm3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following summarizes the Company’ consolidated balance sheet equity method investment as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BA_zFC2ZkijDefc" style="display: none">Schedule of Equity Method Investment</span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <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: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying Amount</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2024, carrying amount</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><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: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98F_eus-gaap--EquityMethodInvestments_iS_c20250101__20251231_zzwPfe5YKIl8" style="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 16%" title="Equity method investments, balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,764</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portion of loss from eXoZymes</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98B_eus-gaap--GainOrLossOnSaleOfPreviouslyUnissuedStockByEquityInvestee_c20250101__20251231_zgqyyMSX7w7k" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="Portion of loss from Invizyne"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,282</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain related to dilution events</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98D_ecustom--EquityMethodInvestmentsGainRelatedToDilutionEvents_c20250101__20251231_ziSrlYOB3bLl" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Gain related to dilution events"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2025, carrying amount</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_984_eus-gaap--EquityMethodInvestments_iE_c20250101__20251231_zqB3C2Vu0QZ4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Equity method investments, balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37,543</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 41764000 -4282000 61000 37543000 <p id="xdx_80F_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zPDd0uIJVI04" 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"><b>7. <span id="xdx_824_z3jktA0KWVCa">Stock-Based Compensation</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 28, 2025, Mo Hayat, Chris Marlett, George Brandon, and Anthony DiGiandomenico voluntarily relinquished their outstanding restricted stock units (RSUs) in exchange for stock options for an equivalent number of Class A shares and similar vesting schedules. This exchange was executed as part of a broader equity compensation strategy aimed at aligning long-term incentives with shareholder value creation. The terms of the stock options, including exercise price and vesting schedules, were approved by the Company’s Board of Directors in accordance with the existing equity incentive plan and Section 16 of the Exchange Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Between April 19, 2022 and September 21, 2022, the Company granted <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn5n6_c20220419__20220921__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLIEmyYPcSVf" title="Restricted stock units, granted">3.7</span> million restricted stock units (“RSUs”). <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOtherDescription_c20220419__20220921__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zThsIeTXp9z6" title="Restricted stock units, description">These units vested 20% of one-half of the total number of RSUs, by each individual person, on the thirteenth (13) month anniversary, October 20, 2024, of the listing of the Class A Shares on a United States national exchange, then vesting would be at a rate of 10% of one-half the number of RSUs each six months after the date of the initial vesting, until the last vesting on the fifth year anniversary of the date of grant, at which any previously unvested would fully vest. These RSUs were granted to officers, directors, employees, and contractors. These RSU began to vest upon the completion of the initial public offering by the Company on September 20, 2023, compensation expense related to these RSUs has been recorded. The Company expensed the RSUs based on the average expense over the vesting period.</span> In 2024 an additional <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn3n3_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zan42jS1kTcf" title="Stock options to purchase">295</span> thousands RSUs were granted, <span id="xdx_90A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpiredAndCancelledInPeriod_pn3n3_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z846gwOaERc" title="Number of restricted stock units, canceled or forfeited">320</span> thousand RSUs were either canceled or forfeited, and <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pn3n3_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zvmROqV0feg8" title="RSU vested">655</span> thousand RSUs vested. The total unrecognized compensation expense based on the share price sold in the 2022 private placement as of December 31, 2025 was $<span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn5n6_c20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zNjcxOdYQF1l" title="Unrecognized stock-based compensation">6.0</span> million. The weighted average of the remaining restricted stock units at December 31, 2025 was <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zeQeQ5rW0vSj" title="Remaining weighted average years">1.6</span> years and at December 31, 2024 was <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zQwnF7tFo9T2" title="Remaining weighted average years">2.4</span> years. During the year ended December 31, 2025, <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zaSQjJmGISik" title="Cancelled shares">128</span> thousand RSUs were canceled due to holder leaving the Company and <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_pn5n6_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zQDfxkxLnOn7" title="Number of restricted stock units, cancelled and converted">1.6</span> million RSUs were exchanged and converted to stock options. As a result of the modification, the fair value of the awards immediately after the modification was determined to be $<span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_pn5n6_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zzjNvplrJRVi" title="Fair value">6.0</span> million compared to the fair value of the original restricted stock unit awards of $<span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodValueRestrictedStockAwardGross_pn5n6_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zvs415EmwFD1" title="Restricted stock unit, value">6.8</span> million immediately prior to the modification. The modification resulted to a decrease in the aggregate fair value of the awards and in accordance with ASC 718-Compensation—Stock Compensation, no incremental compensation costs need to be recognized over the remaining requisite service period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 19, 2022 the Company granted <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn5n6_c20220419__20220419__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zZzQYquawYwc">2</span> million restricted stock units (“RSUs”). <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOtherDescription_c20220419__20220419__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zxNuFCThasGb">These units will vest 20% of one-half of the total number of RSUs, by each individual person, starting on the thirteenth (13) month anniversary of the listing of the Class A Shares on a United States national exchange, October 20, 2024, when a Class A Share has traded in the market on which the Class A Shares are listed for any 90 consecutive calendar days at an average price of $20.00 or more during the period commencing the date of grant and prior to the five year anniversary of the date of grant, with an average monthly trading volume of 2 million Class A Shares or more during the 90 consecutive calendar day period, or a Class A Shares has traded in the market on which the Class A Shares are listed for any 90 consecutive calendar days at an average price of $25.00 or more during the period commencing the date of grant and prior to the five year anniversary of the date of grant; provided further, that if there is a distribution of cash, stock or other property by the Company on the Class A Shares, then the foregoing average amounts of $20.00 or $25.00 will be reduced, from time to time, by the value of any one or more per share distributions after the date of grant until vested.</span> As these RSUs did not begin to vest until the completion of an initial public offering, which was completed on September 20, 2023, by the Company, which was outside of the control of the Company, compensation expense related to these RSUs has been recorded. On April 28, 2025 all of the market based RSUs were modified and exchanged for stock options in their place. The unvested portion of the market based RSUs was $<span id="xdx_90C_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn5n6_c20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zCFNbbv9hmT1" title="Unvested portion market value">8.7</span> million and the incremental value of $<span id="xdx_90F_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn5n6_c20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z9SwRIdmiA7">5.5</span> million in the exchange for a total amortized amount of $<span id="xdx_90A_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardAmortizedAmount_pn5n6_c20250428__20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zJO0Bb5DxCU8" title="Sharebased payment award amortized amount">14.2</span> million that will be amortized over the <span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 9pt"><span id="xdx_900_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20250428__20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zUxZzeUTTuD2" title="Stock-based compensation term life">10</span></span>ten-year life of the award. There is not an estimated unrecognized compensation expense, as all the RSUs were modified and exchanged for stock options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_891_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_z0NIG6VYd1S" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A summary of restricted stock unit activity during the year ended December 31, 2025 and the year ended December 31, 2024 is presented below (in thousands, except for share price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_zNRnXuYqfBMe" style="display: none">Schedule of Restricted Stock Unit Activity</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Time-Based</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Performance-Based</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of<br/> Restricted<br/> Stock Units</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted<br/> Average <br/> Grant Date<br/> Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of<br/> Restricted<br/> Stock Units</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted<br/> Average <br/> Grant Date<br/> Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Restricted stock units outstanding at December 31, 2024</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zcYZnmL3I8b5" style="width: 11%; font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding">2,995</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zqNSYST50oIh" style="width: 11%; font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding">9.90</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zkaJgIL5huh2" style="width: 11%; font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding">2,000</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z4QJWNJ6qGGb" style="width: 11%; font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding">7.91</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Granted</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z1Xwaw4SCDn7" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1725">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z2u4HiT6DUGg" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1727">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zyqFuyZr33f7" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1729">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zeizSkZc1sfe" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1731">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Vested</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pn3n3_di_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zrMbe9Lnsmbj" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding">(188</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zBVBRPeCZXVd" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding">9.69</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zWs0a40oFnT1" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1737">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Exchanged/Modified</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExchangedAndModifiedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zHoRwosIwOJd" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, Exchanged/Modified">(1,600</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExchangedAndModifiedWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z1xvaAPwrEO1" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exchanged/Modified">10.00</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExchangedAndModifiedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zp1OHG0r3gmk" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, Exchanged/Modified">(2,000</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExchangedAndModifiedWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z6RbXw0kdMhg" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exchanged/Modified">7.91</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Expired/Cancelled</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpiredAndCancelledInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z4k47XUbV0Nf" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding">(128</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpiredAndCancelledWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zcihfXXzFDc4" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding">9.97</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpiredAndCancelledInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z3zQdk8OwVLk" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1751">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpiredAndCancelledWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z4GuxS4E82l" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1753">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Restricted stock units outstanding at December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zpcXx5SInOsh" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding">1,079</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zr3VC3Pa3Tzk" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding">9.78</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zFXarj62x0Gd" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1759">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z1aVgoJo0Od5" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1761">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Restricted stock units at December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedVestedAndExpectedToVestExercisableNumber_iE_pn3n3_c20240101__20241231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zEhKd4WFY34k" style="font-size: 10pt; text-align: right" title="Exercisable and vested restricted stock, outstanding">655</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20240101__20241231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zptrfDqfPAS" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exercisable and vested">10.00</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedVestedAndExpectedToVestExercisableNumber_iE_pn3n3_c20240101__20241231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zvHvN4N3O1ck" style="font-size: 10pt; text-align: right" title="Exercisable and vested restricted stock, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1767">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20240101__20241231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_ztr1g4c4adQj" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exercisable and vested"><span style="-sec-ix-hidden: xdx2ixbrl1769">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Restricted stock units at December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedVestedAndExpectedToVestExercisableNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zN5XjccM0T43" style="font-size: 10pt; text-align: right" title="Exercisable and vested restricted stock, outstanding">843</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z6Vfvyb6UDXj" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exercisable and vested">9.93</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedVestedAndExpectedToVestExercisableNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zw6vq84NHZei" style="font-size: 10pt; text-align: right" title="Exercisable and vested restricted stock, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1775">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zAsqLiuFA3Jb" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exercisable and vested"><span style="-sec-ix-hidden: xdx2ixbrl1777">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zetV5s6CvD72" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">   </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On April 28, 2025, in exchange for <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn5n6_c20250428__20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_ziGALF7LAPcc" title="Unvested, shares">1.6</span> million unvested time-based RSUs, stock options to purchase <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn5n6_c20250428__20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zmFzdoNXFtx4" title="Stock options to purchase">1.6</span> million shares of Common Shares were granted at an exercise price of $<span id="xdx_90B_eus-gaap--StockOptionExercisePriceIncrease_pip0_c20250428__20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zq0hN5z9Hj3h" title="Exercise price per share, granted">4.25</span> per share, which was equal to the closing price of the Common Shares immediately prior to the date of grant, and are exercisable for a period of <span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_pp0p0_dtY_c20250428__20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zHbNHE9xww12" title="Exercisable period">10</span> years. One-half of the stock options vested immediately on grant, with the remaining stock options vesting ratably over a period of <span id="xdx_90F_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsRemainingStockOptionsVesting_pp0p0_dtY_c20250428__20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zt8zo2l3M0D8" title="Remaining stock options vesting period">2</span> years, subject to continued service. The inputs used to determine the fair value of this stock option grant were as follows: (1) Common Stock price of $<span id="xdx_90C_eus-gaap--SharesIssuedPricePerShare_iI_c20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zlgWwmoHFNgd" title="Common stock price per share">4.25</span> per share; (2) exercise price of $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice_iI_pid_c20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zEqC5QGGkwi1" title="Exercise price">4.25</span> per share; (3) expected life of <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20250428__20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zK02b7ouC7a8" title="Estimated life">10</span> years; (4) risk-free interest rate of <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20250428__20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zsNVFUN1ChH3" title="Risk-free rate">4.23</span>%; (5) expected annual volatility of <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20250428__20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zflp6LWiWpUi" title="Expected annual volatility">85.65</span>%; and (6) an annual dividend rate of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20250428__20250428__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zsL5AcSWJpJf" title="Expected annual volatility">0</span>%. The total unrecognized compensation expense based on the pre-modification valuation of the shares price sold in the 2022 private placement as of December 31, 2025 was $<span id="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn5n6_c20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zTbTjzXUOath" title="Unrecognized stock-based compensation">6.9</span> million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_890_eus-gaap--DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_hus-gaap--AwardTypeAxis__custom--TimeBasedMember_zLD0G36Gj603" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A summary of time-based stock option activity during the year ended December 31, 2025 and the year ended December 31, 2024 is presented below (in thousands, except for share price and contractual life):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zaIxCcuCKHl7">Schedule of Time-Based Stock Option Activity</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of Options</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Life (in Years)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Time-based stock options outstanding at December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zUFfjZngfKX1" style="font-size: 10pt; text-align: right" title="Number of Options, time-based stock options outstanding, beginning"><span style="-sec-ix-hidden: xdx2ixbrl1805">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zF8A3iUEoFi5" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, time-based stock options outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1807">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 49%; font-size: 10pt">Exchanged/Modified</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExchangedAndModifiedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z8EfKrinwPr" style="width: 13%; font-size: 10pt; text-align: right" title="Number of Options, exchanged/modified">1,600</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExchangedAndModifiedInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zXQLEHweryof" style="width: 13%; font-size: 10pt; text-align: right" title="Weighted average exercise price, exchanged/modified">3.75</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 13%; font-size: 10pt; text-align: right"><span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExchangedWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zvCgtdBmjcJf" title="Weighted average remaining contractual life (in years), time-based stock options exchanged/modified">10.00</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Exercised</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pn3n3_di_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zhdt6Ax7uwm4" style="font-size: 10pt; text-align: right" title="Number of Options, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1815">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zsNifTcXSWT6" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1817">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Expired/Cancelled</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pn3n3_di_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zL5UIVZTf7v5" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Number of Options, expired/cancelled"><span style="-sec-ix-hidden: xdx2ixbrl1819">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zFTQtDvgYof3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1820">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Time-based stock options outstanding at December 31, 2025</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zxeyitO6Lmaj" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Number of Options, time-based stock options outstanding, at the end">1,600</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zcbs40YBwQRd" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Weighted average exercise price, time-based stock options outstanding">3.75</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zPnmRpdpdFrk" title="Weighted average remaining contractual life (in years), time-based stock options outstanding">9.32</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Stock options exercisable at December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pn3n3_c20241231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zYKJL7GYeGgl" style="font-size: 10pt; text-align: right" title="Number of Options, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1828">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20241231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zrbZX0M8Po8i" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1830">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Stock options exercisable at December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zhELFJfAVxA5" style="font-size: 10pt; text-align: right" title="Number of Options, stock options exercisable">1,067</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zu8BnDbm2s9j" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, stock options exercisable">3.75</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zasVp7qzfOOg" title="Weighted average remaining contractual life (in years), stock options exercisable">9.32</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_z1IfYhxmTf4k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In addition, on April 28, 2025, in exchange for <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn6n6_c20250428__20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z753q2DcMUq1" title="Unvested, shares">2</span> million unvested market-based RSUs, stock options to purchase <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn6n6_c20250428__20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z5Ps6Pw8u4Wg" title="Stock options to purchase">2</span> million shares of Common Shares were granted at an exercise price of $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pip0_c20250428__20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zaApLbRlFDHe" title="Exercise price per share, granted">4.25</span> per share, which was equal to the closing price of the Common Shares immediately prior to the date of grant, and are exercisable for a period of <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_pp0p0_dtY_c20250428__20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zlwp7UUsi3bl" title="Exercisable period">10</span> years. The stock options vest if either (a) the Common Shares has traded in the market on which the shares are listed for at least 30 trading days at an average price per share of $<span id="xdx_905_ecustom--AveragePricePerShare_iI_pip0_c20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z5rm3LLTF075" title="Average price per share">20.00</span> or more, whether consecutive or non-consecutive, or (b) there are distributions of cash, stock or other property by the Company to the holders of the Common Shares, at a value per share of $<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_pp0p0_c20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z5IRk0iVwDtg">20.00</span> or more in the aggregate, subject to continued service. Once vested, the stock options will be exercisable for the remainder of the <span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1Vesting_pp0p0_dtY_c20250428__20250428__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z4ThRkF7dNca" title="Exercisable period">10</span>-year grant date period. The total unrecognized compensation expense based on the post-modification valuation of the unamortized amount and the incremental value as of December 31, 2025 was $<span id="xdx_90D_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_pn5n6_c20251231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zMdhZ7ejTCyj" title="Unrecognized stock-based compensation">13.2</span> million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_896_eus-gaap--DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_hus-gaap--AwardTypeAxis__custom--MarketBasedMember_zSj7a8TViAnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A summary of market-based stock option activity during the year ended December 31, 2025 and the year ended December 31, 2024 is presented below (in thousands, except for share price and contractual life):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_z7SJ0ngWr4Ha">Schedule of Market-Based Stock Option Activity</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of Options</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Life (in Years)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Market-based stock options outstanding at December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_znVElCvTtbO" style="font-size: 10pt; text-align: right" title="Number of Options, market-based stock options outstanding, beginning"><span style="-sec-ix-hidden: xdx2ixbrl1855">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z8bzdP5EKSwa" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, market-based stock options outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1857">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 49%; font-size: 10pt">Exchanged/Modified</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExchangedAndModifiedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zwhp0TTKRO27" style="width: 13%; font-size: 10pt; text-align: right" title="Number of Options, exchanged/modified">2,000</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_981_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExchangedAndModifiedInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zPVa6oNLHFD1" style="width: 13%; font-size: 10pt; text-align: right" title="Weighted average exercise price, exchanged/modified">3.02</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 13%; font-size: 10pt; text-align: right"><span id="xdx_901_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingExchangedAndModifiedWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_ztiHtKLirGWa" title="Weighted average remaining contractual life (in years), exchanged/modified">10.00</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Exercised</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pn3n3_di_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zOqaMejvrJG5" style="font-size: 10pt; text-align: right" title="Number of Options, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1865">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zqOF4ETqdDP4" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1867">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Expired/Cancelled</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pn3n3_di_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zZNzSIxvM2N6" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Number of Options, expired/cancelled"><span style="-sec-ix-hidden: xdx2ixbrl1869">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zpF6y5AKNak" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Weighted average exercise price, expired/cancelled"><span style="-sec-ix-hidden: xdx2ixbrl1871">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Market-based stock options outstanding at December 31, 2025</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zb28UOMM6DM7" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Number of Options, market-based stock options outstanding, at the end">2,000</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zCjLE2mChIg5" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Weighted average exercise price, market-based stock options outstanding">3.02</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zDhONlxIRaGa" title="Weighted average remaining contractual life (in years), market-based stock options outstanding">9.32</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Stock options exercisable at December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pn3n3_c20241231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zHZbRNuMefMk" style="font-size: 10pt; text-align: right" title="Number of Options, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1879">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20241231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zM9LuLdr3QY4" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1881">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Stock options exercisable at December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zWSW0D39vlN6" style="font-size: 10pt; text-align: right" title="Number of Options, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1883">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zcmQYB5a4R01" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1885">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zQNfMg9lWQ98" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </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"> </p> 3700000 These units vested 20% of one-half of the total number of RSUs, by each individual person, on the thirteenth (13) month anniversary, October 20, 2024, of the listing of the Class A Shares on a United States national exchange, then vesting would be at a rate of 10% of one-half the number of RSUs each six months after the date of the initial vesting, until the last vesting on the fifth year anniversary of the date of grant, at which any previously unvested would fully vest. These RSUs were granted to officers, directors, employees, and contractors. These RSU began to vest upon the completion of the initial public offering by the Company on September 20, 2023, compensation expense related to these RSUs has been recorded. The Company expensed the RSUs based on the average expense over the vesting period. 295000 320000 655000 6000000.0 P1Y7M6D P2Y4M24D 128000 1600000 6000000.0 6800000 2000000 These units will vest 20% of one-half of the total number of RSUs, by each individual person, starting on the thirteenth (13) month anniversary of the listing of the Class A Shares on a United States national exchange, October 20, 2024, when a Class A Share has traded in the market on which the Class A Shares are listed for any 90 consecutive calendar days at an average price of $20.00 or more during the period commencing the date of grant and prior to the five year anniversary of the date of grant, with an average monthly trading volume of 2 million Class A Shares or more during the 90 consecutive calendar day period, or a Class A Shares has traded in the market on which the Class A Shares are listed for any 90 consecutive calendar days at an average price of $25.00 or more during the period commencing the date of grant and prior to the five year anniversary of the date of grant; provided further, that if there is a distribution of cash, stock or other property by the Company on the Class A Shares, then the foregoing average amounts of $20.00 or $25.00 will be reduced, from time to time, by the value of any one or more per share distributions after the date of grant until vested. 8700000 5500000 14200000 P10Y <p id="xdx_891_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_z0NIG6VYd1S" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A summary of restricted stock unit activity during the year ended December 31, 2025 and the year ended December 31, 2024 is presented below (in thousands, except for share price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8BC_zNRnXuYqfBMe" style="display: none">Schedule of Restricted Stock Unit Activity</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Time-Based</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Performance-Based</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of<br/> Restricted<br/> Stock Units</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted<br/> Average <br/> Grant Date<br/> Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of<br/> Restricted<br/> Stock Units</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted<br/> Average <br/> Grant Date<br/> Fair Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Restricted stock units outstanding at December 31, 2024</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zcYZnmL3I8b5" style="width: 11%; font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding">2,995</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zqNSYST50oIh" style="width: 11%; font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding">9.90</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zkaJgIL5huh2" style="width: 11%; font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding">2,000</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z4QJWNJ6qGGb" style="width: 11%; font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding">7.91</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Granted</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z1Xwaw4SCDn7" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1725">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z2u4HiT6DUGg" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1727">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zyqFuyZr33f7" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1729">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zeizSkZc1sfe" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1731">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Vested</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pn3n3_di_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zrMbe9Lnsmbj" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding">(188</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zBVBRPeCZXVd" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding">9.69</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zWs0a40oFnT1" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1737">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Exchanged/Modified</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExchangedAndModifiedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zHoRwosIwOJd" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, Exchanged/Modified">(1,600</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExchangedAndModifiedWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z1xvaAPwrEO1" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exchanged/Modified">10.00</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExchangedAndModifiedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zp1OHG0r3gmk" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, Exchanged/Modified">(2,000</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_983_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExchangedAndModifiedWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z6RbXw0kdMhg" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exchanged/Modified">7.91</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Expired/Cancelled</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpiredAndCancelledInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z4k47XUbV0Nf" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding">(128</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpiredAndCancelledWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zcihfXXzFDc4" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding">9.97</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpiredAndCancelledInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z3zQdk8OwVLk" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1751">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExpiredAndCancelledWeightedAverageGrantDateFairValue_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z4GuxS4E82l" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1753">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Restricted stock units outstanding at December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zpcXx5SInOsh" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding">1,079</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zr3VC3Pa3Tzk" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding">9.78</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zFXarj62x0Gd" style="font-size: 10pt; text-align: right" title="Number of Restricted Stock Units, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1759">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z1aVgoJo0Od5" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1761">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Restricted stock units at December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedVestedAndExpectedToVestExercisableNumber_iE_pn3n3_c20240101__20241231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zEhKd4WFY34k" style="font-size: 10pt; text-align: right" title="Exercisable and vested restricted stock, outstanding">655</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_98F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20240101__20241231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zptrfDqfPAS" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exercisable and vested">10.00</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedVestedAndExpectedToVestExercisableNumber_iE_pn3n3_c20240101__20241231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zvHvN4N3O1ck" style="font-size: 10pt; text-align: right" title="Exercisable and vested restricted stock, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1767">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_98D_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20240101__20241231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_ztr1g4c4adQj" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exercisable and vested"><span style="-sec-ix-hidden: xdx2ixbrl1769">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Restricted stock units at December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedVestedAndExpectedToVestExercisableNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zN5XjccM0T43" style="font-size: 10pt; text-align: right" title="Exercisable and vested restricted stock, outstanding">843</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_988_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z6Vfvyb6UDXj" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exercisable and vested">9.93</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedVestedAndExpectedToVestExercisableNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zw6vq84NHZei" style="font-size: 10pt; text-align: right" title="Exercisable and vested restricted stock, outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1775">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_980_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInVestedAndExpectedToVestExercisableWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zAsqLiuFA3Jb" style="font-size: 10pt; text-align: right" title="Weighted Average Grant Date Fair Value, Exercisable and vested"><span style="-sec-ix-hidden: xdx2ixbrl1777">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> 2995000 9.90 2000000 7.91 188000 9.69 -1600000 10.00 -2000000 7.91 -128000 9.97 1079000 9.78 655000 10.00 843000 9.93 1600000 1600000 4.25 P10Y P2Y 4.25 4.25 P10Y 0.0423 0.8565 0 6900000 <p id="xdx_890_eus-gaap--DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_hus-gaap--AwardTypeAxis__custom--TimeBasedMember_zLD0G36Gj603" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A summary of time-based stock option activity during the year ended December 31, 2025 and the year ended December 31, 2024 is presented below (in thousands, except for share price and contractual life):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zaIxCcuCKHl7">Schedule of Time-Based Stock Option Activity</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of Options</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Life (in Years)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Time-based stock options outstanding at December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zUFfjZngfKX1" style="font-size: 10pt; text-align: right" title="Number of Options, time-based stock options outstanding, beginning"><span style="-sec-ix-hidden: xdx2ixbrl1805">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zF8A3iUEoFi5" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, time-based stock options outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1807">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 49%; font-size: 10pt">Exchanged/Modified</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExchangedAndModifiedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_z8EfKrinwPr" style="width: 13%; font-size: 10pt; text-align: right" title="Number of Options, exchanged/modified">1,600</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExchangedAndModifiedInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zXQLEHweryof" style="width: 13%; font-size: 10pt; text-align: right" title="Weighted average exercise price, exchanged/modified">3.75</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 13%; font-size: 10pt; text-align: right"><span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExchangedWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zvCgtdBmjcJf" title="Weighted average remaining contractual life (in years), time-based stock options exchanged/modified">10.00</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Exercised</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pn3n3_di_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zhdt6Ax7uwm4" style="font-size: 10pt; text-align: right" title="Number of Options, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1815">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zsNifTcXSWT6" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1817">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Expired/Cancelled</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pn3n3_di_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zL5UIVZTf7v5" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Number of Options, expired/cancelled"><span style="-sec-ix-hidden: xdx2ixbrl1819">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zFTQtDvgYof3" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1820">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Time-based stock options outstanding at December 31, 2025</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zxeyitO6Lmaj" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Number of Options, time-based stock options outstanding, at the end">1,600</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zcbs40YBwQRd" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Weighted average exercise price, time-based stock options outstanding">3.75</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zPnmRpdpdFrk" title="Weighted average remaining contractual life (in years), time-based stock options outstanding">9.32</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Stock options exercisable at December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pn3n3_c20241231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zYKJL7GYeGgl" style="font-size: 10pt; text-align: right" title="Number of Options, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1828">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20241231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zrbZX0M8Po8i" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1830">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Stock options exercisable at December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zhELFJfAVxA5" style="font-size: 10pt; text-align: right" title="Number of Options, stock options exercisable">1,067</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zu8BnDbm2s9j" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, stock options exercisable">3.75</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--TimeBasedMember_zasVp7qzfOOg" title="Weighted average remaining contractual life (in years), stock options exercisable">9.32</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> 1600000 3.75 P10Y 1600000 3.75 P9Y3M25D 1067000 3.75 P9Y3M25D 2000000 2000000 4.25 P10Y 20.00 20.00 P10Y 13200000 <p id="xdx_896_eus-gaap--DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock_hus-gaap--AwardTypeAxis__custom--MarketBasedMember_zSj7a8TViAnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">A summary of market-based stock option activity during the year ended December 31, 2025 and the year ended December 31, 2024 is presented below (in thousands, except for share price and contractual life):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_z7SJ0ngWr4Ha">Schedule of Market-Based Stock Option Activity</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of Options</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Life (in Years)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Market-based stock options outstanding at December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_znVElCvTtbO" style="font-size: 10pt; text-align: right" title="Number of Options, market-based stock options outstanding, beginning"><span style="-sec-ix-hidden: xdx2ixbrl1855">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_z8bzdP5EKSwa" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, market-based stock options outstanding"><span style="-sec-ix-hidden: xdx2ixbrl1857">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 49%; font-size: 10pt">Exchanged/Modified</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExchangedAndModifiedInPeriod_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zwhp0TTKRO27" style="width: 13%; font-size: 10pt; text-align: right" title="Number of Options, exchanged/modified">2,000</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_981_ecustom--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExchangedAndModifiedInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zPVa6oNLHFD1" style="width: 13%; font-size: 10pt; text-align: right" title="Weighted average exercise price, exchanged/modified">3.02</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 13%; font-size: 10pt; text-align: right"><span id="xdx_901_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingExchangedAndModifiedWeightedAverageRemainingContractualTerm1_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_ztiHtKLirGWa" title="Weighted average remaining contractual life (in years), exchanged/modified">10.00</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Exercised</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pn3n3_di_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zOqaMejvrJG5" style="font-size: 10pt; text-align: right" title="Number of Options, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1865">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zqOF4ETqdDP4" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, exercised"><span style="-sec-ix-hidden: xdx2ixbrl1867">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Expired/Cancelled</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pn3n3_di_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zZNzSIxvM2N6" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Number of Options, expired/cancelled"><span style="-sec-ix-hidden: xdx2ixbrl1869">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zpF6y5AKNak" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Weighted average exercise price, expired/cancelled"><span style="-sec-ix-hidden: xdx2ixbrl1871">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Market-based stock options outstanding at December 31, 2025</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zb28UOMM6DM7" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Number of Options, market-based stock options outstanding, at the end">2,000</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zCjLE2mChIg5" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Weighted average exercise price, market-based stock options outstanding">3.02</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zDhONlxIRaGa" title="Weighted average remaining contractual life (in years), market-based stock options outstanding">9.32</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Stock options exercisable at December 31, 2024</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pn3n3_c20241231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zHZbRNuMefMk" style="font-size: 10pt; text-align: right" title="Number of Options, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1879">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20241231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zM9LuLdr3QY4" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1881">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Stock options exercisable at December 31, 2025</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pn3n3_c20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zWSW0D39vlN6" style="font-size: 10pt; text-align: right" title="Number of Options, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1883">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20251231__us-gaap--AwardTypeAxis__custom--MarketBasedMember_zcmQYB5a4R01" style="font-size: 10pt; text-align: right" title="Weighted average exercise price, stock options exercisable"><span style="-sec-ix-hidden: xdx2ixbrl1885">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> 2000000 3.02 P10Y 2000000 3.02 P9Y3M25D <p id="xdx_80F_eus-gaap--EarningsPerShareTextBlock_z4AFW1sconlb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>8. <span id="xdx_825_zs0b4gwQ1qIj">Earnings Per Share</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s computation of earnings (loss) per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) attributable to common stockholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., preferred shares, warrants and stock options) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted loss per common share was the same for all periods presented because stock warrants outstanding were anti-dilutive, for a total of <span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_z87kbfmkXFh2" title="Anti-dilutive shares">43</span> thousand warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Earning Earnings per share is presented below for the years ended December 31, 2025 and 2024, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_897_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zVPR881P9PVl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Basic earnings per share is calculated at follows for the years ended December 31, 2025 and 2024 (in thousands, except for share price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_zkaqjXOfKsOg" style="display: none">Schedule of Basic and Fully Diluted</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="width: 90%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zsKeAY7lHbP4" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqhdj2uVj8o" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z36dGnq7Fvc8" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zx6NEZoPZlae" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td> <td colspan="14" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">For the Years Ended</span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"> </span></td></tr> <tr style="font-size: 10pt; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">Basic</span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">December 31, 2024</span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"> </span></td></tr> <tr style="font-size: 10pt; vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b> </b></span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Class A Common Shares</b></span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"><b> </b></span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>Class B Common Shares</b></span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"><b> </b></span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Class A Common Shares</b></span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"><b> </b></span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Class B Common Shares</b></span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"><b> </b></span></td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn3n3_zXbCmKGZ1m5" style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">Net income (loss) attributable to MDB Capital Holdings, LLC</span></td><td style="width: 1%; font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="width: 11%; font-size: 10pt; text-align: right"><span style="font-size: 10pt">(10,768</span></td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="width: 11%; font-size: 10pt; text-align: right"><span style="font-size: 10pt">(10,477</span></td><td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="width: 1%; font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="width: 11%; font-size: 10pt; text-align: right"><span style="font-size: 10pt">5,817</span></td><td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="width: 1%; font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="width: 11%; font-size: 10pt; text-align: right"><span style="font-size: 10pt">5,875</span></td><td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr style="font-size: 10pt; vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pn3n3_zdsrVE2OJzT5" style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"><span style="font-size: 10pt">Weighted average shares outstanding – basic</span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">5,023</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">5,000</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">4,424</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">5,000</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr style="font-size: 10pt; vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--EarningsPerShareBasic_pid_z2P4Xqk9dke1" style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">Net income (loss) per share – basic</span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(2.14</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(2.10</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">1.31</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">1.18</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Fully diluted earnings per share is calculated at follows for the years ended December 31, 2025 and 2024 (in thousands, except for share price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 90%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49C_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zkBtQU8M7Ca2" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_492_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zpgRvnXgjrMj" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49B_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJViQEtjkvYh" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49C_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zADIBaE7C4Dk" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Diluted</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Class A Common Shares</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Class B Common Shares</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Class A Common Shares</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Class B Common Shares</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_zvw8leYB2UVa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt; text-align: left">Net income (loss) attributable to MDB Capital Holdings, LLC</td><td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 11%; font-size: 10pt; text-align: right">(11,714</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 11%; font-size: 10pt; text-align: right">(9,531</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 11%; font-size: 10pt; text-align: right">7,650</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 11%; font-size: 10pt; text-align: right">4,042</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pn3n3_zMBcPh8ZtcTl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Diluted shares outstanding –diluted</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">6,145</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,000</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,463</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,000</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--EarningsPerShareDiluted_pid_zbLkXkAoW93g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income (loss) per share –diluted</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(1.91</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(1.91</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">0.81</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">0.81</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A7_zPauISGOoIgl" 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 0pt 0.25in; text-align: justify">Class A Common Shares and Class B common stock are equal for ownership purposes, but Class B shares have five times the voting rights of Class A shares and Class B shares can be exchanged on a one-to-one basis for purposes of sale.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 43000 <p id="xdx_897_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zVPR881P9PVl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Basic earnings per share is calculated at follows for the years ended December 31, 2025 and 2024 (in thousands, except for share price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B1_zkaqjXOfKsOg" style="display: none">Schedule of Basic and Fully Diluted</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="width: 90%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zsKeAY7lHbP4" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqhdj2uVj8o" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z36dGnq7Fvc8" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zx6NEZoPZlae" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; display: none; text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td> <td colspan="14" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">For the Years Ended</span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"> </span></td></tr> <tr style="font-size: 10pt; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">Basic</span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">December 31, 2025</span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt">December 31, 2024</span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"> </span></td></tr> <tr style="font-size: 10pt; vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b> </b></span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Class A Common Shares</b></span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"><b> </b></span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>Class B Common Shares</b></span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"><b> </b></span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Class A Common Shares</b></span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"><b> </b></span></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 10pt"><b> </b></span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><span style="font-size: 10pt"><b>Class B Common Shares</b></span></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><span style="font-size: 10pt"><b> </b></span></td></tr> <tr id="xdx_404_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn3n3_zXbCmKGZ1m5" style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">Net income (loss) attributable to MDB Capital Holdings, LLC</span></td><td style="width: 1%; font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="width: 11%; font-size: 10pt; text-align: right"><span style="font-size: 10pt">(10,768</span></td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="width: 11%; font-size: 10pt; text-align: right"><span style="font-size: 10pt">(10,477</span></td><td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="width: 1%; font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="width: 11%; font-size: 10pt; text-align: right"><span style="font-size: 10pt">5,817</span></td><td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="width: 1%; font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="width: 11%; font-size: 10pt; text-align: right"><span style="font-size: 10pt">5,875</span></td><td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr style="font-size: 10pt; vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pn3n3_zdsrVE2OJzT5" style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"><span style="font-size: 10pt">Weighted average shares outstanding – basic</span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">5,023</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">5,000</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">4,424</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">5,000</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr style="font-size: 10pt; vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eus-gaap--EarningsPerShareBasic_pid_z2P4Xqk9dke1" style="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">Net income (loss) per share – basic</span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(2.14</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">(2.10</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">)</span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">1.31</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="font-size: 10pt"><span style="font-size: 10pt"> </span></td> <td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="font-size: 10pt">1.18</span></td><td style="font-size: 10pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Fully diluted earnings per share is calculated at follows for the years ended December 31, 2025 and 2024 (in thousands, except for share price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 90%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: white"> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49C_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zkBtQU8M7Ca2" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_492_20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zpgRvnXgjrMj" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49B_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJViQEtjkvYh" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49C_20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zADIBaE7C4Dk" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; display: none"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the Years Ended</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Diluted</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Class A Common Shares</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Class B Common Shares</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Class A Common Shares</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Class B Common Shares</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_zvw8leYB2UVa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; font-size: 10pt; text-align: left">Net income (loss) attributable to MDB Capital Holdings, LLC</td><td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 11%; font-size: 10pt; text-align: right">(11,714</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 11%; font-size: 10pt; text-align: right">(9,531</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 11%; font-size: 10pt; text-align: right">7,650</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 11%; font-size: 10pt; text-align: right">4,042</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pn3n3_zMBcPh8ZtcTl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Diluted shares outstanding –diluted</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">6,145</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,000</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">9,463</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">5,000</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--EarningsPerShareDiluted_pid_zbLkXkAoW93g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income (loss) per share –diluted</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(1.91</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(1.91</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">0.81</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">0.81</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> -10768000 -10477000 5817000 5875000 5023000 5000000 4424000 5000000 -2.14 -2.10 1.31 1.18 -11714000 -9531000 7650000 4042000 6145000 5000000 9463000 5000000 -1.91 -1.91 0.81 0.81 <p id="xdx_80C_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zy5DaESs1tE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9. <span id="xdx_82A_zRReezvqviBl">Related Party Transactions</span></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 0pt 0.25in; text-align: justify">The principal members of the Company have a controlling interest in PatentVest, S.A. (renamed MDB Capital, S.A. in 2022), a company organized and based in Nicaragua that provides outsourced services to the Company and other non-related entities. During the years ended December 31, 2025 and 2024, the Company paid $<span id="xdx_909_eus-gaap--CostsAndExpensesRelatedParty_pn5n6_c20250101__20251231_zFmmqfEy9S5d" title="Related party expenses">1.8 </span>million and $<span id="xdx_907_eus-gaap--CostsAndExpensesRelatedParty_pn5n6_c20240101__20241231_zIAJB4tlmxZc" title="Related party expenses">1.5</span> million, respectively, which is inclusive of expenses and fees, for contracted labor, recorded against general and administrative expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the years ended December 31, 2025 and 2024, PatentVest, engaged in transactions with ENDRA Life Sciences Inc – NDRA on Nasdaq, a company for which one of our executive officer serve as a board member. Anthony DiGiandomenico, our Chief of Transactions. For the year ended December 31, 2024, there were no revenues recognized between MDB entities and ENDRA. However, costs incurred amounting to $<span id="xdx_906_eus-gaap--OperatingExpenses_pn3n3_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ENDRAMember_zry4x5xp5rGl">81</span> thousand related to transactions with ENDRA were recognized during the year. For the year ended December 31, 2025 there was no revenue or costs recognized during the year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the years ended December 31, 2025 and 2024, PatentVest engaged in transactions with eXoZymes, a company of which the Company owns 47% of recognized revenues of $<span id="xdx_907_eus-gaap--Revenues_pn3n3_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExozymesMember_zIwL0dXdKU0d">91</span> thousand and $<span id="xdx_90C_eus-gaap--Revenues_pn3n3_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ExozymesMember_zkt2EhGbubua">41</span> thousand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the year ended December 31, 2025, the Company recorded related party accrued receivables totaling $<span id="xdx_907_eus-gaap--InterestReceivable_iI_pn3n3_c20251231_zrxbUWq1s0k2" title="Interest receivable">13</span> thousand for services performed by PatentVest on behalf of eXoZymes. Additionally, the Company recorded accrued expenses of $<span id="xdx_905_ecustom--AccruedExpenses_iI_pn3n3_c20251231_zZOjUc2ayASh" title="Accrued expenses">1</span> thousand payable to PatentVest, representing reimbursable expenses incurred in the ordinary course of business. During the year ended December 31, 2024, the Company recorded related party accrued receivables totaling $<span id="xdx_90F_eus-gaap--InterestReceivable_iI_pn3n3_c20241231_zgM48hmwSoa1" title="Interest receivable">64</span> thousand. This amount includes $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_pn3n3_c20240101__20241231_z9ulUjPQSuM1" title="Value issued for services">42</span> thousand for services performed by PatentVest on behalf of eXoZymes and $<span id="xdx_903_eus-gaap--IncomeTaxesPaid_pn3n3_c20240101__20241231_zrGqj35yvBkj" title="Tax paid">22</span> thousand related to taxes paid by the Company on behalf of certain officers, which was reimbursed in full by January 31, 2025. Additionally, the Company recorded accrued expenses of $<span id="xdx_908_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_c20241231_zR1FMnEN4Kz8" title="Accrued liabilities">23</span> thousand payable to officers and directors, representing reimbursable expenses incurred in the ordinary course of business. All transactions were conducted on an arm’s-length basis and are expected to be settled in the normal course of operations.</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"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 1800000 1500000 81000 91000 41000 13000 1000 64000 42000 22000 23000 <p id="xdx_80D_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zE7XaO71sRXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10. <span id="xdx_82D_zBhnqu6KJad7">Commitments and Contingencies</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Legal Claims</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company may be subject to legal claims and actions from time to time as part of its business activities. As of December 31, 2025 and 2024, the Company was not subject to any pending or threatened legal claims or actions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Net Capital Requirement (Public Ventures)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Public Ventures is subject to the uniform net capital rule (SEC Rule 15c3-1) of the Securities and Exchange Commission (the “SEC”), which requires both the maintenance of minimum net capital and the maintenance of maximum ratio of aggregate indebtedness to net capital. At December 31, 2025 and 2024, Public Ventures had net capital of $<span id="xdx_90D_esrt--NetCapital_iI_pn5n6_c20251231__srt--TitleOfIndividualAxis__custom--PublicVenturesMember_z11nfEJ8vmEg" title="Net capital">8.7</span> million and $<span id="xdx_907_esrt--NetCapital_iI_pn5n6_c20241231__srt--TitleOfIndividualAxis__custom--PublicVenturesMember_z4BaHx3yrAG8" title="Net capital">10.7</span> million, respectively, which was $<span id="xdx_90F_esrt--NetCapital_iI_pn4n6_c20251231_zmHNoXFBvw3c" title="Net capital">8.45</span> million and $<span id="xdx_900_esrt--NetCapital_iI_pn4n6_c20241231_zrjiJslOYAQi" title="Net capital">10.45</span> million in excess of the minimum $<span id="xdx_90C_esrt--NetCapital_iI_pn3n3_c20241231__srt--RangeAxis__srt--MinimumMember_z7dvS3CN8DP" title="Net capital">250</span> thousand, as required by the Securities and Exchange Commission Rule 15c3-1.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the year ended December 31, 2025, the broker dealer had existing subordinated loans with MDB, the Parent company, totaling $<span id="xdx_90D_eus-gaap--LoansPayable_iI_pn5n6_c20251231__srt--TitleOfIndividualAxis__custom--PublicVenturesMember_zTE1SPbeHWl5" title="Loans payable">13.2</span> million and $<span id="xdx_908_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pn5n6_c20251231__srt--TitleOfIndividualAxis__custom--PublicVenturesMember_zF6aug1UB27e" title="Interest expense">1.0</span> million of accrued interest payable, is subordinated to other liabilities of the Company, and is considered members’ equity for calculating net capital, and is not included in aggregate indebtedness.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Minimum net capital is based upon the greater of the statutory minimum net capital of $<span id="xdx_90D_esrt--NetCapital_iI_pn3n3_c20251231__srt--RangeAxis__srt--MinimumMember_zVgCntn59agb" title="Net capital">250</span> thousand or <span id="xdx_906_eus-gaap--RatioOfIndebtednessToNetCapital1_iI_pid_dp_uPure_c20251231_zIFVH3ucJoTl" title="Percentage of aggregate indebtedness">2</span>% of aggregate customer debits, which were $<span id="xdx_90B_esrt--MinimumNetCapitalRequiredForEntity1_iI_c20251231_z59sN8Ojxkok" title="Aggregate indebtedness calculated amount"><span id="xdx_90D_esrt--MinimumNetCapitalRequiredForEntity1_iI_c20241231_zekO2MN0yzr7" title="Aggregate indebtedness calculated amount">0</span></span> at December 31, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">To comply with DTCC membership requirements, the Company has committed to maintain at least $<span id="xdx_907_esrt--NetCapital_iI_pn5n6_c20251231__us-gaap--AwardTypeAxis__custom--DTCMembershipRequirementsMember_zA4hJ1U0Of79" title="Net capital">5.0</span> million of net capital in excess of the $<span id="xdx_905_esrt--NetCapital_iI_pn3n3_c20251231__srt--RangeAxis__srt--MinimumMember__us-gaap--AwardTypeAxis__custom--DTCMembershipRequirementsMember_zgh8tzyFYTZ" title="Net capital">250</span> thousand minimum.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">The requirement to comply with the Uniform Net Capital Rule 15c3-1 may limit Public Ventures’ ability to issue dividends to its parent company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Indemnification Provisions</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Public Ventures has agreed to indemnify its clearing broker for losses that the clearing brokers may sustain from the accounts of customers. Should a customer not fulfill its obligation on a transaction, Public Ventures may be required to buy or sell securities at prevailing market prices in the future on behalf of its customer. The indemnification obligations of Public Ventures to its clearing brokers have no maximum amount. All unsettled trades at December 31, 2025 and 2024, have subsequently settled with no resulting material liability to Public Ventures. For the years ended December 31, 2025 and 2024, Public Ventures, had no material loss due to counterparty failure and had no obligations outstanding under the indemnification arrangement as of December 31, 2025 and 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"><b> </b></p> 8700000 10700000 8450000 10450000 250000 13200000 1000000.0 250000 0.02 0 0 5000000.0 250000 <p id="xdx_807_eus-gaap--CompensationAndEmployeeBenefitPlansTextBlock_z3dzmvQHZyh2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>11. <span id="xdx_829_zUIoaJuN5tyh">Employee Benefit Plans</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">MDB Management and eXoZymes, both sponsored individual 401(k) defined contribution plans for the benefit of each company’s eligible employees. Public Ventures offered its employees a sponsored 401(k) defined contribution plan for the benefit of the employees; this plan was terminated on July 30, 2021. The plans allow eligible employees to contribute a portion of their annual compensation, not to exceed annual limits established by the Department of Treasury. eXoZymes makes matching contributions for participating employees up to a certain percentage of the employee contributions; matching contributions were funded for the year ended December 31, 2025 and 2024. Benefits under the eXoZymes plan were available to all employees, and employees become fully vested in the employer contribution upon receipt. For the year ended December 31, 2025 and 2024, a total of $<span id="xdx_908_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pn3n3_c20250101__20251231_zXwZ4CApO8Y3" title="Employer contribution">392</span> thousand and $<span id="xdx_905_eus-gaap--DefinedContributionPlanEmployerDiscretionaryContributionAmount_pn3n3_c20240101__20241231_zJ8wKeNAW0Zd" title="Employer contribution">659</span> thousand, respectively, was contributed to the plans. The costs for eXoZymes are recorded up to November 14, 2024, the date of the consolidation of eXoZymes. The majority of the expense was included in general and administrative cost, however, for any research and development employees. their portion of the expense is recorded in research and development costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">MDB Management and eXoZymes also provide health and related benefit plans for eligible employees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 392000 659000 <p id="xdx_803_ecustom--ExclusiveLicenseAgreementTextBlock_zV9KIqd4mTGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>12. <span id="xdx_82D_zo4jPDpO1Wc5">Exclusive License Agreement (MDB Minnesota One)</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On July 1, 2024, M1 entered into a Patent and Know-How License Agreement (the “License Agreement”) with the Mayo for certain patent rights and associated technology pursuant to which M1 intends to develop a small molecule senescence platform. The License Agreement grants M1 rights to develop and commercialize Mayo’s patented technology and know-how for all fields of use on a worldwide basis. Under the terms of the License Agreement, M1 holds an exclusive license of patent rights and a non-exclusive license for the associated technology to make, have made, use, offer for sale, sell, and import licensed products and derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As part of initial consideration for the License Agreement, M1 issued <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pn4n6_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zXwIuoAClVte" title="Issuance of shares">1.98</span> million shares of common stock equity to Mayo; which at that time represented thirty-three percent of its shares. M1 also paid an initial license fee of $<span id="xdx_903_eus-gaap--ProceedsFromLicenseFeesReceived_pn3n3_c20250101__20251231__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zyQ6VkdsixKj" title="License fee">150</span> thousand as part of the initial consideration. M1 will pay earned royalties on future net sales (including modest minimum annual royalties, which commence in the second year of the term of the License Agreement and gradually increase and plateau over time, and which will be credited against earned royalties due on net sales), and a percentage of any sublicensing income. The earned royalty commences after the first commercial sale of a licensed product. At December 31, 2025 there were no accrued royalties recorded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under the License Agreement, M1 is required to achieve certain development milestones within designated time periods. For select development milestones, as listed below, M1 will be required to make a payment to Mayo, also as noted below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="width: 48px; padding-left: 0.25in; text-align: justify"> </td> <td style="width: 24px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">A payment of $<span id="xdx_90C_ecustom--PaymentForLicensedProducts_pn3n3_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PhaseIIclinicalMember_zmfcbZj7oNz3" title="Payments for licensed products">250</span> thousand for Phase II clinical trial initiation, for the first instance of a licensed product.</span></td></tr> <tr style="vertical-align: top"> <td style="padding-left: 0.25in; text-align: justify"> </td> <td><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">A payment of $<span id="xdx_900_ecustom--PaymentForLicensedProducts_pn5n6_c20250101__20251231__us-gaap--AwardTypeAxis__custom--PhaseIIIclinicalMember_zH9qxrElD2j6" title="Payments for licensed products">1.5</span> million for Phase III clinical trial initiation, for the first instance of a licensed product.</span></td></tr> <tr style="vertical-align: top"> <td style="padding-left: 0.25in; text-align: justify"> </td> <td><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">A payment of $<span id="xdx_908_ecustom--PaymentForLicensedProducts_pn6n6_c20250101__20251231__us-gaap--AwardTypeAxis__custom--NewDrugApplicationFirstMember_zS3M5Iu2Ert6" title="Payments for licensed products">2</span> million for FDA New Drug Application (NDA) acceptance, for the first instance of a licensed product.</span></td></tr> <tr style="vertical-align: top"> <td style="padding-left: 0.25in; text-align: justify"> </td> <td><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">A payment of $<span id="xdx_909_ecustom--PaymentForLicensedProducts_pn6n6_c20250101__20251231__us-gaap--AwardTypeAxis__custom--NewDrugApplicationMember_zUwBkglZ7Qla" title="Payments for licensed products">5</span> million for NDA approval, for each instance of a licensed product.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2025 the development milestones noted above are not required to have been met and have not been met. There are other developmental milestones in the License Agreement relating to funding of the business and to initiating various clinical trial phases over time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If M1 materially breaches the terms of the License Agreement, and such material breach remains uncured after an opportunity to cure, Mayo may terminate the License Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> 1980000 150000 250000 1500000 2000000 5000000 <p id="xdx_800_eus-gaap--LesseeOperatingLeasesTextBlock_zUK2O2odT5s8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>13. <span id="xdx_82C_zUOBdiWmOTd7">Leases</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For operating leases, the Company records right-of-use assets and corresponding lease liabilities in the consolidated balance sheets for all leases with terms longer than twelve months. The Company has one operating leases, with no variable lease costs, and no finance leases as of December 31, 2025. The Company has three operating leases, with no variable lease costs, and no finance leases as of December 31, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">eXoZymes was consolidated up to November 14, 2024. In October 2023, eXoZymes, made changes to an existing lease agreement that was originally entered into in August 2021, which resulted in an extension of the lease term by an additional 14 months. The revised lease maintained the same escalation rate for lease payments as the previous arrangement. To account for this modification, the Company reevaluated the remaining lease term at the time of execution. As the Company was actively utilizing the premises, adjustments were made to reflect the revaluation of both the right-to-use asset and the corresponding lease liability in line with the updated lease term. This was originally entered into in August 2021, with a term of 60 months beginning on August 24, 2021 and ending on September 30, 2026, with an option to extend for 60 additional months and was further modified on April 3, 2023 for an additional 21 months with the lease ending date of April 30, 2028. At the time the lease commenced, it was not probable the Company would exercise the one five-year option to extend the facility lease; therefore, this extension option is not included in the lease analysis. The initial base rent is $<span id="xdx_906_eus-gaap--AdvanceRent_iI_pn2n3_c20230403_zOrb49EBqXHh" title="Initial rent, per month">14.3</span> thousand per month. The lease provides for annual increases. The base rent for the lease in the final year is $<span id="xdx_906_ecustom--BaseRent_iI_pn2n3_c20230403_zHHhl4ENM1w3" title="Base rent, per month">16.7</span> thousand per month. Additionally, eXoZymes was responsible for annual operating cost increases of <span id="xdx_906_ecustom--AnnualOperatingCostIncreasePercentage_pid_dp_uPure_c20230403__20230403_zfYeAiywufni" title="Annual operating cost increase percentage">2.5</span>%, which are included in the rent. Since eXoZymes is not consolidated for 2025, the information above was only calculated for 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Furthermore, in October 2023, eXoZymes made changes to a second existing lease agreement that was originally entered into in April 2023, which resulted in an extension of the lease term by an additional <span id="xdx_908_eus-gaap--LesseeOperatingLeaseRenewalTerm_iI_dtM_c20231031_zbZkClSu4JY4" title="Extension term of lease">12</span> months. The revised lease maintained the same escalation rate for lease payments as the previous arrangement. To account for this modification, the Company reevaluated the remaining lease term at the time of execution. As the Company was actively utilizing the premises, adjustments were made to reflect the revaluation of both the right-to-use asset and the corresponding lease liability in line with the updated lease term. This was originally entered into in April 2023, with a term of <span id="xdx_901_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtM_c20230430_zlnbAds7lC0c" title="Lease term">60</span> months beginning on July 1, 2023 and ending on June 30, 2028, with an <span id="xdx_900_eus-gaap--LesseeOperatingLeaseOptionToExtend_c20231001__20231031_zwS4zRfsuX66" title="Option to extend">option to extend for 60 additional months</span>. At the time the lease commenced, it was not probable the Company would exercise the one five-year option to extend the facility lease; therefore, this extension option is not included in the lease analysis. The initial base rent is $<span id="xdx_90B_eus-gaap--AdvanceRent_iI_pn2n3_c20231031_zimDouZf19Fl" title="Initial rent, per month">13.3</span> thousand per month. The lease provides for annual increases. The base rent for the lease in the final year is $<span id="xdx_909_ecustom--BaseRent_iI_pn2n3_c20231031_zOOUjB2LxYZ2" title="Base rent, per month">15.4</span> thousand per month. Additionally, eXoZymes is responsible for annual operating cost increases of <span id="xdx_900_ecustom--AnnualOperatingCostIncreasePercentage_pid_dp_uPure_c20231001__20231031_zMpkMVYzYn64" title="Annual operating cost increase percentage">3.0</span>%, which are included in the rent. Since eXoZymes is not consolidated for 2024, the information above is only calculated for 2023.</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 0pt 0.25in; text-align: justify">On July 1, 2022 the Company executed a lease for new office space in the Dallas, Texas metropolitan area, the space was occupied on December 20, 2022. The lease with a term of <span id="xdx_90D_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtM_c20220701_z8jj1P3YxUP4" title="Lease term">91</span> months and began once we took control of the space on December 20, 2022 and ending on July 20, 2030, without an option to extend. The initial base rent was $<span id="xdx_90A_eus-gaap--AdvanceRent_iI_pn2n3_c20220701_zgbc6wWnRQSa" title="Initial rent, per month">12.6</span> thousand per month, after 7 months of free rent. The lease provides for annual increases. The base rent for the lease in the final year is $<span id="xdx_90E_ecustom--BaseRent_iI_pn2n3_c20220701_zs9C7KhoVuNi" title="Base rent, per month">13.9</span> thousand per month.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company’s uses the implicit rate in its lease calculations when it is readily determinable. Since the Company’s leases do not provide implicit rates, to determine the present value of lease payments, management uses the Company’s estimated incremental borrowing rate for a fully collateralized loan with a similar term of the lease that is based on the information available at the inception of the lease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_894_eus-gaap--LeaseCostTableTextBlock_zcyi91Cll9N7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B1_zYDZFo55hxxa" style="display: none">Schedule of Operating Lease Cost</span></span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; font-size: 10pt"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231_zCKawW5PDac1" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zjzFaqA7Ev74" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the years ended<br/> December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(in thousands)</b></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating leases:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_zGoaBcBEOIbe" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left">Right-of-use assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">547</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">641</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiability_iI_pn3n3_zRFElbfZ4ZSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating lease liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">609</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">711</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Weighted average remaining lease term in years</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_z0EjF7nH5IDj" title="Weighted average remaining lease term in years">4.50</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_904_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_z0RqdCP4mfr3" title="Weighted average remaining lease term in years">5.50</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Weighted average discount rate</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20251231_zmt9KFdlbMb5" style="font-size: 10pt; text-align: right" title="Weighted average discount rate">7.80</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20241231_zGXmDHvaklDb" style="font-size: 10pt; text-align: right" title="Weighted average discount rate">7.80</td><td style="font-size: 10pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Cash paid for amounts included in the measurement of lease liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_987_eus-gaap--OperatingLeaseLeaseIncomeLeasePayments_pn3n3_c20250101__20251231_zxj2KKkAE6W5" style="font-size: 10pt; text-align: right" title="Cash paid for amounts included in the measurement of lease liabilities">155</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--OperatingLeaseLeaseIncomeLeasePayments_pn3n3_c20240101__20241231_zgaMVKNdJDza" style="font-size: 10pt; text-align: right" title="Cash paid for amounts included in the measurement of lease liabilities">152</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Right-of-use assets obtained in exchange for lease liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_c20250101__20251231_zURnBbXxJzlk" style="font-size: 10pt; text-align: right" title="Right-of-use assets obtained in exchange for lease liabilities"><span style="-sec-ix-hidden: xdx2ixbrl2038">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_988_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_c20240101__20241231_zhuGuRj2fZg6" style="font-size: 10pt; text-align: right" title="Right-of-use assets obtained in exchange for lease liabilities"><span style="-sec-ix-hidden: xdx2ixbrl2040">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating lease cost</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_988_eus-gaap--OperatingLeaseCost_pn3n3_c20250101__20251231_zuuKVtWVIzRd" style="font-size: 10pt; text-align: right" title="Operating lease cost">52</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_981_eus-gaap--OperatingLeaseCost_pn3n3_c20240101__20241231_zeyRz5xTtDD3" style="font-size: 10pt; text-align: right" title="Operating lease cost">147</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Short-term lease costs</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShortTermLeaseCost_pn3n3_c20250101__20251231_zi4tqVKiEof4" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">95</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_981_eus-gaap--ShortTermLeaseCost_pn3n3_c20240101__20241231_zbMTuMMFIOFa" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">87</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total operating lease costs</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_981_eus-gaap--OperatingLeasePayments_pn3n3_c20250101__20251231_zv6gYrYFLE72" style="font-size: 10pt; text-align: right" title="Total operating lease costs">147</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--OperatingLeasePayments_pn3n3_c20240101__20241231_z09HYx2IOQjb" style="font-size: 10pt; text-align: right" title="Total operating lease costs">234</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_zW7QOwEQ0Fr1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_897_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zv6zURXrkuzd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Future payments due under operating leases for the as of December 31, 2025 are as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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_zw3gXW3FsdC3" style="display: none">Schedule of Future payments Due Under Operating Lease</span></span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">Year</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zzbHKODGLgHg" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzDS7_zES5JhybPDJ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt; text-align: left">2026</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 16%; font-size: 10pt; text-align: right">158</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzDS7_zDnAigxsp8bc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2027</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">160</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzDS7_zxb1Lo3G6KT" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2028</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">163</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearThree_iI_pn3n3_maLOLLPzDS7_z9YwNxh7JEbi" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">2029 and thereafter</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">259</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzDS7_z97i8F0RU613" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt">Total</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">740</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zqZ6CZSIgoaa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less effects of discounting</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(131</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_zgjG2x8hK6x" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total operating lease liability</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">609</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_zkJVMofiFoji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 14300 16700 0.025 P12M P60M option to extend for 60 additional months 13300 15400 0.030 P91M 12600 13900 <p id="xdx_894_eus-gaap--LeaseCostTableTextBlock_zcyi91Cll9N7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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_8B1_zYDZFo55hxxa" style="display: none">Schedule of Operating Lease Cost</span></span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; font-size: 10pt"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20251231_zCKawW5PDac1" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20241231_zjzFaqA7Ev74" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>For the years ended<br/> December 31,</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(in thousands)</b></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating leases:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_zGoaBcBEOIbe" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left">Right-of-use assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">547</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">641</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--OperatingLeaseLiability_iI_pn3n3_zRFElbfZ4ZSj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating lease liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">609</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">711</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Weighted average remaining lease term in years</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_90F_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20251231_z0EjF7nH5IDj" title="Weighted average remaining lease term in years">4.50</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_904_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20241231_z0RqdCP4mfr3" title="Weighted average remaining lease term in years">5.50</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Weighted average discount rate</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20251231_zmt9KFdlbMb5" style="font-size: 10pt; text-align: right" title="Weighted average discount rate">7.80</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_987_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20241231_zGXmDHvaklDb" style="font-size: 10pt; text-align: right" title="Weighted average discount rate">7.80</td><td style="font-size: 10pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Cash paid for amounts included in the measurement of lease liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_987_eus-gaap--OperatingLeaseLeaseIncomeLeasePayments_pn3n3_c20250101__20251231_zxj2KKkAE6W5" style="font-size: 10pt; text-align: right" title="Cash paid for amounts included in the measurement of lease liabilities">155</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--OperatingLeaseLeaseIncomeLeasePayments_pn3n3_c20240101__20241231_zgaMVKNdJDza" style="font-size: 10pt; text-align: right" title="Cash paid for amounts included in the measurement of lease liabilities">152</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Right-of-use assets obtained in exchange for lease liabilities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_c20250101__20251231_zURnBbXxJzlk" style="font-size: 10pt; text-align: right" title="Right-of-use assets obtained in exchange for lease liabilities"><span style="-sec-ix-hidden: xdx2ixbrl2038">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_988_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_c20240101__20241231_zhuGuRj2fZg6" style="font-size: 10pt; text-align: right" title="Right-of-use assets obtained in exchange for lease liabilities"><span style="-sec-ix-hidden: xdx2ixbrl2040">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Operating lease cost</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_988_eus-gaap--OperatingLeaseCost_pn3n3_c20250101__20251231_zuuKVtWVIzRd" style="font-size: 10pt; text-align: right" title="Operating lease cost">52</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_981_eus-gaap--OperatingLeaseCost_pn3n3_c20240101__20241231_zeyRz5xTtDD3" style="font-size: 10pt; text-align: right" title="Operating lease cost">147</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Short-term lease costs</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShortTermLeaseCost_pn3n3_c20250101__20251231_zi4tqVKiEof4" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">95</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_981_eus-gaap--ShortTermLeaseCost_pn3n3_c20240101__20241231_zbMTuMMFIOFa" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">87</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total operating lease costs</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_981_eus-gaap--OperatingLeasePayments_pn3n3_c20250101__20251231_zv6gYrYFLE72" style="font-size: 10pt; text-align: right" title="Total operating lease costs">147</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--OperatingLeasePayments_pn3n3_c20240101__20241231_z09HYx2IOQjb" style="font-size: 10pt; text-align: right" title="Total operating lease costs">234</td><td style="font-size: 10pt; text-align: left"> </td></tr> </table> 547000 641000 609000 711000 P4Y6M P5Y6M 0.0780 0.0780 155000 152000 52000 147000 95000 87000 147000 234000 <p id="xdx_897_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zv6zURXrkuzd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Future payments due under operating leases for the as of December 31, 2025 are as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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_zw3gXW3FsdC3" style="display: none">Schedule of Future payments Due Under Operating Lease</span></span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">Year</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231_zzbHKODGLgHg" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzDS7_zES5JhybPDJ2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-size: 10pt; text-align: left">2026</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 16%; font-size: 10pt; text-align: right">158</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzDS7_zDnAigxsp8bc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">2027</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">160</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzDS7_zxb1Lo3G6KT" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">2028</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">163</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearThree_iI_pn3n3_maLOLLPzDS7_z9YwNxh7JEbi" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">2029 and thereafter</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">259</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzDS7_z97i8F0RU613" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-size: 10pt">Total</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">740</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_zqZ6CZSIgoaa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less effects of discounting</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(131</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_403_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_zgjG2x8hK6x" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total operating lease liability</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">609</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> 158000 160000 163000 259000 740000 131000 609000 <p id="xdx_80B_eus-gaap--IncomeTaxDisclosureTextBlock_zJSER0ACJL27" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>14. <span id="xdx_820_zqzQhPaHqntg">Income Taxes</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company is a limited liability company treated as a partnership for federal and state income tax purposes, with the exception of the state of Texas, in which income tax liabilities and/or benefits of the Company are passed through to its unitholders. Limited liability companies are subject to Texas margin tax. Additionally, the Company’s subsidiaries, Public Ventures, MDB Management, PatentVest, and M1 are Subchapter C-corporations subject to federal and state income taxes. As such, with the exception of the state of Texas and certain subsidiaries, the Company is not a taxable entity; it does not directly pay federal and state income taxes and recognition has not been given to federal and state income taxes for the operations of the Company, except as set forth in the tables below. Amounts recognized for income taxes are reported in “income tax expense (benefit)” on the consolidated statements of operations. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company’s taxable income or loss, which may vary substantially from the net income or net loss reported on the consolidated statements of operations, is includable in the federal and state income tax returns of each unitholder.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_893_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zmkUgBiHEERg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Income tax expense (benefit) (including Subchapter C-corporations) consisted of the following (in thousands):</p> <p 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"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zfHTorENI9Hc" style="display: none">Schedule of Income Taxes Expenses (benefit)</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; font-size: 10pt"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zmL8e6kRXQBh" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zXFx652RV0j5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Current taxes</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CurrentFederalTaxExpenseBenefit_pn3n3_maITEBztXD_zZ7yL2tEhxv1" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; padding-left: 10pt">Federal</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2072">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">1</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_pn3n3_maITEBztXD_zzv7Q7MT9qAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">State</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred taxes</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_pn3n3_maITEBztXD_znPsIyABZBZa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Federal</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2078">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2079">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_pn3n3_maITEBztXD_zNbpwR3ZhDbj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 10pt">State</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2081">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2082">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mtITEBztXD_zco7tXUdo9fc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">11</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8A0_zTgQHL8fh1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 61pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Total cash taxes paid net of refunds received in 2025 was $<span id="xdx_902_eus-gaap--IncomeTaxesPaid_c20250101__20251231_zP747hdDcI9g" title="Cash taxes paid">0</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of December 31, 2025, the Company had approximately $<span id="xdx_908_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20251231__us-gaap--IncomeTaxAuthorityNameAxis__custom--USFederalTaxMember_zmDmrqeTlnNk" title="Net operating loss carryforwards">23.3</span> million and $<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20251231__us-gaap--IncomeTaxAuthorityNameAxis__custom--FloridaIncomeTaxMember_zYrsJrIj4bEa" title="Net operating loss carryforwards">0.1</span> million of net operating loss carryforwards for U.S. federal and Florida income tax purposes, respectively. These net operating losses may be carried forward indefinitely</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Effective for the year ended December 31, 2025, the Company adopted ASU 2023-09-Improvements to Income Tax Disclosures, prospectively. The reconciliation of income tax expense (including Subchapter C-corporations) computed at the U.S. federal statutory income tax rate of 21% to the recognized income tax expense for the year ended December 31, 2025, presented in accordance with the disclosure requirements of ASU 2023-09-Improvements to Income Tax Disclosures, is as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_89C_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zThUWxlxqKsl" 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"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zfl3scupFN3l" style="display: none">Schedule of Federal Statutory Tax Rate to The Effective Tax Rate</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Rate</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">U.S Federal statutory income rate</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maMahiYA_c20250101__20251231_zAzgeeZpppFj" style="width: 16%; font-size: 10pt; text-align: right" title="U.S Federal statutory income rate, Amount">(4,463</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 16%; font-size: 10pt; text-align: right"><span id="xdx_90D_ecustom--EffectiveIncomeTaxRateReconciliationOfFederalStatutoryIncomeTaxRate_pid_dp_uPure_maKamaLI_c20250101__20251231_zFxJyMOFBuA4" title="U.S Federal statutory income rate, Rate">21.00</span></td><td style="width: 1%; font-size: 10pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">State, net of federal tax benefit</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98A_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_maMahiYA_c20250101__20251231_zbXy9kIlY7wl" style="font-size: 10pt; text-align: right" title="State, net of federal tax benefit, Amount">9</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maKamaLI_c20250101__20251231_zMr0pwJiICR1" title="State, net of federal tax benefit, Rate">(0.04</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Nontaxable or nondeductible items</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Income/loss excluded from nontaxable entities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_986_ecustom--IncomeTaxReconciliationIncomeLossExcludedFromNontaxableEntities_pn3n3_maMahiYA_c20250101__20251231_zfzJQFRskkMi" style="font-size: 10pt; text-align: right" title="Income/loss excluded from nontaxable entities, Amount">944</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_902_ecustom--EffectiveIncomeTaxRateReconciliationIncomeLossExcludedFromNontaxableEntities_pid_dp_uPure_maKamaLI_c20250101__20251231_zhyVeG40ffe1" title="Income/loss excluded from nontaxable entities, Rate">(4.44</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr id="xdx_409_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitPermanentDifferences_zBXuJlTncBea" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt; padding-left: 10pt">Permanent differences</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right" title="Income/loss excluded from nontaxable entities, Amount"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_zJdrdulDazCc" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt; padding-left: 10pt">Permanent differences</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right" title="Income/loss excluded from nontaxable entities, Amount"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Meals and entertainment</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment_pn3n3_maMahiYA_c20250101__20251231_z0QGSTT1dyMj" style="font-size: 10pt; text-align: right" title="Meals and entertainment, Amount">7</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment_pid_dp_uPure_maKamaLI_c20250101__20251231_zprancH9EwFl" title="Meals and entertainment, Rate">(0.04</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Stock options</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_maMahiYA_c20250101__20251231_zQWDLG7PYlDh" style="font-size: 10pt; text-align: right" title="Stock options, Amount">614</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_90F_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_maKamaLI_c20250101__20251231_zltTUL71zoP2" title="Stock options, Rate">(3.06</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Equity award vesting</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_ecustom--IncomeTaxReconciliationEquityInEquityAwardVestingAmount_pn3n3_maMahiYA_c20250101__20251231_zcq5YDq12oxd" style="font-size: 10pt; text-align: right" title="Equity award vesting, Amount">248</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_905_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseEquityAwardVesting_pid_dp_uPure_maKamaLI_c20250101__20251231_zqlTNBcH1AP" title="Equity award vesting, Rate">(1.24</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Modification of equity awards</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--IncomeTaxReconciliationModificationOfEquityAwardsAmount_pn3n3_maMahiYA_c20250101__20251231_z3WSaoPZkhS2" style="font-size: 10pt; text-align: right" title="Modification of equity awards, Amount">2,194</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_pid_dp_uPure_maKamaLI_c20250101__20251231_zZ9V0lzmB0q9" title="Equity award vesting, Rate">(10.95</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Return-to-provision adjustments</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_pn3n3_maMahiYA_c20250101__20251231_zRrcBz3dkZSl" style="font-size: 10pt; text-align: right" title="Return-to-provision adjustments, Amount">(44</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_907_ecustom--EffectiveIncomeTaxRateReconciliationReturnToProvisionAdjustments_pid_dp_uPure_maKamaLI_c20250101__20251231_zW6LSLqiL1nc" title="Return-to-provision adjustments, Rate">0.22</span></td><td style="font-size: 10pt; text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_zWIBshQTkSc6" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-size: 10pt; text-align: left">Other</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right" title="Return-to-provision adjustments, Amount"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_zOBsHs9AIRxh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-size: 10pt; text-align: left">Other</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right" title="Return-to-provision adjustments, Amount"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_986_ecustom--IncomeTaxReconciliationChangeInDeferredTaxAssetValuationAllowance_pn3n3_maMahiYA_c20250101__20251231_zvBKtMBpy216" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Valuation allowance, Amount">502</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span id="xdx_90E_ecustom--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetValuationAllowance_pid_dp_uPure_maKamaLI_c20250101__20251231_zH8KcsFkBxYa" title="Valuation allowance, Rate">(2.52</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Effective rate</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_mtMahiYA_c20250101__20251231_zL9SnUxJsz4f" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Effective rate, Amount">11</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtKamaLI_c20250101__20251231_zXDBeGuz56c7" title="Effective rate, Rate">(0.05</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)%</td></tr> </table> <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 0pt 0.25in; text-align: justify">A reconciliation of the federal statutory tax rate to the effective tax rate (including Subchapter C-corporations) for the year ended December 31, 2024 and 2024 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year Ended December 31, 2024</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rate</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <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 colspan="2" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" 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></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S Federal statutory income rate</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_988_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitOfFederalStatutoryIncomeTaxRate_pn3n3_maMahiYA_c20240101__20241231_z5gZGmcJCLba" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="U.S Federal statutory income rate, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,453</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maKamaLI_c20240101__20241231_zUkTSgGBrsNk" title="U.S Federal statutory income rate, Rate">21.00</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State, net of federal tax benefit</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_989_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_maMahiYA_c20240101__20241231_z055pwdywtk2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="State, net of federal tax benefit, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(246</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maKamaLI_c20240101__20241231_zvUxl03iC6W3" title="State, net of federal tax benefit, Rate">(2.11</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income/loss excluded from nontaxable entities</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_980_ecustom--IncomeTaxReconciliationIncomeLossExcludedFromNontaxableEntities_pn3n3_maMahiYA_c20240101__20241231_zCS3MINvK0Ag" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Income/loss excluded from nontaxable entities, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,009</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--EffectiveIncomeTaxRateReconciliationIncomeLossExcludedFromNontaxableEntities_pid_dp_uPure_maKamaLI_c20240101__20241231_zbH5oGARhAbf" title="Income/loss excluded from nontaxable entities, Rate">(68.57</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permanent differences</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_988_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitPermanentDifferences_pn3n3_maMahiYA_c20240101__20241231_zLDKKFiB4Zxd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Permanent differences, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">641</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_maKamaLI_c20240101__20241231_zcJdGiB4y7ck" title="Permanent differences, Rate">5.49</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return-to-provision adjustments</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98D_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_pn3n3_maMahiYA_c20240101__20241231_zyah9TbCQK0h" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Return-to-provision adjustments, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--EffectiveIncomeTaxRateReconciliationReturnToProvisionAdjustments_pid_dp_uPure_maKamaLI_c20240101__20241231_zTmjsZdVVGtg" title="Return-to-provision adjustments, Rate">0.04</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_pn3n3_maMahiYA_c20240101__20241231_zIHFoGxynuai" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Other, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">192</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_pid_dp_uPure_maKamaLI_c20240101__20241231_zbTPDKiJGemb" title="Other, Rate">1.65</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation allowance</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_984_ecustom--IncomeTaxReconciliationChangeInDeferredTaxAssetValuationAllowance_pn3n3_maMahiYA_c20240101__20241231_zc4fcKcW0Pbh" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Valuation allowance, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,966</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetValuationAllowance_pid_dp_uPure_maKamaLI_c20240101__20241231_zUobJyjPhofk" title="Valuation allowance, Rate">42.52</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective rate</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98E_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_mtMahiYA_c20240101__20241231_zlpCL3taBE1k" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Effective rate, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtKamaLI_c20240101__20241231_zLq7wG2Fh661" title="Effective rate, Rate">0.02</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </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"> </p> <p id="xdx_89F_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zijKLusBly9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Significant components of the deferred tax assets and liabilities (including Subchapter C-corporations) were as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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_8B1_zW4pGONifQD1" style="display: none">Schedule of Deferred Tax Assets and Liabilities</span></span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; font-size: 10pt"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_z7KyjAjKPr0j" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zbayncmJpCY4" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zOhE6eHTdF22" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred tax assets:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsInStartupExpenditures_i01I_pn3n3_z0pStMYk9xVh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left; padding-left: 10pt">Start-up expenditures</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">4</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">13</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DeferredTaxAssetsInOrganizationalExpenditures_i01I_pn3n3_zuqC8lBkrb19" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Organizational expenditures</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_i01I_pn3n3_zSzWWFgSyBHd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Sec 174 – Research and development costs</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2182">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAssetsStockCompensation_i01I_pn3n3_zs26HxDV2Wjf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Stock compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,795</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,524</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsLeaseLiability_i01I_pn3n3_zZ3S6wqVc1Hd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Lease liability</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">128</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">149</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsPropertyPlantAndEquipment_i01I_pn3n3_znfglrQ30dW1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Property and equipment principally due to differences in depreciation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssetsBonusExpense_i01I_pn3n3_ztABvizfysx2" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Bonus expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2195">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsCharitableContributionCarryforwards_i01I_pn3n3_zK0Ezg1MVPNa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Charitable contribution carryforwards</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAssetsImpairmentExpense_i01I_pn3n3_zhPorG7E1S01" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Impairment expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">53</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_i01I_pn3n3_zDZTyf2jjCLd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Intangible Assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">51</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">38</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwards_i01I_pn3n3_z48rWoaxn8e2" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Net operating loss carryforwards</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">4,890</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,781</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_pn3n3_di_zZVGiPfri0Ak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Valuation allowance</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,625</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,124</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsNet_i01TI_pn3n3_mtDTAGzNdz_maDTANzXjO_maDTALNz5VD_zhFLgPov3wKa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total deferred tax assets</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">327</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">399</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zh39DJul5FCf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred tax liabilities:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxLiabilitiesOther_i01NI_pn3n3_di_maDTLzxyZ_zcR3KGzxw7ql" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Right-of-use asset</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(115</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(135</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredTaxLiabilitiesInvestmentSecurities_i01NI_pn3n3_di_maDTLzxyZ_z2gJCJM9IOVc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Investment securities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(212</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(264</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxLiabilities_i01NTI_pn3n3_di_msDTALNz5VD_mtDTLzxyZ_zbZktxIp2ZDh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Total deferred tax liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(327</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(399</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsLiabilitiesNet_i01TI_pn3n3_mtDTALNz5VD_zS7nNHBp8uie" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net deferred tax assets/(liabilities)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2227">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2228">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <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 0pt 0.25in; text-align: justify">Net deferred tax assets and liabilities were classified on the consolidated balance sheets as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; font-size: 10pt"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231_zSrPpvpvhm01" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20241231_zhZaUGLkSUlh" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTAGzNdz_maDTANzXjO_maDTALNzm7g_zvMv0LZmstRg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Deferred tax assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">327</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">399</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilities_iNTI_pn3n3_di_msDTALNzm7g_zZZOUq3uSh8a" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred tax liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(327</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(399</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_pn3n3_mtDTALNzm7g_z6haG6uQIGqf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Other noncurrent assets/(liabilities)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2236">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2237">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zTugmM3Fiugi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. At December 31, 2025, based on projections of future taxable income for the periods in which the deferred tax assets are deductible, a valuation allowance of approximately $<span id="xdx_90A_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn5n6_c20251231_zrhos06hqse4" title="Decrease in deferred tax assets valuation allowance">6.6</span> million was recorded for tax carry forwards and attributes to reduce the net deferred tax assets to an amount that is more likely than not to be recognized. The amount of deferred tax assets considered realizable could be reduced in the future if estimates of future taxable income during the carry forward period are reduced.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In accordance with the applicable accounting standards, the Company recognizes only the impact of income tax positions that, based on their merits, are more likely than not to be sustained upon audit by a taxing authority. To evaluate its current tax positions in order to identify any material uncertain tax positions, the Company developed a policy of identifying and evaluating uncertain tax positions that considers support for each tax position, industry standards, tax return disclosures and schedules and the significance of each position. It is the Company’s policy to recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company had no material uncertain tax positions at December 31, 2025 and December 31, 2024. The tax years 2022 – 2025 remain open to examination for federal income tax purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_893_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zmkUgBiHEERg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Income tax expense (benefit) (including Subchapter C-corporations) consisted of the following (in thousands):</p> <p 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"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B2_zfHTorENI9Hc" style="display: none">Schedule of Income Taxes Expenses (benefit)</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; font-size: 10pt"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zmL8e6kRXQBh" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zXFx652RV0j5" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Current taxes</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CurrentFederalTaxExpenseBenefit_pn3n3_maITEBztXD_zZ7yL2tEhxv1" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; padding-left: 10pt">Federal</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2072">-</span></td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">1</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_pn3n3_maITEBztXD_zzv7Q7MT9qAk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">State</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred taxes</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_pn3n3_maITEBztXD_znPsIyABZBZa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Federal</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2078">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2079">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_pn3n3_maITEBztXD_zNbpwR3ZhDbj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 10pt">State</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2081">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2082">-</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mtITEBztXD_zco7tXUdo9fc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">11</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> 1000 11000 1000 11000 2000 0 23300000 100000 <p id="xdx_89C_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zThUWxlxqKsl" 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"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_8B7_zfl3scupFN3l" style="display: none">Schedule of Federal Statutory Tax Rate to The Effective Tax Rate</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31, 2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Rate</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">U.S Federal statutory income rate</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maMahiYA_c20250101__20251231_zAzgeeZpppFj" style="width: 16%; font-size: 10pt; text-align: right" title="U.S Federal statutory income rate, Amount">(4,463</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 16%; font-size: 10pt; text-align: right"><span id="xdx_90D_ecustom--EffectiveIncomeTaxRateReconciliationOfFederalStatutoryIncomeTaxRate_pid_dp_uPure_maKamaLI_c20250101__20251231_zFxJyMOFBuA4" title="U.S Federal statutory income rate, Rate">21.00</span></td><td style="width: 1%; font-size: 10pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">State, net of federal tax benefit</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98A_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_maMahiYA_c20250101__20251231_zbXy9kIlY7wl" style="font-size: 10pt; text-align: right" title="State, net of federal tax benefit, Amount">9</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maKamaLI_c20250101__20251231_zMr0pwJiICR1" title="State, net of federal tax benefit, Rate">(0.04</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Nontaxable or nondeductible items</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Income/loss excluded from nontaxable entities</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_986_ecustom--IncomeTaxReconciliationIncomeLossExcludedFromNontaxableEntities_pn3n3_maMahiYA_c20250101__20251231_zfzJQFRskkMi" style="font-size: 10pt; text-align: right" title="Income/loss excluded from nontaxable entities, Amount">944</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_902_ecustom--EffectiveIncomeTaxRateReconciliationIncomeLossExcludedFromNontaxableEntities_pid_dp_uPure_maKamaLI_c20250101__20251231_zhyVeG40ffe1" title="Income/loss excluded from nontaxable entities, Rate">(4.44</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr id="xdx_409_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitPermanentDifferences_zBXuJlTncBea" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt; padding-left: 10pt">Permanent differences</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right" title="Income/loss excluded from nontaxable entities, Amount"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_zJdrdulDazCc" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; font-size: 10pt; padding-left: 10pt">Permanent differences</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right" title="Income/loss excluded from nontaxable entities, Amount"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Meals and entertainment</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment_pn3n3_maMahiYA_c20250101__20251231_z0QGSTT1dyMj" style="font-size: 10pt; text-align: right" title="Meals and entertainment, Amount">7</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment_pid_dp_uPure_maKamaLI_c20250101__20251231_zprancH9EwFl" title="Meals and entertainment, Rate">(0.04</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Stock options</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_988_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_maMahiYA_c20250101__20251231_zQWDLG7PYlDh" style="font-size: 10pt; text-align: right" title="Stock options, Amount">614</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_90F_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_pid_dp_uPure_maKamaLI_c20250101__20251231_zltTUL71zoP2" title="Stock options, Rate">(3.06</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Equity award vesting</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_989_ecustom--IncomeTaxReconciliationEquityInEquityAwardVestingAmount_pn3n3_maMahiYA_c20250101__20251231_zcq5YDq12oxd" style="font-size: 10pt; text-align: right" title="Equity award vesting, Amount">248</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_905_ecustom--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseEquityAwardVesting_pid_dp_uPure_maKamaLI_c20250101__20251231_zqlTNBcH1AP" title="Equity award vesting, Rate">(1.24</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Modification of equity awards</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_985_ecustom--IncomeTaxReconciliationModificationOfEquityAwardsAmount_pn3n3_maMahiYA_c20250101__20251231_z3WSaoPZkhS2" style="font-size: 10pt; text-align: right" title="Modification of equity awards, Amount">2,194</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpense_pid_dp_uPure_maKamaLI_c20250101__20251231_zZ9V0lzmB0q9" title="Equity award vesting, Rate">(10.95</span></td><td style="font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Return-to-provision adjustments</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td id="xdx_98E_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_pn3n3_maMahiYA_c20250101__20251231_zRrcBz3dkZSl" style="font-size: 10pt; text-align: right" title="Return-to-provision adjustments, Amount">(44</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span id="xdx_907_ecustom--EffectiveIncomeTaxRateReconciliationReturnToProvisionAdjustments_pid_dp_uPure_maKamaLI_c20250101__20251231_zW6LSLqiL1nc" title="Return-to-provision adjustments, Rate">0.22</span></td><td style="font-size: 10pt; text-align: left">%</td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_zWIBshQTkSc6" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-size: 10pt; text-align: left">Other</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right" title="Return-to-provision adjustments, Amount"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_zOBsHs9AIRxh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="display: none; font-size: 10pt; text-align: left">Other</td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right" title="Return-to-provision adjustments, Amount"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt"> </td> <td style="display: none; font-size: 10pt; text-align: left"> </td><td style="display: none; font-size: 10pt; text-align: right"> </td><td style="display: none; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td id="xdx_986_ecustom--IncomeTaxReconciliationChangeInDeferredTaxAssetValuationAllowance_pn3n3_maMahiYA_c20250101__20251231_zvBKtMBpy216" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right" title="Valuation allowance, Amount">502</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span id="xdx_90E_ecustom--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetValuationAllowance_pid_dp_uPure_maKamaLI_c20250101__20251231_zH8KcsFkBxYa" title="Valuation allowance, Rate">(2.52</span></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Effective rate</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td id="xdx_986_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_mtMahiYA_c20250101__20251231_zL9SnUxJsz4f" style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right" title="Effective rate, Amount">11</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span id="xdx_90C_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtKamaLI_c20250101__20251231_zXDBeGuz56c7" title="Effective rate, Rate">(0.05</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)%</td></tr> </table> <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 0pt 0.25in; text-align: justify">A reconciliation of the federal statutory tax rate to the effective tax rate (including Subchapter C-corporations) for the year ended December 31, 2024 and 2024 is as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year Ended December 31, 2024</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rate</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <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 colspan="2" 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" 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></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S Federal statutory income rate</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_988_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitOfFederalStatutoryIncomeTaxRate_pn3n3_maMahiYA_c20240101__20241231_z5gZGmcJCLba" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right" title="U.S Federal statutory income rate, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,453</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_maKamaLI_c20240101__20241231_zUkTSgGBrsNk" title="U.S Federal statutory income rate, Rate">21.00</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State, net of federal tax benefit</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_989_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_pn3n3_maMahiYA_c20240101__20241231_z055pwdywtk2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="State, net of federal tax benefit, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(246</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maKamaLI_c20240101__20241231_zvUxl03iC6W3" title="State, net of federal tax benefit, Rate">(2.11</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income/loss excluded from nontaxable entities</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_980_ecustom--IncomeTaxReconciliationIncomeLossExcludedFromNontaxableEntities_pn3n3_maMahiYA_c20240101__20241231_zCS3MINvK0Ag" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Income/loss excluded from nontaxable entities, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,009</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--EffectiveIncomeTaxRateReconciliationIncomeLossExcludedFromNontaxableEntities_pid_dp_uPure_maKamaLI_c20240101__20241231_zbH5oGARhAbf" title="Income/loss excluded from nontaxable entities, Rate">(68.57</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permanent differences</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_988_ecustom--IncomeTaxReconciliationIncomeTaxExpenseBenefitPermanentDifferences_pn3n3_maMahiYA_c20240101__20241231_zLDKKFiB4Zxd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Permanent differences, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">641</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_maKamaLI_c20240101__20241231_zcJdGiB4y7ck" title="Permanent differences, Rate">5.49</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return-to-provision adjustments</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98D_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseOther_pn3n3_maMahiYA_c20240101__20241231_zyah9TbCQK0h" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Return-to-provision adjustments, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--EffectiveIncomeTaxRateReconciliationReturnToProvisionAdjustments_pid_dp_uPure_maKamaLI_c20240101__20241231_zTmjsZdVVGtg" title="Return-to-provision adjustments, Rate">0.04</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</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: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_pn3n3_maMahiYA_c20240101__20241231_zIHFoGxynuai" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Other, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">192</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><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: left"><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: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_pid_dp_uPure_maKamaLI_c20240101__20241231_zbTPDKiJGemb" title="Other, Rate">1.65</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation allowance</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_984_ecustom--IncomeTaxReconciliationChangeInDeferredTaxAssetValuationAllowance_pn3n3_maMahiYA_c20240101__20241231_zc4fcKcW0Pbh" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Valuation allowance, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,966</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetValuationAllowance_pid_dp_uPure_maKamaLI_c20240101__20241231_zUobJyjPhofk" title="Valuation allowance, Rate">42.52</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective rate</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98E_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_mtMahiYA_c20240101__20241231_zlpCL3taBE1k" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Effective rate, Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtKamaLI_c20240101__20241231_zLq7wG2Fh661" title="Effective rate, Rate">0.02</span></span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </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"> </p> <p id="xdx_89F_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zijKLusBly9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Significant components of the deferred tax assets and liabilities (including Subchapter C-corporations) were as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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_8B1_zW4pGONifQD1" style="display: none">Schedule of Deferred Tax Assets and Liabilities</span></span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; font-size: 10pt"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_z7KyjAjKPr0j" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zbayncmJpCY4" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zOhE6eHTdF22" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred tax assets:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsInStartupExpenditures_i01I_pn3n3_z0pStMYk9xVh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left; padding-left: 10pt">Start-up expenditures</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">4</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">13</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DeferredTaxAssetsInOrganizationalExpenditures_i01I_pn3n3_zuqC8lBkrb19" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Organizational expenditures</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_i01I_pn3n3_zSzWWFgSyBHd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Sec 174 – Research and development costs</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2182">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAssetsStockCompensation_i01I_pn3n3_zs26HxDV2Wjf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Stock compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,795</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,524</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsLeaseLiability_i01I_pn3n3_zZ3S6wqVc1Hd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Lease liability</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">128</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">149</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsPropertyPlantAndEquipment_i01I_pn3n3_znfglrQ30dW1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Property and equipment principally due to differences in depreciation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssetsBonusExpense_i01I_pn3n3_ztABvizfysx2" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Bonus expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2195">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsCharitableContributionCarryforwards_i01I_pn3n3_zK0Ezg1MVPNa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Charitable contribution carryforwards</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAssetsImpairmentExpense_i01I_pn3n3_zhPorG7E1S01" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Impairment expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">53</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_i01I_pn3n3_zDZTyf2jjCLd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Intangible Assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">51</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">38</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwards_i01I_pn3n3_z48rWoaxn8e2" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Net operating loss carryforwards</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">4,890</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,781</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_pn3n3_di_zZVGiPfri0Ak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Valuation allowance</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,625</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,124</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsNet_i01TI_pn3n3_mtDTAGzNdz_maDTANzXjO_maDTALNz5VD_zhFLgPov3wKa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total deferred tax assets</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">327</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">399</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zh39DJul5FCf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred tax liabilities:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxLiabilitiesOther_i01NI_pn3n3_di_maDTLzxyZ_zcR3KGzxw7ql" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Right-of-use asset</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(115</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(135</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredTaxLiabilitiesInvestmentSecurities_i01NI_pn3n3_di_maDTLzxyZ_z2gJCJM9IOVc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Investment securities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(212</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(264</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxLiabilities_i01NTI_pn3n3_di_msDTALNz5VD_mtDTLzxyZ_zbZktxIp2ZDh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Total deferred tax liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(327</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(399</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsLiabilitiesNet_i01TI_pn3n3_mtDTALNz5VD_zS7nNHBp8uie" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net deferred tax assets/(liabilities)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2227">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2228">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <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 0pt 0.25in; text-align: justify">Net deferred tax assets and liabilities were classified on the consolidated balance sheets as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; font-size: 10pt"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231_zSrPpvpvhm01" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20241231_zhZaUGLkSUlh" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTAGzNdz_maDTANzXjO_maDTALNzm7g_zvMv0LZmstRg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Deferred tax assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">327</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">399</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilities_iNTI_pn3n3_di_msDTALNzm7g_zZZOUq3uSh8a" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred tax liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(327</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(399</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_pn3n3_mtDTALNzm7g_z6haG6uQIGqf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Other noncurrent assets/(liabilities)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2236">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2237">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> -4463000 0.2100 9000 -0.0004 944000 -0.0444 7000 -0.0004 614000 -0.0306 248000 -0.0124 2194000 -0.1095 -44000 0.0022 502000 -0.0252 11000 -0.0005 2453000 0.2100 -246000 -0.0211 -8009000 -0.6857 641000 0.0549 5000 0.0004 192000 0.0165 4966000 0.4252 2000 0.0002 <p id="xdx_89F_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zijKLusBly9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Significant components of the deferred tax assets and liabilities (including Subchapter C-corporations) were as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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_8B1_zW4pGONifQD1" style="display: none">Schedule of Deferred Tax Assets and Liabilities</span></span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; font-size: 10pt"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_z7KyjAjKPr0j" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zbayncmJpCY4" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsNetAbstract_iB_zOhE6eHTdF22" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred tax assets:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsInStartupExpenditures_i01I_pn3n3_z0pStMYk9xVh" style="vertical-align: bottom; background-color: White"> <td style="width: 60%; font-size: 10pt; text-align: left; padding-left: 10pt">Start-up expenditures</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">4</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">13</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--DeferredTaxAssetsInOrganizationalExpenditures_i01I_pn3n3_zuqC8lBkrb19" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Organizational expenditures</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_i01I_pn3n3_zSzWWFgSyBHd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Sec 174 – Research and development costs</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2182">-</span></td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAssetsStockCompensation_i01I_pn3n3_zs26HxDV2Wjf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Stock compensation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1,795</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2,524</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsLeaseLiability_i01I_pn3n3_zZ3S6wqVc1Hd" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Lease liability</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">128</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">149</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsPropertyPlantAndEquipment_i01I_pn3n3_znfglrQ30dW1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Property and equipment principally due to differences in depreciation</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">2</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--DeferredTaxAssetsBonusExpense_i01I_pn3n3_ztABvizfysx2" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Bonus expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2195">-</span></td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsCharitableContributionCarryforwards_i01I_pn3n3_zK0Ezg1MVPNa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Charitable contribution carryforwards</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAssetsImpairmentExpense_i01I_pn3n3_zhPorG7E1S01" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Impairment expense</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">53</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">11</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_i01I_pn3n3_zDZTyf2jjCLd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Intangible Assets</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">51</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">38</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwards_i01I_pn3n3_z48rWoaxn8e2" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Net operating loss carryforwards</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">4,890</td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right">3,781</td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsValuationAllowance_i01NI_pn3n3_di_zZVGiPfri0Ak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Valuation allowance</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,625</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,124</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsNet_i01TI_pn3n3_mtDTAGzNdz_maDTANzXjO_maDTALNz5VD_zhFLgPov3wKa" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total deferred tax assets</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">327</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">399</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zh39DJul5FCf" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred tax liabilities:</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxLiabilitiesOther_i01NI_pn3n3_di_maDTLzxyZ_zcR3KGzxw7ql" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Right-of-use asset</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(115</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(135</td><td style="font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_ecustom--DeferredTaxLiabilitiesInvestmentSecurities_i01NI_pn3n3_di_maDTLzxyZ_z2gJCJM9IOVc" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Investment securities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(212</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(264</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxLiabilities_i01NTI_pn3n3_di_msDTALNz5VD_mtDTLzxyZ_zbZktxIp2ZDh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Total deferred tax liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(327</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(399</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsLiabilitiesNet_i01TI_pn3n3_mtDTALNz5VD_zS7nNHBp8uie" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net deferred tax assets/(liabilities)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2227">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2228">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> <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 0pt 0.25in; text-align: justify">Net deferred tax assets and liabilities were classified on the consolidated balance sheets as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center; font-size: 10pt"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231_zSrPpvpvhm01" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20241231_zhZaUGLkSUlh" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Years Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTAGzNdz_maDTANzXjO_maDTALNzm7g_zvMv0LZmstRg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-size: 10pt; text-align: left">Deferred tax assets</td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">327</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 16%; font-size: 10pt; text-align: right">399</td><td style="width: 1%; font-size: 10pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilities_iNTI_pn3n3_di_msDTALNzm7g_zZZOUq3uSh8a" style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Deferred tax liabilities</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(327</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(399</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_pn3n3_mtDTALNzm7g_z6haG6uQIGqf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Other noncurrent assets/(liabilities)</td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2236">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2237">-</span></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </td></tr> </table> 4000 13000 14000 3000 1795000 2524000 128000 149000 2000 3000 14000 1000 1000 53000 11000 51000 38000 4890000 3781000 6625000 6124000 327000 399000 115000 135000 212000 264000 327000 399000 327000 399000 327000 399000 6600000 <p id="xdx_80D_eus-gaap--SubsequentEventsTextBlock_zm0IcdkhnTN8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>15. <span id="xdx_82D_zixxhF4wmjnl">Subsequent Events</span></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: 0 0 0 0.25in; text-align: justify">On February 3, 2026, the Company granted<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20260203__20260203__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zVN81gISSZgj" title="Restricted stock units, granted"> 161,500</span> restricted stock units (RSUs) to employees pursuant to its equity incentive plan.</p> 161500 In 2024, eXoZymes was deconsolidated from the Company’s consolidated financial statements. As all grant-related costs were associated with eXoZymes, no grant-related figures are reported for 2024. Includes unrealized losses on securities held by the broker-dealer and non-broker dealer. Includes realized gains on securities held by the broker-dealer. Includes fee income generated for the broker-dealer from investment banking activities, including advisory services, capital raising, and other related financial transactions. Includes fees earned from self-clearing activities by the broker-dealer and professional fees generated by PatentVest services. Includes unrealized gains and losses on securities held by the broker-dealer. Includes fee income generated for the broker from investment banking activities, including advisory services, capital raising, and other related financial transactions. Includes impairment loss of assets from the reduced fair value of the asset. Includes fees earned from self-clearing activities and professional fees generated by PatentVest services.