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Nature of Operations</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Deep Isolation Nuclear, Inc. (formerly, Aspen-1 Acquisition Inc. (“Aspen”)) and its subsidiaries provide nuclear waste disposal and related consulting services globally. Deep Isolation, Inc., our direct, wholly-owned subsidiary (which we acquired in the Merger, as described below), and its subsidiaries are our operating companies and, as such, own all of our material assets and conducts all our business activities and operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Deep Isolation, Inc. was incorporated in Delaware in June 2016. Its subsidiaries are: Deep Isolation EMEA Limited (“Deep Isolation EMEA”), incorporated in England and Wales in February 2020, Deep Isolation US LLC (“Deep Isolation US”), incorporated in Delaware in December 2018, and Freestone Environmental Services, Inc. (“Freestone”), acquired in November 2021. <span style="font-family: Times New Roman, Times, Serif">Deep Isolation EMEA serves as the primary international subsidiary, engaging in customer outreach, market development, project proposal coordination, and regulatory and government engagement across the EMEA region. </span>Freestone is a well-established environmental consulting firm based in Richland, Washington, providing a range of environmental, engineering, and scientific services to government clients.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">All references to “Deep Isolation” refer to Deep Isolation, Inc. and its subsidiaries; unless otherwise stated or the context otherwise indicates, references to “DI Nuclear,” “Deep Isolation Nuclear,” the “Company,” “we,” “our,” “us,” or similar terms refer to Deep Isolation Nuclear, Inc. together with Deep Isolation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></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"><b><i>Merger Transaction</i></b></span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On July 23, 2025 (the “Closing Date”), Aspen, its subsidiary Deep Isolation Acquisition Corp. (the “Acquisition Sub”), and Deep Isolation, entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), pursuant to which, on the same day, (i) the Acquisition Sub merged with and into Deep Isolation (together with the other transactions contemplated by the Merger Agreement, the “Merger” or “Merger Transaction”), with the Acquisition Sub ceasing to exist and Deep Isolation surviving and becoming our wholly owned direct subsidiary and (ii) Aspen changed its name to Deep Isolation Nuclear, Inc.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">We determined that Deep Isolation was the accounting acquirer in the Merger based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) 805, Business Combinations. Accordingly, for accounting purposes, the Merger was treated as a “reverse acquisition” or the equivalent of Deep Isolation issuing stock for the net assets of Aspen, accompanied by a recapitalization. No goodwill or other intangible assets were recorded as a result of the Merger. Refer to Note 3. Reverse Merger for further details.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Because Deep Isolation was deemed the accounting acquirer, the historical financial statements of Deep Isolation became the historical financial statements of the combined company, upon the consummation of the Merger. As a result, the financial statements included herein reflect (i) the historical operating results of Deep Isolation prior to the Merger; (ii) the combined results of Deep Isolation and Aspen following the closing of the Merger; (iii) the assets and liabilities of Deep Isolation at their historical cost; and (iv) the Company’s equity structure for all periods presented.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The equity structure has been retroactively restated in all comparative periods up to the Closing Date, to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Deep Isolation shareholders and Deep Isolation convertible preferred shareholders in connection with the Merger. As such, the shares and corresponding capital amounts and earnings per share related to Deep Isolation Convertible Preferred Stock and Deep Isolation common stock prior to the Merger have been retroactively restated as shares reflecting the exchange ratio established in the Merger.</span></p> 0.0001 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Note 2. Basis of Presentation and Summary of Significant Accounting Policies</b></span></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"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Basis of Presentation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The accompanying condensed consolidated financial statements include the accounts of all of our wholly owned subsidiaries, Deep Isolation, Deep Isolation US, Deep Isolation EMEA and Freestone, and are presented in accordance with accounting principles generally accepted in the United States of America “U.S. GAAP”. The consolidated financial statements include, in the opinion of management, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to present fairly the company’s consolidated balance sheets, statements of operations, statement of changes in stockholders’ equity and statement of cash flows for all periods presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Principles of Consolidation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The consolidated financial statements and accompanying notes are prepared in conformity with U.S. GAAP. Our Consolidated Financial Statements include the financial position, results of operations and cash flows of Deep Isolation, Inc. and that of our wholly owned subsidiaries as noted above. We eliminate all material intercompany accounts and transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Use of Estimates</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The preparation of our consolidated financial statements in conformity with U.S. GAAP, which may require us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of our revenues and expenses during each reporting period. Due to the inherent uncertainty involved in making estimates, actual results may differ significantly from previously estimated amounts under different assumptions or conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cash and Cash Equivalents</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We classify bank time deposits and highly liquid investments with original maturities of three months or less as cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Foreign Currency Translation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company’s reporting currency is U.S. dollars. The functional currency of the Company is the U.S. dollar. The functional currency of our foreign subsidiary, Deep Isolation EMEA, is generally the local currency of the country in which it operates (British Pound Sterling). The Company translates the assets and liabilities at the exchange rates in effect on the balance sheet date. The Company translates the revenue, costs, and expenses at the average rate of exchange rates in effect during the period. The Company includes translation gains and losses in the stockholders’ equity section of the Company’s consolidated balance sheets in accumulated other comprehensive income or loss. Transactions undertaken in other currencies are translated using the exchange rate in effect as of the transaction date and any exchange gains and losses resulting from these transactions are included in the consolidated statements of operations in other income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Accounts Receivable and Contract Assets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Accounts receivables are recorded at the price invoiced to customers and are generally due within 30 days of receipt of the invoice. The carrying amount of accounts receivables is reduced by a credit loss determined in accordance with ASU 2016-13, “Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments.” which requires us to consider forward-looking information in estimating the expected loss and is developed using historical collection experience, current and future economic and market conditions that may affect customers’ ability to pay, and a review of the current status of customers’ accounts receivables. We did not apply a credit loss allowance to government related receivables due to our past successful experience in their collectability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Revenue Recognition</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company recognizes revenue in accordance with FASB’s ASC 606, Revenue from Contracts with Customers. ASC 606 provides a single, comprehensive revenue recognition model for all contracts with customers. Revenue from government contracts (grants) where the government is the customer are accounted in accordance with ASC 606.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under ASC 606, a five-step process is utilized in order to determine revenue recognition, depicting the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Under ASC 606, a performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. A contract transaction price is allocated to each distinct performance obligation and recognized as revenues as the performance obligation is satisfied.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Services Revenues</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company derives its revenue primarily from environmental remediation supporting services, administrative support services, consulting services, licensing fees and technology development grants related to nuclear waste disposal services globally. The Company recognizes revenue upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Variable Consideration</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company’s contracts generally do not give rise to variable consideration. However, from time to time, the Company may submit requests for equitable adjustments under certain of its government contracts for price or other modifications that are determined to be variable consideration. The Company estimates the amount of variable consideration to include in the estimated transaction price based on historical experience with government contracts, anticipated performance and management’s best judgment at the time and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Prices for our products are based on terms specified in the contracts, which generally do not include financing components, noncash consideration or consideration paid to our customers. As our standard payment terms are less than one year, we have elected the practical expedient under ASU 2014-09, and we have not assessed whether a contract has a significant financing component. We report any tax assessed by a governmental authority that we collect from our customers that is both imposed on and concurrent with our revenue-producing activities (such as sales, use, value added and excise taxes) on a net basis (meaning we do not recognize these taxes either in our revenues or in our costs and expenses).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company’s primary obligation to customers in contracts relate to the services to the customer. The services provided represent the performance obligation, which is satisfied over time. Revenue earned from contracts is determined using the input method and is based on contractually defined billing rates applied to per hour of services performed. The identified performance obligations (i.e., Administrative Support Services, Environmental Remediation Support Services) are recognized as revenue over the time when services are provided and invoiced to the customer applying practical expedient. Consulting services are recognized as revenue over the time when milestones become probable of being achieved (i.e. final submission and acceptance of the report) using the units produced method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company has elected to adopt the “Right to invoice” practical expedient for the recognition of its revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For services already completed but not yet billed at the balance sheet date are recognized as contract assets within the consolidated balance sheets. Advance payments received from customers for which services have not been provided yet at the balance sheet date are recognized as contract liabilities within the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Research and Development Expenses</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Research and development expenses include expenses associated with the Company’s non-radioactive, full-scale, at-depth demonstration initiative and development of a generic safety case as well as legal fees and registration fees related to the Company’s pursuit and filing of patents. Research and development expenses for the years ended December 31, 2025 and 2024 were $0.4 million and $0.2 million, respectively.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Fair Value Measurement</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We measure certain financial assets and liabilities at fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we use a three-level hierarchy, which prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The levels of hierarchy are described below:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level 1 - Quoted prices in active markets for identical instruments;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most stringent level of input that is significant to the fair value measurement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">As of December 31, 2025 and 2024, the fair value of the Company’s financial instruments approximated their carrying values. The carrying amount of certain financial instruments, including cash, accounts receivable, accounts payable and accrued expenses approximate fair value due to their short maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b style="-keep: true"><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b style="-keep: true"><i>Long-Term Assets</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">As of December 31, 2025, the Company had $140 thousand recorded in long-term assets related to a prepaid directors’ and officers’ liability insurance tail policy purchased in connection with a Merger, which provides extended coverage for certain pre-merger acts of former directors and officers. The cost is amortized over the coverage period. There were <span style="-sec-ix-hidden: hidden-fact-110">no</span> long-term assets as of December 31, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Property, Plant and Equipment</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We state property and equipment at acquisition cost less accumulated depreciation. We compute depreciation of property and equipment principally by the straight-line method over the estimated useful lives of the assets. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Furniture and fixtures are depreciated over useful lives of five years. Office and computer equipment is depreciated over useful lives of three to five years. Leasehold improvements are depreciated over the shorter of their estimated useful life or the remaining term of the associated lease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Upon the sale or retirement of an asset, we remove the related cost and accumulated depreciation from the accounts and recognize any gain or loss in earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We expense expenditures for maintenance, repairs and minor renewals as incurred that do not improve or extend the life of the assets, including planned major maintenance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">ASC 360-10 requires that a long-lived asset group be reviewed for impairment only when events or changes in circumstances indicate that the carrying amount of the long-lived asset (group) might not be recoverable. We perform impairment tests when events or changes in circumstances indicate the carrying value may not be recoverable. We consider all relevant factors. We perform the impairment test by comparing the estimated future undiscounted cash flows (exclusive of interest expense) associated with the asset or asset group to the asset’s net carrying value to determine if a write-down to fair value is required.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Intangible Assets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Intangible assets are composed of two identifiable assets, Tradename and Customer relationships. The useful lives of these assets were determined to be 5 years each. All intangible assets are amortized on a straight-line basis over their respective estimated useful lives and are presented net of accumulated amortization. We evaluate intangible assets for impairment whenever events or changes in circumstances suggest that their carrying amounts may not be recoverable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Stock-Based Compensation</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Stock-based compensation for employees and nonemployees is accounted for under ASC 718, “Compensation - Stock Compensation” which requires these payments to be recognized in the consolidated statements of operations at their fair values.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Our long-term incentive plan provides for grants of nonqualified or incentive stock options and restricted stock units. Stock-based compensation is measured using a fair value-based method for all equity-based awards. The cost of awarded equity instruments is recognized based on each instrument’s grant-date fair value over the period during which the grantee is required to provide service in exchange for the award. The determination of fair value for nonqualified or incentive stock options requires significant judgment and the use of estimates, particularly with regard to Black-Sholes assumptions such as stock price, volatility and expected option lives to value equity-based compensation, while forfeitures are recognized as incurred.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The option valuation model used to calculate the Company’s options uses the treasury yield curve rates for the risk-free interest rate for a period equal to the expected option life and the simplified method to calculate the expected option life. Volatility is determined by reference to the actual volatility of several publicly traded companies that are similar to Deep Isolation in its industry sector. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. Forfeitures are recognized as they occur. All equity-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Stock-based compensation is recorded as a cost of services expense or selling, general, and administrative expense in the accompanying consolidated statements of operations. Shares are issued concurrently with the exercise of options. Shares are reserved for option grants without requiring the repurchase of common shares for grant issuance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Net Loss Per Common Share</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We calculate basic net loss per common share in accordance with ASC 260, “Earnings Per Share,” based on the weighted-average number of outstanding common shares during the fiscal period. Diluted loss per common share is based on the weighted-average number of outstanding common shares plus the weighted-average number of potential outstanding common shares. In periods where they are anti-dilutive, such amounts are excluded from the calculations of dilutive earnings per share. Net loss per common share is computed separately for each period presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Income Taxes</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We and our subsidiaries are members of Deep Isolation, Inc.’s consolidated U.S federal income tax group (the “Deep Isolation Tax Group”). We and certain of our subsidiaries also file consolidated income tax returns with Deep Isolation, Inc. in various U.S. state jurisdictions. As a member of the Deep Isolation Tax Group, we are jointly and severally liable for the federal income tax liability of Deep Isolation US and the other companies included in the Deep Isolation Tax Group for all periods in which we are included in the Deep Isolation Tax Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Income taxes are accounted for in accordance with ASC 740, “Income Taxes.” Under ASC 740, the provision for income taxes is comprised of taxes that are currently payable and deferred taxes that relate to the temporary differences between financial reporting carrying values and tax bases of assets and liabilities. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rules on deferred tax assets and liabilities is recognized in operations in the year of change. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return, which are subject to examination by federal, state, and foreign taxing authorities. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management’s estimates of the ultimate outcome of various tax uncertainties. Once identified, the Company will recognize penalties and interest related to uncertain tax positions within the provision (benefit) for income taxes line in the accompanying consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Goodwill</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with business combinations accounted for using the acquisition method of accounting. The Company tests goodwill for potential impairment at least annually, or more frequently if an event or other circumstance indicates that the Company may not be able to recover the carrying amount of the net assets of the reporting unit. The Company has determined that the reporting unit subject to goodwill impairment testing is Freestone.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In evaluating goodwill for impairment, the Company may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than it carrying amount. If the Company bypasses the qualitative assessment, or if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company performs a quantitative impairment test.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company’s annual impairment test date is December 31st. For the years ended December 31, 2025 and 2024, the Company concluded that there was no impairment of goodwill.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Leases</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company has adopted the lease accounting requirements of ASU 2016-02, “Leases” (“Topic 842”). Under Topic 842, the Company determines if an arrangement is a lease at inception, and leases are classified at commencement as either operating or finance leases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of the minimum lease payments over the lease term. The Company utilizes certain practical expedients and policy elections available under Topic 842, including (i) leases with an initial term of 12 months or less are not recognized on the balance sheet, (ii) lease components are not separated from non-lease components for all asset classes, and (iii) non-lease components that are not fixed are expensed as incurred as variable lease costs. The Company uses its incremental borrowing rate based on information available at the commencement date in determining the present value of future lease payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company leases facilities under non-cancellable operating lease agreements. Certain lease agreements contain rent escalations that are included in the present value calculation of minimum lease payments. The lease term begins on the date the Company has the right to use the leased property. Lease terms may include options to extend or terminate the lease and these options are included in the ROU asset and lease liability when it is reasonably certain that the option will be exercised. The Company’s lease agreements do not contain residual value guarantees or covenants.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b style="-keep: true"><i>Warrants</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company accounts for its warrants as equity-classified based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC Topic 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="-keep: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">For issued warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. Warrants classified as equity instruments are initially recognized at fair value and are not subsequently remeasured. The fair value of the warrants is $1.5 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Segments</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">ASC 280, “Segment Reporting” (“ASC 280”), establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure. The Company’s chief operating decision maker (“CODM”) has been identified as the Company’s Chief Executive Officer (“CEO”). For financial reporting purposes, management has determined that Deep Isolation US &amp; Deep Isolation EMEA, together called as “Deep Isolation US &amp; EMEA”, and Freestone each represent reportable operating segments in accordance with ASC 280. This determination is based on the fact that each subsidiary engages in business activities from which it earns revenues and incurs expenses, has discrete financial information available, and is regularly reviewed by the Company’s CODM to assess performance and allocate resources. The Company evaluates segment performance based on segment revenues and operating income. Intercompany transactions and balances are eliminated in consolidation. Refer to Note 15. Segments for further details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Subsequent Events</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company evaluates subsequent events and transactions in accordance with ASC 855-10, “Subsequent Events,” that occur after the balance sheet date up to the date the financial statements are issued. Refer to Note 16. Subsequent Events for further details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Commitments and Contingencies</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Risk and Uncertainties</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Ongoing geopolitical conflicts and macroeconomic conditions such as inflation, elevated interest rates, fluctuations in energy and commodity prices, and changes in trade policy or tariffs, have contributed to economic uncertainty and volatility in global markets. Additionally, events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. Furthermore, it is possible that U.S. or foreign policy changes, including planned or proposed budget cuts at the U.S. federal government level, could increase market volatility in the coming months. Given the nature of our business, which is heavily reliant on government policy, any such changes could have an outsize effect on our operations. Further restrictions or U.S. sanctions on doing business with foreign entities or governments, particularly those which are reliant on nuclear power, could restrict our ability to enter markets which otherwise would be lucrative for us. These factors, amongst other things, could result in further economic uncertainty and volatility in the capital markets in the near term, and could negatively affect our operations. We will continue to monitor material impacts on our business strategies and operating results. For additional information refer to <i>Item 1A. Risk Factors</i>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Concentration of Risk and Significant Customers</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company has no significant off-balance sheet risks related to foreign currency exchange contracts, option contracts or other foreign currency hedging arrangements. The Company’s financial instruments that are potentially subject to credit risk consist primarily of cash and cash equivalents and accounts receivable. Although the Company deposits its cash with multiple financial institutions, its deposits generally exceed federally insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company provided services primarily through contracts with the U.S. federal government, including federal projects, environmental remediation support, consulting services, and technology development grants related to nuclear waste disposal, representing approximately $5.6 million, or 91%, of our total revenue in 2025, as compared to $6.5 million, or 92%, of our total revenue during 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company had three and two customers at December 31, 2025 and 2024, respectively, whose total unbilled and net outstanding receivable balances each represented more than 20% of the Company’s total consolidated contract assets and net accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Recently Adopted Accounting Pronouncements</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced disclosures related to the income tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 for public business entities, with early adoption permitted.The Company adopted ASU 2023-09 on a retrospective basis for the year ended December 31, 2025. Comparative prior-year disclosures have been reported for tax year 2024. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements, but resulted in expanded footnote disclosures, including a tabular reconciliation of the statutory federal income tax rate to the Company’s effective tax rate, with reconciling items categorized by nature. Disaggregation of income taxes paid by federal, state, and foreign jurisdictions and disaggregation of other adjustments that met the 5% threshold. The Company applied judgment in determining materiality for disaggregated items and jurisdictions, consistent with ASC 105.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the CODM and included within each reported measure of a segment’s profit or loss. The ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted, and should be applied on a retrospective basis. ASU 2023-07 <span style="background-color: white">was adopted for</span> the Company’s financial statements for the year ended December 31, 2025, and the segment disclosures in Note 15 are reflective of that adoption. This ASU did not have impact on the Company’s consolidated financial condition or results of operations but did change the presentation of the results of our reportable segments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Accounting Pronouncements Not Yet Adopted</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income statement captions such as “Cost of sales” and “Selling, General and Administrative expenses”. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact that this standard will have on the Company’s disclosures.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In March 2024, the SEC issued its final climate disclosure rules, which require the disclosure of climate-related information in annual reports and registration statements. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. Under the rules as originally issued, disclosure requirements begin phasing in for fiscal years beginning on or after January 1, 2027. However, on April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of new rules and continue to monitor the status of the related legal challenges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Basis of Presentation</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The accompanying condensed consolidated financial statements include the accounts of all of our wholly owned subsidiaries, Deep Isolation, Deep Isolation US, Deep Isolation EMEA and Freestone, and are presented in accordance with accounting principles generally accepted in the United States of America “U.S. GAAP”. The consolidated financial statements include, in the opinion of management, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to present fairly the company’s consolidated balance sheets, statements of operations, statement of changes in stockholders’ equity and statement of cash flows for all periods presented.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Principles of Consolidation</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The consolidated financial statements and accompanying notes are prepared in conformity with U.S. GAAP. Our Consolidated Financial Statements include the financial position, results of operations and cash flows of Deep Isolation, Inc. and that of our wholly owned subsidiaries as noted above. We eliminate all material intercompany accounts and transactions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The preparation of our consolidated financial statements in conformity with U.S. GAAP, which may require us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of our revenues and expenses during each reporting period. Due to the inherent uncertainty involved in making estimates, actual results may differ significantly from previously estimated amounts under different assumptions or conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cash and Cash Equivalents</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We classify bank time deposits and highly liquid investments with original maturities of three months or less as cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Foreign Currency Translation</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company’s reporting currency is U.S. dollars. The functional currency of the Company is the U.S. dollar. The functional currency of our foreign subsidiary, Deep Isolation EMEA, is generally the local currency of the country in which it operates (British Pound Sterling). The Company translates the assets and liabilities at the exchange rates in effect on the balance sheet date. The Company translates the revenue, costs, and expenses at the average rate of exchange rates in effect during the period. The Company includes translation gains and losses in the stockholders’ equity section of the Company’s consolidated balance sheets in accumulated other comprehensive income or loss. Transactions undertaken in other currencies are translated using the exchange rate in effect as of the transaction date and any exchange gains and losses resulting from these transactions are included in the consolidated statements of operations in other income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Accounts Receivable and Contract Assets</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Accounts receivables are recorded at the price invoiced to customers and are generally due within 30 days of receipt of the invoice. The carrying amount of accounts receivables is reduced by a credit loss determined in accordance with ASU 2016-13, “Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments.” which requires us to consider forward-looking information in estimating the expected loss and is developed using historical collection experience, current and future economic and market conditions that may affect customers’ ability to pay, and a review of the current status of customers’ accounts receivables. We did not apply a credit loss allowance to government related receivables due to our past successful experience in their collectability.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Revenue Recognition</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company recognizes revenue in accordance with FASB’s ASC 606, Revenue from Contracts with Customers. ASC 606 provides a single, comprehensive revenue recognition model for all contracts with customers. Revenue from government contracts (grants) where the government is the customer are accounted in accordance with ASC 606.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under ASC 606, a five-step process is utilized in order to determine revenue recognition, depicting the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. Under ASC 606, a performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. A contract transaction price is allocated to each distinct performance obligation and recognized as revenues as the performance obligation is satisfied.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Services Revenues</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company derives its revenue primarily from environmental remediation supporting services, administrative support services, consulting services, licensing fees and technology development grants related to nuclear waste disposal services globally. The Company recognizes revenue upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those services.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Variable Consideration</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company’s contracts generally do not give rise to variable consideration. However, from time to time, the Company may submit requests for equitable adjustments under certain of its government contracts for price or other modifications that are determined to be variable consideration. The Company estimates the amount of variable consideration to include in the estimated transaction price based on historical experience with government contracts, anticipated performance and management’s best judgment at the time and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Prices for our products are based on terms specified in the contracts, which generally do not include financing components, noncash consideration or consideration paid to our customers. As our standard payment terms are less than one year, we have elected the practical expedient under ASU 2014-09, and we have not assessed whether a contract has a significant financing component. We report any tax assessed by a governmental authority that we collect from our customers that is both imposed on and concurrent with our revenue-producing activities (such as sales, use, value added and excise taxes) on a net basis (meaning we do not recognize these taxes either in our revenues or in our costs and expenses).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company’s primary obligation to customers in contracts relate to the services to the customer. The services provided represent the performance obligation, which is satisfied over time. Revenue earned from contracts is determined using the input method and is based on contractually defined billing rates applied to per hour of services performed. The identified performance obligations (i.e., Administrative Support Services, Environmental Remediation Support Services) are recognized as revenue over the time when services are provided and invoiced to the customer applying practical expedient. Consulting services are recognized as revenue over the time when milestones become probable of being achieved (i.e. final submission and acceptance of the report) using the units produced method.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company has elected to adopt the “Right to invoice” practical expedient for the recognition of its revenue.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For services already completed but not yet billed at the balance sheet date are recognized as contract assets within the consolidated balance sheets. Advance payments received from customers for which services have not been provided yet at the balance sheet date are recognized as contract liabilities within the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Research and Development Expenses</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Research and development expenses include expenses associated with the Company’s non-radioactive, full-scale, at-depth demonstration initiative and development of a generic safety case as well as legal fees and registration fees related to the Company’s pursuit and filing of patents. Research and development expenses for the years ended December 31, 2025 and 2024 were $0.4 million and $0.2 million, respectively.</span></p> 400000 200000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Fair Value Measurement</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We measure certain financial assets and liabilities at fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, we use a three-level hierarchy, which prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach and cost approach).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The levels of hierarchy are described below:</span></p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level 1 - Quoted prices in active markets for identical instruments;</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and</span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top"> <td style="font-family: Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif"> </span></td> <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on the most stringent level of input that is significant to the fair value measurement.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">As of December 31, 2025 and 2024, the fair value of the Company’s financial instruments approximated their carrying values. The carrying amount of certain financial instruments, including cash, accounts receivable, accounts payable and accrued expenses approximate fair value due to their short maturities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b style="-keep: true"><i>Long-Term Assets</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">As of December 31, 2025, the Company had $140 thousand recorded in long-term assets related to a prepaid directors’ and officers’ liability insurance tail policy purchased in connection with a Merger, which provides extended coverage for certain pre-merger acts of former directors and officers. The cost is amortized over the coverage period. There were <span style="-sec-ix-hidden: hidden-fact-110">no</span> long-term assets as of December 31, 2024.</span></p> 140000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Property, Plant and Equipment</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We state property and equipment at acquisition cost less accumulated depreciation. We compute depreciation of property and equipment principally by the straight-line method over the estimated useful lives of the assets. Depreciation is based on the estimated useful lives of the assets using the straight-line method. Furniture and fixtures are depreciated over useful lives of five years. Office and computer equipment is depreciated over useful lives of three to five years. Leasehold improvements are depreciated over the shorter of their estimated useful life or the remaining term of the associated lease.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Upon the sale or retirement of an asset, we remove the related cost and accumulated depreciation from the accounts and recognize any gain or loss in earnings.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We expense expenditures for maintenance, repairs and minor renewals as incurred that do not improve or extend the life of the assets, including planned major maintenance.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">ASC 360-10 requires that a long-lived asset group be reviewed for impairment only when events or changes in circumstances indicate that the carrying amount of the long-lived asset (group) might not be recoverable. We perform impairment tests when events or changes in circumstances indicate the carrying value may not be recoverable. We consider all relevant factors. We perform the impairment test by comparing the estimated future undiscounted cash flows (exclusive of interest expense) associated with the asset or asset group to the asset’s net carrying value to determine if a write-down to fair value is required.</span></p> P5Y P3Y P5Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Intangible Assets</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Intangible assets are composed of two identifiable assets, Tradename and Customer relationships. The useful lives of these assets were determined to be 5 years each. All intangible assets are amortized on a straight-line basis over their respective estimated useful lives and are presented net of accumulated amortization. We evaluate intangible assets for impairment whenever events or changes in circumstances suggest that their carrying amounts may not be recoverable.</span></p> 2 P5Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Stock-Based Compensation</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Stock-based compensation for employees and nonemployees is accounted for under ASC 718, “Compensation - Stock Compensation” which requires these payments to be recognized in the consolidated statements of operations at their fair values.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Our long-term incentive plan provides for grants of nonqualified or incentive stock options and restricted stock units. Stock-based compensation is measured using a fair value-based method for all equity-based awards. The cost of awarded equity instruments is recognized based on each instrument’s grant-date fair value over the period during which the grantee is required to provide service in exchange for the award. The determination of fair value for nonqualified or incentive stock options requires significant judgment and the use of estimates, particularly with regard to Black-Sholes assumptions such as stock price, volatility and expected option lives to value equity-based compensation, while forfeitures are recognized as incurred.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The option valuation model used to calculate the Company’s options uses the treasury yield curve rates for the risk-free interest rate for a period equal to the expected option life and the simplified method to calculate the expected option life. Volatility is determined by reference to the actual volatility of several publicly traded companies that are similar to Deep Isolation in its industry sector. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. Forfeitures are recognized as they occur. All equity-based payment awards are amortized on a straight-line basis over the requisite service periods of the awards.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Stock-based compensation is recorded as a cost of services expense or selling, general, and administrative expense in the accompanying consolidated statements of operations. Shares are issued concurrently with the exercise of options. Shares are reserved for option grants without requiring the repurchase of common shares for grant issuance.</span></p> 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Net Loss Per Common Share</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We calculate basic net loss per common share in accordance with ASC 260, “Earnings Per Share,” based on the weighted-average number of outstanding common shares during the fiscal period. Diluted loss per common share is based on the weighted-average number of outstanding common shares plus the weighted-average number of potential outstanding common shares. In periods where they are anti-dilutive, such amounts are excluded from the calculations of dilutive earnings per share. Net loss per common share is computed separately for each period presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Income Taxes</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We and our subsidiaries are members of Deep Isolation, Inc.’s consolidated U.S federal income tax group (the “Deep Isolation Tax Group”). We and certain of our subsidiaries also file consolidated income tax returns with Deep Isolation, Inc. in various U.S. state jurisdictions. As a member of the Deep Isolation Tax Group, we are jointly and severally liable for the federal income tax liability of Deep Isolation US and the other companies included in the Deep Isolation Tax Group for all periods in which we are included in the Deep Isolation Tax Group.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Income taxes are accounted for in accordance with ASC 740, “Income Taxes.” Under ASC 740, the provision for income taxes is comprised of taxes that are currently payable and deferred taxes that relate to the temporary differences between financial reporting carrying values and tax bases of assets and liabilities. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that the deferred tax assets will be realized. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rules on deferred tax assets and liabilities is recognized in operations in the year of change. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return, which are subject to examination by federal, state, and foreign taxing authorities. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management’s estimates of the ultimate outcome of various tax uncertainties. Once identified, the Company will recognize penalties and interest related to uncertain tax positions within the provision (benefit) for income taxes line in the accompanying consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Goodwill</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with business combinations accounted for using the acquisition method of accounting. The Company tests goodwill for potential impairment at least annually, or more frequently if an event or other circumstance indicates that the Company may not be able to recover the carrying amount of the net assets of the reporting unit. The Company has determined that the reporting unit subject to goodwill impairment testing is Freestone.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In evaluating goodwill for impairment, the Company may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than it carrying amount. If the Company bypasses the qualitative assessment, or if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the Company performs a quantitative impairment test.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company’s annual impairment test date is December 31st. For the years ended December 31, 2025 and 2024, the Company concluded that there was no impairment of goodwill.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Leases</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company has adopted the lease accounting requirements of ASU 2016-02, “Leases” (“Topic 842”). Under Topic 842, the Company determines if an arrangement is a lease at inception, and leases are classified at commencement as either operating or finance leases.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of the minimum lease payments over the lease term. The Company utilizes certain practical expedients and policy elections available under Topic 842, including (i) leases with an initial term of 12 months or less are not recognized on the balance sheet, (ii) lease components are not separated from non-lease components for all asset classes, and (iii) non-lease components that are not fixed are expensed as incurred as variable lease costs. The Company uses its incremental borrowing rate based on information available at the commencement date in determining the present value of future lease payments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company leases facilities under non-cancellable operating lease agreements. Certain lease agreements contain rent escalations that are included in the present value calculation of minimum lease payments. The lease term begins on the date the Company has the right to use the leased property. Lease terms may include options to extend or terminate the lease and these options are included in the ROU asset and lease liability when it is reasonably certain that the option will be exercised. The Company’s lease agreements do not contain residual value guarantees or covenants.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b style="-keep: true"><i>Warrants</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company accounts for its warrants as equity-classified based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC Topic 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">For issued warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. Warrants classified as equity instruments are initially recognized at fair value and are not subsequently remeasured. The fair value of the warrants is $1.5 million.</span></p> 1500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Segments</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">ASC 280, “Segment Reporting” (“ASC 280”), establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure. The Company’s chief operating decision maker (“CODM”) has been identified as the Company’s Chief Executive Officer (“CEO”). For financial reporting purposes, management has determined that Deep Isolation US &amp; Deep Isolation EMEA, together called as “Deep Isolation US &amp; EMEA”, and Freestone each represent reportable operating segments in accordance with ASC 280. This determination is based on the fact that each subsidiary engages in business activities from which it earns revenues and incurs expenses, has discrete financial information available, and is regularly reviewed by the Company’s CODM to assess performance and allocate resources. The Company evaluates segment performance based on segment revenues and operating income. Intercompany transactions and balances are eliminated in consolidation. Refer to Note 15. Segments for further details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Subsequent Events</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company evaluates subsequent events and transactions in accordance with ASC 855-10, “Subsequent Events,” that occur after the balance sheet date up to the date the financial statements are issued. Refer to Note 16. Subsequent Events for further details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Commitments and Contingencies</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In the normal course of business, the Company is subject to contingencies, including legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and the specific facts and circumstances of each matter.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Risk and Uncertainties</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Ongoing geopolitical conflicts and macroeconomic conditions such as inflation, elevated interest rates, fluctuations in energy and commodity prices, and changes in trade policy or tariffs, have contributed to economic uncertainty and volatility in global markets. Additionally, events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. Furthermore, it is possible that U.S. or foreign policy changes, including planned or proposed budget cuts at the U.S. federal government level, could increase market volatility in the coming months. Given the nature of our business, which is heavily reliant on government policy, any such changes could have an outsize effect on our operations. Further restrictions or U.S. sanctions on doing business with foreign entities or governments, particularly those which are reliant on nuclear power, could restrict our ability to enter markets which otherwise would be lucrative for us. These factors, amongst other things, could result in further economic uncertainty and volatility in the capital markets in the near term, and could negatively affect our operations. We will continue to monitor material impacts on our business strategies and operating results. For additional information refer to <i>Item 1A. Risk Factors</i>.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Concentration of Risk and Significant Customers</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company has no significant off-balance sheet risks related to foreign currency exchange contracts, option contracts or other foreign currency hedging arrangements. The Company’s financial instruments that are potentially subject to credit risk consist primarily of cash and cash equivalents and accounts receivable. Although the Company deposits its cash with multiple financial institutions, its deposits generally exceed federally insured limits.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company provided services primarily through contracts with the U.S. federal government, including federal projects, environmental remediation support, consulting services, and technology development grants related to nuclear waste disposal, representing approximately $5.6 million, or 91%, of our total revenue in 2025, as compared to $6.5 million, or 92%, of our total revenue during 2024.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company had three and two customers at December 31, 2025 and 2024, respectively, whose total unbilled and net outstanding receivable balances each represented more than 20% of the Company’s total consolidated contract assets and net accounts receivable.</span></p> 5600000 0.91 6500000 0.92 0.20 0.20 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Recently Adopted Accounting Pronouncements</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires enhanced disclosures related to the income tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 for public business entities, with early adoption permitted.The Company adopted ASU 2023-09 on a retrospective basis for the year ended December 31, 2025. Comparative prior-year disclosures have been reported for tax year 2024. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements, but resulted in expanded footnote disclosures, including a tabular reconciliation of the statutory federal income tax rate to the Company’s effective tax rate, with reconciling items categorized by nature. Disaggregation of income taxes paid by federal, state, and foreign jurisdictions and disaggregation of other adjustments that met the 5% threshold. The Company applied judgment in determining materiality for disaggregated items and jurisdictions, consistent with ASC 105.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which expands reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the CODM and included within each reported measure of a segment’s profit or loss. The ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted, and should be applied on a retrospective basis. ASU 2023-07 <span style="background-color: white">was adopted for</span> the Company’s financial statements for the year ended December 31, 2025, and the segment disclosures in Note 15 are reflective of that adoption. This ASU did not have impact on the Company’s consolidated financial condition or results of operations but did change the presentation of the results of our reportable segments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Accounting Pronouncements Not Yet Adopted</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income statement captions such as “Cost of sales” and “Selling, General and Administrative expenses”. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact that this standard will have on the Company’s disclosures.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In March 2024, the SEC issued its final climate disclosure rules, which require the disclosure of climate-related information in annual reports and registration statements. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. Under the rules as originally issued, disclosure requirements begin phasing in for fiscal years beginning on or after January 1, 2027. However, on April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. The Company is currently evaluating the impact of new rules and continue to monitor the status of the related legal challenges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 3. Reverse Merger</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Pursuant to the Company’s amended and restated certificate of incorporation, the Company is authorized to issue 300,000,000 shares of common stock, par value of $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001. As discussed in Note 1, the Merger was completed on the Closing Date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Immediately prior to the time the Effective Time, an aggregate of 2,833,333 shares of Company common stock (out of the 5,000,000 shares then issued and outstanding) owned by stockholders of our predecessor, Aspen, prior to the Merger were forfeited and cancelled, resulting in 2,166,667 shares of Company common stock held by such stockholders immediately after the Merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">In connection with the consummation of the Merger Transaction, the Deep Isolation board of directors approved the accelerated vesting of all options to purchase Deep Isolation common stock that were issued under Deep Isolation’s 2018 Equity Incentive Plan and remained outstanding as of immediately prior to the Effective Time. Compensation expense recognized for the accelerated vesting was $0.2 million.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Pursuant to the Merger, among other things, the following transactions occurred on the Acquisition Date:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="-keep: true">(1)</span></td><td style="text-align: justify"><span style="-keep: true">All issued and outstanding shares of Deep Isolation common stock and Deep Isolation Preferred Stock (defined below) as of immediately prior to the Effective Time, were converted at a conversion ratio of 25.837283 (the “Conversion Ratio”) for an aggregate of 44,247,429 shares of the Company’s common stock;</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="-keep: true">(2)</span></td><td style="text-align: justify"><span style="-keep: true">Each issued and outstanding stock option to purchase Deep Isolation common stock converted into a stock option to purchase shares of the Company’s common stock, with an exercise price and number of shares of the Company’s common stock purchasable based on the Conversion Ratio and other terms contained in the Merger Agreement (the “Assumed Options”). On an as-converted basis, the Assumed Options constitute options to purchase an aggregate of 5,752,566 shares of the Company’s common stock;</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="-keep: true">(3)</span></td><td style="text-align: justify"><span style="-keep: true">The Company approved and adopted the 2025 Equity Incentive Plan (the “2025 Plan”) and reserved 10,752,566 shares of the Company’s common stock for future issuance in connection therewith, comprised of (i) 5,752,566 shares of the Company’s common stock issuable upon the exercise of the Assumed Options and (ii) the remainder reserved for future issuances of incentive awards under the 2025 Plan; and</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="-keep: true">(4)</span></td><td style="text-align: justify"><span style="-keep: true">The Company issued 83,333 shares of the Company’s common stock to an advisor in consideration for services rendered in connection with the Merger (the “Advisor Shares”).</span></td> </tr></table> <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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As discussed in Note 1, the Merger was accounted for as a reverse acquisition accompanied by a recapitalization in accordance with U.S. GAAP. Deep Isolation was determined to be the accounting acquirer in the Merger primarily based on the following: (i) Deep Isolation stockholders have a controlling voting interest in the combined company, (ii) Deep Isolation designated the entire governing body of the combined company, (iii) the executive officers of the combined company immediately after the Acquisition Date are the same individuals as those of Deep Isolation immediately prior to the Effective Time, (iv) the relative size of Deep Isolation and Aspen and (v) Deep Isolation’s operations comprise the ongoing operations of the combined company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Accordingly, all historical financial information presented in the condensed consolidated financial statements represents the accounts of Deep Isolation and its wholly owned subsidiaries. Net assets were stated at historical cost, and no goodwill or other intangible assets were recorded as a result of the Merger, consistent with the treatment of the Merger as a reverse acquisition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Concurrently with the consummation of the Merger, the Company also issued and sold 11,012,387 shares of common stock pursuant to a private placement offering at a purchase price of $3.00 per share (the “Offering”) for gross proceeds of $33.0 million and total offering costs of $4.2 million. In connection with the Offering, the Company also issued to (i) each of the placement agents, A Warrants to purchase an aggregate of 829,730 shares of Company common stock at an exercise price of $3.00 per share and (ii) certain of the placement agents, B Warrants to purchase an aggregate of 166,667 shares of Company common stock at an exercise price of $0.0001 per share. Refer to Note 7 for further details.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Transaction costs consist of direct legal, accounting and other fees relating to the consummation of the Merger and are included in the offering costs of $4.2 million. Transaction costs related to the issuance of shares were recorded as a reduction to additional paid-in capital.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The number of shares of common stock issued and outstanding immediately following the consummation of the Merger and Offering was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify"><span style="-keep: true">Common stock – Deep Isolation, converted to Deep Isolation Nuclear stock</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">44,247,429</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-keep: true">Common stock – Issued in Offering</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">11,012,387</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="-keep: true">Common stock – Aspen, outstanding prior to Merger</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">2,166,667</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt"><span style="-keep: true">Common stock – Advisor Shares</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">83,333</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt"><span style="-keep: true">Total shares outstanding immediately after the Merger and Offering</span></td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">57,509,816</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Because Aspen was a non-operating public shell with nominal activity and neither conducted substantive operations nor generated significant revenues or expenses prior to the Merger, management determined that providing supplemental pro forma information as if the Merger had occurred on January 1, 2024 would be impracticable and immaterial to these condensed consolidated financial statements.</span></p> 300000000 0.0001 10000000 0.0001 2833333 5000000 2166667 200000 25.837283 44247429 5752566 10752566 5752566 83333 11012387 3 33000000 4200000 829730 3 166667 0.0001 4200000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The number of shares of common stock issued and outstanding immediately following the consummation of the Merger and Offering was as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Shares</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify"><span style="-keep: true">Common stock – Deep Isolation, converted to Deep Isolation Nuclear stock</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">44,247,429</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-keep: true">Common stock – Issued in Offering</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">11,012,387</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="-keep: true">Common stock – Aspen, outstanding prior to Merger</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">2,166,667</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt"><span style="-keep: true">Common stock – Advisor Shares</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">83,333</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 4pt"><span style="-keep: true">Total shares outstanding immediately after the Merger and Offering</span></td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">57,509,816</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> 44247429 11012387 2166667 83333 57509816 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 4. Revenue Recognition</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company is in the business of developing geologic repository technology for the purpose of nuclear waste storage or disposal activities, including any related consulting services for such activities.</span></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"> </span></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"><b>Disaggregation of Revenue</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.05pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company’s business segments are organized based on the nature and economic characteristics of our services, ensuring meaningful disaggregation of each segment’s operational results. The following tables provide a detailed breakdown of our revenue:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.05pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Revenue by Contract Type (in thousands)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.05pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Year Ended<br/> December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-keep: true">Grant revenue</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">2,309</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">5,756</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Remediation, administrative and consulting services and other revenue</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">3,827</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">1,297</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Total revenue by contract type</span></td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">6,136</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">7,053</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.05pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i style="-keep: true">Revenue by Generator (in thousands)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Year Ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Domestic</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Foreign</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Domestic</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Foreign</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left"><span style="-keep: true">Domestic government</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">5,592</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-111"><span style="-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">6,481</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-112"><span style="-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Domestic commercial</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">298</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-113"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">45</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-114"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-keep: true">Foreign government</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-115"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">222</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-116"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">501</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Foreign commercial</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-117"><span style="-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">24</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-118"><span style="-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">26</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true">Total</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">5,890</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">246</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">6,526</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">527</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>Contract Balances</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.05pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The timing of revenue recognition and billings results in unbilled receivables (contract assets). The Company’s contract liabilities consist of deferred revenues which represent advance payments from customers in advance of the completion of our performance obligations.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The following tables represent changes in our contract assets. Our contract assets of $275 thousand as of December 31, 2025 relate to various customers for nuclear waste disposal services which are expected to be completed in 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Contract Assets (in thousands) </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: justify"><span style="-keep: true">Balance as of January 1, 2023</span></td><td style="width: 1%; font-weight: bold"><span style="-keep: true"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-keep: true">346</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-keep: true">Add: Revenue earned but not yet billed</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">2,420</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt"><span style="-keep: true">Less: Billed and transferred to receivables</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(2,655</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify"><span style="-keep: true">Balance as of December 31, 2024</span></td><td style="font-weight: bold"><span style="-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="font-weight: bold; text-align: right"><span style="-keep: true">111</span></td><td style="font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="-keep: true">Add: Revenue earned but not yet billed</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">4,112</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt"><span style="-keep: true">Less: Billed and transferred to receivables</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(3,948</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt"><span style="-keep: true">Balance as of December 31, 2025</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">275</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Revenue recognized in each period relates to performance obligations satisfied within the respective period. The Company had $150 thousand and <span style="-sec-ix-hidden: hidden-fact-120">$0</span> contract liabilities as of December 31, 2025 and 2024.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i style="-keep: true">Allowance for Credit Losses (in thousands)</i></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"><span style="-keep: true">An allowance of $118 thousand and $128 thousand has been recorded as of December 31, 2025 and December 31, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold"><span style="-keep: true">Balance, January 1, 2023</span></td><td style="width: 1%; font-weight: bold"><span style="-keep: true"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-keep: true">149</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Add: Additions</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-119"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Less: Write-offs and Recoveries</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(21</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"><span style="-keep: true">Balance, December 31, 2024</span></td><td style="font-weight: bold"><span style="-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="font-weight: bold; text-align: right"><span style="-keep: true">128</span></td><td style="font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-keep: true">Add: Additions</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">33</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Less: Write-offs and Recoveries</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(43</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true">Balance, December 31, 2025</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">118</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Revenue by Contract Type (in thousands)</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.05pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Year Ended<br/> December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-keep: true">Grant revenue</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">2,309</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">5,756</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Remediation, administrative and consulting services and other revenue</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">3,827</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">1,297</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Total revenue by contract type</span></td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">6,136</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">7,053</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.05pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i style="-keep: true">Revenue by Generator (in thousands)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Year Ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Domestic</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Foreign</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Domestic</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Foreign</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left"><span style="-keep: true">Domestic government</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">5,592</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-111"><span style="-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">6,481</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-112"><span style="-keep: true">-</span></div></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Domestic commercial</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">298</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-113"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">45</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-114"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-keep: true">Foreign government</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-115"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">222</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-116"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">501</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Foreign commercial</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-117"><span style="-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">24</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-118"><span style="-keep: true">-</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">26</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true">Total</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">5,890</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">246</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">6,526</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">527</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> 2309000 5756000 3827000 1297000 6136000 7053000 5592000 6481000 298000 45000 222000 501000 24000 26000 5890000 246000 6526000 527000 275000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Contract Assets (in thousands) </i></span></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"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold; text-align: justify"><span style="-keep: true">Balance as of January 1, 2023</span></td><td style="width: 1%; font-weight: bold"><span style="-keep: true"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-keep: true">346</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"><span style="-keep: true">Add: Revenue earned but not yet billed</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">2,420</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt"><span style="-keep: true">Less: Billed and transferred to receivables</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(2,655</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify"><span style="-keep: true">Balance as of December 31, 2024</span></td><td style="font-weight: bold"><span style="-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="font-weight: bold; text-align: right"><span style="-keep: true">111</span></td><td style="font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"><span style="-keep: true">Add: Revenue earned but not yet billed</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">4,112</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt"><span style="-keep: true">Less: Billed and transferred to receivables</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(3,948</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt"><span style="-keep: true">Balance as of December 31, 2025</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">275</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> 346000 2420000 -2655000 111000 4112000 -3948000 275000 150000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">An allowance of $118 thousand and $128 thousand has been recorded as of December 31, 2025 and December 31, 2024, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; font-weight: bold"><span style="-keep: true">Balance, January 1, 2023</span></td><td style="width: 1%; font-weight: bold"><span style="-keep: true"> </span></td> <td style="width: 1%; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-keep: true">149</span></td><td style="width: 1%; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Add: Additions</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-119"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Less: Write-offs and Recoveries</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(21</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"><span style="-keep: true">Balance, December 31, 2024</span></td><td style="font-weight: bold"><span style="-keep: true"> </span></td> <td style="font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="font-weight: bold; text-align: right"><span style="-keep: true">128</span></td><td style="font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-keep: true">Add: Additions</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">33</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Less: Write-offs and Recoveries</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(43</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true">Balance, December 31, 2025</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">118</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> 118000 128000 149000 -21000 128000 33000 -43000 118000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 5. Property, Plant and Equipment, Net</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Property, plant and equipment consisted of the following at December 31 (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-keep: true">Furniture and fixtures</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">36</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">36</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Office and computer equipment</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">201</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">170</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true">Software</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">67</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-121"><span style="-keep: true">—</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true">Automobiles</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">270</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">270</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Leasehold improvements</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">19</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">12</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Property, plant and equipment</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">593</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">488</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Less: accumulated depreciation</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(465</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(433</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Property, plant and equipment, net</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">128</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">55</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Additions for the year ended December 31, 2024 were $105 thousand. Depreciation expense recognized during the year ended December 31, 2025 and 2024, was $30 thousand and $29 thousand, respectively, and is included in depreciation and amortization expense on the consolidated statements of operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Property, plant and equipment consisted of the following at December 31 (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-keep: true">Furniture and fixtures</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">36</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">36</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Office and computer equipment</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">201</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">170</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true">Software</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">67</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-121"><span style="-keep: true">—</span></div></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true">Automobiles</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">270</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">270</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Leasehold improvements</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">19</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">12</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Property, plant and equipment</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">593</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">488</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Less: accumulated depreciation</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(465</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(433</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Property, plant and equipment, net</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">128</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">55</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> 36000 36000 201000 170000 67000 270000 270000 19000 12000 593000 488000 465000 433000 128000 55000 105000 30000 29000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 6. Intangible Assets</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Intangible assets consists of the following at December 31 (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%"><span style="-keep: true">Tradename</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">200</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">200</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Customer relationships</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">200</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">200</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Less: accumulated amortization</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(327</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(247</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Intangible assets, net</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">73</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">153</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Useful life (years)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">5</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">5</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For the years ended December 31, 2025 and 2024, amortization expense of $40 thousand was recognized for Tradename and amortization expense of $40 thousand was recognized for Customer relationships for each period. The weighted average remaining amortization period for intangible assets is approximately 0.9 years years and 1.9 years years as of December 31, 2025 and 2024, respectively. The following table summarizes the expected future amortization for our definite-lived intangible assets (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-keep: true">Year ending December 31,</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">2026</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">73</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Intangible assets consists of the following at December 31 (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%"><span style="-keep: true">Tradename</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">200</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">200</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Customer relationships</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">200</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">200</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Less: accumulated amortization</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(327</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(247</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Intangible assets, net</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">73</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">153</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Useful life (years)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">5</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">5</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> 200000 200000 200000 200000 -327000 -247000 73000 153000 P5Y P5Y 40000 40000 40000 40000 P0Y10M24D P1Y10M24D The following table summarizes the expected future amortization for our definite-lived intangible assets (in thousands):<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="-keep: true">Year ending December 31,</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">2026</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">73</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> </table> 73000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 7. Stockholders’ Equity</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Common stock</i></span></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"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As discussed in Note 3, in connection with the Merger consummation, the Company filed its amended and restated certificate of incorporation, which authorized the issuance of up to 300,000,000 shares of common stock with a par value of $0.0001 per share. Pursuant to the Offering, the Company issued and sold 11,012,387 shares of common stock at a purchase price of $3.00 per share for gross proceeds of $33.0 million and total offering costs of $4.2 million.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">As of December 31, 2025 and 2024, we had 300,000,000 shares and 55,550,158 of common stock authorized, respectively, with 57,542,113 and39,<span style="-sec-ix-hidden: hidden-fact-122">901,782</span> shares issued and outstanding, respectively. As of December 31, 2025 and 2024, there are 242,457,887 and 35,553,629 shares, respectively, available for issuance. Each share of our common stock has a par value of $0.0001.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Preferred Stock</i> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As discussed in Note 3, in connection with the Merger consummation, the Company filed its amended and restated certificate of incorporation, which authorized the issuance of up to 10,000,000 shares of preferred stock with a par value of $0.0001 per share.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As of December 31, 2024, Deep Isolation had 655,351 shares of Series A Convertible Preferred Stock issued and outstanding. Additionally, Deep Isolation had 115,057 shares of Series A Prime Convertible Preferred Stock issued and outstanding as of December 31, 2024. Together, these are referred to as the “Deep Isolation Preferred Stock”. Pursuant to the Merger, all issued and outstanding Deep Isolation Preferred Stock as of immediately prior to the Effective Time, was converted into shares of the Company’s common stock. As of December 31, 2025, no shares of preferred stock are issued or outstanding.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Long-term incentive compensation plan</i> </span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Prior to 2023, our board of directors adopted a plan to award stock to employees, board members, and other eligible participants. Under this plan, a number of shares were issued upon the exercise of stock options as detailed below as of December 31:</span></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"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-keep: true">Authorized shares under the plan</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">10,752,566</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">13,128,079</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Less: Options shares issued (cumulative)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(6,679,313</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(9,434,378</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"><span style="-keep: true">Shares available for issuance under the plan</span></td><td style="padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-keep: true">4,073,253</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-keep: true">3,693,701</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Additionally, under this plan, the Company had 6,243,260 and 9,434,380 stock options outstanding as of December 31, 2025 and 2024, respectively. Refer to Note 13 Stock-Based Compensation for further details.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Warrants</i></span></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"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In connection with the Offering, the Company issued to (i) each of the placement agents, A Warrants to purchase an aggregate of 829,730 shares of Company common stock at an exercise price of $3.00 per share and (ii) certain of the placement agents, B Warrants to purchase an aggregate of 166,667 shares of Company common stock at an exercise price of $0.0001 per share (the “Warrants”). The Warrants are exercisable at any time following their issuance. They will expire on the earlier of (i) five years from the issuance date or (ii) the third anniversary of the date on which the Company’s common stock is first listed for trading on a recognized trading market.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Warrants qualify for the derivative scope exception under ASC 815 and are therefore presented as a component of stockholders’ equity on the condensed consolidated balance sheets at their issuance date fair value without subsequent fair value re-measurement.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">As of December 31, 2025, none of the Warrants have been exercised and all 996,397 remain outstanding. There were no warrants outstanding as of December 31, 2024.</span></p> 300000000 0.0001 11012387 3 33000000 4200000 300000000 55550158 57542113 242457887 35553629 0.0001 10000000 0.0001 655351 115057 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Prior to 2023, our board of directors adopted a plan to award stock to employees, board members, and other eligible participants. Under this plan, a number of shares were issued upon the exercise of stock options as detailed below as of December 31:</span></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"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-keep: true">Authorized shares under the plan</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">10,752,566</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">13,128,079</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Less: Options shares issued (cumulative)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(6,679,313</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(9,434,378</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt"><span style="-keep: true">Shares available for issuance under the plan</span></td><td style="padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-keep: true">4,073,253</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-keep: true">3,693,701</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> </table> 10752566 13128079 -6679313 -9434378 4073253 3693701 6243260 9434380 829730 3 166667 0.0001 996397 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 8. Leases</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We entered into various arrangements (or leases) that convey the rights to use and control identified underlying assets for a period of time in exchange for consideration.  We lease various offices and equipment.  From time to time, we may also enter into an arrangement in which the right to use and control an identified underlying asset is embedded in another type of contract.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The components of lease cost for the Company’s leases were as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Year Ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="-keep: true">Operating Leases:</span></td><td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-keep: true">Lease cost</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">147</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">159</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="-keep: true">Finance Leases:</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Amortization of ROU assets</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">5</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Interest on lease liability</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Total lease cost</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">153</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">161</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Supplemental information related to the Company’s leases are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December 31,</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating lease</b></span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average remaining lease term (in years)</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.7</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average discount rate</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.47</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.47</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Finance lease</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average remaining lease term (in years)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average discount rate</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.00</span></td> <td><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The remaining future minimum lease payments under the Company’s leases are as follows (in thousands):</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ending December 31,</b></span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating<br/> Leases</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Finance<br/> Leases</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">144</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2028</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2029</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-125"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2030</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-126"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-127"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total future minimum lease obligation</span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">303</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: Imputed interest</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net present value of lease obligations</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">277</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net present value of lease obligations – current portion</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net present value of lease obligations – non-current portion</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td> <td><span style="-keep: true"> </span></td></tr> </table><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">F-20</p></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental cash flow and other information related to our leases were as follows (in thousands):</span></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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash paid for amounts included in the measurement of lease liabilities:</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating cash flow from operating leases</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">159</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating cash flow from finance leases</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing cash flow from finance leases</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ROU assets obtained in exchange for lease obligations for:</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating liabilities</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-124"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance liabilities</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td> <td><span style="font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The components of lease cost for the Company’s leases were as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Year Ended December 31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><span style="-keep: true">Operating Leases:</span></td><td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="-keep: true">Lease cost</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">147</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">159</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left"><span style="-keep: true">Finance Leases:</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Amortization of ROU assets</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">5</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"><span style="-keep: true">Interest on lease liability</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true"> </span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Total lease cost</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">153</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">161</span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Supplemental information related to the Company’s leases are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December 31,</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating lease</b></span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average remaining lease term (in years)</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.7</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average discount rate</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.47</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.47</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Finance lease</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average remaining lease term (in years)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average discount rate</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.00</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.00</span></td> <td><span style="-keep: true"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental cash flow and other information related to our leases were as follows (in thousands):</span></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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash paid for amounts included in the measurement of lease liabilities:</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating cash flow from operating leases</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">159</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating cash flow from finance leases</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing cash flow from finance leases</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ROU assets obtained in exchange for lease obligations for:</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating liabilities</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-123"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-124"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance liabilities</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td> <td><span style="font-size: 10pt"> </span></td></tr> </table> 147000 159000 5000 1000 1000 1000 153000 161000 P1Y8M12D P2Y8M12D 0.0847 0.0847 P3Y7M6D P4Y7M6D 0.09 0.09 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The remaining future minimum lease payments under the Company’s leases are as follows (in thousands):</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year ending December 31,</b></span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating<br/> Leases</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Finance<br/> Leases</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">144</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2028</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2029</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-125"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2030</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-126"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-127"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total future minimum lease obligation</span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">303</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: Imputed interest</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net present value of lease obligations</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">277</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net present value of lease obligations – current portion</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net present value of lease obligations – non-current portion</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td> <td><span style="-keep: true"> </span></td></tr> </table> 144000 4000 147000 4000 12000 4000 3000 303000 15000 26000 3000 277000 12000 125000 3000 152000 9000 147000 159000 1000 1000 3000 2000 11000 15000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 9. Accrued Expenses</b></span></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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Accrued expenses are composed of Accrued payroll and Other current liabilities on the consolidated balance sheets and include the following as of December 31,</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salaries and employee benefits</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">774</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">519</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other current liabilities:</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued legal fees</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued accounting fees</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-128"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued franchise taxes</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-129"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></div></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued subcontractor cost</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-130"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></div></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accrued expenses</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total other current liabilities</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total accrued expenses</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>875</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>631</b></span></td> <td><span style="font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Accrued expenses are composed of Accrued payroll and Other current liabilities on the consolidated balance sheets and include the following as of December 31,</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salaries and employee benefits</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">774</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">519</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other current liabilities:</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued legal fees</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued accounting fees</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-128"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued franchise taxes</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-129"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></div></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued subcontractor cost</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-130"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></div></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accrued expenses</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total other current liabilities</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total accrued expenses</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>875</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>631</b></span></td> <td><span style="font-size: 10pt"> </span></td></tr> </table> 774000 519000 20000 38000 70000 49000 22000 10000 4000 101000 112000 875000 631000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 10. Related Party Transactions</b></span></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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><b><i>Deep Borehole Demonstration Center</i></b><i>. </i>Deep Isolation, Inc. is a member of the Deep Borehole Demonstration Center (“DBDC”). The DBDC is a 501(3)c non-profit that is seeking to obtain multinational membership and funding to demonstrate borehole disposal technology. Deep Isolation employees fill the positions of Chair of the Board, Secretary and Treasurer for the DBDC. The DBDC has external members and independent directors, but was started by Deep Isolation Inc. and Deep Isolation Inc. continues to be involved in the organization. This includes an Administrative Services Agreement that allows Deep Isolation to charge the DBDC for the time the Secretary and Treasurer spend on DBDC business. The amount payable to Deep Isolation from the DBDC was $117 thousand and $128 thousand as of December 31, 2025 and 2024, respectively, which are fully reserved as of the respective year-ends.</span></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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><b><i>NAC International, Inc</i></b>. NAC International, Inc. (“NAC”) is a shareholder in Deep Isolation Nuclear Inc. NAC also provides services to Deep Isolation for revenue generating contracts and has rights to manufacture canisters for Deep Isolation. As of December 31, 2025, Deep Isolation had an outstanding payable to NAC of $60 thousand, while there were outstanding amounts payable to NAC of $51 thousand as of December 31, 2024.</span></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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><b><i>Deep Fission, Inc.</i></b> Deep Fission, Inc., a company co-founded by Deep Isolation’s co-founders and Board Chair is a related party. In 2026, Deep Isolation anticipates providing certain services to Deep Fission.<span style="font-family: Times New Roman, Times, Serif"> </span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Below is a summary of related party activities for the years ended December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0.25in"><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 4.5pt; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance Sheet Account</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>As of </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>2024</b></span></p></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses Incurred (COS)</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Cash</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Received /</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Paid </b></span></p></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>As of </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>2025</b></span></p></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 19%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DBDC</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Receivable</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-131"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">117</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAC</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Payable</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-132"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(97</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deep Fission</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Receivable</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-135"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0.25in"><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 4.5pt; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance Sheet Account</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>December 31, 2023</b></span></p></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Expenses Incurred</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>(COS)</b></span></p></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Cash</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Received /</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Paid </b></span></p></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>December 31, 2024</b></span></p></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 19%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DBDC</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Receivable</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">145</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-136"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(42</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAC</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Payable</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-137"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">366</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-138"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(315</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deep Fission</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Receivable</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-140"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-141"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-142"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-143"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td></tr> </table> 117000 128000 60000 51000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Below is a summary of related party activities for the years ended December 31, 2025 and 2024:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0.25in"><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 4.5pt; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance Sheet Account</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>As of </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>2024</b></span></p></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses Incurred (COS)</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Cash</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Received /</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Paid </b></span></p></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>As of </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>December 31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>2025</b></span></p></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 19%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DBDC</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Receivable</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-131"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">117</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAC</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Payable</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-132"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(97</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deep Fission</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Receivable</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-135"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0.25in"><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 4.5pt; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related Party</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Balance Sheet Account</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>December 31, 2023</b></span></p></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Expenses Incurred</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>(COS)</b></span></p></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue</b></span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Cash</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Received /</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>Paid </b></span></p></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>As of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>December 31, 2024</b></span></p></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td colspan="2" style="text-align: right"><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 19%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DBDC</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Receivable</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">145</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-136"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(42</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</span></td> <td style="width: 1%"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAC</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Payable</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-137"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">366</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-138"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(315</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td> <td><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deep Fission</span></td> <td><span style="font-size: 10pt"> </span></td> <td style="white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts Receivable</span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-140"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-141"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-142"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-143"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="font-size: 10pt"> </span></td></tr> </table> 128000 32000 -43000 117000 51000 106000 -97000 60000 50000 -50000 145000 25000 -42000 128000 366000 -315000 51000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 11. Income Tax </b></span></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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-size: 10pt">U.S. and foreign components of loss before income taxes were as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-size: 10pt">United States</span></td><td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">4,905</span></td><td style="width: 1%; text-align: left"><span style="font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">788</span></td><td style="width: 1%; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">UK</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">430</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">205</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 10pt">5,335</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 10pt">993</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The income tax expense components for the years ended December 31 is as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current tax expense/(benefit)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-144; font-family: Times New Roman, Times, Serif; font-size: 10pt">            -</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-145; font-family: Times New Roman, Times, Serif; font-size: 10pt">            -</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-146; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-147; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax expense/(benefit)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-148; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-149; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-150; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-151; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-152; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-153; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total tax expense/(benefit)</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The components of the net deferred tax assets and liabilities at December 31, is as follows (in thousands):</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets:</span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangibles</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">454</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">729</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease liability</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net operating loss</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,876</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,608</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returns allowance</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock compensation</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-154"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total net deferred tax assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,738</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,474</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation allowance</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,669</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,374</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax liabilities:</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROU asset</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(64</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(90</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total net deferred tax liabilities</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(69</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(100</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net deferred tax asset/(liability)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-155"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></span></div></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-156"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></span></div></td> <td><span style="-keep: true"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">A reconciliation of the Company’s provision for income taxes at the federal statutory rate to the reported income tax provision for the years ended December 31 is as follows (in thousands):</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td> </td> <td colspan="2" style="text-align: right"><span style="-keep: true"> </span></td><td> </td><td> </td> <td colspan="2"><span style="-keep: true"> </span></td><td> </td><td> </td> <td colspan="2"><span style="-keep: true"> </span></td><td> </td><td> </td> <td colspan="2"><span style="-keep: true"> </span></td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left"><span style="-keep: true">Income before taxes at federal statutory tax rate</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">(1,120</span></td><td style="width: 1%; text-align: left"><span style="-keep: true">)</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">21</span></td><td style="width: 1%; text-align: left"><span style="-keep: true">%</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">(195</span></td><td style="width: 1%; text-align: left"><span style="-keep: true">)</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">21</span></td><td style="width: 1%; text-align: left"><span style="-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">State and local income taxes, net of federal benefit</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(1</span></td><td style="text-align: left"><span style="-keep: true">)%</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">-</span></td><td style="text-align: left"><span style="-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-keep: true">Tax impact of foreign operations</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(17</span></td><td style="text-align: left"><span style="-keep: true">)</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-157"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true">%</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(16</span></td><td style="text-align: left"><span style="-keep: true">)</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">2</span></td><td style="text-align: left"><span style="-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Change in valuation allowance</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1,143</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(21</span></td><td style="text-align: left"><span style="-keep: true">)%</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">184</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">20</span></td><td style="text-align: left"><span style="-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-keep: true">Non-taxable or deductible share-based payment awards</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">44</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1</span></td><td style="text-align: left"><span style="-keep: true">%</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">23</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(3</span></td><td style="text-align: left"><span style="-keep: true">)%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Non-taxable or deductible other</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">7</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-158"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true">%</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">3</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-159"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="-keep: true">Other</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(57</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">%</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-keep: true">(3</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Income tax expense (benefit)</span></td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-160"><span style="-keep: true">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-keep: true">%</span></td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-161"><span style="-keep: true">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-keep: true">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">At December 31, 2025, the Company has federal, state, and UK net operating loss carryforwards of approximately $23.8 million, $16.5 million and $2.9 million, respectively, compared to $17.4 million, $14.8 million and $2.5 million, respectively, as of December 31, 2024. Under the CARES Act, the federal net operating loss carryforwards that originated after 2017 will have an indefinite life and may be used to offset 80% of future taxable income. For tax year beginning January 1, 2021, federal net operating losses may be used to offset 80% of a future year’s taxable income. The state net operating losses carryforward for between 15-20 years and begin to expire in 2039. The UK net operating loss carryforward has an indefinite life.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company’s ability to utilize a portion of its net operating loss carryforwards to offset future taxable income is subject to certain limitations under Section 382 of the Internal Revenue Code due to changes in the equity ownership of the Company. An ownership change under Section 382 has not been determined at this time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">Deferred income tax assets represent future income tax benefits. Realization of these assets is ultimately dependent upon future taxable income. ASC Topic 740, Income Taxes, required that deferred tax assets be reduced by a valuation allowance if, based on all available evidence, it is considered more likely than not that some or all of the recorded deferred tax assets will not be realized in a future period. Based on available objective evidence, management believes it is more likely than not that the deferred tax assets will not be recognized. Accordingly, during the year ended December 31, 2025 and 2024, the Company maintained a 100% valuation allowance against its deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company files income tax returns in the U.S. federal jurisdiction, various states, and the United Kingdom. The Company does not believe an uncertain tax position existed as of December 31, 2025. Based on the Company’s assessment of many factors, including past experience and complex judgments about future events, the Company does not currently anticipate significant changes in its uncertain tax positions over the next 12 months. In connection with the adoption of the referenced provisions, the Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of December 31, 2025, the Company had no accrued interest and penalties. The Company’s federal, state, and UK tax returns are open for review going back to the 2022, 2021, and 2020 tax year, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">On July 4, 2025, the One Big Beautiful Bill (“OBBB”) was enacted into law. Among its provisions, the reinstatement of full expensing for research and development expenditures is applicable to the Company. While further regulatory guidance is anticipated regarding the treatment of prior periods, the Company expects that the previously recognized deferred tax asset related to Section 174 will be realized, resulting in an increase in net operating loss carryforwards.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-size: 10pt">U.S. and foreign components of loss before income taxes were as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"> </span></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left"><span style="font-size: 10pt">United States</span></td><td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">4,905</span></td><td style="width: 1%; text-align: left"><span style="font-size: 10pt"> </span></td><td style="width: 1%"><span style="font-size: 10pt"> </span></td> <td style="width: 1%; text-align: left"><span style="font-size: 10pt"> </span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">788</span></td><td style="width: 1%; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">UK</span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">430</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="padding-bottom: 1.5pt"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-size: 10pt"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">205</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 10pt">5,335</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 10pt"> </span></td><td style="padding-bottom: 4pt"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-size: 10pt"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-size: 10pt">993</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-size: 10pt"> </span></td></tr> </table> 4905000 788000 430000 205000 5335000 993000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The income tax expense components for the years ended December 31 is as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current tax expense/(benefit)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-144; font-family: Times New Roman, Times, Serif; font-size: 10pt">            -</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-145; font-family: Times New Roman, Times, Serif; font-size: 10pt">            -</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-146; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-147; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax expense/(benefit)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-148; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-149; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-150; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: 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-family: Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-151; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">State</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-152; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-153; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font-family: 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-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total tax expense/(benefit)</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 1000 1000 1000 1000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The components of the net deferred tax assets and liabilities at December 31, is as follows (in thousands):</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax assets:</span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangibles</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">454</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">729</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease liability</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net operating loss</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,876</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,608</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Returns allowance</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock compensation</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">292</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-154"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total net deferred tax assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,738</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,474</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation allowance</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,669</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,374</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred tax liabilities:</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROU asset</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(64</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(90</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total net deferred tax liabilities</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(69</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(100</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net deferred tax asset/(liability)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-155"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></span></div></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-156"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></span></div></td> <td><span style="-keep: true"> </span></td></tr> </table> 454000 729000 23000 16000 65000 91000 6876000 5608000 28000 30000 292000 7738000 6474000 7669000 6374000 5000 10000 64000 90000 69000 100000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">A reconciliation of the Company’s provision for income taxes at the federal statutory rate to the reported income tax provision for the years ended December 31 is as follows (in thousands):</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2025</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">2024</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td> </td> <td colspan="2" style="text-align: right"><span style="-keep: true"> </span></td><td> </td><td> </td> <td colspan="2"><span style="-keep: true"> </span></td><td> </td><td> </td> <td colspan="2"><span style="-keep: true"> </span></td><td> </td><td> </td> <td colspan="2"><span style="-keep: true"> </span></td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left"><span style="-keep: true">Income before taxes at federal statutory tax rate</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">(1,120</span></td><td style="width: 1%; text-align: left"><span style="-keep: true">)</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">21</span></td><td style="width: 1%; text-align: left"><span style="-keep: true">%</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">(195</span></td><td style="width: 1%; text-align: left"><span style="-keep: true">)</span></td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">21</span></td><td style="width: 1%; text-align: left"><span style="-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">State and local income taxes, net of federal benefit</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(1</span></td><td style="text-align: left"><span style="-keep: true">)%</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">-</span></td><td style="text-align: left"><span style="-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-keep: true">Tax impact of foreign operations</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(17</span></td><td style="text-align: left"><span style="-keep: true">)</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-157"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true">%</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(16</span></td><td style="text-align: left"><span style="-keep: true">)</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">2</span></td><td style="text-align: left"><span style="-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Change in valuation allowance</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1,143</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(21</span></td><td style="text-align: left"><span style="-keep: true">)%</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">184</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">20</span></td><td style="text-align: left"><span style="-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"><span style="-keep: true">Non-taxable or deductible share-based payment awards</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">44</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1</span></td><td style="text-align: left"><span style="-keep: true">%</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">23</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(3</span></td><td style="text-align: left"><span style="-keep: true">)%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"><span style="-keep: true">Non-taxable or deductible other</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">7</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-158"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true">%</span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">3</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td> </td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-159"><span style="-keep: true">-</span></div></td><td style="text-align: left"><span style="-keep: true">%</span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt"><span style="-keep: true">Other</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(57</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">%</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-keep: true">(3</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)%</span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-keep: true">Income tax expense (benefit)</span></td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-160"><span style="-keep: true">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-keep: true">%</span></td><td style="font-weight: bold; padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="-keep: true">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="-keep: true">1</span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt"> </td> <td style="padding-bottom: 4pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-161"><span style="-keep: true">-</span></div></td><td style="padding-bottom: 4pt; text-align: left"><span style="-keep: true">%</span></td></tr> </table> -1120000 0.21 -195000 0.21 1000 -0.01 1000 -17000 -16000 0.02 1143000 -0.21 184000 0.20 44000 0.01 23000 -0.03 7000 3000 -57000 0.01 1000 -0.03 1000 1000 23800000 16500000 2900000 17400000 14800000 2500000 0.80 0.80 1 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 12. Employee Benefits – 401(k) Plan</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company sponsors a defined contribution 401(k) Plan with Company contributions to be made at the sole discretion of the management. Under the provisions of the 401(k) Plan, the Company matches the employees’ contributions for the first 4% of compensation. The expense for the 401(k) Plan were $120 thousand and $127 thousand for the year ended December 31, 2025 and 2024, respectively, and are included in selling, general and administrative expenses on the consolidated statements of operation.</span></p> 0.04 120000 127000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 13. Stock-Based Compensation </b></span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As discussed in Note 7, Deep Isolation previously maintained the 2018 Plan, under which Deep Isolation previously granted stock options. The 2018 Plan had authorized only Nonstatutory Stock Options (“NSOs”) and Incentive Stock Options (“ISOs”).</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company currently maintains the 2025 Plan, which was approved and adopted pursuant to the Merger Agreement, under which the Company may grant options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance units (“PSUs”), performance shares and other stock-based awards to employees, directors and consultants of the Company. Upon the termination of the 2018 Plan, the Assumed Options from the 2018 Plan were assumed by the 2025 Plan and are now subject to the terms and conditions of the 2025 Plan.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">During 2025, the Company granted stock options, RSUs, and PSUs. The term of each grant under the 2025 Plan shall be fixed by the Board, or the Board may delegate administration of the Plan to the Board’s Compensation Committee (the “Plan Administrator”). For most grants governed by the 2025 Plan, 25% vests after one year of service and on a monthly basis over three years of service thereafter. They are generally for a term of 10-years for continued service. Options and RSUs are granted in varying amounts and frequency to the Company’s board, advisors and employees. No stock options will be exercisable more than ten years after the grant date, or, in the case of an ISO granted to a 10% stockholder, more than five years after the grant date. The exercise price of any ISO granted under the 2025 Plan to an individual who is not a 10% stockholder at the time of the grant shall not be less than the fair market value of the shares at the time of the grant. The exercise price of any ISO granted to a 10% stockholder shall not be less than 110% of the fair market value at the time of the grant. The exercise price of any NSOs granted under the 2025 Plan shall not be less than the fair market value of the shares at the time of the grant. As of December 31, 2025, the Company has reserved 10,752,566 shares of common stock (the “Share Reserve”) for future issuance under all option arrangements and had 4,066,890 shares available for issuance.</span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The total compensation expense recognized for common share options during the year ended December 31, 2025 and 2024, were $473 thousand and $112 thousand, respectively. For the year ended December 31, 2025, $351 thousand was recorded in selling, general and administrative expense and $122 thousand was recorded in cost of sales. For the year ended December 31, 2024, $112 thousand was recorded in selling, general and administrative expense.</span></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"> </span></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"><i>Stock Options </i></span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The summary of the Company’s stock option activity for the years ended December 31, 2025 and 2024 are presented as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-keep: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Options</b></span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of Options</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Weighted Average Exercise</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Price</b></p></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Remaining</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Contractual</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Term (years)</b></p></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Aggregate</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Intrinsic</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Value</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">(in thousands)</b></p></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding, December 31, 2024</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,434,380</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,363,974</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,404,818</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36,075</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(114,201</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.20</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding, December 31, 2025</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,243,260</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0.37</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.82</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16,392</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable, December 31, 2025</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">296,325</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.46</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.15</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,392</span></td> <td><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Options</b></span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of Options</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Weighted Average Exercise</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Price</b></p></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Remaining</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Contractual</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Term (years)</b></p></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Aggregate</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Intrinsic </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Value</b></p></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding, December 31, 2023</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,544,312</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,136,840</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.18</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,857</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(185,641</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.18</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(56,274</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding, December 31, 2024</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9,434,380</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0.11</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.82</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>824</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable, December 31, 2024</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,656,233</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.09</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">792</span></td> <td><span style="-keep: true"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The summary of the Company’s unvested options as of December 31, 2025 and 2024, and changes during the period then ended are presented as follows:<span style="font-family: Times New Roman, Times, Serif"> </span></span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Options</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Weighted<br/> Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Grant-Date </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Fair Value</b></p></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%"><span style="-keep: true">Non-vested options, January 1, 2023</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">1,683,867</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">0.15</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true">Granted</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1,136,840</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">0.07</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true">Forfeited</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(185,641</span></td><td style="text-align: left"><span style="-keep: true">)</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">0.08</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"><span style="-keep: true">Vested</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(856,919</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-keep: true">0.13</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true">Non-vested options, December 31, 2024</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1,778,147</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true">$</span></td><td style="text-align: right"><span style="-keep: true">0.11</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true">Granted</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1,351,474</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1.29</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true">Forfeited</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(36,075</span></td><td style="text-align: left"><span style="-keep: true">)</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">0.97</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"><span style="-keep: true">Vested</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(2,587,665</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-162"><span style="-keep: true">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="-keep: true">Non-vested options, December 31, 2025</span></td><td style="padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-keep: true">505,881</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="-keep: true">$</span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="-keep: true">3.00</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The fair value of options granted for the years ended December 31, 2025 and 2024 were $628 thousand and $80 thousand, respectively. Total unrecognized stock option compensation expense as of December 31, 2025 and 2024 were $462 thousand and $185 thousand, respectively, with a weighted-average period over which it is expected to be recognized over 3.50 years and 2.70 years, respectively. Cash received from the exercise of stock options totaled $435 thousand for the year ended December 31, 2025. There were <span style="-sec-ix-hidden: hidden-fact-163">no</span> stock option exercises for the year ended December 31, 2024.</span></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"> </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; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company estimates fair value of stock options using the Black-Sholes valuation model. Assumptions used to estimate the fair value of stock options granted include the exercise price of the award, the expected term, the expected volatility over the option’s expected term, the risk-free interest rate over the option’s expected term, and the expected annual dividend yield. Because the Company does not have sufficient historical trading data for its common stock, expected volatility is estimated based on the historical volatility of comparable publicly traded companies over a period consistent with the expected term of the options. The fair value of the options granted during 2025 and 2024 and the related assumptions used in the Black-Sholes option model used to value the options granted were as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free interest rate</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7% to 4.3%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7% to 4.3%</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected volatility</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.3% to 32.9%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.3% to 32.9%</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend yield</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected option life (years)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1 to 6.1</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1 to 6.1</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average fair value per share</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="white-space: nowrap; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="white-space: nowrap; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.83</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i style="-keep: true">Performance Options</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="-keep: true"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="-keep: true">During the year ended December 31, 2025, the Company issued 12,500 performance options to the CEO which vest upon the satisfaction of certain performance conditions as of March 31, 2026. As of December 31, 2025, no performance options were vested and 12,500 were outstanding. No compensation expense was recorded for performance options for the year ended December 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i style="-keep: true"> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i style="-keep: true">Restricted Stock Units</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="-keep: true"> </span></p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="-keep: true">The summary of the Company’s RSU activity for the years ended December 31, 2025 and 2024 are presented as follows:</span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of RSUs</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average Grant Date Fair Value per RSU</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested RSUs, December 31, 2024</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">404,443</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested/Issued</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,363</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited, cancelled, or expired</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31,823</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested RSUs, December 31, 2025</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">366,257</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00</span></td> <td><span style="-keep: true"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i style="-keep: true">Performance Stock Units</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="-keep: true">During the year ended December 31, 2025, the Company issued 37,500 performance stock units to the CEO which vest upon the satisfaction of certain performance conditions as of March 31, 2026. As of December 31, 2025, no performance RSUs were vested and 37,500 were outstanding. No compensation expense was recorded for performance stock units for the year ended December 31, 2025.</span></p> 0.25 P1Y P3Y P10Y 0.10 0.10 0.10 1.10 10752566 4066890 473000 112000 351000 122000 112000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The summary of the Company’s stock option activity for the years ended December 31, 2025 and 2024 are presented as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-keep: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Options</b></span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of Options</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Weighted Average Exercise</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Price</b></p></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Remaining</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Contractual</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Term (years)</b></p></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Aggregate</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Intrinsic</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Value</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">(in thousands)</b></p></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding, December 31, 2024</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,434,380</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,363,974</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,404,818</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36,075</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(114,201</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.20</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding, December 31, 2025</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,243,260</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0.37</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.82</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16,392</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable, December 31, 2025</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">296,325</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.46</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.15</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,392</span></td> <td><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock Options</b></span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of Options</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Weighted Average Exercise</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Price</b></p></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Remaining</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Contractual</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Term (years)</b></p></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Aggregate</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Intrinsic </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Value</b></p></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding, December 31, 2023</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,544,312</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,136,840</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.18</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,857</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(185,641</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.18</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expired</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(56,274</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding, December 31, 2024</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9,434,380</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0.11</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.82</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>824</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable, December 31, 2024</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,656,233</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.09</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">792</span></td> <td><span style="-keep: true"> </span></td></tr> </table> 9434380 0.11 1363974 1.3 4404818 0.1 1000 36075 3 114201 0.2 6243260 0.37 P5Y9M25D 16392000 296325 2.46 P6Y1M24D 16392000 8544312 0.1 1136840 0.18 4857 0.08 1000 185641 0.18 56274 0.11 9434380 0.11 P5Y9M25D 824000 7656233 0.1 P5Y1M2D 792000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The summary of the Company’s unvested options as of December 31, 2025 and 2024, and changes during the period then ended are presented as follows:<span style="font-family: Times New Roman, Times, Serif"> </span></span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="-keep: true">Options</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Weighted<br/> Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Grant-Date </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b style="-keep: true">Fair Value</b></p></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%"><span style="-keep: true">Non-vested options, January 1, 2023</span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 9%; text-align: right"><span style="-keep: true">1,683,867</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td><td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; text-align: left"><span style="-keep: true">$</span></td><td style="width: 9%; text-align: right"><span style="-keep: true">0.15</span></td><td style="width: 1%; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true">Granted</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1,136,840</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">0.07</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true">Forfeited</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(185,641</span></td><td style="text-align: left"><span style="-keep: true">)</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">0.08</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"><span style="-keep: true">Vested</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(856,919</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-keep: true">0.13</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true">Non-vested options, December 31, 2024</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1,778,147</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true">$</span></td><td style="text-align: right"><span style="-keep: true">0.11</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td><span style="-keep: true">Granted</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1,351,474</span></td><td style="text-align: left"><span style="-keep: true"> </span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">1.29</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><span style="-keep: true">Forfeited</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">(36,075</span></td><td style="text-align: left"><span style="-keep: true">)</span></td><td><span style="-keep: true"> </span></td> <td style="text-align: left"><span style="-keep: true"> </span></td><td style="text-align: right"><span style="-keep: true">0.97</span></td><td style="text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"><span style="-keep: true">Vested</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-keep: true">(2,587,665</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true">)</span></td><td style="padding-bottom: 1.5pt"><span style="-keep: true"> </span></td> <td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-162"><span style="-keep: true">—</span></div></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt"><span style="-keep: true">Non-vested options, December 31, 2025</span></td><td style="padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 4pt double; text-align: left"><span style="-keep: true"> </span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-keep: true">505,881</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="-keep: true"> </span></td><td style="padding-bottom: 4pt"><span style="-keep: true"> </span></td> <td style="padding-bottom: 2.5pt; text-align: left"><span style="-keep: true">$</span></td><td style="padding-bottom: 2.5pt; text-align: right"><span style="-keep: true">3.00</span></td><td style="padding-bottom: 2.5pt; text-align: left"><span style="-keep: true"> </span></td></tr> </table> 1683867 0.15 1136840 0.07 185641 0.08 856919 0.13 1778147 0.11 1351474 1.29 36075 0.97 2587665 505881 3 628000 80000 462000 185000 P3Y6M P2Y8M12D 435000 The fair value of the options granted during 2025 and 2024 and the related assumptions used in the Black-Sholes option model used to value the options granted were as follows:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free interest rate</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7% to 4.3%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7% to 4.3%</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected volatility</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.3% to 32.9%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.3% to 32.9%</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend yield</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected option life (years)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1 to 6.1</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1 to 6.1</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average fair value per share</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="white-space: nowrap; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="white-space: nowrap; width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.83</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> </table> 0.037 0.043 0.037 0.043 0.323 0.329 0.323 0.329 P5Y1M6D P6Y1M6D P5Y1M6D P6Y1M6D 1.3 1.83 12500 0 12500 0 <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="-keep: true">The summary of the Company’s RSU activity for the years ended December 31, 2025 and 2024 are presented as follows:</span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of RSUs</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted Average Grant Date Fair Value per RSU</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested RSUs, December 31, 2024</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">404,443</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested/Issued</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,363</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited, cancelled, or expired</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31,823</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unvested RSUs, December 31, 2025</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">366,257</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00</span></td> <td><span style="-keep: true"> </span></td></tr> </table> 0 0 404443 3 6363 0 31823 3 366257 3 37500 0 37500 0 <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b style="-keep: true">Note 14. Net Loss Per Common Share</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.05pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company computes basic and diluted earnings per share by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share are similarly calculated with the inclusion of dilutive common stock equivalents. For the year ended December 31, 2025 and 2024, basic and dilutive net loss per common share were the same since the inclusion of common shares issuable pursuant to the exercise of common stock equivalents and the vesting of restricted stock units would have been anti-dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.05pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The following table reconciles the net loss and weighted average share amounts used to compute both basic and diluted net loss per share (<i>amounts in thousands, except for share and per share amounts</i>):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended <br/> December 31,</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loss per common share – basic and diluted</b></span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss available to common stockholders – basic and diluted</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,336</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(994</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average shares outstanding – basic and diluted</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,683,197</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,840,144</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted loss per common share</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.11</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.02</span></td> <td><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: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">In accordance with the contingently issuable shares guidance of ASC 260, the calculation of diluted net loss per share excludes the following dilutive securities because their inclusion would have been anti-dilutive as of December 31:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock options (Treasury stock method)</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,243,258</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,434,378</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">996,397</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-164"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,239,655</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,434,378</span></td> <td><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The following table reconciles the net loss and weighted average share amounts used to compute both basic and diluted net loss per share (<i>amounts in thousands, except for share and per share amounts</i>):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended <br/> December 31,</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Loss per common share – basic and diluted</b></span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2"><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss available to common stockholders – basic and diluted</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,336</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%; border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(994</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average shares outstanding – basic and diluted</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,683,197</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,840,144</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted loss per common share</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.11</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.02</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr> </table> -5336000 -5336000 -994000 -994000 48683197 48683197 39840144 39840144 -0.11 -0.11 -0.02 -0.02 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">In accordance with the contingently issuable shares guidance of ASC 260, the calculation of diluted net loss per share excludes the following dilutive securities because their inclusion would have been anti-dilutive as of December 31:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock options (Treasury stock method)</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,243,258</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,434,378</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">996,397</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-164"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,239,655</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,434,378</span></td> <td><span style="-keep: true"> </span></td></tr> </table> 6243258 9434378 996397 7239655 9434378 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 15. Segment Reporting </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">In accordance with ASC 280, operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the CODM in assessing performance and deciding how to allocate resources. <span style="-sec-ix-hidden: hidden-fact-168">The Company’s CODM is its CEO, who performs such assessments and allocates resources based on information at the consolidated level.</span></span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company’s two reportable segments are: (1) Deep Isolation US &amp; EMEA and (2) Freestone. See Note 2 for a description of the Company’s reportable segments. The Company had no inter-segment sales for the years presented.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company’s income statements by segment, significant segment expenses, and segment assets are presented below (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended December 31, 2025</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deep<br/> Isolation US<br/> &amp; EMEA</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Freestone</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,494</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,642</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,136</b></span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of services</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,093</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,541</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,634</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation and amortization expense</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>115</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling, general and administrative expenses</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,232</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,521</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8,753</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">404</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>404</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating (loss)  income</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6,236</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>466</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5,770</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other income, net</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">433</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>435</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment  (loss) income before income tax</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5,803</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>468</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5,335</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax expense </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment (loss)  income</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5,804</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>468</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5,336</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December 31, 2025</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deep<br/> Isolation US<br/> &amp; EMEA</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Freestone</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,926</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,508</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27,434</b></span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">299</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>439</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>275</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other current assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">641</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>672</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>128</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>73</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance lease right-of-use assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease right-of-use assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">269</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>269</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other non-current assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>140</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-165"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">182</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>182</b></span></td> <td><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> <b> </b></span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended December 31, 2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deep<br/> Isolation US<br/> &amp; EMEA</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Freestone</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,877</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,176</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,053</b></span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of services</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,841</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,824</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,665</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation and amortization expense</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>110</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling, general and administrative expenses</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,886</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,256</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4,142</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">202</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>202</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating (loss) income</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2,054</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>988</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1,066</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other income/(expense), net</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">182</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(109</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>73</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment (loss) income before income tax</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1,872</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>879</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(993</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax (benefit) expense </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment (loss) income </b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1,873</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>879</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(994</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> </table> <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> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December 31, 2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deep<br/> Isolation US<br/> &amp; EMEA</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Freestone</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">944</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,205</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,149</b></span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">348</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">651</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>999</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>111</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other current assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>153</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance lease right-of use assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease right-of-use assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">383</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>387</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">182</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>182</b></span></td> <td><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i> </i></span></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"><i>Geographical Information</i> </span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company is domiciled in the United States, but also has operations in EMEA (UK). The following table summarizes net sales by geographic area (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended December 31,</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,058</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,555</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMEA</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">498</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,136</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,053</b></span></td> <td><span style="-keep: true"> </span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The following table summarizes long-lived assets by geographic area (in thousands): </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December 31,</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">481</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">609</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMEA</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-166"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-167"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>481</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>609</b></span></td> <td><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></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"><i>Major Customers</i> </span></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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">During the years ended December 31, 2025 and 2024, four customers, accounted for approximately 81% and 90%, respectively, of the Company’s revenue as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended December 31,</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue earned from the U.S. Department of Energy</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">719</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,529</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue earned from the CPCCO</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,117</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,792</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue earned from Oklo</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">668</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">342</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue earned from the H2C (formerly WRPS)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,109</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,490</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total revenues from major customers</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4,613</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>81</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,153</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>90</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td></tr> </table> CODM in assessing performance and deciding how to allocate resources. 2 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The Company’s income statements by segment, significant segment expenses, and segment assets are presented below (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended December 31, 2025</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deep<br/> Isolation US<br/> &amp; EMEA</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Freestone</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,494</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,642</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,136</b></span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of services</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,093</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,541</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,634</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation and amortization expense</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>115</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling, general and administrative expenses</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,232</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,521</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8,753</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">404</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>404</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating (loss)  income</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(6,236</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>466</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5,770</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other income, net</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">433</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>435</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment  (loss) income before income tax</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5,803</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>468</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5,335</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax expense </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment (loss)  income</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5,804</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>468</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(5,336</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December 31, 2025</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deep<br/> Isolation US<br/> &amp; EMEA</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Freestone</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,926</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,508</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>27,434</b></span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">299</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>439</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>275</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other current assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">641</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>672</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>128</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>73</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance lease right-of-use assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease right-of-use assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">269</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>269</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other non-current assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>140</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-165"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">182</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>182</b></span></td> <td><span style="-keep: true"> </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> <b> </b></span></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended December 31, 2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deep<br/> Isolation US<br/> &amp; EMEA</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Freestone</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,877</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,176</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,053</b></span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of services</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,841</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,824</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3,665</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation and amortization expense</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>110</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling, general and administrative expenses</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,886</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,256</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4,142</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development costs</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">202</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>202</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating (loss) income</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2,054</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>988</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1,066</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other income/(expense), net</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">182</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(109</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>73</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment (loss) income before income tax</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1,872</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>879</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(993</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax (benefit) expense </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment (loss) income </b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1,873</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>879</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(994</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr> </table> <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> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December 31, 2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Deep<br/> Isolation US<br/> &amp; EMEA</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Freestone</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">944</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,205</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2,149</b></span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">348</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">651</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>999</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>111</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other current assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property, plant and equipment, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets, net</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>153</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance lease right-of use assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease right-of-use assets</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">383</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>387</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">182</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>182</b></span></td> <td><span style="-keep: true"> </span></td></tr> </table> 2494000 3642000 6136000 1093000 1541000 2634000 1000 114000 115000 7232000 1521000 8753000 404000 0 404000 -6236000 466000 -5770000 433000 2000 435000 -5803000 468000 -5335000 1000 0 1000 -5804000 468000 -5336000 25926000 1508000 27434000 140000 299000 439000 44000 231000 275000 641000 31000 672000 66000 62000 128000 0 73000 73000 0 11000 11000 0 269000 269000 140000 0 140000 182000 182000 2877000 4176000 7053000 1841000 1824000 3665000 2000 108000 110000 2886000 1256000 4142000 202000 0 202000 -2054000 988000 -1066000 182000 -109000 73000 -1872000 879000 -993000 1000 0 1000 -1873000 879000 -994000 944000 1205000 2149000 348000 651000 999000 20000 91000 111000 50000 30000 80000 3000 52000 55000 0 153000 153000 0 14000 14000 4000 383000 387000 0 182000 182000 The following table summarizes net sales by geographic area (in thousands):<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended December 31,</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,058</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,555</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMEA</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">498</span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,136</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,053</b></span></td> <td><span style="-keep: true"> </span></td></tr> </table> 6058000 6555000 78000 498000 6136000 7053000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The following table summarizes long-lived assets by geographic area (in thousands): </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of December 31,</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 76%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">481</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">609</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMEA</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-166"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-167"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></div></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>481</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>609</b></span></td> <td><span style="-keep: true"> </span></td></tr> </table> 481000 609000 481000 609000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">During the years ended December 31, 2025 and 2024, four customers, accounted for approximately 81% and 90%, respectively, of the Company’s revenue as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="14" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended December 31,</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td> <td><span style="-keep: true"> </span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue earned from the U.S. Department of Energy</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">719</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,529</span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 1%"><span style="-keep: true"> </span></td> <td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</span></td> <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue earned from the CPCCO</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,117</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,792</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue earned from Oklo</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">668</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">342</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue earned from the H2C (formerly WRPS)</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,109</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,490</span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid"><span style="-keep: true"> </span></td> <td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total revenues from major customers</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4,613</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>81</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,153</b></span></td> <td><span style="-keep: true"> </span></td> <td><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double"><span style="-keep: true"> </span></td> <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>90</b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>%</b></span></td></tr> </table> 0.81 0.90 719000 0.12 1529000 0.22 2117000 0.35 2792000 0.40 668000 0.11 342000 0.05 1109000 0.24 1490000 0.24 4613000 0.81 6153000 0.90 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Note 16. Commitments and Contingencies</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Legal Matters</i></span></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"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In the normal course of conducting our business, the Company may be involved in various litigation. The Company is not a party to any litigation or governmental proceeding which our management believes could result in any judgments or fines against us that would have a material adverse effect on our financial position, liquidity or results of future operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i style="-keep: true">EEF9001 Guarantee</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On December 13, 2022, the Company executed a guarantee for its wholly-owned subsidiary, Deep Isolation EMEA, Ltd., as a condition for an award of up to $729 thousand (the “Grant”) given by the Department for Business, Energy and Industrial Strategy (“BEIS”) of the British Government. The Company has guaranteed obligations under the Grant Funding Agreement (reference number EEF9001) for Deep Isolation EMEA, Ltd., signed with the British Government. The guarantee covers all obligations and liabilities of the subsidiary to BEIS under the Grant Funding Agreement. The contract was completed on February 28, 2025. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"> </span></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 0.5in; text-align: justify"><i style="-keep: true">Registration Rights</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company is subject to a Registration Rights Agreement requiring the effectiveness of a registration statement within a specified period. The Agreement requires the Company to pay certain liquidated damages to existing shareholders if the Registration Statement is not declared effective within 120 days after filing the Company’s Super 8-K. The Company did not meet that effectiveness deadline, and a Registration Event occurred. However, a majority of the existing shareholders may waive that penalty by providing a written consent, and as of March 15, 2026, 58.6% of the shareholders (a majority) have consented to waive such damages through at least March 31, 2026. There is no guarantee that a majority of shareholders would agree to extend the waiver for an additional period.</span></p> 729000 P120D 0.586 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b style="-keep: true">Note 17. Subsequent Events</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="-keep: true">The Company has evaluated subsequent events through the date these financial statements were issued. Based on this evaluation, no additional material events were identified which require adjustment or disclosure in these financial statements.</span></p> S-1/A 39901782 http://fasb.org/srt/2025#ChiefExecutiveOfficerMember 0001918080 true