Discontinued Operations (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Schedule of discounted operations |
| Schedule
of discounted operations | |
| | |
| | |
Amount |
| Gross cash proceeds received after working capital adjustment | |
$ | 38,068,463 | |
| Add: Amount placed in Escrow | |
| 1,500,000 | |
| Less: | |
| | |
| Carrying value of net assets disposed (1) | |
| (9,869,738 | ) |
| Cash transaction and selling costs (2) | |
| (2,502,020 | ) |
| Warrant liability reclassification (3) | |
| 215,981 | |
| Total pre-tax gain on sale | |
$ | 27,412,686 | |
| Income tax expense (4) | |
| (7,294,005 | ) |
| Gain on sale of discontinued operation, net of tax | |
$ | 20,118,681 | |
(1) Represents the carrying value (book value)
of the assets and liabilities of the Cloud Solutions Business on the date of sale.
(2) Represents cash selling expenses, including
legal and advisory fees, as shown on the Consolidated Statement of Cash Flows.
(3) Represents the changes in fair value of
the warrant liability as a cost of the transaction (see Note 5).
(4) Represents the provision for federal and state
income taxes on the gain from the sale.
|
| Schedule of major classes of assets and liabilities |
| Schedule of major classes of assets and liabilities | |
| | |
| | |
December 31, 2024 |
| ASSETS: | |
| | |
| Accounts receivable | |
$ | 2,166,440 | |
| Prepaid and other assets | |
| 740,964 | |
| Current assets of discontinued operations | |
| 2,907,404 | |
| | |
| | |
| Property and equipment, net | |
| 3,433,579 | |
| Goodwill and intangible assets, net | |
| 5,665,677 | |
| Right-of-use and other assets | |
| 621,742 | |
| Total assets of discontinued operations | |
$ | 12,628,402 | |
| | |
| | |
| LIABILITIES: | |
| | |
| Accounts payable and accrued expenses | |
$ | 2,594,789 | |
| Deferred revenue | |
| 212,390 | |
| Finance and operating lease liabilities - current | |
| 150,380 | |
| Current liabilities of discontinued operations | |
| 2,957,559 | |
| Finance and operating lease liabilities - non-current | |
| 523,070 | |
| Total liabilities of discontinued operations | |
$ | 3,480,629 | |
|
| Schedule of Operating results for the discontinued operations |
| Schedule of Operating results for the discontinued operations | |
| | | |
| | |
| | |
January 1, 2025 to | |
Twelve Months Ended |
| | |
September 11, 2025 | |
December 31, 2024 |
| | |
| |
|
| Sales | |
$ | 16,039,680 | | |
$ | 24,152,056 | |
| Cost of sales | |
| 9,388,216 | | |
| 13,575,938 | |
| Gross profit | |
| 6,651,464 | | |
| 10,576,118 | |
| | |
| | | |
| | |
| Selling, general and administrative | |
| 6,678,953 | | |
| 7,183,108 | |
| (Loss) income from discontinued operations | |
| (27,489 | ) | |
| 3,393,010 | |
| | |
| | | |
| | |
| Interest and other expense | |
| (41,653 | ) | |
| (120,607 | ) |
| Benefit from income taxes | |
| 31,624 | | |
| — | |
| | |
| | | |
| | |
| (Loss) income from discontinued operations, net of tax | |
$ | (37,518 | ) | |
$ | 3,272,403 | |
|