LIQUIDITY AND GOING CONCERN |
3 Months Ended |
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Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| LIQUIDITY AND GOING CONCERN | NOTE 2. LIQUIDITY AND GOING CONCERN
The unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”), which contemplates continuation of the Company as a going concern. The Company is subject to a number of risks similar to those of earlier stage commercial companies, including dependence on key individuals and products, the difficulties inherent in the development of a commercial market, the potential need to obtain additional capital, competition from larger companies, other technology companies, and other technologies. The Company has a limited operating history and the sales and income potential of its business and market are unproven.
Subsequent to March 31, 2026, the Company completed financing transactions that generated significant additional liquidity (see Note 14. Subsequent Events). As of the date of this filing, the Company had approximately $30 million in cash and cash equivalents. Based on the Company’s current cash position and management’s operating plan, management believes the Company has sufficient liquidity to fund operations for at least the next twelve months from the issuance date of these unaudited condensed consolidated financial statements.
Accordingly, management concluded that the substantial doubt regarding the Company’s ability to continue as a going concern that existed as of December 31, 2025 and March 31, 2026, has been alleviated as a result of the capital raised subsequent to March 31, 2026. However, the Company may require additional capital in the future to support the continued development and commercialization of its business, including its semiconductor development initiatives, and there can be no assurance that such financing will be available on acceptable terms, if at all.
The Company incurred a net loss of $2,414,475 and a negative cash flow used in operations of $1,095,447 for the three months ended March 31, 2026. In addition, overall working capital decreased by $1,179,940 during the three months ended March 31, 2026.
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