Immaterial Restatement of Prior Period Financial Statements (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Prior Period Adjustment [Abstract] |
|
| Schedule of Audited Condensed Consolidated Balance Sheet |
| Audited Condensed Consolidated Balance Sheet | | | | | | | | | | | in thousands | | December 31, 2025
Previously Reported | | | Adjustments | | | December 31, 2025
As Corrected | | | ASSETS | | | | | | | | | | | Prepaid expenses and other current assets | | $ | 59 | | | $ | (11 | ) | | $ | 48 | | | Note receivable – related party | | | 4,167 | | | | (4,167 | ) | | | — | | | Total current assets | | | 17,404 | | | | (4,179 | ) | | | 13,226 | | | Total assets | | $ | 26,670 | | | $ | (4,179 | ) | | $ | 22,491 | | | LIABILITIES AND STOCKHOLDERS’ DEFICIT | | | | | | | | | | | | | | Additional paid-in capital | | $ | - | | | $ | (2,329 | ) | | $ | (2,329 | ) | | Accumulated deficit | | | (676,957 | ) | | | (1,850 | ) | | | (678,807 | ) | | Total members’ deficit | | | (650,689 | ) | | | (4,179 | ) | | | (654,868 | ) | | Total liabilities and members’ deficit | | $ | 26,670 | | | $ | (4,179 | ) | | $ | 22,491 | |
|
| Schedule of Unaudited Condensed Consolidated Statements of Operations |
Unaudited Condensed Consolidated Statements of Operations
| Unaudited Condensed Consolidated Statements of Operations | |
| | |
| |
| in thousands | |
March 31, 2025
Previously Reported | | |
Adjustments | | |
March 31, 2025
As Corrected | |
| General and administrative expenses(1) | |
$ | 1,851 | | |
$ | 827 | | |
$ | 2,678 | |
| Loss from operations | |
| (1,975 | ) | |
| (827 | ) | |
| (2,802 | ) |
| Provision for credit losses | |
| (1,310 | ) | |
| 840 | | |
| (470 | ) |
| Total other expense, net | |
| (16,035 | ) | |
| 840 | | |
| (15,195 | ) |
| Loss before income taxes | |
| (18,010 | ) | |
| 13 | | |
| (17,996 | ) |
| Net loss | |
$ | (18,010 | ) | |
$ | 13 | | |
$ | (17,996 | ) |
|
| Schedule of Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity |
| Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity |
| | |
Additional Paid-in Capital | | |
Accumulated Deficit | | |
Total Stockholders’ Equity | |
| As Previously Reported | |
| | |
| | |
| |
| Balance, December 31, 2024 | |
$ | — | | |
$ | (58,962 | ) | |
$ | (49,374 | ) |
| Net loss | |
$ | — | | |
$ | (18,009 | ) | |
$ | (18,009 | ) |
| Balance March 31, 2025 | |
$ | — | | |
$ | (76,971 | ) | |
$ | (66,134 | ) |
| | |
| | | |
| | | |
| | |
| Adjustments | |
| | | |
| | | |
| | |
| Balance, December 31, 2024 | |
$ | 261 | | |
$ | (1,931 | ) | |
$ | (1,625 | ) |
| Investor loan advances and deemed contributions | |
$ | (853 | ) | |
$ | — | | |
$ | (853 | ) |
| Net loss | |
$ | — | | |
$ | 13 | | |
$ | 13 | |
| Balance March 31, 2025 | |
$ | (592 | ) | |
$ | (1,918 | ) | |
$ | (2,465 | ) |
| | |
| | | |
| | | |
| | |
| As Corrected | |
| | | |
| | | |
| | |
| Balance, December 31, 2024 | |
$ | 261 | | |
$ | (60,893 | ) | |
$ | (51,000 | ) |
| Investor loan advances and deemed contributions | |
| (853 | ) | |
| — | | |
| (853 | ) |
| Net loss | |
| — | | |
| (17,996 | ) | |
| (17,996 | ) |
| Balance March 31, 2025 | |
$ | (592 | ) | |
$ | (78,889 | ) | |
$ | (68,599 | ) |
|
| Schedule of Unaudited Condensed Consolidated Statement of Cash Flows |
| Unaudited Condensed Consolidated Statement of Cash Flows | |
| | |
| |
| in thousands | |
March 31, 2025
Previously Reported | | |
Adjustments | | |
March 31, 2025
As Corrected | |
| Cash flows from operating activities: | |
| | |
| | |
| |
| Net loss | |
$ | (18,010 | ) | |
$ | 13 | | |
$ | (17,996 | ) |
| Allowance for credit losses | |
| 1,310 | | |
| (840 | ) | |
| 470 | |
| Investor expenses incurred on behalf of Company | |
| — | | |
| 827 | | |
| 827 | |
| Net cash used in operating activities | |
| (2,063 | ) | |
| — | | |
| (2,063 | ) |
| Cash flows from investing activities: | |
| | | |
| | | |
| | |
| Advance — note receivable related parties | |
| (1,680 | ) | |
| 1,680 | | |
| — | |
| Net cash used in investing activities | |
| (2,154 | ) | |
| 1,680 | | |
| (474 | ) |
| Cash flows from financing activities: | |
| | | |
| | | |
| | |
| Constructive disbursements to related party | |
| — | | |
| (1,680 | ) | |
| (1,680 | ) |
| Net cash provided by financing activities | |
| 5,335 | | |
| (1,680 | ) | |
| 3,655 | |
|