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Evolution Metals & Technologies Corp.
DE
87-1006702
4040 NE 2nd Ave
Suite 349
Miami
FL
33137
561
225-3205
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 1 - Description of Organization and Business Operations</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Evolution Metals & Technologies
Corp. (formerly known as Welsbach Technology Metals Acquisition Corp. or “WTMA”), a Delaware corporation, and collectively
with its subsidiaries (the “Company,” “EM&T,” or “New EM”) is developing a secure, reliable global
supply chain for critical minerals and materials (“CMM”), leveraging advanced technologies and strategic consolidation of
midstream and downstream manufacturers. The Company will support key industries, such as automotive and aerospace, while driving a sustainable
future through efficient processing and the application of cutting edge autonomous and smart robotics. The Company has two direct wholly
owned subsidiaries: NewCo Inc. (“NewCo”), incorporated in Delaware on January 5, 2026, and Evolution Metals LLC (“EM
LLC”), incorporated in Delaware on February 9, 2024.</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: 27pt">To achieve this vision, on
January 5, 2026, EM LLC acquired a controlling equity interest in four separate Korean entities (collectively, the “Four Entities”).
The Four Entities are critical to the CMM supply chain in order to combine initial capabilities believed to serve as the foundation for
the Company’s growth, transforming raw materials into essential components for further manufacturing; recycling lithium batteries;
producing materials that are essential feedstocks used in the production of advanced magnets, which include (a) bonded magnets that are
vital components in various high-tech applications (including automotive, aerospace, and consumer electronics industries) and (b) sintered
magnets that are crucial for high-performance applications (particularly in the defense and aerospace sectors where precision and durability
are paramount); developing AI software and machines to drive automation, innovation, and efficiency to reduce labor costs, lower manufacturing
reject rates, and automating the quality of control processes. For further discussion on EM LLC’s acquisition of the Four Entities
and the related accounting, refer to Note 4 - Acquisitions.</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: 27pt"><i>WTMA Merger Agreement</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">On January 5, 2026 (the “Closing
Date”), immediately following the acquisition of the Four Entities, WTMA, a special purpose acquisition company, consummated the
business combination pursuant to the terms of the Agreement and Plan of Merger entered into on April 1, 2024 and as amended on November
6, 2024, November 11, 2024, February 10, 2025, March 31, 2025, June 11, 2025, July 21, 2025, and January 5, 2026 (collectively, the “Amended
Merger Agreement”), by and among EM LLC, WTMA, WTMA Merger Subsidiary LLC, a Delaware limited liability company and direct wholly
owned subsidiary of WTMA (“Merger Sub”), NewCo Inc. (“NewCo”), a Delaware limited liability company, and David
Wilcox, as the sole stockholder of NewCo. Pursuant to the Amended Merger Agreement, Merger Sub merged with and into EM LLC, with EM LLC
being the surviving corporation and resulting in EM LLC being a wholly owned subsidiary of WTMA (the “Merger” and collectively,
with the other transactions contemplated by the Amended Merger Agreement, the “Business Combination”).</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: 27pt">As discussed in Note 3 - Reverse
Recapitalization, the Business Combination was accounted for as a reverse recapitalization under which the historical financial statements
of the Company prior to the Business Combination are those of EM LLC. All information related to the common stock of EM LLC prior to the
Closing Date and presented in the financial statements and notes thereto has been retroactively adjusted to reflect the exchange ratio
established in the Amended Merger Agreement. For further discussion on the reverse recapitalization and the related accounting, refer
to Note 3 - Reverse Recapitalization.</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: 27pt">To facilitate the closing of
the Business Combination, the Company entered into a short-term bridge loan with cash proceeds of $80.0 million with a stated, fixed interest
rate per annum of 6.0% and a stated maturity date of five business days following the Closing Date. The bridge loan was repaid prior to
the maturity date and the related interest expense incurred by the Company was de minimis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Immediately following the Closing
Date, EM&T operates as a holding company and owns 100% of EM LLC, which in turn owns 100% of Evolution Metals LLC (Korea) (“Korea
DRE”). Korea DRE owns 100% of the Four Entities, KCM Industry Co., Ltd., KMMI Inc., Handa Lab Co., Ltd., and NS World Co., Ltd.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Although WTMA was the legal
acquirer, for accounting purposes the Business Combination is treated as a reverse recapitalization in accordance with U.S. GAAP, with
EM LLC deemed to be the accounting acquirer and WTMA treated as the acquired company. Accordingly, the unaudited condensed consolidated
financial statements of EM&T subsequent to the Closing Date will represent a continuation of the financial statements of EM LLC, with
the net assets of WTMA recorded at historical cost. No goodwill or other intangible assets were recorded as a result of the transaction.
All outstanding equity interests of EM LLC were converted into shares of EM&T common stock in accordance with the exchange ratio established
in the Merger Agreement.</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: 27pt">In connection with the closing
of the Business Combination, WTMA changed its corporate name to Evolution Metals & Technologies Corp. and on January 6, 2026, the
Company’s common stock began to trade on the Nasdaq Stock Market LLC (“Nasdaq”) under the symbol “EMAT”.
As a result of the business combination, EM&T became a publicly traded operating company focused on midstream processing of critical
materials, including precious metals, battery metals, magnets & rare earth elements, and its related products.</p>
80000000
0.06
1
1
1
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 2 - Summary of Significant Accounting
Policies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Basis of Presentation
and Principles of Consolidation: </i></b>The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with U.S. generally accepted accounting principles (“GAAP”), expressed in U.S. dollars. References to GAAP issued
by the FASB in these accompanying notes to the unaudited condensed consolidated financial statements are to the FASB Accounting Standards
Codification (“ASC”). The unaudited condensed consolidated financial statements have been prepared assuming the Company will
continue as a going concern.</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; text-align: justify; text-indent: 27pt">The accompanying unaudited
condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany
balances and transactions have been eliminated in consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Principles of Consolidation
and Variable Interest Entities:</i></b> The accompanying unaudited condensed consolidated financial statements include the accounts of
Evolution Metals & Technologies Corp. and its wholly owned subsidiaries. All significant intercompany balances and transactions have
been eliminated in consolidation. The Company evaluates all legal entities in which it holds an ownership or economic interest in accordance
with Accounting Standards Codification (“ASC”) Topic 810, Consolidation, to determine whether consolidation is required under
either the voting interest entity (“VOE”) model or the variable interest entity (“VIE”) model.</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: 27pt">A legal entity is considered
a VIE when, by design, (i) the entity lacks sufficient equity at risk to finance its activities without additional subordinated financial
support, (ii) the holders of the equity investment at risk lack the characteristics of a controlling financial interest, or (iii) the
equity holders do not possess substantive voting or participating rights.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company consolidates a
VIE when it is determined to be the primary beneficiary of the entity. The primary beneficiary is the party that both (i) has the power
to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) has the obligation to
absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company evaluates loans,
advances, notes receivable, and other arrangements involving shareholders, affiliates, and related parties to determine whether such arrangements
represent variable interests under ASC 810. In performing this assessment, management considers the substance of the arrangement, including
contractual rights and obligations, governance rights, exposure to economic variability, and whether the Company has direct or indirect
recourse to the assets, operations, or economics of the legal entity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The application of ASC 810
requires management to exercise significant judgment in determining whether a legal entity is a VIE and whether the Company is the primary
beneficiary of that entity. Such judgments include evaluating contractual arrangements, governance rights, related party relationships,
and the nature of the Company’s economic interests. Changes in facts and circumstances could result in changes to the Company’s
consolidation conclusions in future reporting periods.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Liabilities Paid by Principal
Shareholders:</i></b> The Company complies with SEC Staff Accounting Bulletin Topic 5.T (“SAB Topic 5.T”), <i>Accounting for
Expenses or Liabilities Paid by Principal Stockholder(s)</i>. Expenses paid by shareholders or related parties on behalf of the Company
are recognized in the unaudited condensed consolidated financial statements when incurred if the Company receives the primary economic
benefit of the expenditure, with a corresponding credit recognized within equity, as appropriate. See Note 17 - Related Party Transactions
for additional detail regarding such arrangements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Liquidity and Going Concern:</i></b>
Historically, the Company’s primary sources of liquidity have been cash flows from issuance of convertible preferred units. The
Company reported a net loss of $440.3 million for the three months ended March 31, 2026. As of March 31, 2026, the Company had an
aggregate cash balance of $5.4 million and a net working capital deficit of $81.8 million. These are indicators of substantial doubt as
to the Company’s ability to continue as a going concern for at least one year from issuance of these Unaudited condensed consolidated
financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On January 5, 2026, the Company
consummated the Business Combination and is now focused on executing its post-combination operating plan and capital formation strategy.
The Business Combination did not include significant external financing at closing, see Note 4 - Acquisitions. The Company expects to
require additional capital to support its operations and growth initiatives. Management is actively pursuing additional sources of capital,
including equity and strategic financing arrangements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on the Company’s
current liquidity position and expected operating needs, management has concluded that substantial doubt about the Company’s ability
to continue as a going concern has not been alleviated. The Company expects to address its liquidity requirements through the execution
of its capital-raising plans and the continued development of its operating business.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company’s future
capital requirements will depend on many factors, including the Company’s timing and extent of its research and the acquisition
of processing facilities. In order to finance these opportunities and associated costs, the Company would need to raise additional financing.
While there can be no assurances, the Company intends to raise such capital through additional equity raises and debt financing. If additional
financing is required from outside sources, the Company may not be able to raise it on terms acceptable to it or at all. If the Company
is unable to raise additional capital on acceptable terms when needed, its product development business, results of operations and financial
condition would be materially and adversely affected.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result of the above,
in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s
(“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s
Ability to Continue as a Going Concern,” management has determined that the Company’s liquidity condition raises substantial
doubt about the Company’s ability to continue as a going concern through twelve months from the date these financial statements
are available to be issued. These financial statements do not include any adjustments relating to the recovery of the recorded assets
or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.</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: 27pt"><b><i>Emerging Growth Company:
</i></b>The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups (“JOBS”) Act. Under the
JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS
Act, until such time as to those standards apply to private companies. The Company has elected to use this extended transition period
for complying with new or revised accounting standards that have different effective dates for public and private companies until the
earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended
transition period provided in the JOBS Act. As a result, these unaudited condensed consolidated financial statements may not be comparable
to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company consummated
its initial public offering on December 30, 2021. Accordingly, the fifth anniversary of The Company’s initial public offering will
occur on December 30, 2026. Based on the foregoing, the Company expects to remain an emerging growth company until at least December 30,
2026, unless it earlier ceases to qualify as an emerging growth company under the applicable provisions of the JOBS Act.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Use of Estimates: </i></b>The
preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Unaudited
condensed consolidated financial statements. Making estimates requires management to exercise significant judgment. Such estimates may
be subject to change as more current information becomes available and accordingly the actual results could differ significantly from
those estimates. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances
that existed at the date of the Unaudited condensed consolidated financial statements, which management considered in formulating its
estimate, could change in the near term due to one or more future confirming events. The Company’s most significant assumptions
and estimates relate to the estimation of the provision for credit losses, the useful lives of property, plant and equipment, the change
in fair value of financial instruments. These estimates are based on assumptions which management believes are reasonable. The Company
evaluates its estimates on an ongoing basis and makes revisions to these estimates. In connection with business combinations, management
is required to make significant estimates and assumptions to allocate the purchase consideration to the assets acquired and liabilities
assumed based on their respective estimated fair values as of the acquisition date. These estimates include, among others, assumptions
regarding projected future cash flows, discount rates, royalty rates, customer attrition, useful lives, replacement costs, market participant
assumptions, and other valuation inputs used to determine the fair value of identifiable intangible assets, property, plant and equipment,
and other acquired assets and assumed liabilities. Any excess of purchase consideration over the fair value of net assets acquired is
recorded as goodwill. Goodwill represents the future economic benefits arising from other assets acquired in a business combination that
are not individually identified and separately recognized. The Company’s accounting for business combinations may be preliminary
during the measurement period, which may extend up to one year from the acquisition date. During the measurement period, the Company may
record adjustments to the assets acquired, liabilities assumed, identifiable intangible assets, goodwill, and related income tax effects
if new information is obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected
the measurement of the amounts recognized as of that date. Income taxes also require significant judgment, including estimates related
to the realizability of deferred tax assets, the measurement of deferred tax liabilities, the assessment of valuation allowances, the
interpretation of tax laws and regulations, and the evaluation of uncertain tax positions. Changes in tax laws, statutory tax rates, future
taxable income, valuation allowance assessments, tax planning strategies, or the outcome of tax audits and examinations could materially
affect the Company’s income tax provision and related tax balances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Foreign Currency Translation
and Transactions: </i></b>The Company’s reporting currency is the U.S. dollar. The functional currency of each entity in the group
is the currency of the primary economic environment in which it operates. The functional currency of the Company’s Korean subsidiaries,
KCM Industry Co., Ltd. (“KCM”), KMMI Inc. (“KMMI”), NS World Co., Ltd. (“NSW”), and Handa Lab Co.,
Ltd. (“Handa Lab”), is the Korean Won (“KRW”). Transactions in foreign currencies are initially recorded into
functional currency at the rates of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in
foreign currencies are remeasured into functional currency at the rates of exchange prevailing at the balance sheet date. Non-monetary
assets and liabilities are remeasured to the functional currency at exchange rates that prevailed on the date of inception of the transaction.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Assets and liabilities are
translated using the exchange rate in effect as of the balance sheet date. Revenues and expenses are translated using the average exchange
rates in effect for the periods presented. The effects of translating these Unaudited condensed consolidated financial statements from
functional currency to reporting currency are recorded in accumulated other comprehensive income as a component of stockholders’ equity
(deficit).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Gains and losses resulting
from transactions denominated in a currency other than the functional currency of the entity are included in other income (expense), net
in the Unaudited condensed consolidated statements of operations using the average exchange rates in effect during the period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Segment Information:
</i></b>ASC 280, “Segment Reporting” (“ASC 280”), defines operating segments as components of an enterprise where
discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in
deciding how to allocate resources and in assessing performance. The Company’s CODM is the Executive Chairman of the Board of Directors,
David Wilcox, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. The CODM manages
the business as a single operating and reportable segment. The CODM uses unaudited condensed consolidated financial statements to allocate
resources and assess performance on a consolidated basis. Accordingly, all required financial segment information is presented on a consolidated
basis. See Note 15 - Segments for further detail.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Cash and Cash Equivalents:
</i></b>The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Restricted cash consists of
certain cash pledged as collateral for the use of the Company’s corporate credit card. Restricted cash with remaining restrictions
of one year or less is classified as current on the balance sheets. The Company has presented restricted cash in cash and cash equivalents
in the Condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, restricted cash included in cash and cash equivalents
was de minimis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Concentration of Credit
Risk: </i></b>Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts held
with financial institutions, including U.S. and Korean financial institutions, and notes receivable. Cash accounts held with U.S. financial
institutions may at times exceed the Federal Depository Insurance Corporation limit. Cash accounts held by the Company’s Korean
subsidiaries may at times exceed the applicable deposit protection limits under Korean banking regulations. Effective September 1, 2025,
the maximum deposit protection coverage in Korea was increased from KRW 50 million to KRW 100 million per depositor per covered financial
institution. The amount over these insured limits as of March 31, 2026 and December 31, 2025 was $5.1 million and $11.4 million
respectively. <span style="background-color: white">As of March 31, 2026 and December 31, 2025, the Company has not experienced
losses on these accounts and management believes the Company is not exposed to significant credit risk with respect to such accounts,
based on the credit quality of the financial institutions at which the deposits are held.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company is subject to potential
credit risk related to business, economic and financial market conditions that affect entities it has advanced amounts to which has been
heightened as a result of recent economic and financial market conditions, including in connection with the uncertainties and challenges
in the overall economy, including, among other things, inflationary pressure and increased interest rates. Certain entities that have
received advances from the Company have experienced significant financial difficulties (including bankruptcy), and others may experience
financial difficulties in the future. These difficulties expose the Company to increased risk related to collectability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Concentration of Customer
Risk: </i></b>The concentration of customer risk arises when a significant portion of the Company’s revenue is generated from a
small group of customers. Reduction of orders, delay of payments, or termination of contracts by these key customers could have a significant
negative effect on the Company’s results of operations and cash flows. The Company’s revenue is historically derived from
a small number of customers.</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: 0.25in">For the three months ended
March 31, 2026, the customers accounting for 10% or more of total revenue are Customer A and Customer B, with revenues of $0.7 million
(or 38% of total net revenue) and $0.4 million (or 19% of total net revenue), respectively.</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: 0.25in">As of March 31, 2026,
the customers accounting for 10% or more of accounts receivable are Customer A, Customer B and Customer C, with accounts receivables
of $0.3 million (or 14% of total accounts receivable), $0.3 million (or 11% of total accounts receivable), and $1.0 million (or 44% of
total accounts receivable), respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Fair Value of Financial
Instruments: </i></b>ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), clarifies that fair value
is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that
market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier
fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</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>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.5in"><span style="font-size: 10pt"><i>Level 1:</i></span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">Inputs based on unadjusted quoted market prices
in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.5in"><span style="font-size: 10pt"><i>Level 2:</i></span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">Observable inputs other than quoted prices included
in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar instruments
in markets that are not active or for which all significant inputs are observable or can be corroborated by observable market data.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.5in"><span style="font-size: 10pt"><i>Level 3:</i></span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">Inputs reflect management’s best estimate
of what market participants would use in pricing the asset or liability at the measurement date. The inputs are both unobservable
for the asset and liability in the market and significant to the overall fair value measurement.</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">An asset’s or liability’s
fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair
value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.</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: 0.25in">Assets and liabilities measured
at fair value are based on one or more of the following techniques noted in ASC 820:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; 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>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt">●</span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt"><i>Market approach: </i>Prices and other relevant
information generated by market transactions involving identical or comparable assets or liabilities.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; 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>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt">●</span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt"><i>Cost approach: </i>Amount that would be required
to replace the service capacity of an asset (replacement cost).</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: 0.25in"><i> </i></p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt"><i>●</i></span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt"><i>Income approach: </i>Techniques to convert
future amounts to a single present value amount based upon market expectations (including present value techniques, option pricing,
and excess earnings models).</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company believes its
valuation methods are appropriate and consistent with other market participants, however the use of different methodologies or assumptions
to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.</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: 0.25in">The Company’s financial
instruments with a carrying value that approximates fair value consist of cash and cash equivalents, prepaid expenses and other current
assets, other noncurrent assets, accounts payable and accrued expenses and other current liabilities because of the short-term nature
or expected settlement dates of these instruments. The Company’s financial instruments that are measured at fair value on a recurring
basis are discussed in Note 11 - Fair Value Measurements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Non-trade Accounts
Receivable:</i></b> Non-trade accounts receivable consists of secured and unsecured promissory notes with no conversion features and
toll processing receivables and was accounted for as receivables in the scope of ASC 310, “Receivables” (“ASC 310”),
which was initially recorded at present value and subsequently re-measured at amortized cost or, in the case of toll processing receivables,
at the amount expected to be collected for toll processing services provided (see Note 5 - Non-trade Accounts Receivable and Payable).
Non-trade accounts receivable is reported net of an allowance for credit losses on the accompanying Condensed consolidated balance sheets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Convertible Promissory
Notes: </i></b>Convertible promissory notes consist of convertible promissory notes that were issued by WTMA and were acquired by the
Company as part of the Business Combination. The convertible promissory notes bear no interest and were to be repaid upon consummation
of a Business Combination or, at the lender’s discretion, convertible into private units of the post-Business Combination entity
at a price of $10.00 per unit. As of March 31, 2026, the outstanding balance of $2.3 million is in maturity default.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Provision for Credit
Losses: </i></b>The Company recognizes a provision for credit losses on convertible notes receivable, notes receivable, and notes receivable
— related party (collectively, the “Outstanding Receivables”) in an amount equal to the estimated probable losses net
of recoveries. The Company currently monitors financial conditions of the companies it has Outstanding Receivables owed from on a continuing
basis. After considering current economic conditions and financial stability of its Outstanding Receivables counterparties, an provision
for credit losses is maintained in the consolidated balance sheets at a level which management believes is sufficient to cover all probable
future credit losses as of the balance sheet date based on specific reserves and an expectation of future economic conditions that might
impact collectability.</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: 0.25in">The Company also evaluates
trade accounts receivable, including trade accounts receivable of its Korean subsidiaries, for expected credit losses in accordance with
ASC 326, Financial Instruments — Credit Losses. The Company estimates the allowance for credit losses for trade accounts receivable
primarily using an aging schedule, which categorizes receivables based on the number of days past due. Past due status is generally measured
based on the number of days since the contractual payment due date. The Company considers historical collection experience, current customer-specific
facts and circumstances, the aging of outstanding balances, current economic conditions, and reasonable and supportable forecasts, as
applicable, in estimating expected credit losses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Trade accounts receivable
are generally evaluated on a collective basis when they share similar risk characteristics. The Company evaluates receivables individually
when such receivables no longer share similar risk characteristics, including when balances are more than 90 days past due and exceed
a specified amount, or when management becomes aware of customer-specific collectability concerns, including bankruptcy, financial distress,
disputes, or other adverse information. Receivables are deemed uncollectible and written off against the allowance for credit losses
after all reasonable collection efforts have been exhausted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company classifies loans
as non-accrual and recognizes income only to the extent cash is received when there is reasonable doubt about collectability of principal
and interest. Management used judgment in reaching this determination for all Outstanding Receivables. When a loan is placed on non-accrual
status, all previously accrued but uncollected interest is reversed or charged off as a provision for credit losses and the accrual of
interest income is discontinued. If a payment is received when a loan is non-accrual, the payment is applied to the principal balance.
Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments
are reasonably assured. As of March 31, 2026 and December 31, 2025, the convertible notes receivable were classified as non-accrual.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">Outstanding Receivables
and trade accounts receivable are carried at amortized cost, net of provision for credit losses. Amortized cost approximated book value
as of March 31, 2026 and December 31, 2025. After all reasonable attempts to collect a receivable have failed, the amount of
the receivable is written off against the allowance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>July Investment Agreement
Derivative: </i></b>Certain agreements the Company entered into either require the Company to issue or provide the Company the option
to issue a variable number of shares of New EM common shares to certain investors and vendors. The Company applies ASC 480, “Distinguishing
Liabilities and Equity” (“ASC 480”), ASC 815, and ASC 718, “Compensation — Stock Compensation” (“ASC
718”) in its evaluation of the terms of each agreement. Financial instruments that were identified in each agreement and:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; 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>
<td style="vertical-align: bottom; width: 0.25in; font-size: 10pt"> </td>
<td style="vertical-align: top; width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="vertical-align: top; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">meet the criteria to be accounted for as a liability in accordance with ASC 480 were reported at fair value at issuance and were re-measured to fair value each reporting period with changes in the estimated fair value of the liability recognized as a non-cash gain or loss on the accompanying Unaudited consolidated statements of operations and comprehensive loss;</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; 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>
<td style="vertical-align: bottom; width: 0.25in; font-size: 10pt"> </td>
<td style="vertical-align: top; width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="vertical-align: top; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">do not meet the criteria to be accounted for as a liability in accordance with ASC 480 and do not meet the criteria to be accounted for as equity in accordance with ASC 815 are accounted for as a liability and were reported at fair value at issuance and were re-measured to fair value each reporting period with changes in the estimated fair value of the liability recognized as a non-cash gain or loss on the accompanying Unaudited consolidated statements of operations and comprehensive loss;</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>
<td style="vertical-align: bottom; width: 0.25in; font-size: 10pt"> </td>
<td style="vertical-align: top; width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="vertical-align: top; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">meet the criteria of a liability-classified share-based payment transaction in accordance with ASC 718 were measured based on the fair value of the transaction on the date of grant and remeasured to fair value each reporting period until settlement or cancellation.</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">Agreements where multiple
financial instruments are identified that would individually warrant separate accounting as a derivative instrument are bundled together
as a single, compound embedded derivative that is bifurcated and accounted for separately from the host contract in accordance with ASC
815.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company reassesses the
classification of a contract over its own equity under the guidance above at each balance sheet date. If classification changes as a
result of events during the reporting period, the Company reclassifies the contract as of the date of the event that caused the reclassification.
When a contract over own equity is reclassified from a liability to equity, gains or losses recorded to account for the contract at fair
value during the period that the contract was classified as a liability are not reversed, and the contract is marked to fair value immediately
before the reclassification.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Impairment of Long-Lived
Assets: </i></b>The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that an asset
group’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with
ASC 360-10, “<i>Impairment or Disposal of Long-Lived Assets</i>” (“ASC 360-10”), which requires the Company to
group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other
assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows
do not indicate the carrying amount of the asset group is recoverable, an impairment charge is measured as the amount by which the carrying
amount of the asset group exceeds its fair value. The Company did not record impairment losses during the three months ended March 31,
2026 and three months ended March 31, 2025.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Business Combinations
and Asset Acquisitions: </i></b>The Company evaluates each acquisition transaction to determine whether the acquired asset meets the
definition of a business and therefore should be accounted for as a business combination, or if the transaction should be accounted for
as an asset acquisition. Under ASC 805, “Business Combinations” (“ASC 805”), an acquisition does not qualify
as a business when substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable
assets. If the Company determines that the screen test is met, the transaction is accounted for as an asset acquisition. If the screen
test is not met, the Company further considers whether the acquisition includes, at a minimum, inputs and processes that have the ability
to create outputs in the form of revenue. If the assets acquired meet this criteria, the transaction is accounted for as a business combination.</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: 0.25in">The Company accounts for
acquisitions that qualify as asset acquisitions utilizing a cost accumulation model whereby the purchase price of the acquisition is
allocated to the assets acquired on a relative fair value basis on the date of acquisition. Inputs used to determine such fair values
are primarily based upon internally developed models, publicly-available information, a risk-adjusted discount rate and/or publicly-available
data regarding transactions consummated by other market participants, as applicable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for
business combinations under the acquisition method of accounting under ASC 805, whereby identifiable assets acquired, liabilities assumed
and any noncontrolling interest in the acquiree are recognized and measured as of the acquisition date at fair value. Goodwill is recognized
to the extent by which the aggregate of the acquisition-date fair value of the consideration transferred and any noncontrolling interest
in the acquiree exceeds the recognized basis of the identifiable assets acquired, net of assumed liabilities. Determining the fair value
of assets acquired, liabilities assumed, and noncontrolling interest requires management’s judgment and often involves the use
of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates and asset lives among
other items.</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: 0.25in">Transaction-related costs
related to asset acquisitions are capitalized as part of the cost basis of the acquired assets. Transaction-related expenses and restructuring
costs that are deemed to be part of an acquisition of a business are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Deferred Transaction
Costs: </i></b>Commissions, legal fees and other costs that are direct and incremental costs directly related to the reverse capitalization
transaction. The costs were capitalized as deferred transaction costs until the consummation of the transaction on January 5, 2026. The
costs were expensed upon the closing of the transaction. As of March 31, 2026 and December 31, 2025, deferred transaction costs
totaling <span style="-sec-ix-hidden: hidden-fact-175">$0.0</span> million and $9.3 million, respectively, were recorded on the accompanying Condensed consolidated balance sheets related
to the reverse capitalization (see Note 4 - Acquisitions).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Net Loss Per Share:
</i></b>Basic net loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding
during the period. In periods when the Company is in a net loss position, potentially dilutive securities are excluded from the computation
of diluted net loss per share because their inclusion would have an anti-dilutive effect. Thus, basic net loss per share is the same
as diluted net loss per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Diluted net loss per share
is computed similar to basic net loss per share except that the denominator is increased to include the potential dilutive effect of
common stock equivalents on the average number of common shares outstanding during the period. As of March 31, 2026 and December 31,
2025, there are no potentially dilutive securities currently issued and outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Income Taxes: </i></b>
The Company files income tax returns in the U.S. federal jurisdictions,
various state jurisdictions, and Korea. The Company accounts for income taxes under ASC 740, “Income Taxes.” ASC 740 requires
the recognition of deferred tax assets and liabilities for both the expected impact of differences between the unaudited condensed consolidated
financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax
credit carryforwards. ASC 740 requires a valuation allowance to be established when it is more likely than not that all or a portion of
the deferred tax assets will not be realized. ASC 740 also prescribes a recognition threshold and measurement process for accounting for
uncertain tax positions, as well as related matters such as derecognition, interest, penalties and disclosures. The Company’s accounting
policy is to recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense.</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: 0.25in"><b><i>Inventories: </i></b>Inventories
are stated at the lower of cost and net realizable value. The cost of inventories is determined by the weighted average method (for raw
materials, finished goods and merchandise) and the specific identification method (for inventory in transit and work in process goods).
The Company assesses the valuation of inventory and periodically writes down the value for estimated excess and obsolete inventory based
upon assumptions about future demand and market conditions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Revenue Recognition:</i></b>
The Company recognizes revenue when it satisfies performance obligations under the terms of its contracts, and control of its products
is transferred to its customers in an amount that reflects the consideration the Company expects to receive from its customers in exchange
for those products. This process involves identifying the customer contract, determining the performance obligations in the contract,
determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing
revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations
in a contract when it (a) provides a benefit to the customer either on its own or together with other resources that are readily available
to the customer and (b) is separately identified in the contract. The Company considers a performance obligation satisfied once it has
transferred control of a good or product to a customer, meaning the customer has the ability to direct the use and obtain the benefit
of the product.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company evaluates whether
it acts as principal or agent in its revenue transactions. If the Company controls the specified goods or services before they are transferred
to the customer, the Company recognizes revenue on a gross basis. If the Company arranges for another party to transfer goods or services
to a customer and does not control the specified goods or services before transfer, the Company recognizes revenue on a net basis. Certain
arrangements in which the Company arranges for another party to transfer goods to a customer, does not maintain pricing discretion, and
does not retain control over the underlying assets are accounted for on a net basis. In such arrangements, the Company does not retain
the substantive risks and rewards associated with the underlying raw materials, and the counterparty retains control of the materials
in a manner consistent with a tolling or agency arrangement. Accordingly, the Company recognizes only the net amount retained as revenue
or other operating income, as applicable.</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: 0.25in">The Company engages in certain
resale and tolling arrangements in which it purchases raw materials from specific counterparties, processes the materials, and resells
the processed materials to the same counterparties. The Company evaluates these arrangements based on their substance, including whether
the counterparty retains control of the inventory throughout the processing period. When the counterparty retains control of the inventory,
the Company does not account for the arrangement as separate purchases and sales of inventory. Instead, the Company accounts for the
arrangement as the provision of toll manufacturing or processing services to the counterparty. Under these arrangements, the Company’s
performance obligation is the delivery of tolling or processing services, and the net transaction amount is recognized as revenue upon
completion of the related services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company also engages
in certain repurchase transactions in which it sells raw materials to specific counterparties and repurchases the materials after processing.
In these transactions, the Company has an obligation to repurchase the inventory and maintains control of the inventory throughout the
processing period because the Company retains legal title to the inventory and bears inventory risk. The processing period is typically
15 to 60 days, and pricing is generally determined based on the counterparty’s processing costs. The Company accounts for these
arrangements as the receipt of toll manufacturing or processing services rather than as distinct sales and purchases or product financing
transactions. Accordingly, the net transaction amount is recognized as processing fees within cost of goods manufactured or cost of revenues,
as applicable. Related amounts due from or due to counterparties under these arrangements are recorded as non-trade accounts receivable
or non-trade accounts payable, as applicable.</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: 0.25in">Shipping and handling costs
associated with outbound freight, after control over product has transferred to a customer, are accounted for as a fulfillment cost and
are included in selling, general and administrative expenses as incurred.</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: 0.25in">Taxes assessed by a government
authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from
a customer, are excluded from sales.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company’s primary
source of revenue is product and merchandise sales of magnets. Revenue from product and merchandise sales is recognized when control
of the goods is transferred to the customer, which is typically at the point of delivery, at which time the significant risks and rewards
of ownership also pass to the customer. Contracts with customers generally state the terms of the sale, including the quantity and price
of each product purchased. Payment terms and conditions may vary by contract. Such contracts do not include a significant financing component.
In addition, contracts typically do not contain variable consideration as the contracts include stated prices, as such, no such provision
— e.g. rebates or discounts — is provided. The Company provides assurance type warranties on all of its products, which are
not separate performance obligations and are outside the scope of Topic 606. There was no loss contingencies related to warranties recorded
as of March 31, 2026 and December 31, 2025.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Property, Plant and
Equipment, net:</i></b> Property, plant, and equipment are stated at cost. Plant and equipment under finance leases are stated at the
present value of the lease payments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depreciation on plant and
equipment is calculated using the straight-line method over the estimated useful lives of the assets. Once an asset is identified for
retirement or disposition, the related cost and accumulated depreciation or amortization are removed, and a gain or loss is recorded.</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: 0.25in">The Company incurs maintenance
costs on its major equipment. Repair and maintenance costs are expensed as incurred.</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: 0.25in"><b><i>Asset Retirement Obligation:</i></b>
The Company has an asset retirement obligation (“ARO”)
arising from contractual requirements associated with the retirement of an operating lease for land. This obligation requires the Company
to restore the land to its original condition upon termination of the lease. The ARO liability was initially measured at fair value and
is subsequently adjusted for accretion expense and changes in the amount or timing of the estimated cash flows. The corresponding asset
retirement cost is capitalized as part of the operating lease right-of-use asset and is amortized on a straight-line basis over the lease
term. This amortization is included in the lease expense presented in the statements of operations. The ARO liability is presented within
“Other non-current liabilities” in the accompanying balance sheets. The value of the ARO liability is de minimis.</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: 0.25in"><b><i>Intangible Assets, Net:
</i></b>Intangible assets obtained through acquisitions are recorded at the estimated fair value as of the acquisition date. Amortization
of intangible assets with finite useful lives is calculated using the straight-line method over the estimated useful lives of the assets.
The Company evaluates finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying
amount of the asset group may not be recoverable. Recoverability is assessed by comparing the carrying amount of the asset group to the
estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of the asset group exceeds
the estimated undiscounted future cash flows, an impairment loss is recognized to the extent the carrying amount exceeds the estimated
fair value of the asset group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Goodwill:</i></b>
Goodwill represents the excess of purchase consideration transferred over the estimated fair value of net assets acquired in a business
combination. Goodwill is not amortized but is tested for impairment at least annually, or more frequently if events or changes in circumstances
indicate that goodwill may be impaired. The Company may first perform a qualitative assessment to determine whether it is more likely
than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is more likely than
not that the fair value of a reporting unit is less than its carrying amount, or elects not to perform the qualitative assessment, the
Company performs a quantitative impairment test. Under the quantitative impairment test, goodwill impairment is recognized to the extent
that the carrying amount of the reporting unit exceeds its fair value, limited to the amount of goodwill allocated to that reporting
unit.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company determines the
fair value of reporting units using market-based, income-based, or other valuation approaches, as appropriate. Significant assumptions
used in impairment testing may include projected revenues, gross margins, operating expenses, capital expenditures, working capital requirements,
discount rates, terminal growth rates, market multiples, and other market participant assumptions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Government Grants: </i></b>The
Company receives grants from local government agencies and public institutions in relation to asset acquisition and research activity
that are necessary for the Company’s business activities. Government grants are either deducted from the carrying amount of the
related assets or recognized as income when there is reasonable assurance that the Company will comply with the relevant conditions and
that the grant will be received. Government grants related to assets are presented in the Condensed consolidated balance sheets by deducting
the grant from the carrying amount of the asset. If it is not related to the acquisition of an asset, it can be treated as a grant related
to income. Government grants related to income are presented within other income (expense), net in the Unaudited condensed consolidated
statements of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has elected
to apply an accounting policy by analogy to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, which is
commonly accepted in practice under GAAP. The Company believes that this policy appropriately reflects the economic substance of the
transactions and enhances comparability with other industry participants.</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: 0.25in"><b><i>Leases: </i></b>The
Company has entered into various operating and finance lease agreements for certain office spaces, transportation equipment and office
equipment. The Company determines if an arrangement is a lease, or contains a lease, at inception and records the leases in the financial
statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor.</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: 0.25in">The Company has lease agreements
with lease and non-lease components, and elected to utilize the practical expedient to account for lease and non-lease components together
as a single combined lease component.</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: 0.25in">The Company also elected
the short-term lease exception, except for real estate, and therefore only recognizes right-of-use assets and lease liabilities for leases
with a term greater than one year. When determining lease terms, the Company factors in options to extend or terminate leases when it
is reasonably certain that the Company will exercise that option.</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: 0.25in">Operating lease right-of-use
assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease
term at commencement date. As most of the leases do not provide an implicit rate, the Company uses an incremental borrowing rate based
on the information available at commencement date in determining the present value of future payments.</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: 0.25in">Lease expenses for operating leases are recognized on a straight-line
basis over the lease term and classified as cost of sales or selling, general and administrative expenses depending on the nature of the
leased asset. Depreciation expenses for finance lease assets are recognized over the lease term and classified as cost of sales or selling,
general and administrative expenses depending on the nature of the leased asset. Interest expenses on finance lease liabilities are recognized
as interest expenses in the Unaudited condensed consolidated statements of operations over the lease term.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Other Assets: </i></b>Other
assets (prepaid expenses and other current assets and other noncurrent assets) primarily consist of prepaid expenses, value added tax,
income tax assets advance payments and leasehold deposits.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Cost of Goods Sold:
</i></b>Cost of goods sold primarily consists of direct material costs, direct labor costs, manufacturing overhead, subcontracting and
processing costs, depreciation of manufacturing equipment, inventory write-downs, freight-in and other costs directly attributable to
the production or acquisition of products sold. Manufacturing overhead includes indirect labor, utilities, facility costs, repair and
maintenance costs, supplies, and other production-related costs.</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: 0.25in">For inventory manufactured
by the Company, cost of goods sold is recognized when the related finished goods are sold and revenue is recognized. For merchandise
or raw materials purchased for resale, cost of goods sold is recognized when control of the related goods is transferred to the customer.
The Company includes in cost of goods sold normal production costs incurred to bring inventory to its existing condition and location.</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: 0.25in">The Company may also incur
tolling, subcontracting, or third-party processing costs in connection with certain manufacturing or repurchase arrangements. When the
Company retains control of the underlying inventory and obtains processing services from a counterparty, the related net processing fees
are recognized as part of cost of goods sold or cost of goods manufactured, as applicable. When the Company provides tolling or processing
services to a counterparty and the counterparty retains control of the underlying inventory, the Company recognizes the related costs
incurred to provide such services as cost of goods sold or cost of services.</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: 0.25in">Abnormal costs, including
abnormal waste, idle facility costs, excess spoilage, and other costs that do not contribute to bringing inventory to its intended condition
and location, are expensed as incurred and are not capitalized into inventory. Cost of goods sold may also include lower of cost or net
realizable value adjustments, inventory obsolescence charges, and write-offs of inventory when such amounts are identified.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Selling, General and
Administrative Costs:</i></b> Selling, general and administrative expenses primarily consist of employee-related costs, depreciation
on buildings and equipment, amortization of right-of-use assets, professional fees, lease costs and utilities expense.</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: 0.25in"><b><i>Defined Severance
Benefits: </i></b>The Company has a defined benefit pension plan covering KCM Industry Co., Ltd, KMMI Inc., and NS World Co., Ltd. employees
upon their retirement in accordance with the Retirement Benefit Security Act of Korea. For executives, the retirement allowance is applied
in accordance with the Company’s Articles of Incorporation. Eligible employees and executives with one or more years of service
are entitled to severance payments upon termination of employment, based on their length of service and pay rate.</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: 0.25in">The Company recognizes the net funded status of its pension plans in
the Condensed consolidated balance sheets, measured as the difference between the projected benefit obligation and the fair value of plan
assets, with corresponding changes recognized in Unaudited consolidated statements of operations and comprehensive loss. Under ASC 715,
service cost, interest cost, expected return on plan assets, and the amortization of actuarial gains or losses and prior service cost
are recognized in net loss. Actuarial gains and losses and prior service cost arising from plan amendments are initially recorded in other
comprehensive income (“OCI”) and subsequently amortized into net loss in accordance with ASC 715.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The obligations are measured
quarterly, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions
and methodologies. The Company uses certain assumptions including, but not limited to, the discount rates, salary growth rates, and certain
employee-related factors, such as turnover, retirement age and mortality. The Company uses the discount rate based on observations of
relevant corporate bonds in the market. As of March 31, 2026, the Company had pension obligations of $1.5 million, consisting of
current obligations of $0.8 million recorded in Accrued expenses and other current liabilities and noncurrent obligations of $0.7 million
recorded in Other noncurrent liabilities. The Company did not have any pension obligations as of December 31, 2025.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company reviews actuarial
assumptions and makes modifications to the assumptions based on current rates and trends when appropriate. The Company has adopted an
amortization approach and the net cumulative gain or loss at the beginning of the period in excess of the corridor is amortized into
net periodic benefit cost on a straight-line basis over the expected average remaining service period of the employees participating
in the plan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company recognizes the
components of net periodic benefit cost for its defined severance benefits in net loss (generally within operating (expense) or other
income (expense), as applicable). Actuarial gains and losses and prior service cost or credit arising from plan amendments are initially
recognized in OCI and accumulated in accumulated other comprehensive income (“AOCI”). The Company has adopted an amortization
approach and the net cumulative gain or loss at the beginning of the period in excess of the corridor is amortized into net periodic
benefit cost on a straight-line basis over the expected average remaining service period of the employees participating in the plan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Commitments and contingencies:</i></b>
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded
when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection
with loss contingencies are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><b><i>Recent Accounting
Pronouncements, not yet adopted:</i></b></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: 0.25in">ASU 2024-03, “Disaggregation of Income Statement Expenses (“DISE”)”
(“ASU 2024-03”) requires disclosures about specific types of expenses included in the expense captions presented on the face
of the income statement as well as disclosure about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December
15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its unaudited condensed consolidated
financial statements and disclosures.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response
to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”) incorporates several disclosure
and presentation requirements currently residing in SEC Regulation S-X and S-K into the ASC. The amendments are applied prospectively
and are effective when the SEC removes the related requirements from Regulation S-X and S-K. Any amendments the SEC does not remove by
June 30, 2027 will not be effective. Early adoption is prohibited. The Company is currently evaluating the impact of this ASU on its unaudited
condensed consolidated financial statements and disclosures.</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: 0.25in">ASU 2025-03, “Business Combination and Consolidation: Determining
the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“ASU 2025-03”) provides clarifying guidance
on determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability
in financial reporting, especially when companies merge with a special-purpose acquisition company (“SPAC”). ASU 2025-03 requires
entities to apply the same factors used for determining the accounting acquirer in other acquisition transactions. Essentially, it aims
to make financial reporting more comparable and decision-useful for investors by ensuring that the accounting acquirer is appropriately
identified in acquisitions of VIEs, particularly in SPAC transactions. ASU 2024-03 is effective for fiscal years beginning after December
15, 2026, including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the
impact of this ASU on its unaudited condensed consolidated financial statements and disclosures.</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: 0.25in">ASU 2025-10, “Government Grants (Topic 832): Accounting for Government
Grants Received by Business Entities” (“ASU 2025-10”) establishes authoritative guidance on the recognition, measurement,
presentation, and disclosure of government grants received by business entities. The update aims to reduce diversity in practice and align
US GAAP more closely with international standards by leveraging principles from International Accounting Standard 20 (IAS 20). ASU 2025-10
requires entities to recognize government grants only when it is probable that they will comply with the grant conditions and the grant
will be received. ASU 2025-10 is effective for public business entities for annual reporting periods beginning after December 15, 2028,
including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of
this ASU on its unaudited condensed consolidated financial statements and disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as mentioned above, the Company does not believe other recently
issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s Condensed
consolidated balance sheets, Unaudited consolidated statements of operations and comprehensive loss and consolidated statements of cash
flow</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Basis of Presentation
and Principles of Consolidation: </i></b>The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with U.S. generally accepted accounting principles (“GAAP”), expressed in U.S. dollars. References to GAAP issued
by the FASB in these accompanying notes to the unaudited condensed consolidated financial statements are to the FASB Accounting Standards
Codification (“ASC”). The unaudited condensed consolidated financial statements have been prepared assuming the Company will
continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The accompanying unaudited
condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany
balances and transactions have been eliminated in consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Principles of Consolidation
and Variable Interest Entities:</i></b> The accompanying unaudited condensed consolidated financial statements include the accounts of
Evolution Metals & Technologies Corp. and its wholly owned subsidiaries. All significant intercompany balances and transactions have
been eliminated in consolidation. The Company evaluates all legal entities in which it holds an ownership or economic interest in accordance
with Accounting Standards Codification (“ASC”) Topic 810, Consolidation, to determine whether consolidation is required under
either the voting interest entity (“VOE”) model or the variable interest entity (“VIE”) model.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">A legal entity is considered
a VIE when, by design, (i) the entity lacks sufficient equity at risk to finance its activities without additional subordinated financial
support, (ii) the holders of the equity investment at risk lack the characteristics of a controlling financial interest, or (iii) the
equity holders do not possess substantive voting or participating rights.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company consolidates a
VIE when it is determined to be the primary beneficiary of the entity. The primary beneficiary is the party that both (i) has the power
to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) has the obligation to
absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company evaluates loans,
advances, notes receivable, and other arrangements involving shareholders, affiliates, and related parties to determine whether such arrangements
represent variable interests under ASC 810. In performing this assessment, management considers the substance of the arrangement, including
contractual rights and obligations, governance rights, exposure to economic variability, and whether the Company has direct or indirect
recourse to the assets, operations, or economics of the legal entity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The application of ASC 810
requires management to exercise significant judgment in determining whether a legal entity is a VIE and whether the Company is the primary
beneficiary of that entity. Such judgments include evaluating contractual arrangements, governance rights, related party relationships,
and the nature of the Company’s economic interests. Changes in facts and circumstances could result in changes to the Company’s
consolidation conclusions in future reporting periods.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Liabilities Paid by Principal
Shareholders:</i></b> The Company complies with SEC Staff Accounting Bulletin Topic 5.T (“SAB Topic 5.T”), <i>Accounting for
Expenses or Liabilities Paid by Principal Stockholder(s)</i>. Expenses paid by shareholders or related parties on behalf of the Company
are recognized in the unaudited condensed consolidated financial statements when incurred if the Company receives the primary economic
benefit of the expenditure, with a corresponding credit recognized within equity, as appropriate. See Note 17 - Related Party Transactions
for additional detail regarding such arrangements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Liquidity and Going Concern:</i></b>
Historically, the Company’s primary sources of liquidity have been cash flows from issuance of convertible preferred units. The
Company reported a net loss of $440.3 million for the three months ended March 31, 2026. As of March 31, 2026, the Company had an
aggregate cash balance of $5.4 million and a net working capital deficit of $81.8 million. These are indicators of substantial doubt as
to the Company’s ability to continue as a going concern for at least one year from issuance of these Unaudited condensed consolidated
financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On January 5, 2026, the Company
consummated the Business Combination and is now focused on executing its post-combination operating plan and capital formation strategy.
The Business Combination did not include significant external financing at closing, see Note 4 - Acquisitions. The Company expects to
require additional capital to support its operations and growth initiatives. Management is actively pursuing additional sources of capital,
including equity and strategic financing arrangements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on the Company’s
current liquidity position and expected operating needs, management has concluded that substantial doubt about the Company’s ability
to continue as a going concern has not been alleviated. The Company expects to address its liquidity requirements through the execution
of its capital-raising plans and the continued development of its operating business.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company’s future
capital requirements will depend on many factors, including the Company’s timing and extent of its research and the acquisition
of processing facilities. In order to finance these opportunities and associated costs, the Company would need to raise additional financing.
While there can be no assurances, the Company intends to raise such capital through additional equity raises and debt financing. If additional
financing is required from outside sources, the Company may not be able to raise it on terms acceptable to it or at all. If the Company
is unable to raise additional capital on acceptable terms when needed, its product development business, results of operations and financial
condition would be materially and adversely affected.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result of the above,
in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s
(“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s
Ability to Continue as a Going Concern,” management has determined that the Company’s liquidity condition raises substantial
doubt about the Company’s ability to continue as a going concern through twelve months from the date these financial statements
are available to be issued. These financial statements do not include any adjustments relating to the recovery of the recorded assets
or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.</p>
440300000
5400000
81800000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Emerging Growth Company:
</i></b>The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups (“JOBS”) Act. Under the
JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS
Act, until such time as to those standards apply to private companies. The Company has elected to use this extended transition period
for complying with new or revised accounting standards that have different effective dates for public and private companies until the
earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended
transition period provided in the JOBS Act. As a result, these unaudited condensed consolidated financial statements may not be comparable
to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company consummated
its initial public offering on December 30, 2021. Accordingly, the fifth anniversary of The Company’s initial public offering will
occur on December 30, 2026. Based on the foregoing, the Company expects to remain an emerging growth company until at least December 30,
2026, unless it earlier ceases to qualify as an emerging growth company under the applicable provisions of the JOBS Act.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Use of Estimates: </i></b>The
preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Unaudited
condensed consolidated financial statements. Making estimates requires management to exercise significant judgment. Such estimates may
be subject to change as more current information becomes available and accordingly the actual results could differ significantly from
those estimates. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances
that existed at the date of the Unaudited condensed consolidated financial statements, which management considered in formulating its
estimate, could change in the near term due to one or more future confirming events. The Company’s most significant assumptions
and estimates relate to the estimation of the provision for credit losses, the useful lives of property, plant and equipment, the change
in fair value of financial instruments. These estimates are based on assumptions which management believes are reasonable. The Company
evaluates its estimates on an ongoing basis and makes revisions to these estimates. In connection with business combinations, management
is required to make significant estimates and assumptions to allocate the purchase consideration to the assets acquired and liabilities
assumed based on their respective estimated fair values as of the acquisition date. These estimates include, among others, assumptions
regarding projected future cash flows, discount rates, royalty rates, customer attrition, useful lives, replacement costs, market participant
assumptions, and other valuation inputs used to determine the fair value of identifiable intangible assets, property, plant and equipment,
and other acquired assets and assumed liabilities. Any excess of purchase consideration over the fair value of net assets acquired is
recorded as goodwill. Goodwill represents the future economic benefits arising from other assets acquired in a business combination that
are not individually identified and separately recognized. The Company’s accounting for business combinations may be preliminary
during the measurement period, which may extend up to one year from the acquisition date. During the measurement period, the Company may
record adjustments to the assets acquired, liabilities assumed, identifiable intangible assets, goodwill, and related income tax effects
if new information is obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected
the measurement of the amounts recognized as of that date. Income taxes also require significant judgment, including estimates related
to the realizability of deferred tax assets, the measurement of deferred tax liabilities, the assessment of valuation allowances, the
interpretation of tax laws and regulations, and the evaluation of uncertain tax positions. Changes in tax laws, statutory tax rates, future
taxable income, valuation allowance assessments, tax planning strategies, or the outcome of tax audits and examinations could materially
affect the Company’s income tax provision and related tax balances.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Foreign Currency Translation
and Transactions: </i></b>The Company’s reporting currency is the U.S. dollar. The functional currency of each entity in the group
is the currency of the primary economic environment in which it operates. The functional currency of the Company’s Korean subsidiaries,
KCM Industry Co., Ltd. (“KCM”), KMMI Inc. (“KMMI”), NS World Co., Ltd. (“NSW”), and Handa Lab Co.,
Ltd. (“Handa Lab”), is the Korean Won (“KRW”). Transactions in foreign currencies are initially recorded into
functional currency at the rates of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in
foreign currencies are remeasured into functional currency at the rates of exchange prevailing at the balance sheet date. Non-monetary
assets and liabilities are remeasured to the functional currency at exchange rates that prevailed on the date of inception of the transaction.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Assets and liabilities are
translated using the exchange rate in effect as of the balance sheet date. Revenues and expenses are translated using the average exchange
rates in effect for the periods presented. The effects of translating these Unaudited condensed consolidated financial statements from
functional currency to reporting currency are recorded in accumulated other comprehensive income as a component of stockholders’ equity
(deficit).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Gains and losses resulting
from transactions denominated in a currency other than the functional currency of the entity are included in other income (expense), net
in the Unaudited condensed consolidated statements of operations using the average exchange rates in effect during the period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Segment Information:
</i></b>ASC 280, “Segment Reporting” (“ASC 280”), defines operating segments as components of an enterprise where
discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in
deciding how to allocate resources and in assessing performance. The Company’s CODM is the Executive Chairman of the Board of Directors,
David Wilcox, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. The CODM manages
the business as a single operating and reportable segment. The CODM uses unaudited condensed consolidated financial statements to allocate
resources and assess performance on a consolidated basis. Accordingly, all required financial segment information is presented on a consolidated
basis. See Note 15 - Segments for further detail.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Cash and Cash Equivalents:
</i></b>The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Restricted cash consists of
certain cash pledged as collateral for the use of the Company’s corporate credit card. Restricted cash with remaining restrictions
of one year or less is classified as current on the balance sheets. The Company has presented restricted cash in cash and cash equivalents
in the Condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, restricted cash included in cash and cash equivalents
was de minimis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Concentration of Credit
Risk: </i></b>Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts held
with financial institutions, including U.S. and Korean financial institutions, and notes receivable. Cash accounts held with U.S. financial
institutions may at times exceed the Federal Depository Insurance Corporation limit. Cash accounts held by the Company’s Korean
subsidiaries may at times exceed the applicable deposit protection limits under Korean banking regulations. Effective September 1, 2025,
the maximum deposit protection coverage in Korea was increased from KRW 50 million to KRW 100 million per depositor per covered financial
institution. The amount over these insured limits as of March 31, 2026 and December 31, 2025 was $5.1 million and $11.4 million
respectively. <span style="background-color: white">As of March 31, 2026 and December 31, 2025, the Company has not experienced
losses on these accounts and management believes the Company is not exposed to significant credit risk with respect to such accounts,
based on the credit quality of the financial institutions at which the deposits are held.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The Company is subject to potential
credit risk related to business, economic and financial market conditions that affect entities it has advanced amounts to which has been
heightened as a result of recent economic and financial market conditions, including in connection with the uncertainties and challenges
in the overall economy, including, among other things, inflationary pressure and increased interest rates. Certain entities that have
received advances from the Company have experienced significant financial difficulties (including bankruptcy), and others may experience
financial difficulties in the future. These difficulties expose the Company to increased risk related to collectability.</p>
50000000
100000000
5100000
11400000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Concentration of Customer
Risk: </i></b>The concentration of customer risk arises when a significant portion of the Company’s revenue is generated from a
small group of customers. Reduction of orders, delay of payments, or termination of contracts by these key customers could have a significant
negative effect on the Company’s results of operations and cash flows. The Company’s revenue is historically derived from
a small number of customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the three months ended
March 31, 2026, the customers accounting for 10% or more of total revenue are Customer A and Customer B, with revenues of $0.7 million
(or 38% of total net revenue) and $0.4 million (or 19% of total net revenue), respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of March 31, 2026,
the customers accounting for 10% or more of accounts receivable are Customer A, Customer B and Customer C, with accounts receivables
of $0.3 million (or 14% of total accounts receivable), $0.3 million (or 11% of total accounts receivable), and $1.0 million (or 44% of
total accounts receivable), respectively.</p>
700000
0.38
400000
0.19
300000
0.14
300000
0.11
1000000
0.44
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Fair Value of Financial
Instruments: </i></b>ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), clarifies that fair value
is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that
market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier
fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.5in"><span style="font-size: 10pt"><i>Level 1:</i></span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">Inputs based on unadjusted quoted market prices
in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</span></td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.5in"><span style="font-size: 10pt"><i>Level 2:</i></span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">Observable inputs other than quoted prices included
in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar instruments
in markets that are not active or for which all significant inputs are observable or can be corroborated by observable market data.</span></td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.5in"><span style="font-size: 10pt"><i>Level 3:</i></span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">Inputs reflect management’s best estimate
of what market participants would use in pricing the asset or liability at the measurement date. The inputs are both unobservable
for the asset and liability in the market and significant to the overall fair value measurement.</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An asset’s or liability’s
fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair
value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Assets and liabilities measured
at fair value are based on one or more of the following techniques noted in ASC 820:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt">●</span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt"><i>Market approach: </i>Prices and other relevant
information generated by market transactions involving identical or comparable assets or liabilities.</span></td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt">●</span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt"><i>Cost approach: </i>Amount that would be required
to replace the service capacity of an asset (replacement cost).</span></td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt"><i>●</i></span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt"><i>Income approach: </i>Techniques to convert
future amounts to a single present value amount based upon market expectations (including present value techniques, option pricing,
and excess earnings models).</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company believes its
valuation methods are appropriate and consistent with other market participants, however the use of different methodologies or assumptions
to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company’s financial
instruments with a carrying value that approximates fair value consist of cash and cash equivalents, prepaid expenses and other current
assets, other noncurrent assets, accounts payable and accrued expenses and other current liabilities because of the short-term nature
or expected settlement dates of these instruments. The Company’s financial instruments that are measured at fair value on a recurring
basis are discussed in Note 11 - Fair Value Measurements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Non-trade Accounts
Receivable:</i></b> Non-trade accounts receivable consists of secured and unsecured promissory notes with no conversion features and
toll processing receivables and was accounted for as receivables in the scope of ASC 310, “Receivables” (“ASC 310”),
which was initially recorded at present value and subsequently re-measured at amortized cost or, in the case of toll processing receivables,
at the amount expected to be collected for toll processing services provided (see Note 5 - Non-trade Accounts Receivable and Payable).
Non-trade accounts receivable is reported net of an allowance for credit losses on the accompanying Condensed consolidated balance sheets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Convertible Promissory
Notes: </i></b>Convertible promissory notes consist of convertible promissory notes that were issued by WTMA and were acquired by the
Company as part of the Business Combination. The convertible promissory notes bear no interest and were to be repaid upon consummation
of a Business Combination or, at the lender’s discretion, convertible into private units of the post-Business Combination entity
at a price of $10.00 per unit. As of March 31, 2026, the outstanding balance of $2.3 million is in maturity default.</p>
10
2300
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Provision for Credit
Losses: </i></b>The Company recognizes a provision for credit losses on convertible notes receivable, notes receivable, and notes receivable
— related party (collectively, the “Outstanding Receivables”) in an amount equal to the estimated probable losses net
of recoveries. The Company currently monitors financial conditions of the companies it has Outstanding Receivables owed from on a continuing
basis. After considering current economic conditions and financial stability of its Outstanding Receivables counterparties, an provision
for credit losses is maintained in the consolidated balance sheets at a level which management believes is sufficient to cover all probable
future credit losses as of the balance sheet date based on specific reserves and an expectation of future economic conditions that might
impact collectability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company also evaluates
trade accounts receivable, including trade accounts receivable of its Korean subsidiaries, for expected credit losses in accordance with
ASC 326, Financial Instruments — Credit Losses. The Company estimates the allowance for credit losses for trade accounts receivable
primarily using an aging schedule, which categorizes receivables based on the number of days past due. Past due status is generally measured
based on the number of days since the contractual payment due date. The Company considers historical collection experience, current customer-specific
facts and circumstances, the aging of outstanding balances, current economic conditions, and reasonable and supportable forecasts, as
applicable, in estimating expected credit losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Trade accounts receivable
are generally evaluated on a collective basis when they share similar risk characteristics. The Company evaluates receivables individually
when such receivables no longer share similar risk characteristics, including when balances are more than 90 days past due and exceed
a specified amount, or when management becomes aware of customer-specific collectability concerns, including bankruptcy, financial distress,
disputes, or other adverse information. Receivables are deemed uncollectible and written off against the allowance for credit losses
after all reasonable collection efforts have been exhausted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company classifies loans
as non-accrual and recognizes income only to the extent cash is received when there is reasonable doubt about collectability of principal
and interest. Management used judgment in reaching this determination for all Outstanding Receivables. When a loan is placed on non-accrual
status, all previously accrued but uncollected interest is reversed or charged off as a provision for credit losses and the accrual of
interest income is discontinued. If a payment is received when a loan is non-accrual, the payment is applied to the principal balance.
Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments
are reasonably assured. As of March 31, 2026 and December 31, 2025, the convertible notes receivable were classified as non-accrual.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">Outstanding Receivables
and trade accounts receivable are carried at amortized cost, net of provision for credit losses. Amortized cost approximated book value
as of March 31, 2026 and December 31, 2025. After all reasonable attempts to collect a receivable have failed, the amount of
the receivable is written off against the allowance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>July Investment Agreement
Derivative: </i></b>Certain agreements the Company entered into either require the Company to issue or provide the Company the option
to issue a variable number of shares of New EM common shares to certain investors and vendors. The Company applies ASC 480, “Distinguishing
Liabilities and Equity” (“ASC 480”), ASC 815, and ASC 718, “Compensation — Stock Compensation” (“ASC
718”) in its evaluation of the terms of each agreement. Financial instruments that were identified in each agreement and:</p><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in; font-size: 10pt"> </td>
<td style="vertical-align: top; width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="vertical-align: top; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">meet the criteria to be accounted for as a liability in accordance with ASC 480 were reported at fair value at issuance and were re-measured to fair value each reporting period with changes in the estimated fair value of the liability recognized as a non-cash gain or loss on the accompanying Unaudited consolidated statements of operations and comprehensive loss;</span></td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in; font-size: 10pt"> </td>
<td style="vertical-align: top; width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="vertical-align: top; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">do not meet the criteria to be accounted for as a liability in accordance with ASC 480 and do not meet the criteria to be accounted for as equity in accordance with ASC 815 are accounted for as a liability and were reported at fair value at issuance and were re-measured to fair value each reporting period with changes in the estimated fair value of the liability recognized as a non-cash gain or loss on the accompanying Unaudited consolidated statements of operations and comprehensive loss;</span></td></tr>
</table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in; font-size: 10pt"> </td>
<td style="vertical-align: top; width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="vertical-align: top; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">meet the criteria of a liability-classified share-based payment transaction in accordance with ASC 718 were measured based on the fair value of the transaction on the date of grant and remeasured to fair value each reporting period until settlement or cancellation.</span></td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Agreements where multiple
financial instruments are identified that would individually warrant separate accounting as a derivative instrument are bundled together
as a single, compound embedded derivative that is bifurcated and accounted for separately from the host contract in accordance with ASC
815.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company reassesses the
classification of a contract over its own equity under the guidance above at each balance sheet date. If classification changes as a
result of events during the reporting period, the Company reclassifies the contract as of the date of the event that caused the reclassification.
When a contract over own equity is reclassified from a liability to equity, gains or losses recorded to account for the contract at fair
value during the period that the contract was classified as a liability are not reversed, and the contract is marked to fair value immediately
before the reclassification.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Impairment of Long-Lived
Assets: </i></b>The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that an asset
group’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with
ASC 360-10, “<i>Impairment or Disposal of Long-Lived Assets</i>” (“ASC 360-10”), which requires the Company to
group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other
assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows
do not indicate the carrying amount of the asset group is recoverable, an impairment charge is measured as the amount by which the carrying
amount of the asset group exceeds its fair value. The Company did not record impairment losses during the three months ended March 31,
2026 and three months ended March 31, 2025.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Business Combinations
and Asset Acquisitions: </i></b>The Company evaluates each acquisition transaction to determine whether the acquired asset meets the
definition of a business and therefore should be accounted for as a business combination, or if the transaction should be accounted for
as an asset acquisition. Under ASC 805, “Business Combinations” (“ASC 805”), an acquisition does not qualify
as a business when substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable
assets. If the Company determines that the screen test is met, the transaction is accounted for as an asset acquisition. If the screen
test is not met, the Company further considers whether the acquisition includes, at a minimum, inputs and processes that have the ability
to create outputs in the form of revenue. If the assets acquired meet this criteria, the transaction is accounted for as a business combination.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for
acquisitions that qualify as asset acquisitions utilizing a cost accumulation model whereby the purchase price of the acquisition is
allocated to the assets acquired on a relative fair value basis on the date of acquisition. Inputs used to determine such fair values
are primarily based upon internally developed models, publicly-available information, a risk-adjusted discount rate and/or publicly-available
data regarding transactions consummated by other market participants, as applicable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for
business combinations under the acquisition method of accounting under ASC 805, whereby identifiable assets acquired, liabilities assumed
and any noncontrolling interest in the acquiree are recognized and measured as of the acquisition date at fair value. Goodwill is recognized
to the extent by which the aggregate of the acquisition-date fair value of the consideration transferred and any noncontrolling interest
in the acquiree exceeds the recognized basis of the identifiable assets acquired, net of assumed liabilities. Determining the fair value
of assets acquired, liabilities assumed, and noncontrolling interest requires management’s judgment and often involves the use
of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates and asset lives among
other items.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Transaction-related costs
related to asset acquisitions are capitalized as part of the cost basis of the acquired assets. Transaction-related expenses and restructuring
costs that are deemed to be part of an acquisition of a business are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Deferred Transaction
Costs: </i></b>Commissions, legal fees and other costs that are direct and incremental costs directly related to the reverse capitalization
transaction. The costs were capitalized as deferred transaction costs until the consummation of the transaction on January 5, 2026. The
costs were expensed upon the closing of the transaction. As of March 31, 2026 and December 31, 2025, deferred transaction costs
totaling <span style="-sec-ix-hidden: hidden-fact-175">$0.0</span> million and $9.3 million, respectively, were recorded on the accompanying Condensed consolidated balance sheets related
to the reverse capitalization (see Note 4 - Acquisitions).</p>
9300000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Net Loss Per Share:
</i></b>Basic net loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding
during the period. In periods when the Company is in a net loss position, potentially dilutive securities are excluded from the computation
of diluted net loss per share because their inclusion would have an anti-dilutive effect. Thus, basic net loss per share is the same
as diluted net loss per share.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Diluted net loss per share
is computed similar to basic net loss per share except that the denominator is increased to include the potential dilutive effect of
common stock equivalents on the average number of common shares outstanding during the period. As of March 31, 2026 and December 31,
2025, there are no potentially dilutive securities currently issued and outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Income Taxes: </i></b>
The Company files income tax returns in the U.S. federal jurisdictions,
various state jurisdictions, and Korea. The Company accounts for income taxes under ASC 740, “Income Taxes.” ASC 740 requires
the recognition of deferred tax assets and liabilities for both the expected impact of differences between the unaudited condensed consolidated
financial statements and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax
credit carryforwards. ASC 740 requires a valuation allowance to be established when it is more likely than not that all or a portion of
the deferred tax assets will not be realized. ASC 740 also prescribes a recognition threshold and measurement process for accounting for
uncertain tax positions, as well as related matters such as derecognition, interest, penalties and disclosures. The Company’s accounting
policy is to recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Inventories: </i></b>Inventories
are stated at the lower of cost and net realizable value. The cost of inventories is determined by the weighted average method (for raw
materials, finished goods and merchandise) and the specific identification method (for inventory in transit and work in process goods).
The Company assesses the valuation of inventory and periodically writes down the value for estimated excess and obsolete inventory based
upon assumptions about future demand and market conditions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Revenue Recognition:</i></b>
The Company recognizes revenue when it satisfies performance obligations under the terms of its contracts, and control of its products
is transferred to its customers in an amount that reflects the consideration the Company expects to receive from its customers in exchange
for those products. This process involves identifying the customer contract, determining the performance obligations in the contract,
determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing
revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations
in a contract when it (a) provides a benefit to the customer either on its own or together with other resources that are readily available
to the customer and (b) is separately identified in the contract. The Company considers a performance obligation satisfied once it has
transferred control of a good or product to a customer, meaning the customer has the ability to direct the use and obtain the benefit
of the product.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company evaluates whether
it acts as principal or agent in its revenue transactions. If the Company controls the specified goods or services before they are transferred
to the customer, the Company recognizes revenue on a gross basis. If the Company arranges for another party to transfer goods or services
to a customer and does not control the specified goods or services before transfer, the Company recognizes revenue on a net basis. Certain
arrangements in which the Company arranges for another party to transfer goods to a customer, does not maintain pricing discretion, and
does not retain control over the underlying assets are accounted for on a net basis. In such arrangements, the Company does not retain
the substantive risks and rewards associated with the underlying raw materials, and the counterparty retains control of the materials
in a manner consistent with a tolling or agency arrangement. Accordingly, the Company recognizes only the net amount retained as revenue
or other operating income, as applicable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company engages in certain
resale and tolling arrangements in which it purchases raw materials from specific counterparties, processes the materials, and resells
the processed materials to the same counterparties. The Company evaluates these arrangements based on their substance, including whether
the counterparty retains control of the inventory throughout the processing period. When the counterparty retains control of the inventory,
the Company does not account for the arrangement as separate purchases and sales of inventory. Instead, the Company accounts for the
arrangement as the provision of toll manufacturing or processing services to the counterparty. Under these arrangements, the Company’s
performance obligation is the delivery of tolling or processing services, and the net transaction amount is recognized as revenue upon
completion of the related services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company also engages
in certain repurchase transactions in which it sells raw materials to specific counterparties and repurchases the materials after processing.
In these transactions, the Company has an obligation to repurchase the inventory and maintains control of the inventory throughout the
processing period because the Company retains legal title to the inventory and bears inventory risk. The processing period is typically
15 to 60 days, and pricing is generally determined based on the counterparty’s processing costs. The Company accounts for these
arrangements as the receipt of toll manufacturing or processing services rather than as distinct sales and purchases or product financing
transactions. Accordingly, the net transaction amount is recognized as processing fees within cost of goods manufactured or cost of revenues,
as applicable. Related amounts due from or due to counterparties under these arrangements are recorded as non-trade accounts receivable
or non-trade accounts payable, as applicable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Shipping and handling costs
associated with outbound freight, after control over product has transferred to a customer, are accounted for as a fulfillment cost and
are included in selling, general and administrative expenses as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Taxes assessed by a government
authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from
a customer, are excluded from sales.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company’s primary
source of revenue is product and merchandise sales of magnets. Revenue from product and merchandise sales is recognized when control
of the goods is transferred to the customer, which is typically at the point of delivery, at which time the significant risks and rewards
of ownership also pass to the customer. Contracts with customers generally state the terms of the sale, including the quantity and price
of each product purchased. Payment terms and conditions may vary by contract. Such contracts do not include a significant financing component.
In addition, contracts typically do not contain variable consideration as the contracts include stated prices, as such, no such provision
— e.g. rebates or discounts — is provided. The Company provides assurance type warranties on all of its products, which are
not separate performance obligations and are outside the scope of Topic 606. There was no loss contingencies related to warranties recorded
as of March 31, 2026 and December 31, 2025.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Property, Plant and
Equipment, net:</i></b> Property, plant, and equipment are stated at cost. Plant and equipment under finance leases are stated at the
present value of the lease payments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depreciation on plant and
equipment is calculated using the straight-line method over the estimated useful lives of the assets. Once an asset is identified for
retirement or disposition, the related cost and accumulated depreciation or amortization are removed, and a gain or loss is recorded.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company incurs maintenance
costs on its major equipment. Repair and maintenance costs are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Asset Retirement Obligation:</i></b>
The Company has an asset retirement obligation (“ARO”)
arising from contractual requirements associated with the retirement of an operating lease for land. This obligation requires the Company
to restore the land to its original condition upon termination of the lease. The ARO liability was initially measured at fair value and
is subsequently adjusted for accretion expense and changes in the amount or timing of the estimated cash flows. The corresponding asset
retirement cost is capitalized as part of the operating lease right-of-use asset and is amortized on a straight-line basis over the lease
term. This amortization is included in the lease expense presented in the statements of operations. The ARO liability is presented within
“Other non-current liabilities” in the accompanying balance sheets. The value of the ARO liability is de minimis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Intangible Assets, Net:
</i></b>Intangible assets obtained through acquisitions are recorded at the estimated fair value as of the acquisition date. Amortization
of intangible assets with finite useful lives is calculated using the straight-line method over the estimated useful lives of the assets.
The Company evaluates finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying
amount of the asset group may not be recoverable. Recoverability is assessed by comparing the carrying amount of the asset group to the
estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of the asset group exceeds
the estimated undiscounted future cash flows, an impairment loss is recognized to the extent the carrying amount exceeds the estimated
fair value of the asset group.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Goodwill:</i></b>
Goodwill represents the excess of purchase consideration transferred over the estimated fair value of net assets acquired in a business
combination. Goodwill is not amortized but is tested for impairment at least annually, or more frequently if events or changes in circumstances
indicate that goodwill may be impaired. The Company may first perform a qualitative assessment to determine whether it is more likely
than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is more likely than
not that the fair value of a reporting unit is less than its carrying amount, or elects not to perform the qualitative assessment, the
Company performs a quantitative impairment test. Under the quantitative impairment test, goodwill impairment is recognized to the extent
that the carrying amount of the reporting unit exceeds its fair value, limited to the amount of goodwill allocated to that reporting
unit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company determines the
fair value of reporting units using market-based, income-based, or other valuation approaches, as appropriate. Significant assumptions
used in impairment testing may include projected revenues, gross margins, operating expenses, capital expenditures, working capital requirements,
discount rates, terminal growth rates, market multiples, and other market participant assumptions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><b><i>Government Grants: </i></b>The
Company receives grants from local government agencies and public institutions in relation to asset acquisition and research activity
that are necessary for the Company’s business activities. Government grants are either deducted from the carrying amount of the
related assets or recognized as income when there is reasonable assurance that the Company will comply with the relevant conditions and
that the grant will be received. Government grants related to assets are presented in the Condensed consolidated balance sheets by deducting
the grant from the carrying amount of the asset. If it is not related to the acquisition of an asset, it can be treated as a grant related
to income. Government grants related to income are presented within other income (expense), net in the Unaudited condensed consolidated
statements of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has elected
to apply an accounting policy by analogy to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, which is
commonly accepted in practice under GAAP. The Company believes that this policy appropriately reflects the economic substance of the
transactions and enhances comparability with other industry participants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Leases: </i></b>The
Company has entered into various operating and finance lease agreements for certain office spaces, transportation equipment and office
equipment. The Company determines if an arrangement is a lease, or contains a lease, at inception and records the leases in the financial
statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has lease agreements
with lease and non-lease components, and elected to utilize the practical expedient to account for lease and non-lease components together
as a single combined lease component.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company also elected
the short-term lease exception, except for real estate, and therefore only recognizes right-of-use assets and lease liabilities for leases
with a term greater than one year. When determining lease terms, the Company factors in options to extend or terminate leases when it
is reasonably certain that the Company will exercise that option.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Operating lease right-of-use
assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease
term at commencement date. As most of the leases do not provide an implicit rate, the Company uses an incremental borrowing rate based
on the information available at commencement date in determining the present value of future payments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Lease expenses for operating leases are recognized on a straight-line
basis over the lease term and classified as cost of sales or selling, general and administrative expenses depending on the nature of the
leased asset. Depreciation expenses for finance lease assets are recognized over the lease term and classified as cost of sales or selling,
general and administrative expenses depending on the nature of the leased asset. Interest expenses on finance lease liabilities are recognized
as interest expenses in the Unaudited condensed consolidated statements of operations over the lease term.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Other Assets: </i></b>Other
assets (prepaid expenses and other current assets and other noncurrent assets) primarily consist of prepaid expenses, value added tax,
income tax assets advance payments and leasehold deposits.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Cost of Goods Sold:
</i></b>Cost of goods sold primarily consists of direct material costs, direct labor costs, manufacturing overhead, subcontracting and
processing costs, depreciation of manufacturing equipment, inventory write-downs, freight-in and other costs directly attributable to
the production or acquisition of products sold. Manufacturing overhead includes indirect labor, utilities, facility costs, repair and
maintenance costs, supplies, and other production-related costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For inventory manufactured
by the Company, cost of goods sold is recognized when the related finished goods are sold and revenue is recognized. For merchandise
or raw materials purchased for resale, cost of goods sold is recognized when control of the related goods is transferred to the customer.
The Company includes in cost of goods sold normal production costs incurred to bring inventory to its existing condition and location.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company may also incur
tolling, subcontracting, or third-party processing costs in connection with certain manufacturing or repurchase arrangements. When the
Company retains control of the underlying inventory and obtains processing services from a counterparty, the related net processing fees
are recognized as part of cost of goods sold or cost of goods manufactured, as applicable. When the Company provides tolling or processing
services to a counterparty and the counterparty retains control of the underlying inventory, the Company recognizes the related costs
incurred to provide such services as cost of goods sold or cost of services.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Abnormal costs, including
abnormal waste, idle facility costs, excess spoilage, and other costs that do not contribute to bringing inventory to its intended condition
and location, are expensed as incurred and are not capitalized into inventory. Cost of goods sold may also include lower of cost or net
realizable value adjustments, inventory obsolescence charges, and write-offs of inventory when such amounts are identified.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Selling, General and
Administrative Costs:</i></b> Selling, general and administrative expenses primarily consist of employee-related costs, depreciation
on buildings and equipment, amortization of right-of-use assets, professional fees, lease costs and utilities expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Defined Severance
Benefits: </i></b>The Company has a defined benefit pension plan covering KCM Industry Co., Ltd, KMMI Inc., and NS World Co., Ltd. employees
upon their retirement in accordance with the Retirement Benefit Security Act of Korea. For executives, the retirement allowance is applied
in accordance with the Company’s Articles of Incorporation. Eligible employees and executives with one or more years of service
are entitled to severance payments upon termination of employment, based on their length of service and pay rate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company recognizes the net funded status of its pension plans in
the Condensed consolidated balance sheets, measured as the difference between the projected benefit obligation and the fair value of plan
assets, with corresponding changes recognized in Unaudited consolidated statements of operations and comprehensive loss. Under ASC 715,
service cost, interest cost, expected return on plan assets, and the amortization of actuarial gains or losses and prior service cost
are recognized in net loss. Actuarial gains and losses and prior service cost arising from plan amendments are initially recorded in other
comprehensive income (“OCI”) and subsequently amortized into net loss in accordance with ASC 715.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The obligations are measured
quarterly, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions
and methodologies. The Company uses certain assumptions including, but not limited to, the discount rates, salary growth rates, and certain
employee-related factors, such as turnover, retirement age and mortality. The Company uses the discount rate based on observations of
relevant corporate bonds in the market. As of March 31, 2026, the Company had pension obligations of $1.5 million, consisting of
current obligations of $0.8 million recorded in Accrued expenses and other current liabilities and noncurrent obligations of $0.7 million
recorded in Other noncurrent liabilities. The Company did not have any pension obligations as of December 31, 2025.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company reviews actuarial
assumptions and makes modifications to the assumptions based on current rates and trends when appropriate. The Company has adopted an
amortization approach and the net cumulative gain or loss at the beginning of the period in excess of the corridor is amortized into
net periodic benefit cost on a straight-line basis over the expected average remaining service period of the employees participating
in the plan.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company recognizes the
components of net periodic benefit cost for its defined severance benefits in net loss (generally within operating (expense) or other
income (expense), as applicable). Actuarial gains and losses and prior service cost or credit arising from plan amendments are initially
recognized in OCI and accumulated in accumulated other comprehensive income (“AOCI”). The Company has adopted an amortization
approach and the net cumulative gain or loss at the beginning of the period in excess of the corridor is amortized into net periodic
benefit cost on a straight-line basis over the expected average remaining service period of the employees participating in the plan.</p>
1500000
800000
700000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Commitments and contingencies:</i></b>
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded
when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection
with loss contingencies are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><b><i>Recent Accounting
Pronouncements, not yet adopted:</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">ASU 2024-03, “Disaggregation of Income Statement Expenses (“DISE”)”
(“ASU 2024-03”) requires disclosures about specific types of expenses included in the expense captions presented on the face
of the income statement as well as disclosure about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December
15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its unaudited condensed consolidated
financial statements and disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response
to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”) incorporates several disclosure
and presentation requirements currently residing in SEC Regulation S-X and S-K into the ASC. The amendments are applied prospectively
and are effective when the SEC removes the related requirements from Regulation S-X and S-K. Any amendments the SEC does not remove by
June 30, 2027 will not be effective. Early adoption is prohibited. The Company is currently evaluating the impact of this ASU on its unaudited
condensed consolidated financial statements and disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">ASU 2025-03, “Business Combination and Consolidation: Determining
the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“ASU 2025-03”) provides clarifying guidance
on determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability
in financial reporting, especially when companies merge with a special-purpose acquisition company (“SPAC”). ASU 2025-03 requires
entities to apply the same factors used for determining the accounting acquirer in other acquisition transactions. Essentially, it aims
to make financial reporting more comparable and decision-useful for investors by ensuring that the accounting acquirer is appropriately
identified in acquisitions of VIEs, particularly in SPAC transactions. ASU 2024-03 is effective for fiscal years beginning after December
15, 2026, including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the
impact of this ASU on its unaudited condensed consolidated financial statements and disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">ASU 2025-10, “Government Grants (Topic 832): Accounting for Government
Grants Received by Business Entities” (“ASU 2025-10”) establishes authoritative guidance on the recognition, measurement,
presentation, and disclosure of government grants received by business entities. The update aims to reduce diversity in practice and align
US GAAP more closely with international standards by leveraging principles from International Accounting Standard 20 (IAS 20). ASU 2025-10
requires entities to recognize government grants only when it is probable that they will comply with the grant conditions and the grant
will be received. ASU 2025-10 is effective for public business entities for annual reporting periods beginning after December 15, 2028,
including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of
this ASU on its unaudited condensed consolidated financial statements and disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as mentioned above, the Company does not believe other recently
issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s Condensed
consolidated balance sheets, Unaudited consolidated statements of operations and comprehensive loss and consolidated statements of cash
flow</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 3 - Reverse Recapitalization</b></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; text-align: justify; text-indent: 0.25in">As described in Note 1 -
Description of Organization and Business Operations, on January 5, 2026, the Company consummated the Business Combination contemplated
by the Amended Merger Agreement. Pursuant to the Amended Merger Agreement, Merger Sub merged with and into EM LLC, with EM LLC being
the surviving corporation and resulting in EM LLC being a wholly owned subsidiary of WTMA.</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: 0.25in">Although WTMA was the legal
acquirer, for accounting purposes the Business Combination is treated as a reverse recapitalization in accordance with U.S. GAAP, with
EM LLC deemed to be the accounting acquirer and WTMA treated as the acquired company. WTMA did not meet the definition of a business
and had nominal assets, thereby meeting the definition of a public shell company. Accordingly, the accounting treatment is the equivalent
of EM LLC issuing stock for the net assets of WTMA, accompanied by a recapitalization whereby neither goodwill nor intangible assets
are recognized.</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: 0.25in">As a result of the Business
Combination and upon the Closing Date:</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: 0.25in">(a) Each issued and outstanding
common unit and convertible preferred unit of EM LLC outstanding immediately prior to the Merger was automatically cancelled and converted
into the right to receive shares of New EM common stock in accordance with the applicable exchange ratio set forth in the Amended Merger
Agreement. In addition, the assenting shareholders of KCM Industry Co., Ltd. (“KCM”), KMMI Inc. (“KMMI”), NS
World Co., Ltd. (“NS World”), and Handa Lab Co., Ltd. (“Handa Lab” and, together with KCM, KMMI and NS World,
the “Korean Companies”) received shares of New EM common stock in connection with the acquisition of the Korean Companies.</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; text-align: justify; text-indent: 0.25in">(b) In total, 588,473,653
shares of New EM common stock were issued to EM LLC unitholders and the assenting shareholders of the Korean Companies in connection
with the Business Combination, consisting of (i) 475,962,290 shares issued in exchange for EM LLC common units, (ii) 109,436,178 shares
issued in exchange for EM LLC convertible preferred units, and (iii) 3,075,185 shares issued to the assenting shareholders of the Korean
Companies. The remaining 17,391,000 of EM LLC convertible preferred units will convert into 2,898,499 New EM common shares ninety days after
the Closing Date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c) Each WTMA Unit issued
and outstanding as of immediately prior to the Closing Date was, to the extent not detached, automatically detached into the underlying
stock of WTMA, par value $0.0001 per share (“WTMA Common Stock”), and one public right, and public units will no longer trade
as separate securities;</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: 0.25in">(d) Every ten (10) rights
to acquire one-tenth of one share of WTMA Common Stock that were offered and sold by WTMA in its initial public offering and registered
pursuant to the IPO registration statement (the “WTMA Rights”) were canceled and converted into one share of WTMA Common
Stock free and clear of all liens (other than any restrictions on resale or other transfer under applicable securities laws and, in the
case of Welsbach Acquisition Holdings LLC, a Delaware limited liability company (the “Sponsor”), and certain officers and
directors of WTMA (“Sponsor Persons”), the Sponsor Support and Lock-up Agreement) and the holders of such WTMA Rights immediately
prior to the Effective Time ceased to have any rights with respect to such WTMA Rights, except as provided by the terms and conditions
of the Amended Merger Agreement or by law; and</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: 0.25in">(e) WTMA changed its name
to “Evolution Metals & Technologies Corp.,” and each share of WTMA Common Stock outstanding immediately prior to the
Business Combination that was not redeemed remained outstanding as a share of EM&T Common Stock.</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; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The following table presents the share ownership
of EM&T common stock immediately following the Business Combination:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </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="text-align: justify"> </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">Common Shares</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: left">Common stock, outstanding prior to Merger</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,848,313</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Less: redemption of WTMA shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(427,871</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">WTMA Rights</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">772,768</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">New shares issued pursuant to WTMA extensions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,597,784</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Private placement rights and new board member</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">85,205</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left">Total common stock from WTMA</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,876,199</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-size: 10pt">Historical EM LLC Member Units (voting)<sup>(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">395,186,066</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-size: 10pt">Historical EM LLC Member Units (non-voting)<sup>(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,601,409</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-size: 10pt">EM LLC Convertible Preferred Units<sup>(2)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,640,000</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">EM Share Obligations<sup>(3)</sup></span></td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">118,046,178</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total shares of common stock immediately after Closing Date</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">593,349,852</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">The number of EM LLC Member Units was determined from the 100,000 and
900,000 outstanding units prior to the Business Combination, converted to their exchange basis of New EM common stock.</td>
</tr></table>
<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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(2)</sup></td><td style="text-align: justify">For further information, refer to Note 13 - Equity.</td>
</tr></table>
<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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(3)</sup></td><td style="text-align: justify">For further information, refer to Note 10 - Derivative Liabilities
and Note 11 - Fair Value Measurements.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents the net liabilities acquired in the Merger,
reconciling the activity located in the Unaudited condensed consolidated statements of changes in stockholders’ equity and Unaudited condensed consolidated
statements of cash flows.</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 style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</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">January 5, 2026</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: left">Cash, net of redemptions</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Prepaid expenses and other current assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">141</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accounts payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,138</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Short term debt - related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(549</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Convertible promissory notes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,296</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Accrued expenses and other current liabilities</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(187</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net liabilities assumed</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,016</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Settlement of preexisting relationship</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,857</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Reverse recapitalization - net the merger</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,873</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Less: cash proceeds</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Non-cash financing - reverse recapitalization</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(10,886</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the Business Combination, the Company effectively
settled a preexisting relationship with WTMA through its prior note receivable. As of December 31, 2025, $1.2 million was included in
non-trade accounts receivable related to loans made to WTMA. As of the Closing Date, the loan receivable amount was $2.7 million. In connection
with the settlement of the preexisting relationship, the Company recognized a gain of $1.2 million included in other income (expense),
net, due to the difference between the Company’s carrying value of the notes and the settlement amount recorded by WTMA.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Total transaction costs of $9.4 million were incurred in relation to
the Merger through the Closing Date. Due to the fact that no meaningful cash proceeds were obtained through the Merger, the full amount
of previously deferred transaction costs was recognized as expense within selling, general and administrative for the three months ended
March 31, 2026.</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"><i>Lock-up agreements</i></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; text-align: justify; text-indent: 0.25in">In connection with the
Amended Merger Agreement, the Company entered into a Sponsor Support and Lock-Up Agreement with WTMA, the Sponsor and Sponsor
Persons on November 6, 2024 and amended on February 10, 2025 WTMA (collectively, the “Amended Sponsor Support and Lock-Up
Agreement”). Pursuant to the Amended Sponsor Support and Lock-Up Agreement, the Sponsor and Sponsor Persons agreed to, among
other things, vote all of its shares of WTMA common stock (as defined within the Amended Sponsor Support and Lock-Up Agreement) in
favor of the Amended Merger Agreement and the Business Combination. Also pursuant to the Amended Sponsor Support and Lock-Up
Agreement, the Sponsor and Sponsor Persons agreed to certain customary lock-up restrictions on their ability to transfer their WTMA
common stock and the shares of New EM common stock they received at closing of the Business Combination until the third anniversary
of the close of the Business Combination.</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: 0.25in">In connection with the Amended
Merger Agreement, the Company also entered into an EM Equityholder Support and Lock-Up Agreement with WTMA and the sole member of the
Company on November 6, 2024 and amended on February 10, 2025 (collectively and as further supplemented, the “Amended EM Equityholder
Lock-Up Agreement”). Pursuant to the Amended EM Equityholder Lock-Up Agreement, the sole voting member of the Company agreed to
execute and deliver written consents with respect to the Company’s outstanding voting member units to adopt the Amended Merger
Agreement and related transactions, approving the Business Combination. Also pursuant to the Amended EM Equityholder Lock-up Agreement,
the holders of the member units of EM LLC agreed to certain customary lock-up restrictions on their ability to transfer their EM LLC
common units and the shares of New EM common stock they received at closing of the Business Combination until the third anniversary of
the close of the Business Combination.</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: 0.25in">On January 5, 2026, in connection
with the Business Combination, the equity holders of the Four Entities and the Company’s holders of the Company’s member
units entered into lock-up agreements under which they agreed to certain customary lock-up restrictions on their ability to transfer
the shares of New EM common stock they received at closing of the Business Combination until up to the third anniversary of the close
of the Business Combination. Similarly, on January 5, 2026, the Company’s convertible preferred units entered into lock-up agreements
under which they agreed to certain customary lock-up restrictions on their ability to transfer the shares of New EM common stock they
received at closing of the Business Combination until seven calendar days following the close of the Business Combination.</p>
588473653
475962290
109436178
3075185
17391000
2898499
0.0001
1
1
-10
1
1
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The following table presents the share ownership
of EM&T common stock immediately following the Business Combination:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </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="text-align: justify"> </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">Common Shares</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: left">Common stock, outstanding prior to Merger</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,848,313</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Less: redemption of WTMA shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(427,871</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">WTMA Rights</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">772,768</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">New shares issued pursuant to WTMA extensions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,597,784</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Private placement rights and new board member</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">85,205</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left">Total common stock from WTMA</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">4,876,199</td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-size: 10pt">Historical EM LLC Member Units (voting)<sup>(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">395,186,066</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-size: 10pt">Historical EM LLC Member Units (non-voting)<sup>(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,601,409</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-size: 10pt">EM LLC Convertible Preferred Units<sup>(2)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,640,000</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">EM Share Obligations<sup>(3)</sup></span></td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">118,046,178</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total shares of common stock immediately after Closing Date</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">593,349,852</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">The number of EM LLC Member Units was determined from the 100,000 and
900,000 outstanding units prior to the Business Combination, converted to their exchange basis of New EM common stock.</td>
</tr></table>
<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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(2)</sup></td><td style="text-align: justify">For further information, refer to Note 13 - Equity.</td>
</tr></table>
<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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(3)</sup></td><td style="text-align: justify">For further information, refer to Note 10 - Derivative Liabilities
and Note 11 - Fair Value Measurements.</td>
</tr></table>
2848313
-427871
772768
1597784
85205
4876199
395186066
62601409
12640000
118046178
593349852
100000
900000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents the net liabilities acquired in the Merger,
reconciling the activity located in the Unaudited condensed consolidated statements of changes in stockholders’ equity and Unaudited condensed consolidated
statements of cash flows.</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 style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</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">January 5, 2026</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: left">Cash, net of redemptions</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Prepaid expenses and other current assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">141</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Accounts payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(4,138</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Short term debt - related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(549</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Convertible promissory notes</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,296</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Accrued expenses and other current liabilities</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(187</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Net liabilities assumed</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7,016</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Settlement of preexisting relationship</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,857</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Reverse recapitalization - net the merger</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(10,873</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Less: cash proceeds</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Non-cash financing - reverse recapitalization</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(10,886</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
13000
141000
4138000
-549000
2296000
187000
7016000
3857000
10873000
-13000
-10886000
1200
2700
1200
9400000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 4 - Acquisitions</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Acquisition of Korean Operating Companies</i></b></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; text-align: justify; text-indent: 0.25in">Concurrent with the reverse
recapitalization, on January 5, 2026, in exchange for 6,461 non-voting membership units of EM LLC and $48.2 million of purchase consideration
payable to dissenting shareholders, EM LLC acquired 100% of the voting equity interests in four Korean operating companies: Handa Lab
Co., Ltd. (“Handa”), KMMI Inc. (“KMMI”), NS World Co., Ltd. (“NS World” or “NSW”), and
KCM Industry Co., Ltd. (“KCM”) (collectively, the “Operating Companies”). The primary purpose for the acquisitions
is to build a complete and integrated global supply chain focused on midstream processing of critical materials, including precious metals,
battery metals, magnets & rare earth elements, and its related products. Descriptions of the Operating Companies are as follows:</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>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt">-</span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">Handa
specializes in the manufacturing and sale of intelligent monitoring systems, machine vision and laser testing systems, data gathering
systems;</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; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt">-</span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">KMMI
focuses on the production of sintered magnets, using the NdPr alloy;</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; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt">-</span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">NS
World specializes in the production of bonded magnets, using NdPr alloy; 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; width: 100%; border-collapse: collapse; border-spacing: 0px;">
<tr>
<td style="vertical-align: bottom; width: 0.25in"> </td>
<td style="vertical-align: top; width: 0.25in"><span style="font-size: 10pt">-</span></td>
<td style="vertical-align: top; text-align: justify"><span style="font-size: 10pt">KCM
specializes in the manufacturing and sale of neodymium-iron-boron (“NdFeb”) powder for NdFeb permanent magnets.</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-indent: 0.25in">The following table summarizes the total consideration transferred for each acquisition:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </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-style: italic; border-bottom: Black 1.5pt solid"><b><i>in thousands</i></b></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">Handa</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">KMMI</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">NSW</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">KCM</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">Total</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: 40%">Equity</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,026</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,106</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,864</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,068</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">23,064</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 10pt">Purchase consideration payable to dissenting shareholders<sup>(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,798</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27,920</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,499</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,996</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">48,213</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Settlement of preexisting relationship<sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-176">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-177">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">643</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(643</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-178">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total estimated consideration</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,824</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">40,026</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,006</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,421</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">71,277</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </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: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify"><span style="font-size: 10pt">The purchase consideration
payable will be settled in Korean Won (KRW)</span></td>
</tr></table>
<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: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>(2)</sup></span></td><td style="text-align: justify"><span style="font-size: 10pt">Represents the effective settlement
of NSW’s existing accounts payable to KCM and KCM’s existing accounts receivable from NSW in connection with their concurrent
acquisitions by EM LLC, which was determined based on the respective carrying values at the Closing Date.</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">EM LLC issued 6,461 non-voting
membership units of EM LLC to assenting shareholders, which immediately converted into 3,075,185 shares of the Company’s common
stock in connection with the Business Combination, with a total fair value of $23.1 million. The fair value of the equity consideration
was determined based on the closing market price of the Company’s shares of common stock on the date of acquisition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The following table summarizes
the preliminary allocation of the purchase price to the assets acquired and liabilities assumed. The initial accounting for this business
combination is incomplete as the Company is still in the process of finalizing the valuation of certain intangible assets, property, plant,
and equipment, and liabilities assumed. Accordingly, the provisional amounts are subject to change, and any adjustments are expected to
be completed within the one-year measurement period from the acquisition date.</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 style="border-bottom: Black 1.5pt solid; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Handa</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">KMMI</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">NSW</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">KCM</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</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="text-indent: -0.125in; padding-left: 0.125in; width: 40%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">457</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">125</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">701</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">95</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,378</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Non-trade accounts receivable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">930</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1035</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Non-trade accounts receivable - related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-179">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-180">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-181">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-182">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-183">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts receivable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-184">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,527</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-185">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,597</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts receivable - related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-186">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-187">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-188">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-189">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-190">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in">Inventories</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-191">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">918</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">437</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,367</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Prepaid expenses and other current assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-192">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">131</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Property, plant and equipment, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">661</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,654</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,152</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,698</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,165</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Intangible assets, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,540</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">290</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,470</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">450</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,750</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Other noncurrent assets</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">43</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">221</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">51</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">321</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total assets acquired</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,805</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,377</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,859</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,703</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,744</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(54</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(79</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,273</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(168</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,574</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts payable - related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-193">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-194">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(869</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-195">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(869</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Short term debt</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-196">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,121</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(367</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(303</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,791</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Short term debt - related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-197">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-198">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,165</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(573</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,738</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Current portion of long-term debt</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(137</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(398</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(558</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued expenses and other current liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(67</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(80</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,025</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(153</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,325</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Long term debt</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(338</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(525</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(280</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,920</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,063</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Other noncurrent liabilities</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(153</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(135</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(369</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(127</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(784</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total liabilities assumed</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(619</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,956</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,485</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,642</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(12,702</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net assets acquired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,186</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,374</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,042</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in">Goodwill</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,648</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,605</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,632</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,360</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">63,245</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Noncontrolling interest</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-199">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-200">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-201">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">Total purchase price</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,824</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">40,026</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,006</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,421</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">71,277</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">Finite-lived intangible assets
that are being amortized using the straight-line method over their estimated useful lives as of January 5, 2026 consist of the following:</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 style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Handa</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">KMMI</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">NSW</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">KCM</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Useful Life (Years)</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: 28%; text-align: left">Developed technology</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,540</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-202">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">970</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">450</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,960</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">14.7</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Existing customer relationships</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-203">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">290</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">500</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-204">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">790</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12.8</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total intangible assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,540</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">290</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,470</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">450</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,750</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">14.5</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 27pt">Goodwill represents the excess
of consideration transferred over the fair value of identifiable assets acquired and liabilities assumed and is primarily attributable
to strategic synergies, future growth opportunities, the assembled workforce and other intangible assets that do not qualify for separate
recognition.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Valuation Methodologies</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">The fair values of assets
acquired and liabilities assumed were determined in accordance with ASC 820, <i>Fair Value Measurement</i>, using market participant assumptions.
The Company applied a combination of income, market and cost approaches, as appropriate, based on the nature of the respective assets
acquired and liabilities assumed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Inventory was valued using methodologies that considered estimated selling prices, costs to complete,
costs to dispose, holding costs and a reasonable profit allowance, as applicable.</td></tr></table>
<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; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Property, plant and equipment were valued using cost or market approaches, as appropriate.</td></tr></table>
<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; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Identifiable intangible assets consisted primarily of developed technology and customer relationships
and represent Level 3 fair value measurements.</td></tr><tr style="vertical-align: top">
<td> </td><td> </td><td style="text-align: justify"> </td></tr>
</table>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">◦</td><td style="text-align: justify">Developed technology was valued using either a cost approach or an income-based methodology, depending
on the nature and stage of development of the underlying technology.</td></tr><tr style="vertical-align: top">
<td> </td><td> </td><td style="text-align: justify"> </td></tr>
</table>
<table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">◦</td><td style="text-align: justify">Customer relationships were valued using an income approach, specifically the with-and-without method,
which estimates value based on the incremental cash flows attributable to existing customer relationships.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Acquisition-related costs </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">During the three months ended
March 31, 2026, and the three months ended March 31, 2025, the Company incurred $0.0 million and $0.6 million, respectively, in acquisition-related
costs for the Operating Companies. These are recorded in selling, general and administrative.</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"><b><i>Pro forma financial information</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The following unaudited pro
forma financial information presents the combined results of the Company and the Operating Companies as if the acquisitions of the Operating
Companies had occurred on January 1, 2025. This pro forma information is for informational purposes only and is not necessarily indicative
of the results of operations that would have occurred had the acquisitions been completed on that date, nor is it indicative of future
results.</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> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Three Months Ended<br/>
March 31,<br/>
(Unaudited)</b> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: justify">in thousands</td>
<td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</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: justify">Pro Forma Revenue<sup>(1)</sup></td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 9%; text-align: right">1,879</td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 9%; text-align: right">1,592</td>
<td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Pro Forma Net Loss</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(440,313</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(20,322</td>
<td style="text-align: left">)</td></tr>
</table>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">Since the acquisition of
the Operating Companies on January 5, 2026, the unaudited condensed consolidated statement of operations for the three months ended March
31, 2026 includes revenue of $1.9 million and losses of $1.2 million.</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: 27pt">These pro forma combined historical
results were adjusted for: an increase in interest expense for liabilities incurred by the Company for deferred payments to dissenting
shareholders, increased depreciation and amortization expense due to the fair value of fixed assets and intangible assets, and the reclassification
of transaction expenses to the beginning of the respective pro forma period.</p>
6461
48200000
1
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table summarizes the total consideration transferred for each acquisition:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </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-style: italic; border-bottom: Black 1.5pt solid"><b><i>in thousands</i></b></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">Handa</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">KMMI</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">NSW</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">KCM</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">Total</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: 40%">Equity</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,026</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,106</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,864</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,068</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">23,064</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 10pt">Purchase consideration payable to dissenting shareholders<sup>(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,798</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27,920</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,499</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,996</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">48,213</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt"><span style="font-size: 10pt">Settlement of preexisting relationship<sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-176">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-177">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">643</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(643</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-178">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total estimated consideration</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,824</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">40,026</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,006</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,421</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">71,277</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </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: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify"><span style="font-size: 10pt">The purchase consideration
payable will be settled in Korean Won (KRW)</span></td>
</tr></table>
<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: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>(2)</sup></span></td><td style="text-align: justify"><span style="font-size: 10pt">Represents the effective settlement
of NSW’s existing accounts payable to KCM and KCM’s existing accounts receivable from NSW in connection with their concurrent
acquisitions by EM LLC, which was determined based on the respective carrying values at the Closing Date.</span></td>
</tr></table>
2026000
12106000
4864000
4068000
23064000
4798000
27920000
6499000
8996000
48213000
643000
-643000
6824000
40026000
12006000
12421000
71277000
6461
3075185
23100000
Accordingly, the provisional amounts are subject to change, and any adjustments are expected to
be completed within the one-year measurement period from the acquisition date.<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; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Handa</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">KMMI</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">NSW</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">KCM</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</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="text-indent: -0.125in; padding-left: 0.125in; width: 40%; text-align: left">Cash and cash equivalents</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">457</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">125</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">701</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">95</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,378</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Non-trade accounts receivable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">930</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1035</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Non-trade accounts receivable - related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-179">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-180">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-181">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-182">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-183">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts receivable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">70</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-184">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,527</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-185">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,597</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts receivable - related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-186">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-187">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-188">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-189">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-190">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in">Inventories</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-191">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">918</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">437</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,367</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Prepaid expenses and other current assets</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-192">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">131</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Property, plant and equipment, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">661</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,654</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,152</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,698</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,165</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Intangible assets, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,540</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">290</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,470</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">450</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,750</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Other noncurrent assets</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">43</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">221</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">51</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">321</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total assets acquired</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,805</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,377</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,859</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,703</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,744</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts payable</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(54</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(79</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,273</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(168</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,574</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accounts payable - related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-193">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-194">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(869</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-195">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(869</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Short term debt</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-196">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,121</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(367</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(303</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,791</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Short term debt - related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-197">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-198">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,165</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(573</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,738</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Current portion of long-term debt</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(7</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(137</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(398</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(558</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued expenses and other current liabilities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(67</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(80</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,025</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(153</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,325</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Long term debt</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(338</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(525</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(280</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,920</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,063</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Other noncurrent liabilities</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(153</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(135</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(369</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(127</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(784</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total liabilities assumed</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(619</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,956</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6,485</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(3,642</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(12,702</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Net assets acquired</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,186</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">421</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,374</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">61</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">8,042</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -0.125in; padding-left: 0.125in">Goodwill</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,648</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">39,605</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,632</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,360</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">63,245</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Noncontrolling interest</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-199">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-200">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-201">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">Total purchase price</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,824</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">40,026</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,006</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,421</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">71,277</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
457000
125000
701000
95000
1378000
18000
70000
930000
17000
1035000
70000
1527000
1597000
12000
918000
437000
1367000
4000
17000
110000
131000
661000
1654000
3152000
2698000
8165000
4540000
290000
1470000
450000
6750000
43000
221000
51000
6000
321000
5805000
2377000
8859000
3703000
20744000
54000
79000
1273000
168000
1574000
869000
869000
1121000
367000
303000
1791000
2165000
573000
2738000
7000
16000
137000
398000
558000
67000
80000
1025000
153000
1325000
338000
525000
280000
1920000
3063000
153000
135000
369000
127000
784000
619000
1956000
6485000
3642000
12702000
5186000
421000
2374000
61000
8042000
1648000
39605000
9632000
12360000
63245000
10000
10000
6824000
40026000
12006000
12421000
71277000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Finite-lived intangible assets
that are being amortized using the straight-line method over their estimated useful lives as of January 5, 2026 consist of the following:</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 style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Handa</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">KMMI</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">NSW</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">KCM</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Useful Life (Years)</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: 28%; text-align: left">Developed technology</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,540</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-202">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">970</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">450</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,960</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">14.7</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Existing customer relationships</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-203">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">290</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">500</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-204">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">790</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12.8</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total intangible assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,540</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">290</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,470</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">450</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,750</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">14.5</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
4540000
970000
450000
5960000
P14Y8M12D
290000
500000
790000
P12Y9M18D
4540000
290000
1470000
450000
6750000
P14Y6M
0
600000
This pro forma information is for informational purposes only and is not necessarily indicative
of the results of operations that would have occurred had the acquisitions been completed on that date, nor is it indicative of future
results.<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> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Three Months Ended<br/>
March 31,<br/>
(Unaudited)</b> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic; text-align: justify">in thousands</td>
<td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2026</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2025</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: justify">Pro Forma Revenue<sup>(1)</sup></td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 9%; text-align: right">1,879</td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 9%; text-align: right">1,592</td>
<td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Pro Forma Net Loss</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(440,313</td>
<td style="text-align: left">)</td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right">(20,322</td>
<td style="text-align: left">)</td></tr>
</table>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">Since the acquisition of
the Operating Companies on January 5, 2026, the unaudited condensed consolidated statement of operations for the three months ended March
31, 2026 includes revenue of $1.9 million and losses of $1.2 million.</td>
</tr></table>
1879000
1592000
-440313000
-20322000
1900000
1200000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 5 - Non-trade Accounts Receivable and Payable</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Non-trade accounts receivable consisted of the
following as of March 31, 2026 and December 31, 2025:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b><i>in thousands</i></b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/>
2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/>
2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left; text-indent: -6pt; padding-left: 6pt">Short-term loan receivable</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,342</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,653</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Toll processing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">821</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-205">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Other receivables</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">39</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-206">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Non-trade accounts receivable, gross</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,202</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11,653</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Less: Provision for credit losses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,160</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Non-trade accounts receivable, net of provision for credit losses</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,202</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,493</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The change in
short-term loan receivable was primarily due to the effective extinguishment of receivables in connection with the Business
Combination.</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; text-align: justify; text-indent: 0.25in">The remaining amount of gross short-term loan receivable
primarily relates to a fully reserved, $9.0 million note with a former acquisition target, Critical Mineral Recovery, Inc. (“CMR”).
In September 2024, the Company entered into a Transactional Advance Agreement (“CMR Advance Agreement”) with CMR. Under the
CMR Advance Agreement, the Company agreed to advance funds to CMR in connection with the contemplated acquisition. As of December 31,
2025, $9.0 million was outstanding under the CMR Advance Agreement. In light of the termination of the contemplated acquisition, effective
in July 2025, the Company determined a full allowance for credit losses was necessary for the funds advanced under the CMR Advance Agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Non-trade Accounts Payable</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Non-trade accounts payable consisted of the following as of March 31,
2026:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"> <b><i>in thousands</i></b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">Dissenting shareholder appraisal right liabilities</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">46,230</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Toll processing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,632</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Other payables</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">89</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Non-trade accounts payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">47,951</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">There were no non-trade accounts payable as of December 31,
2025, prior to the Business Combination.</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: 0.25in">During the three months ended March 31, 2026, the Company recognized
$0.6 million for interest expense for the purchase consideration payable related to the dissenting shareholder appraisal right liabilities,
recorded in interest (expense) income, net.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Non-trade accounts receivable consisted of the
following as of March 31, 2026 and December 31, 2025:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b><i>in thousands</i></b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/>
2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/>
2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left; text-indent: -6pt; padding-left: 6pt">Short-term loan receivable</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">9,342</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,653</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Toll processing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">821</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-205">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Other receivables</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">39</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-206">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Non-trade accounts receivable, gross</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,202</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">11,653</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Less: Provision for credit losses</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,160</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Non-trade accounts receivable, net of provision for credit losses</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,202</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,493</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
9342000
11653000
821000
39000
10202000
11653000
9000000
10160000
1202000
1493000
9000000
9000000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Non-trade accounts payable consisted of the following as of March 31,
2026:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"> <b><i>in thousands</i></b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">Dissenting shareholder appraisal right liabilities</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">46,230</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Toll processing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,632</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Other payables</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">89</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Non-trade accounts payable</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">47,951</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
46230000
1632000
89000
47951000
600000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 6 - Inventories</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-size: 10pt">As of March 31, 2026</span><span style="font-family: Times New Roman, Times, Serif">,
</span><span style="font-size: 10pt">inventories consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/>
2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">Raw materials</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">150</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Indirect materials</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Inventory in transit</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">159</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Work in process</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">592</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Finished goods</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">517</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Merchandise</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">146</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 6pt">Inventory reserve</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(40</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total inventory, net of provision</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There were <span style="-sec-ix-hidden: hidden-fact-207">no</span> inventories as of December 31,
2025, prior to the Business Combination.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-size: 10pt">As of March 31, 2026</span><span style="font-family: Times New Roman, Times, Serif">,
</span><span style="font-size: 10pt">inventories consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/>
2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">Raw materials</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">150</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Indirect materials</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Inventory in transit</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">159</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Work in process</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">592</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Finished goods</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">517</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Merchandise</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">146</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 6pt">Inventory reserve</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(40</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total inventory, net of provision</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,564</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
150000
40000
159000
592000
517000
146000
40000
1564000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 7 - Property, Plant and Equipment, Net</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Details of property, plant
and equipment, net as of March 31, 2026, consisted of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Useful<br/>
Lives</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/>
2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%">Land</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center"><div style="-sec-ix-hidden: hidden-fact-208">n/a</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,942</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Buildings, structures and related equipment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">20 to 40</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,192</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Machinery and equipment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">5 to 11</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,564</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Vehicles</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">5 to 7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">135</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">5 to 11</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">268</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Construction in progress</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><div style="-sec-ix-hidden: hidden-fact-209">n/a</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">151</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Tools and office equipment</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center">5 to 11</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">305</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Property, plant, and equipment, gross</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,557</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(114</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Property, plant, and equipment, net</td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,443</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Total depreciation for the three months ended
March 31, 2026 was $0.1 million. There was <span style="-sec-ix-hidden: hidden-fact-210">no</span> property, plant and equipment, net at December 31, 2025, prior to the Business Combination.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of March 31, 2026, the details of property,
plant and equipment, net pledged as collateral is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Net<br/> Carrying<br/> Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Pledged<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Creditor</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 53%; text-align: left">Land, buildings, machinery and equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,830</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,206</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 22%; text-align: center">Industrial Bank of Korea</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Land and buildings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">228</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">Hana Bank</td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Details of property, plant
and equipment, net as of March 31, 2026, consisted of the following:</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 style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Useful<br/>
Lives</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,<br/>
2026</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%">Land</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center"><div style="-sec-ix-hidden: hidden-fact-208">n/a</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,942</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Buildings, structures and related equipment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">20 to 40</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,192</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Machinery and equipment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">5 to 11</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,564</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Vehicles</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">5 to 7</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">135</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Furniture and fixtures</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center">5 to 11</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">268</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Construction in progress</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"><div style="-sec-ix-hidden: hidden-fact-209">n/a</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">151</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Tools and office equipment</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center">5 to 11</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">305</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Property, plant, and equipment, gross</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">7,557</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(114</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Property, plant, and equipment, net</td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,443</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
2942000
P20Y
P40Y
2192000
P5Y
P11Y
1564000
P5Y
P7Y
135000
P5Y
P11Y
268000
151000
P5Y
P11Y
305000
7557000
114000
7443000
100000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of March 31, 2026, the details of property,
plant and equipment, net pledged as collateral is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Net<br/> Carrying<br/> Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Pledged<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Creditor</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 53%; text-align: left">Land, buildings, machinery and equipment</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,830</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,206</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 22%; text-align: center">Industrial Bank of Korea</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Land and buildings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">228</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center">Hana Bank</td></tr> </table>
5830000
4206000
Industrial Bank of Korea
417000
228000
Hana Bank
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 8 - Goodwill and Intangible Assets</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The changes in the carrying value of goodwill were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold">Balance as of December 31, 2025</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-211">— </div></td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 88%">Acquisitions</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">63,245</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Foreign currency translation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,184</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">60,061</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There was no accumulated goodwill impairment as of March 31, 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Identifiable intangible assets as of March 31, 2026 and consisted
of the following:</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> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Weighted Average</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amortization Period</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">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Cost:</td><td> </td> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 12pt">Developed technology</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">13 years</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,679</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 12pt">Customer relationships</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">15 years</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">753</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 24pt">Total intangible assets</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,432</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Accumulated amortization:</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 12pt">Developed technology</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(67</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 12pt">Customer relationships</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 24pt">Total accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(82</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt"> </p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Total amortization for the
three months ended March 31, 2026, was $0.1 million. The estimated future amortization expense for the remainder of the current fiscal
year is $0.4 million. Over the next five years, the Company expects to recognize annual amortization of $0.5 million in each year, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">There were <span style="-sec-ix-hidden: hidden-fact-212">no</span> identifiable intangible assets as of December 31,
2025, prior to the Business Combination.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The changes in the carrying value of goodwill were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold">Balance as of December 31, 2025</td><td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right"><div style="-sec-ix-hidden: hidden-fact-211">— </div></td><td style="font-weight: bold; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 88%">Acquisitions</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">63,245</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Foreign currency translation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,184</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; padding-bottom: 2.5pt">Balance as of March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">60,061</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
63245000
3184000
60061000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Identifiable intangible assets as of March 31, 2026 and consisted
of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Weighted Average</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amortization Period</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Cost:</td><td> </td> <td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left; padding-left: 12pt">Developed technology</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center">13 years</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,679</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 12pt">Customer relationships</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">15 years</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">753</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 24pt">Total intangible assets</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,432</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Accumulated amortization:</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 12pt">Developed technology</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(67</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 12pt">Customer relationships</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 24pt">Total accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(82</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total intangible assets, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
P13Y
5679000
P15Y
753000
6432000
67000
15000
82000
6350000
100000
400000
500000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 9 - Debt</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b><i>Convertible Promissory Notes</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the consummation
of the Business Combination, WTMA issued certain convertible promissory notes to the Sponsor to fund amounts required in connection with
extensions of the deadline to consummate its initial business combination. On September 30, 2022 and December 30, 2022, WTMA issued two
promissory notes, each in the principal amount of $0.8 million, to the Sponsor. On March 30, 2023, April 30, 2023, May 30, 2023, June
30, 2023, July 30, 2023 and August 30, 2023, WTMA issued six additional promissory notes to the Sponsor, each in the principal amount
of $0.1 million. Collectively, these promissory notes are referred to as the “Convertible Promissory Notes.”</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: 0.25in">The Convertible Promissory
Notes are non-interest bearing and unsecured. Prior to the Business Combination, the Convertible Promissory Notes were payable upon the
earlier of (i) the consummation of WTMA’s initial business combination, out of the proceeds of the trust account released to WTMA,
or (ii) at the Sponsor’s discretion, conversion, in whole or in part, upon consummation of the initial business combination into
additional private units at a price of $10.00 per unit.</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: 0.25in">In connection with the Business
Combination, the Company assumed the obligations under the Convertible Promissory Notes. The Convertible Promissory Notes were not converted
in connection with the Business Combination and remain outstanding as of March 31, 2026. No principal or interest payments have been made
under the Convertible Promissory Notes.</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: 0.25in">The conversion feature was
analyzed under ASC 470-20, “Debt with Conversion or Other Options”, the note did not include any premium or discounts. The
conversion option did not include elements that would require bifurcation under ASC 815-40, “Derivatives and Hedging.” The
convertible note payable and conversion feature does not meet the requirements for classification under ASC 480 and as a result is not
required to be accounted for as a liability under ASC 480. In this case, the conversion feature embedded within the convertible promissory
note does not require bifurcation and as a result remains embedded within the debt instrument because the convertible promissory note
conversion feature does not meet the definition of a derivative as it fails the net settlement requirement. The embedded conversion feature
does qualify as equity under ASC 815-40 as the exercise contingency is not based on an observable market or index unrelated to the issuer,
the instrument meets the fixed-for-fixed criteria under ASC 815-40-15, meets the requirements for equity classification pursuant to ASC
815-40-25-1 and 25-2 and does not meet the definition of a derivative as it fails the net settlement requirement. Based on this analysis,
the scope exception would apply, and the embedded conversion feature would fail to satisfy the third bifurcation condition within ASC
815-15-25-1.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No principal or interest
payments have been made under the Convertible Promissory Notes. As of March 31, 2026, $2.3 million was outstanding under the Convertible
Promissory Notes and were reported as convertible promissory notes — related party in the accompanying condensed consolidated balance
sheets. There were <span style="-sec-ix-hidden: hidden-fact-247">no</span> Convertible Promissory Notes outstanding as of December 31, 2025.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b><i>Short Term Debt</i></b></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; text-align: justify; text-indent: 0.25in">Details of carrying amounts of short-term debt as
of March 31, 2026 are as follows (in thousands):</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"><b>Related Party</b></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 style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maturity</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">Interest Rate</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">Borrowing Limit</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">March 31, 2026</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">December 31, 2025</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: 52%; padding-left: 2.65pt">June 2026</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4.60</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">300</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">142</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-213">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">May 2026 - June 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">218</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">219</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-214">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.65pt">June 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-215">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">April 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-216">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.65pt">November 2025 - May 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-217">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">December 2025 - June 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-218">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.65pt">January 2026 - July 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-219">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">February 2026 - August 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">234</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-220">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.65pt">March 2026 - September 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">46</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-221">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">September 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">418</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">122</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-222">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.65pt">May 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">165</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-223">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">September 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-224">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">No fixed maturity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">122</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-225">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-226">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt; padding-left: 2.65pt">May 2026 - August 2026</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-227; font-size: 10pt">—%</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">144</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">144</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">484</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,230</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">484</td><td style="padding-bottom: 4pt; text-align: left"> </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"><b>Others</b></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 style="text-align: left"> </td><td> </td>
<td colspan="2"> </td><td> </td><td style="font-weight: bold; font-style: italic"> </td>
<td colspan="6" style="font-weight: bold; font-style: italic; text-align: center">in thousands</td><td style="font-weight: bold; font-style: italic"> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturity</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">Interest Rate</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">Borrowing Limit</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">March 31, 2026</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">December 31, 2025</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="text-align: left; width: 52%; padding-left: 2.65pt">November 1, 2026</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">291</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">256</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-228">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">November 2026 - March 2027</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5.21 - 6.92%</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">581</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">550</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-229">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">November 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">107</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">107</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-230">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">May 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">306</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-231">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">May 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4.89 - 5.36%</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">132</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">132</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-232">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">May 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">165</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">165</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-233">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">August 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">328</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-234">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">August 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">328</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-235">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">April 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">264</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">120</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-236">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">June 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-237">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">March 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-238; font-size: 10pt">—%</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-239">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">October 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">233</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-240">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">September 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">417</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">417</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-241">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 2.65pt">Overdue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-242; font-size: 10pt">—%</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">549</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">549</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-243">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,546</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-245"><div style="-sec-ix-hidden: hidden-fact-244">—</div></div></td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.25in"><b><i>Long Term Debt</i></b></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; text-align: justify; text-indent: 0.25in">Details of carrying amounts of long-term debt as of March 31,
2026 are as follows:</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> </td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold; font-style: italic"> </td>
<td colspan="6" style="font-weight: bold; font-style: italic; text-align: center">in thousands</td><td style="font-weight: bold; font-style: italic"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Description</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest Rate</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">Borrowing Limit</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">March 31, 2026</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: 39%; text-align: left">Facility Loans</td><td style="width: 1%"> </td>
<td style="text-align: center; width: 22%">May 2027 - April 2033</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: center"> </td><td style="width: 11%; text-align: center"><span style="font-size: 10pt">1.19 - 3.61%</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">803</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">601</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Working Capital Loans</td><td> </td>
<td style="text-align: center; padding-left: 2.65pt">February 2027 - May 2029</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"><span style="font-size: 10pt">0.46 - 5.26%</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,709</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,308</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Operating Funds Loan</td><td> </td>
<td style="text-align: center; padding-left: 2.65pt">October 2026 - February 2028</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"><span style="font-size: 10pt">2.87 - 12.00%</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">798</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Individual cash loan</td><td> </td>
<td style="text-align: center">January 2027</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">1.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">558</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">353</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Finance Lease Liabilities</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">142</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 6pt">Total Long Term Debt</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,202</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 12pt">Less: current portion of long-term debt</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,593</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12pt">Long-term debt, net of current portion</td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,609</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company did not have long-term debt as of December 31, 2025.</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; text-align: justify; text-indent: 0.25in">Future principal payments for long-term debt as of March 31,
2026 are as follows:</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 style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Long Term Debt</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: left">Less than 1 year</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,649</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Between 1 - 2 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">947</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Between 2 - 5 years</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Over 5 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">286</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Less imputed interest</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(16</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total Long Term Debt</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
800000
800000
100000
100000
100000
100000
100000
100000
10
2300000
<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; text-align: center; border-bottom: Black 1.5pt solid">Maturity</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">Interest Rate</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">Borrowing Limit</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">March 31, 2026</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">December 31, 2025</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: 52%; padding-left: 2.65pt">June 2026</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4.60</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">300</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">142</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-213">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">May 2026 - June 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">218</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">219</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-214">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.65pt">June 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-215">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">April 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">149</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-216">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.65pt">November 2025 - May 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-217">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">December 2025 - June 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-218">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.65pt">January 2026 - July 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-219">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">February 2026 - August 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">234</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">110</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-220">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.65pt">March 2026 - September 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">46</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">45</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-221">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">September 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">418</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">122</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-222">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.65pt">May 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">165</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-223">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.65pt">September 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4.60</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-224">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">No fixed maturity</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">122</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-225">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-226">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt; padding-left: 2.65pt">May 2026 - August 2026</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-227; font-size: 10pt">—%</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">144</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">144</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">484</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,230</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">484</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
</table><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="text-align: left"> </td><td> </td>
<td colspan="2"> </td><td> </td><td style="font-weight: bold; font-style: italic"> </td>
<td colspan="6" style="font-weight: bold; font-style: italic; text-align: center">in thousands</td><td style="font-weight: bold; font-style: italic"> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturity</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">Interest Rate</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">Borrowing Limit</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">March 31, 2026</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">December 31, 2025</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="text-align: left; width: 52%; padding-left: 2.65pt">November 1, 2026</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">6</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">291</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">256</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-228">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">November 2026 - March 2027</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">5.21 - 6.92%</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">581</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">550</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-229">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">November 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">107</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">107</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-230">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">May 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">306</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-231">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">May 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="font-size: 10pt">4.89 - 5.36%</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">132</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">132</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-232">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">May 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">165</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">165</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-233">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">August 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">328</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-234">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">August 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">330</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">328</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-235">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">April 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">264</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">120</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-236">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">June 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-237">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">March 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-238; font-size: 10pt">—%</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">14</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-239">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">October 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">233</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-240">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">September 1, 2026</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">417</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">417</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-241">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 2.65pt">Overdue</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-242; font-size: 10pt">—%</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">549</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">549</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-243">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,546</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-245"><div style="-sec-ix-hidden: hidden-fact-244">—</div></div></td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
</table>
0.046
300000
142000
0.06
218000
219000
0.06
62000
0.046
149000
149000
0.06
133000
133000
0.06
133000
133000
0.046
33000
33000
0.046
234000
110000
0.046
46000
45000
0.046
418000
122000
0.06
165000
0.046
119000
0
122000
144000
144000
484000
1230000
484000
0.06
291000
256000
0.0521
0.0692
581000
550000
0.05
107000
107000
0.06
330000
306000
0.0489
0.0536
132000
132000
0.06
165000
165000
0.06
330000
328000
0.05
330000
328000
0.05
264000
120000
0.05
40000
41000
14000
14000
0.10
0
233000
0.05
417000
417000
549000
549000
3546000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Details of carrying amounts of long-term debt as of March 31,
2026 are as follows:</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> </td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td colspan="2" style="text-align: center"> </td><td> </td><td style="font-weight: bold; font-style: italic"> </td>
<td colspan="6" style="font-weight: bold; font-style: italic; text-align: center">in thousands</td><td style="font-weight: bold; font-style: italic"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Description</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maturity</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Interest Rate</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">Borrowing Limit</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">March 31, 2026</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: 39%; text-align: left">Facility Loans</td><td style="width: 1%"> </td>
<td style="text-align: center; width: 22%">May 2027 - April 2033</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: center"> </td><td style="width: 11%; text-align: center"><span style="font-size: 10pt">1.19 - 3.61%</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">803</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">601</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Working Capital Loans</td><td> </td>
<td style="text-align: center; padding-left: 2.65pt">February 2027 - May 2029</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"><span style="font-size: 10pt">0.46 - 5.26%</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,709</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,308</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Operating Funds Loan</td><td> </td>
<td style="text-align: center; padding-left: 2.65pt">October 2026 - February 2028</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"><span style="font-size: 10pt">2.87 - 12.00%</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-246">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">798</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Individual cash loan</td><td> </td>
<td style="text-align: center">January 2027</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center">1.00</td><td style="text-align: left">%</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">558</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">353</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Finance Lease Liabilities</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">142</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 6pt">Total Long Term Debt</td><td> </td>
<td style="text-align: center"> </td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,202</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 12pt">Less: current portion of long-term debt</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,593</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12pt">Long-term debt, net of current portion</td><td style="padding-bottom: 2.5pt"> </td>
<td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,609</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
2027
2033
0.0119
0.0361
803000
601000
2027
2029
0.0046
0.0526
2709000
2308000
2026
2028
0.0287
0.12
798000
2027
0.01
558000
353000
142000
4202000
-1593000
2609000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Future principal payments for long-term debt as of March 31,
2026 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Long Term Debt</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">Less than 1 year</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,649</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Between 1 - 2 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">947</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Between 2 - 5 years</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Over 5 years</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">286</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Less imputed interest</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(16</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Total Long Term Debt</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,217</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
1649000
947000
1000
286000
16000
4217000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 10 - Derivative Liabilities</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>July Investment Agreement Derivative</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The single, compound embedded derivative relating
to the financial instruments provided pursuant to the July 2024 investment agreement with a prior holder of the Company’s convertible
preferred units (the “July Investment Agreement Derivative”) was remeasured at fair value on a recurring basis until the
Business Combination. As of December 31, 2025, the fair value was $379.2 million.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As of the Closing Date, the
uncertainty was removed regarding the variable number of common shares to be issued and the $25.0 million cash obligation. Therefore,
the Company concluded that the July Investment Agreement Derivative should no longer be accounted for as a derivative. As of March 31,
2026, the amount recognized for the July Investment Agreement Derivative was $0 in the Condensed consolidated balance sheets; however,
the $25.0 million cash obligation was recorded to accrued expenses and other current liabilities. Refer to Note 11 - Fair Value Measurements
for further information regarding the rollforward of activity recognized in the period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Convertible Preferred Unit Issuance</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain convertible preferred
unit issuances (see Note 13 - Equity) provided investors with additional share allocation issuance equal to a pro rata percentage of
1.0% of the Company’s fully diluted ownership in New EM at closing of the Business Combination equal to the percentage of the investor’s
investment into the Company’s convertible preferred units the investors purchase divided by either (a) $2.0 million or (ii) $4.0
million, as determined by the terms of each investor’s convertible preferred unit agreement.</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: 0.25in">The additional share allocation issuances were
collectively referred to as the “CPU Share Allocation Obligations” (and together with the July Investment Agreement Derivative,
the “EM Share Obligations”) and calculated on one of the above methods based on the terms of the investor’s specific
convertible preferred unit agreement. The additional share allocation was provided to certain investors as an incentive to make additional
future investments into the Company’s convertible preferred units. The CPU Share Allocation Obligations were remeasured at fair
value on a recurring basis until the Business Combination. As of December 31, 2025, the fair value was $292.7 million.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">As of the Closing Date, the
uncertainty was removed regarding the variable number of common shares to be issued. Therefore, the Company concluded that the CPU Share
Allocation Obligations should no longer be accounted for as a derivative and was reclassified to equity. As of March 31, 2026, the
amount recognized for the CPU Share Allocation Obligations was $0 in the Condensed consolidated balance sheets. Refer to Note 11 - Fair
Value Measurements for further information regarding the rollforward of activity recognized in the period.</p>
379200000
25000000
0
25000000
0.01
2000000
4000000
292700000
0
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 11 - Fair Value Measurements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents
assets and liabilities measured at fair value by classification within the fair value hierarchy:</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"> <b><i>in thousands</i></b></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">Level I</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">Level II</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">Level III</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td>Assets:</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left; text-indent: -9pt; padding-left: 15.6pt">Money Market Funds</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,750</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-248">— </div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-249">— </div></td><td style="width: 1%; text-align: left"> </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"></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> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"> <b><i>in thousands</i></b></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">Level I</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">Level II</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">Level III</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td>Assets:</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left; text-indent: -9pt; padding-left: 15.6pt">Money Market Funds</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,671</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-250">— </div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-251">— </div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -6.6pt; padding-left: 6.6pt">Liabilities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -9pt; padding-left: 15.6pt">July Investment Agreement Derivative</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-253">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">379,205</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -9pt; padding-left: 15.6pt">CPU Share Allocation Obligation</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-254">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-255">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">292,680</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The availability of observable
inputs can vary depending on the financial asset and is affected by a wide variety of factors, including, for example, the type of instrument,
whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and
current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the
market, the determination of fair value requires additional judgment. Accordingly, the degree of judgment exercised by the Company in
determining fair value is greatest for instruments categorized as Level III. The variability and availability of the observable inputs
affected by the factors described above may cause transfers between Levels I, II, and III, as discussed further below.</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: 0.25in">Transfers to and from Level
I, II and III are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. During
the three months ended March 31, 2026, certain amounts from the July Investment Agreement Derivative and the CPU Share Allocation Obligation
were reclassified out of Level III on the Closing Date.</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"><b><i>Reconciliation of Fair Value Measurements
Categorized within Level III</i></b></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: 0.25in">The following table provides
a reconciliation of the beginning and ending balance associated with the liabilities measured at Level III fair value using significant
unobservable inputs for the three months ended March 31, 2026: </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 style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">July Investment Agreement Derivative</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">CPU Share Allocation Obligation</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%">Balance, December 31, 2025</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">379,205</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">292,680</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Change in fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">234,739</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">190,488</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Settlements (equity-based)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(588,944</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(296,402</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Reclassification out of Level III</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(186,766</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Balance, March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-256">—</div></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-257">—</div></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In settlement of certain obligations to issue
shares under the July Investment Agreement and the CPU Share Allocation Obligation, during the three months ended March 31, 2026, the
Company issued 78,525,847 common shares and 39,520,335 common shares, respectively. The settlements were valued using the Company’s
closing share price as of the Closing Date.</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; text-align: justify; text-indent: 0.25in">Additionally, during the three months ended March
31, 2026, $25.0 million of the July Investment Agreement Derivative payable to the Anchor Investor was reclassified out of Level III
as a result of the completion of the Business Combination, removing the uncertainty related to the liability. As of March 31, 2026,
$25.0 million is included in accrued expenses and other current liabilities.</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; text-align: justify; text-indent: 0.25in">Separately, $186.8 million related to the CPU
Share Allocation Obligation was reclassified out of Level III and recognized as equity-classified CPU share allocation. This reclassification
was due to the number of shares issuable under the CPU Share Allocation Obligation becoming fixed upon the Closing Date, and was valued
using the Company’s closing share price as of the Closing Date. For further information, refer to Note 13 - Equity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Money Market Funds</i></b></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: 0.25in">Money market funds are investments
with maturities within three months of their purchase dates held at banks, that approximate fair value based on Level I measurements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Derivative Liabilities</i></b></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: 0.25in">Prior to December 31,
2025, the Company utilized scenario-based valuation models to value the July Investment Agreement Derivative and the CPU Share Allocation
Obligations (collectively, the “Derivative Liabilities”) at issuance and each subsequent reporting period. A key estimate
used in the valuations of the July investment agreement derivative is an enterprise valuation of New EM, which included the acquisition
of the Four Entities which uses a sum-of-the-parts valuation model that combined the arm’s length purchase prices of the Four Entities
pursuant to acquisition agreements signed with the Company on February 10, 2025, and the invested capital of the Company for each measurement
date.</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: 0.25in">As of December 31,
2025, the Company updated its valuation methodology to reflect the advanced stage of the Business Combination and the availability of
observable market-based inputs. At that date, substantially all substantive closing conditions had been satisfied, and the only remaining
item was final Nasdaq listing approval, which was subsequently obtained on January 2, 2026, with the Business Combination closing on
January 5, 2026. Given the proximity to closing and the presence of a publicly traded instrument directly linked to the post-closing
equity structure, management determined that a market-based valuation approach more faithfully reflected fair value as of December 31,
2025.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accordingly, for the December
31, 2025 measurement, the Company first determined the implied equity value of EM&T on a pro forma fully diluted basis at closing.
The Company then applied a market-based adjustment derived from the trading price of WTMA Rights, which were publicly traded securities
that converted into WTMA common shares at a fixed ratio upon consummation of the Business Combination. The implied ratio between the
aggregate conversion value of the Rights and the trading price of WTMA common shares reflected the market’s assessment of both
(i) the probability of closing and (ii) expected post-closing share price performance. The final market-based adjustment incorporated
the observable Rights pricing, which inherently reflected both closing risk and market expectations regarding post-closing performance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result, the December
31, 2025 valuation of the Derivative Liabilities was based on the implied EM&T equity value at closing, adjusted by the market-derived
factor from WTMA Rights pricing, rather than solely on the prior sum-of-the-parts enterprise valuation framework.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span style="text-decoration:underline">July Investment Agreement Derivative:</span></i></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: 0.25in">The Company utilized the
following assumptions to value the July Investment Agreement Derivative:</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> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2025</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="white-space: nowrap; text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Expected Business Combination date</td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">January 5, 2026</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 89%; text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Term (years)</td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center">0.01</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Risk free rate</td> <td style="text-align: left"> </td><td style="text-align: center">3.7%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">CCC credit rating</td> <td style="text-align: left"> </td><td style="text-align: center">15.7%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -7.6pt; padding-left: 7.6pt">Present value factor</td> <td style="text-align: left"> </td><td style="text-align: center">1.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Probability of Business Combination close</td> <td style="text-align: left"> </td><td style="text-align: center">90.0%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -7.6pt; padding-left: 7.6pt"><span style="font-size: 10pt">Market adjustment<sup>(1)</sup></span></td> <td style="text-align: left"> </td><td style="text-align: center">45.5%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Expected Company fully diluted ownership of New EM</td> <td style="text-align: left"> </td><td style="text-align: center">96.5%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Additional share allocation percentage</td> <td style="text-align: left"> </td><td style="text-align: center">10.0%</td><td style="text-align: left"> </td></tr>
</table>
<p style="margin: 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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">Market adjustment inherently considers probability of Business
Combination close and post Business Combination close price movements to the New EM common share price per share.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">CPU Share Allocation Obligations:</span></i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The CPU Share Allocation
Obligations were contingent on the closing of the Business Combination and certain convertible preferred unit holders entering into additional
convertible preferred unit agreements in increments of $2.0 million or $4.0 million, as defined in an investor’s specific convertible
preferred unit agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company utilized the
following assumptions to value the CPU Share Allocation Obligations as of the balance sheet dates:</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 style="width: 83%"> </td>
<td style="width: 1%"> </td>
<td style="border-bottom: black 1.5pt solid; width: 15%; text-align: center"><span style="font-size: 10pt"><b>December 31, <br/>
2025</b></span></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">Expected Business Combination
date</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">January 5, 2026</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><span style="font-size: 10pt">Term (years)</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">0.01</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">Risk free rate</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">3.7%</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><span style="font-size: 10pt">Present value factor</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">1.00</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">Probability of Business Combination
close</span></td>
<td> </td>
<td style="text-align: center"><span style="-sec-ix-hidden: hidden-fact-258; font-size: 10pt">NA</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><span style="font-size: 10pt">Market adjustment<sup>(1)</sup></span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">45.5%</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">Expected Company fully diluted
ownership of New EM</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">96.5%</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><span style="font-size: 10pt">Additional share allocation percentages</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">11.28%</span></td>
<td> </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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify"><span style="font-size: 10pt">Market adjustment inherently considers
probability of Business Combination close and post Business Combination close price movements to the New EM common share price per share.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents
assets and liabilities measured at fair value by classification within the fair value hierarchy:</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"> <b><i>in thousands</i></b></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">Level I</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">Level II</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">Level III</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td>Assets:</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left; text-indent: -9pt; padding-left: 15.6pt">Money Market Funds</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,750</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-248">— </div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-249">— </div></td><td style="width: 1%; text-align: left"> </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"></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> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"> <b><i>in thousands</i></b></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">Level I</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">Level II</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">Level III</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td>Assets:</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left; text-indent: -9pt; padding-left: 15.6pt">Money Market Funds</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,671</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-250">— </div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-251">— </div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-indent: -6.6pt; padding-left: 6.6pt">Liabilities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -9pt; padding-left: 15.6pt">July Investment Agreement Derivative</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-252">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-253">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">379,205</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; text-indent: -9pt; padding-left: 15.6pt">CPU Share Allocation Obligation</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-254">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-255">— </div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">292,680</td><td style="text-align: left"> </td></tr>
</table>
4750000
11671000
379205000
292680000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table provides
a reconciliation of the beginning and ending balance associated with the liabilities measured at Level III fair value using significant
unobservable inputs for the three months ended March 31, 2026: </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">July Investment Agreement Derivative</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">CPU Share Allocation Obligation</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%">Balance, December 31, 2025</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">379,205</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">292,680</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Change in fair value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">234,739</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">190,488</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Settlements (equity-based)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(588,944</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(296,402</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Reclassification out of Level III</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(186,766</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Balance, March 31, 2026</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-256">—</div></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-257">—</div></td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
379205000
292680000
234739000
190488000
588944000
296402000
25000000
186766000
78525847
39520335
25000000
25000000
186800000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company utilized the
following assumptions to value the July Investment Agreement Derivative:</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> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<br/> 2025</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="white-space: nowrap; text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Expected Business Combination date</td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: center"><span style="font-size: 10pt">January 5, 2026</span></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 89%; text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Term (years)</td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center">0.01</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Risk free rate</td> <td style="text-align: left"> </td><td style="text-align: center">3.7%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">CCC credit rating</td> <td style="text-align: left"> </td><td style="text-align: center">15.7%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -7.6pt; padding-left: 7.6pt">Present value factor</td> <td style="text-align: left"> </td><td style="text-align: center">1.00</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Probability of Business Combination close</td> <td style="text-align: left"> </td><td style="text-align: center">90.0%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -7.6pt; padding-left: 7.6pt"><span style="font-size: 10pt">Market adjustment<sup>(1)</sup></span></td> <td style="text-align: left"> </td><td style="text-align: center">45.5%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Expected Company fully diluted ownership of New EM</td> <td style="text-align: left"> </td><td style="text-align: center">96.5%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -7.6pt; padding-left: 7.6pt">Additional share allocation percentage</td> <td style="text-align: left"> </td><td style="text-align: center">10.0%</td><td style="text-align: left"> </td></tr>
</table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company utilized the
following assumptions to value the CPU Share Allocation Obligations as of the balance sheet dates:</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 style="width: 83%"> </td>
<td style="width: 1%"> </td>
<td style="border-bottom: black 1.5pt solid; width: 15%; text-align: center"><span style="font-size: 10pt"><b>December 31, <br/>
2025</b></span></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">Expected Business Combination
date</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">January 5, 2026</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><span style="font-size: 10pt">Term (years)</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">0.01</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">Risk free rate</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">3.7%</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><span style="font-size: 10pt">Present value factor</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">1.00</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">Probability of Business Combination
close</span></td>
<td> </td>
<td style="text-align: center"><span style="-sec-ix-hidden: hidden-fact-258; font-size: 10pt">NA</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><span style="font-size: 10pt">Market adjustment<sup>(1)</sup></span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">45.5%</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><span style="font-size: 10pt">Expected Company fully diluted
ownership of New EM</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">96.5%</span></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><span style="font-size: 10pt">Additional share allocation percentages</span></td>
<td> </td>
<td style="text-align: center"><span style="font-size: 10pt">11.28%</span></td>
<td> </td></tr>
</table>
2026-01-05
0.01
3.7
15.7
1
90
45.5
96.5
10
2000000
4000000
0.01
3.7
1
45.5
96.5
11.28
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 12 - Income Tax</b></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; text-align: justify; text-indent: 0.25in">Income taxes are accounted
for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable
to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and
operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes
the effect of income tax positions only if those positions are more likely than not of being sustained on examination by the taxing authorities.
Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition
or measurement are reflected in the period in which the change in judgment occurs.</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: 0.25in">The Company records interest
and penalties related to unrecognized tax benefits in the income tax provision.</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: 0.25in">The effective tax rate for
the three months ended March 31, 2026, was 0%. The difference between the effective tax rate and the statutory tax rate of 21% for the
three months ended March 31, 2026, is primarily due to the impact of the valuation allowance.</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: 0.25in">For the three months ended
March 31, 2026, there was no tax expense recognized by the Company.</p>
The Company recognizes
the effect of income tax positions only if those positions are more likely than not of being sustained on examination by the taxing authorities.
Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized.
0
0.21
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 13 - Equity</b></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: 0.25in">As of March 31, 2026,
the Company had authorized and issued 593,349,852 common shares. Common stock entitles the holder to one vote on all matters submitted
to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s
board of directors. As of March 31, 2026, no common stock dividends have been declared.</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; text-align: justify; text-indent: 0.25in">Additionally, as of March 31,
2026, the Company had recognized $13.9 million of noncontrolling interest. This relates to the 17,391,000 of EM LLC convertible preferred
units that did not convert to New EM common shares as of the Closing Date and were still outstanding as of March 31, 2026. See the
discussion below under Convertible Preferred Units for further information regarding these units. The CPU’s recognized in noncontrolling
interest will automatically convert to 2,898,499 shares of common stock ninety days after the Closing Date. The noncontrolling interests
were not entitled to earnings or losses of the Company during the three months ended March 31, 2026, nor entitled to dividends.</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: 0.25in">Upon the consummation of
the Business Combination, the Company recognized $186.8 million for equity-classified CPU share allocation, as discussed in Note 11 -
Fair Value Measurements. This equity amount represents the Company’s future obligation to issue 24,902,106 shares of common stock
ninety days after the Closing Date.</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: 0.25in">As of December 31, 2025, prior to the Business
Combination, the Company’s equity structure included participating member units, member non-voting units, and convertible preferred
units. The pertinent issuances, rights and privileges of the prior units are discussed below.</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; text-align: justify; text-indent: 27pt">Due to the treatment of the
Business Combination as a reverse recapitalization (see Note 3 - Reverse Recapitalization), the member units have been retrospectively
restated as common shares in the Unaudited condensed consolidated statements of changes in stockholders’ equity. The convertible preferred units have
not been retrospectively restated, however, due to the fact these units were non-participating prior to the Business Combination, and
upon the Closing Date, the convertible preferred units converted to common shares. Therefore, due to the difference in presentation, the
convertible preferred units are presented separately from the remaining equity structure, separated by the blackline on the Unaudited condensed consolidated statements of changes in stockholders’ equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Member Units: </i></b>On
May 15, 2025, the Company amended its operating agreement to create a non-voting member unit class. Subject to approval, the Company
could issue an unlimited number of non-voting member units and any voting member units can be converted into non-voting member units.
As of December 31, 2025, there were 100,000 voting member units and 900,000 non-voting member units issued and outstanding. For
further information regarding the retrospective restatement of member units as common shares, refer to Note 3 - Reverse Recapitalization.</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: 0.25in">The voting and non-voting
member units had identical rights and preferences with the exception of voting rights.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Convertible Preferred
Units: </i></b>Since its inception on February 8, 2024, EM LLC authorized and issued convertible preferred units. The convertible preferred
units were accounted for as permanent equity. Certain issuances of convertible preferred units provide the investor an additional share
allocation issuance (see Note 10 - Derivative Liabilities). As of December 31, 2025, 59,671,021 convertible preferred units were
outstanding. Upon the consummation of the Business Combination, 42,280,021 convertible preferred units converted into 12,640,008 shares
of common stock.</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: 0.25in">The rights, preferences,
privileges and restrictions for the convertible preferred units are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Dividends: </i>No dividends for the first
36 months after issuance. Thereafter, non-cumulative, simple dividend of 5% per annum accrues on the principal amount, payable annually.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Liquidation preference:
</i><span style="-sec-ix-hidden: hidden-fact-259">None</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Conversion: </i>Convertible
preferred units issued through March 31, 2025 were convertible into New EM common shares at the option of the holder, according to a
conversion ratio set forth in the holder’s convertible preferred unit agreement. Convertible preferred units issued between April
1, 2025 and December 31, 2025 will be automatically converted into shares of New EM common shares ninety days after the Closing Date.</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: 0.25in">The Conversion ratio for
convertible preferred units issued as of December 31, 2025 was as follows:</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 style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Convertible<br/> Preferred<br/> Units</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Conversion<br/> Ratio</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">New EM<br/> common<br/> shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">March 2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,100,003</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1:1</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,100,003</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>April 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">864,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">864,655</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>May 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,265,347</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,265,347</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>June 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>July 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,500,016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,900,003</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>August 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>October 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,140,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>November 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>December 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">740,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>January 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>February 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">540,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>March 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,850,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">370,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>March 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,550,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">6:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,758,333</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>October 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">620,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">6:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,333</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">December 2025</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">221,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">6:1</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">36,833</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">59,671,021</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">15,538,507</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Redemption: </i>The convertible
preferred units are not redeemable at the option of the holder, on either a contingent or non-contingent basis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Voting: </i>The convertible
preferred units are non-voting.</p>
593349852
one
13900000
17391000
2898499
186.8
24902106
100000
900000
59671021
42280021
12640008
0.05
P90D
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Conversion ratio for
convertible preferred units issued as of December 31, 2025 was as follows:</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 style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Convertible<br/> Preferred<br/> Units</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Conversion<br/> Ratio</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">New EM<br/> common<br/> shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">March 2024</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,100,003</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1:1</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,100,003</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>April 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">864,655</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">864,655</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>May 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,265,347</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,265,347</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>June 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>July 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,500,016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,900,003</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>August 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>October 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,140,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>November 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>December 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">740,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>January 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>February 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,700,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">540,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>March 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,850,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">5:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">370,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>March 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">1:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>September 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,550,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">6:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,758,333</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>October 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">620,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">6:1</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">103,333</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">December 2025</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">221,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">6:1</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">36,833</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">59,671,021</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">15,538,507</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
1100003
1:1
1100003
864655
1:1
864655
1265347
1:1
1265347
2500000
5:1
500000
19500016
5:1
3900003
100000
5:1
20000
5700000
5:1
1140000
500000
5:1
100000
3700000
5:1
740000
500000
5:1
100000
2700000
5:1
540000
1850000
5:1
370000
2000000
1:1
2000000
16550000
6:1
2758333
620000
6:1
103333
221000
6:1
36833
59671021
15538507
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 14 - Revenue</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company derives revenue
by product and merchandise sales of components for automotive and home appliance magnets. The Company did not have revenue for the three
months ended March 31, 2025. For the three months ended March 31, 2026, all revenue recognized was product sales at a point in time and
generated in the Republic of Korea. The destination of revenue for three months ended March 31, 2025 was as follows:</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 style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/>
March 31,<br/>
2026</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: left">Korean domestic sales</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,799</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Export sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">80</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,879</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For three months ended March
31, 2026, all export sales were to China.</p>
The destination of revenue for three months ended March 31, 2025 was as follows:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/>
March 31,<br/>
2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 88%; text-align: left">Korean domestic sales</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,799</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1.5pt">Export sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">80</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Total revenue</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,879</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
1799000
80000
1879000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 15 - Segments</b></p>
<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: 0.25in">The Company operates in a <span style="-sec-ix-hidden: hidden-fact-264"><span style="-sec-ix-hidden: hidden-fact-265">single</span></span> reportable operating segment. Because
the Company operates in a single segment and the CODM uses the consolidated net loss and the total assets as the primary measures, no
reconciliation is required between segment measures and the unaudited condensed consolidated financial statement amounts.</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: 0.25in">Performance is reviewed on a consolidated basis and the measure of
segment assets is reported on the Condensed consolidated balance sheets as total assets and segment assets are consistent with total assets
presented on the face of the accompanying Condensed consolidated balance sheets.</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: 0.25in">The CODM assesses performance for the single segment and decides how
to allocate resources based on the Company’s net loss, which is reported on the Unaudited condensed consolidated statements of operations.
Net loss is used to monitor budget versus actual results. The categories of net loss, as reported on the Unaudited condensed consolidated
statements of operations, are the significant segment expenses provided to the CODM on a regular basis. The following table sets forth
information about the Company’s single reportable segment and the expenses reviewed by the CODM, including a reconciliation to the
consolidated net loss:</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="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </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">For the Three Months Ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</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">2026</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">2025</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%">Revenues</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,879</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-260">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt">Cost of sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,434</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-261">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Gross profit</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">445</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-262">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12pt">Segment selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(539</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-263">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12pt">Segment salaries and bonuses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(431</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12pt"><span style="font-size: 10pt">Corporate selling, general and administrative <sup>(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(15,129</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,802</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt"><span style="font-size: 10pt">Other segment items <sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(424,659</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,194</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Net loss</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(440,314</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(17,996</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">Corporate selling, general and administrative costs primarily
consist of unallocated corporate costs, such as costs incurred as part of the Business Combination.</td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(2)</sup></td><td style="text-align: justify">Other segment items primarily consists of change in fair value
of financial instruments, interest (expense) income, net, and other income (expense), net.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Entity-wide information</i></b></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: 0.25in">As of March 31, 2026,
the Company’s property, plant, and equipment of $7.4 million is domiciled entirely in the Republic of Korea. As of December 31,
2025, the Company did <span style="-sec-ix-hidden: hidden-fact-266">not</span> own any property, plant, and equipment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Refer to Note 14 - Revenue
for geographic information regarding the Company’s revenues.</p>
The following table sets forth
information about the Company’s single reportable segment and the expenses reviewed by the CODM, including a reconciliation to the
consolidated net loss:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Three Months Ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%">Revenues</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,879</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-260">—</div></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt">Cost of sales</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,434</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-261">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt">Gross profit</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">445</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-262">—</div></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12pt">Segment selling, general and administrative</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(539</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-263">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 12pt">Segment salaries and bonuses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(431</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 12pt"><span style="font-size: 10pt">Corporate selling, general and administrative <sup>(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(15,129</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,802</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt"><span style="font-size: 10pt">Other segment items <sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(424,659</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,194</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Net loss</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(440,314</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(17,996</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">Corporate selling, general and administrative costs primarily
consist of unallocated corporate costs, such as costs incurred as part of the Business Combination.</td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 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: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(2)</sup></td><td style="text-align: justify">Other segment items primarily consists of change in fair value
of financial instruments, interest (expense) income, net, and other income (expense), net.</td>
</tr></table>
1879000
1434000
445000
-539000
-431000
-15129000
-2802000
-424659000
-15194000
-440314000
-17996000
7400000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 16 - Loss Per Share</b></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; text-align: justify; text-indent: 0.25in">The Company computes loss
per share in accordance with ASC 260-10-45 “Earnings per Share,” which requires presentation of both basic and diluted loss
per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common stockholders
by the weighted average number of outstanding shares of common stock during the period. The EM LLC convertible preferred units did not
participate in the earning (or losses) of the Company. Further, the conversion of the convertible preferred units prior to the Business
Combination was contingent on the execution of the event, and therefore the potential common shares were not included in the calculation
of outstanding shares prior to conversion.</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: 0.25in">The EM Share Obligations
(see Note 10 - Derivative Liabilities) prior to the Closing Date were contingently issuable common shares; however, the contingency was
subject to the execution of the Business Combination. Therefore, prior to the Closing Date, the EM Share Obligations were not included
in the calculation of outstanding shares of common stock.</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: 0.25in">Upon the Closing Date, certain
EM Share Obligations converted into the Company’s common stock (see Note 3 - Reverse Recapitalization) and are included in outstanding
shares thereafter. Other instruments included in outstanding shares after the Closing Date are the 24,902,106 contingently issuable shares
of common stock recorded in equity-classified CPU share allocation and 2,898,499 contingently issuable shares of common stock related
to noncontrolling interest (see Note 13 - Equity). These instruments are only contingent upon the passage of time, beginning on the Closing
Date.</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: 0.25in">Diluted loss per share gives
effect to all dilutive potential shares of common stock outstanding during the period. Dilutive loss per share excludes all potential
shares of common stock if their effect is anti-dilutive. For the three months ended March 31, 2026 and three months ended March 31, 2025,
there were no additional potential shares of common stock to consider within diluted loss per share, as the contingencies discussed above
in basic loss per share also preclude consideration of these instruments in diluted loss per share. Therefore, basic and diluted loss
per share are equivalent for the periods presented.</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: 0.25in">The basic and diluted net
loss per share are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </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> </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">Three Months Ended<br/>
March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; font-style: italic; text-align: justify; border-bottom: Black 1.5pt solid">in thousands, except share data</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">2026</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">2025</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">Net (loss) income attributable to common stock</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(440,314</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(17,996</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt">Weighted average shares outstanding - basic and diluted</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">611,903,892</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">454,712,290</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Net loss per share - basic and diluted</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.72</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.04</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
24902106
2898499
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The basic and diluted net
loss per share are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended<br/>
March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; font-style: italic; text-align: justify; border-bottom: Black 1.5pt solid">in thousands, except share data</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2026</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 76%; text-align: left">Net (loss) income attributable to common stock</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(440,314</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(17,996</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1.5pt">Weighted average shares outstanding - basic and diluted</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">611,903,892</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">454,712,290</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Net loss per share - basic and diluted</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.72</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.04</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
-440314000
-17996000
611903892
611903892
454712290
454712290
-0.72
-0.72
-0.04
-0.04
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 17 - Related Party Transactions</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">Shareholder Loan Advances</span></b></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: 27pt">During 2024 and 2025, the Company
advanced funds to its majority shareholder, David Wilcox (“DW”), pursuant to a series of unsecured promissory notes (the “DW
Notes”). In addition, on November 26, 2025, the Company advanced approximately $1.9 million to EMT Asia Co., Ltd. (“EMT Asia”)
pursuant to an unsecured promissory note (the “Direct Note”). EMT Asia is wholly owned and controlled by DW. Collectively,
the DW Notes and the Direct Note are referred to herein as the “Shareholder Loan Advances.”</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: 0.25in">The proceeds from the Shareholder
Loan Advances were utilized primarily to fund general and administrative expenditures incurred on behalf of the Company, including costs
associated with the acquisition, integration, development, capitalization, structuring, and ongoing support of the Company’s operating
entities and strategic initiatives. Such expenditures included transaction-related costs, professional fees, operational support activities,
business development expenditures, organizational expenses, and other expenditures incurred in furtherance of the Company’s business
activities and strategic objectives.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2025,
the aggregate outstanding balance under the Shareholder Loan Advances was approximately $8.3 million, consisting of approximately $6.4
million advanced directly to DW and approximately $1.9 million advanced to EMT Asia. Because the Shareholder Loan Advances were made to
the majority shareholder for a business purpose, but without substantial evidence of ability and intent of the counterparty to pay the
notes within the stated maturity, the Company accounted for these notes as contra-equity adjustment to additional paid-in capital, pursuant
to ASC 505 - <i>Equity</i>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As discussed in Note 20 - Restatement of Prior Period Financial
Statements, the Shareholder Loan Advances are reflected as a reduction of additional paid-in capital within stockholders’ equity
in the accompanying Condensed consolidated balance sheets. Further, pursuant to SAB Topic 5.T, expenditures incurred by EMT Asia or funded
through the Shareholder Loan Advances for the benefit of the Company were recognized as selling, general and administrative expenses within
the Company’s unaudited condensed consolidated statements of operations when incurred. Such expenditures are accounted for as deemed
capital contributions from the majority shareholder because the expenditures were incurred for the operational and strategic benefit of
the Company. Accordingly, additional paid-in capital is reduced as funds are advanced and subsequently increased as qualifying expenditures
are recognized in the Company’s financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the three months ended March 31, 2026, the Company recognized
approximately $1.5 million of selling, general and administrative expenses associated with expenditures funded through the Shareholder
Loan Advances and incurred for the benefit of the Company pursuant to SAB Topic 5.T. In addition, during the three months ended March
31, 2026, the Company advanced an additional approximately $0.5 million under the same arrangement. Such advances are presented within
financing activities in the accompanying unaudited condensed consolidated statements of cash flows.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of March 31, 2026,
the net balance associated with the Shareholder Loan Advances reflected as contra-equity within additional paid-in capital was approximately
$1.2 million.</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"><b><span style="text-decoration:underline">Other Related Party Transactions</span></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Additional related parties include officers and
key management of the Company and its subsidiaries, The Zeus Trust, The NYX Trust, Good Earth 1000, LLC, EMT Asia Co., Ltd., ADE Metals
Inc., JNS Industry Inc., Beacon Advisory Co. Ltd, N&P Co. Ltd., and Hi-Q MAG Co. Ltd.</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; text-align: justify; text-indent: 0.25in">Transactions included in
financial statements with related party companies in the normal course of business include $0.2 million for purchases of raw materials,
$0.2 million in non-trade accounts receivable - related parties generated from repurchase/resale transactions.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Further, related party transactions between the Company, its officers,
employees, and significant shareholders comprise various loan arrangements for the ongoing activities and financing of the Company’s
operations. Amounts due from or to its officers, employees, and significant shareholders included $1.2 million recorded in Short term
debt - related parties. $0.7 million of proceeds were received from new loans during the three months ended March 31, 2026.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Last, the Company provides
a guarantee for borrowing to entities under common control and related parties (individuals) of its subsidiaries. As of March 31,
2026, the Company guaranteed joint and several borrowings in the amount of $0.4 million for N&P Co. Ltd. and $0.2 million for one
of its subsidiary executives. Additionally, the Company received a guarantee of $0.5 million from the same subsidiary executive for borrowings.</p>
1900000
8300000
6400000
1900000
1500000
500000
1200000
200000
200000
1200000
700000
400000
200000
500000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 18 - NON-CONSOLIDATED VARIABLE INTEREST ENTITIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The enterprise with a controlling
financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The Company determines whether it is the primary
beneficiary of a VIE by performing an analysis that principally considers: (a) which variable interest holder has the power to direct
activities of the VIE that most significantly impact the VIE’s economic performance; (b) which variable interest holder has
the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; (c)
the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders;
(d) the VIE’s capital structure; (e) the terms between the VIE and its variable interest holders and other parties involved
with the VIE; and (f) related-party relationships. We reassess our evaluation of whether an entity is a VIE when certain reconsideration
events occur. We reassess our determination of whether we are the primary beneficiary of a VIE on an ongoing basis based on current facts
and circumstances.</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 0pt 0in; text-align: justify"><span style="text-decoration:underline">Nonconsolidated VIEs</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has evaluated its relationship with EMT Asia Co., Ltd.
(“EMT Asia”), an entity owned and controlled by the Company’s majority shareholder, under the guidance of ASC 810. As
of March 31, 2026, and December 31, 2025, the Company had an unsecured promissory note receivable from EMT Asia. Management
determined that EMT Asia is a VIE because it does not have sufficient equity at risk to finance its activities without additional subordinated
financial support. The Company further determined that it is not the primary beneficiary of EMT Asia because the Company does not possess
the power to direct the activities of EMT Asia that most significantly impact EMT Asia’s economic performance. Such power is held
by the sole equity owner of EMT Asia through governance and operational control rights. Accordingly, EMT Asia is not consolidated in the
accompanying unaudited condensed consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="text-indent: 0.25in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the three months ended March 31, 2026, and the year ended December
31, 2025, EMT Asia incurred certain operating and acquisition-related expenditures on behalf of the Company that were funded through the
Shareholder Loan Advances as described in Note 17 - Related Party Transactions. Such amounts were recognized within selling, general and
administrative expenses, with corresponding credits recognized within additional paid-in capital in accordance with SAB Topic 5.T.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2025, the Company had made cumulative distributions
to EMT Asia of $1.9 million. As discussed in Note 17 - Related Party Transactions, the Company recognized this amount as a contra-equity
within additional paid-in capital. Consequently, as of December 31, 2025, the carrying amount of the Company’s interest in
the VIE recorded on the balance sheet is de minimis. The Company’s maximum exposure to loss as a result of its involvement with the entity
is the cumulative amount of the $1.9 million distribution. As further discussed in Note 17 - Related Party Transactions, the distributions
to EMT Asia are directed by DW for the furtherance of the Company’s business objectives.</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: 0.25in">As of March 31, 2026, the Company’s general relationship and
direct economic exposure with EMT Asia remained unchanged.</p>
1900000
1900000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 19 - Commitments and Contingencies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Indemnification Agreements:
</i></b>The Company enters into contractual relationships that contain indemnification
provisions in its normal course of business with other parties. The Company may agree to hold other parties harmless against specific
losses, such as those that could arise from a breach of representation, covenant, or third party infringement claims. It may not be possible
to determine the maximum potential amount of liability under such indemnification agreements due to the unique facts and circumstances
that are like to be involved in each particular claim and indemnification provision. Historically, there have been no such indemnification
claims. Management believes any liability arising from these agreements will not be material to the Company’s unaudited condensed
consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Legal Matters: </i></b>The Company may periodically become involved in legal proceedings,
legal actions, and claims arising in the normal course of business, including proceedings relating to intellectual property, safety and
health, employment and other matters. Management believes that the outcome of such legal proceedings, legal actions, and claims will not
have a significant adverse effect, individually, or in aggregate, on the Company’s financial position, results of operations or
cash flows.</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: 0.25in"><b><i>Guarantees and Warranties:</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The list of payment guarantees
provided by third parties to the Company as of March 31, 2026, are as follows:</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 style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Provider</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Type</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Guaranteed<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Beneficiary</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 34%; text-align: left">K-SURE (Korea Trade Insurance Corporation)</td><td style="width: 1%"> </td> <td style="width: 24%; text-align: left">Trade Bill Loan</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">85</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 28%; text-align: left">Industrial Bank of Korea</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">KODIT (Korea Credit Guarantee Fund)</td><td> </td> <td style="text-align: left">Operating Funds Loan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,097</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Industrial Bank of Korea</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">SGI (Seoul Guarantee Insurance)</td><td> </td> <td style="text-align: left">Government Grant</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Korea Occupational Safety and Health Agency</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">SGI (Seoul Guarantee Insurance)</td><td> </td> <td style="text-align: left">Defects Liability Guarantee Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">LS ELECTRIC Co., Ltd., Korea Institute for Robot Industry Advancement (KIRIA)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">SGI (Seoul Guarantee Insurance)</td><td> </td> <td style="text-align: left">Payment Guarantee Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Korea Industrial Technology Association (KOITA)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">KIBO(Korea Technology Finance Corporation)</td><td> </td> <td style="text-align: left">Working capital loans Guarantee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Hana Bank</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">The main commitments with
financial institutions as of March 31, 2026, are as follows:</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 style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Financial Institution</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Type</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Credit Line</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Used<br/> Amounts</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: 55%"><span style="font-size: 10pt">Industrial Bank of Korea<sup>(1)(2)</sup></span></td><td style="width: 1%"> </td> <td style="width: 20%; text-align: center">Operating Funds Loan</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,735</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,176</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">KOSME (Korea SMEs and Startups Agency)</td><td> </td> <td style="text-align: center">Operating Funds Loan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">661</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">348</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Woori Bank</td><td> </td> <td style="text-align: center">Operating Funds Loan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">529</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Hana Bank</td><td> </td> <td style="text-align: center">Facility loans</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">190</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Hana Bank</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">Working capital loans</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">198</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">198</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,313</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
<p style="margin: 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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify"><span style="font-size: 10pt">As of March 31, 2026 land, buildings,
machinery, and equipment have been provided as collateral (with a secured amount of $3.3 million for long term debt (refer to Note 7
- Property, Plant and Equipment, Net and Note 9 - Debt) and joint guarantees issued for related parties (refer to Note 17 - Related Party
Transactions).</span></td>
</tr></table>
<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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>(2)</sup></span></td><td style="text-align: justify"><span style="font-size: 10pt">As of March 31, 2026, the Company
established pledge fire insurance claims (with a pledge amount of $1.5 million (refer to Note 9 - Debt).</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The list of payment guarantees
provided by third parties to the Company as of March 31, 2026, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Provider</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Type</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Guaranteed<br/> Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Beneficiary</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 34%; text-align: left">K-SURE (Korea Trade Insurance Corporation)</td><td style="width: 1%"> </td> <td style="width: 24%; text-align: left">Trade Bill Loan</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">85</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 28%; text-align: left">Industrial Bank of Korea</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">KODIT (Korea Credit Guarantee Fund)</td><td> </td> <td style="text-align: left">Operating Funds Loan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,097</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Industrial Bank of Korea</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">SGI (Seoul Guarantee Insurance)</td><td> </td> <td style="text-align: left">Government Grant</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">174</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Korea Occupational Safety and Health Agency</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">SGI (Seoul Guarantee Insurance)</td><td> </td> <td style="text-align: left">Defects Liability Guarantee Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">LS ELECTRIC Co., Ltd., Korea Institute for Robot Industry Advancement (KIRIA)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">SGI (Seoul Guarantee Insurance)</td><td> </td> <td style="text-align: left">Payment Guarantee Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Korea Industrial Technology Association (KOITA)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">KIBO(Korea Technology Finance Corporation)</td><td> </td> <td style="text-align: left">Working capital loans Guarantee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">198</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">Hana Bank</td></tr> </table>
Trade Bill Loan
85000
Industrial Bank of Korea
Operating Funds Loan
1097000
Industrial Bank of Korea
Government Grant
174000
Korea Occupational Safety and Health Agency
Defects Liability Guarantee Insurance
9000
LS ELECTRIC Co., Ltd., Korea Institute for Robot Industry Advancement (KIRIA)
Payment Guarantee Insurance
17000
Korea Industrial Technology Association (KOITA)
Working capital loans Guarantee
198000
Hana Bank
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The main commitments with
financial institutions as of March 31, 2026, are as follows:</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 style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Financial Institution</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Type</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Credit Line</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="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Used<br/> Amounts</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: 55%"><span style="font-size: 10pt">Industrial Bank of Korea<sup>(1)(2)</sup></span></td><td style="width: 1%"> </td> <td style="width: 20%; text-align: center">Operating Funds Loan</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,735</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,176</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">KOSME (Korea SMEs and Startups Agency)</td><td> </td> <td style="text-align: center">Operating Funds Loan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">661</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">348</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Woori Bank</td><td> </td> <td style="text-align: center">Operating Funds Loan</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">529</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">120</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Hana Bank</td><td> </td> <td style="text-align: center">Facility loans</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">190</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Hana Bank</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt">Working capital loans</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">198</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">198</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,313</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,032</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
<p style="margin: 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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>(1)</sup></span></td><td style="text-align: justify"><span style="font-size: 10pt">As of March 31, 2026 land, buildings,
machinery, and equipment have been provided as collateral (with a secured amount of $3.3 million for long term debt (refer to Note 7
- Property, Plant and Equipment, Net and Note 9 - Debt) and joint guarantees issued for related parties (refer to Note 17 - Related Party
Transactions).</span></td>
</tr></table>
<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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>(2)</sup></span></td><td style="text-align: justify"><span style="font-size: 10pt">As of March 31, 2026, the Company
established pledge fire insurance claims (with a pledge amount of $1.5 million (refer to Note 9 - Debt).</span></td>
</tr></table>
Operating Funds Loan
4735000
4176000
Operating Funds Loan
661000
348000
Operating Funds Loan
529000
120000
Facility loans
190000
190000
Working capital loans
198000
198000
6313000
5032000
3300000
1500000
<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
20 - Restatement of Prior Period Financial Statements</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">Subsequent to the
issuance of the Company’s previously issued financial statements, the Company identified errors related to the accounting
presentation of certain advances made to David Wilcox, the Company’s sole managing and voting member prior to the Business
Combination and majority shareholder following the Business Combination, which were used to fund EMT Asia Co., Ltd., a related-party
entity wholly owned by Mr. Wilcox. Management determined that such advances were incorrectly presented as Note receivable —
related party and should have been presented as contra-equity within additional paid-in capital. Management also determined that
certain expenses incurred by EMT Asia on behalf of the Company should have been recognized as expenses of the Company. The Company
had previously recorded an allowance for credit losses in connection with the collection uncertainty concerning the Note receivable
— related party, thereby recognizing expense in the periods of issuance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">The following tables reflect the effects of the corrections on all
affected line items of the Company’s previously reported financial amounts presented in the these Condensed consolidated financial
statements. The correction did not impact cash and cash equivalents, total liabilities, or total net cash used in operating activities
for the periods presented.</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="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">Audited Condensed Consolidated Balance Sheet</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</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">December 31, 2025<br/> Previously Reported</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">Adjustments</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">December 31, 2025<br/> As Corrected</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">ASSETS</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Prepaid expenses and other current assets</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">59</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(11</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">48</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Note receivable – related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,167</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-267">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,179</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,226</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,670</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,179</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,491</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">LIABILITIES AND STOCKHOLDERS’ DEFICIT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additional paid-in capital</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-268">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,329</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,329</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(676,957</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,850</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(678,807</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total members’ deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(650,689</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,179</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(654,868</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total liabilities and members’ deficit</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,670</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,179</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,491</td><td style="text-align: left"> </td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> </p>
<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td colspan="5" style="font-weight: bold">Unaudited Condensed Consolidated Statements of Operations</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2025<br/> Previously Reported</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Adjustments</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2025<br/> As Corrected</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left; padding-left: 2.65pt"><span style="font-size: 10pt">General and administrative expenses<sup>(1)</sup></span></td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,851</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">827</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,678</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,975</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(827</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,802</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">Provision for credit losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,310</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">840</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(470</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Total other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16,035</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">840</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(15,195</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 2.65pt">Loss before income taxes</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,010</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,996</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 12pt">Net loss</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(18,010</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">13</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(17,996</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr>
</table>
<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; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">The Company has combined certain captions that were previously
disaggregated within operating expenses.</td>
</tr></table><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 colspan="13" style="font-weight: bold">Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Additional Paid-in Capital</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Accumulated Deficit</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Total Stockholders’ Equity</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold">As Previously Reported</td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; padding-left: 2.75pt">Balance, December 31, 2024</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-269">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(58,962</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(49,374</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.75pt">Net loss</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-270">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(18,009</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(18,009</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.75pt">Balance March 31, 2025</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-271">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(76,971</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(66,134</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; padding-left: 2.75pt">Adjustments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.75pt">Balance, December 31, 2024</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">261</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1,931</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1,625</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.75pt">Investor loan advances and deemed contributions</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(853</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-272">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(853</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.75pt">Net loss</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-273">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.75pt">Balance March 31, 2025</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(592</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1,918</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(2,465</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; padding-left: 2.75pt">As Corrected</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.75pt">Balance, December 31, 2024</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">261</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(60,893</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(51,000</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.75pt">Investor loan advances and deemed contributions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(853</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-274">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(853</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.75pt">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-275">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,996</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,996</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.75pt">Balance March 31, 2025</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(592</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(78,889</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(68,599</td><td style="text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
<tr style="vertical-align: bottom">
<td colspan="5" style="font-weight: bold">Unaudited Condensed Consolidated Statement of Cash Flows</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</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">March 31, 2025<br/> Previously Reported</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">Adjustments</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">March 31, 2025<br/> As Corrected</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold">Cash flows from operating activities:</td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left; padding-left: 2.65pt">Net loss</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(18,010</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(17,996</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Allowance for credit losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,310</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(840</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">470</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">Investor expenses incurred on behalf of Company</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-276">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">827</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">827</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Net cash used in operating activities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,063</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-277">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,063</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-left: 2.65pt">Cash flows from investing activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Advance — note receivable related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,680</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,680</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-278">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">Net cash used in investing activities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,154</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,680</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(474</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 2.65pt">Cash flows from financing activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">Constructive disbursements to related party</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-279">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,680</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,680</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Net cash provided by financing activities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,335</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,680</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,655</td><td style="text-align: left"> </td></tr>
</table>
<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">Audited Condensed Consolidated Balance Sheet</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</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">December 31, 2025<br/> Previously Reported</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">Adjustments</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">December 31, 2025<br/> As Corrected</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">ASSETS</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Prepaid expenses and other current assets</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">59</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(11</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">48</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Note receivable – related party</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,167</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-267">—</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total current assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,404</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,179</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,226</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,670</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,179</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,491</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">LIABILITIES AND STOCKHOLDERS’ DEFICIT</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additional paid-in capital</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-268">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,329</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,329</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accumulated deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(676,957</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,850</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(678,807</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total members’ deficit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(650,689</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,179</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(654,868</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total liabilities and members’ deficit</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">26,670</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(4,179</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22,491</td><td style="text-align: left"> </td></tr> </table>
59000
-11000
48000
4167000
-4167000
17404000
-4179000
13226000
26670000
-4179000
22491000
-2329000
-2329000
-676957000
-1850000
-678807000
-650689000
-4179000
-654868000
26670000
-4179000
22491000
1851000
827000
2678000
-1975000
-827000
-2802000
1310000
-840000
470000
-16035000
840000
-15195000
-18010000
13000
-17996000
-18010
13
-17996
<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 colspan="13" style="font-weight: bold">Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity</td></tr>
<tr style="vertical-align: bottom">
<td> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Additional Paid-in Capital</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Accumulated Deficit</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td><td style="font-weight: bold; font-style: italic; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1.5pt solid">Total Stockholders’ Equity</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: italic"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold">As Previously Reported</td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; padding-left: 2.75pt">Balance, December 31, 2024</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-269">—</div></td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(58,962</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(49,374</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.75pt">Net loss</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-270">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(18,009</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(18,009</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.75pt">Balance March 31, 2025</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-271">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(76,971</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(66,134</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; padding-left: 2.75pt">Adjustments</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.75pt">Balance, December 31, 2024</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">261</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1,931</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1,625</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.75pt">Investor loan advances and deemed contributions</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(853</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-272">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(853</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.75pt">Net loss</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-273">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">13</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.75pt">Balance March 31, 2025</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(592</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(1,918</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(2,465</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; padding-left: 2.75pt">As Corrected</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 2.75pt">Balance, December 31, 2024</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">261</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(60,893</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(51,000</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.75pt">Investor loan advances and deemed contributions</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(853</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-274">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(853</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.75pt">Net loss</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-275">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,996</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(17,996</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 2.75pt">Balance March 31, 2025</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(592</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(78,889</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(68,599</td><td style="text-align: left">)</td></tr>
</table>
-58962000
-49374000
-18009000
-18009000
-76971000
-66134000
261000
-1931000
-1625000
-853000
-853000
13000
13000
-592000
-1918000
-2465000
261000
-60893000
-51000000
-853000
-853000
-17996000
-17996000
-592000
-78889000
-68599000
<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 colspan="5" style="font-weight: bold">Unaudited Condensed Consolidated Statement of Cash Flows</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</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">March 31, 2025<br/> Previously Reported</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">Adjustments</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">March 31, 2025<br/> As Corrected</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold">Cash flows from operating activities:</td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left; padding-left: 2.65pt">Net loss</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(18,010</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">13</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(17,996</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Allowance for credit losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,310</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(840</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">470</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">Investor expenses incurred on behalf of Company</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-276">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">827</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">827</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Net cash used in operating activities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,063</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-277">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,063</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-left: 2.65pt">Cash flows from investing activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Advance — note receivable related parties</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,680</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,680</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-278">—</div></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">Net cash used in investing activities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,154</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,680</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(474</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-left: 2.65pt">Cash flows from financing activities:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">Constructive disbursements to related party</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-279">—</div></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,680</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,680</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Net cash provided by financing activities</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,335</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,680</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,655</td><td style="text-align: left"> </td></tr>
</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 21 - Subsequent Events</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Yorkville Convertible Debenture Financing</i></b></p>
<p style="font: 8pt 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: 0.25in">On May 7, 2026, the Company entered into a Securities
Purchase Agreement with YA II PN, Ltd. (“Yorkville”), a fund managed by Yorkville Advisors Global, LP, pursuant to which
the Company agreed to issue and sell to Yorkville convertible debentures in an aggregate principal amount of up to $100.0 million. The
convertible debentures are convertible into shares of the Company’s common stock, par value $0.0001 per share. The Company issued
the first convertible debenture in the principal amount of $20.0 million on May 7, 2026. A second convertible debenture in the principal
amount of $5.8 million is expected to be issued upon effectiveness of a resale registration statement on Form S-1, and up to an additional
$74.2 million in convertible debentures may be purchased in subsequent tranches from time to time upon the mutual agreement of the Company
and Yorkville. Each convertible debenture will have a purchase price equal to 97% of its principal amount.</p>
<p style="font: 8pt 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: 0.25in">The convertible debentures are convertible at
a conversion price equal to the lower of $12.09 per share or 95% of the lowest daily volume-weighted average price of the Company’s
common stock during the five consecutive trading days immediately preceding the conversion date, subject to certain limitations, including
Nasdaq exchange cap limitations and a 4.99% beneficial ownership limitation. The first convertible debenture bears interest at an annual
rate of 5.0%, which increases to 18.0% upon the occurrence and continuation of an event of default, and matures on November 7, 2027.</p>
<p style="font: 8pt 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: 0.25in">The Company will not be required to make monthly
cash payments under the convertible debentures unless an amortization event occurs. Upon an amortization event, the Company will be required
to make monthly cash payments equal to one-fifth of the original principal amount, or the outstanding principal amount if lower, plus
a 5% payment premium and all accrued and unpaid interest. The Securities Purchase Agreement includes customary registration rights, investor
protections, and provisions governing trading activity, including limitations on short selling. The Company intends to use the proceeds
from the facility for general corporate purposes, including supporting the expansion of its operations and development initiatives.</p>
<p style="font: 8pt 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: 0.25in">In connection with the Securities Purchase Agreement,
the Company entered into a Registration Rights Agreement with Yorkville, pursuant to which the Company is required to file, within 30
calendar days following the date of the Securities Purchase Agreement, a registration statement registering the resale by Yorkville of
5.4 million shares of the Company’s common stock issuable upon conversion of the convertible debentures. Yorkville was also granted
certain piggyback registration rights. In addition, the Company and Yorkville entered into a Global Guarantee Agreement, pursuant to
which the Company and its subsidiaries agreed to guarantee all of the Company’s obligations under the convertible debentures.</p>
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1
1
Unaudited Condensed Consolidated Statements of Operations<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 colspan="5" style="font-weight: bold">Unaudited Condensed Consolidated Statements of Operations</td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">in thousands</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">March 31, 2025<br/> Previously Reported</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">Adjustments</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">March 31, 2025<br/> As Corrected</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: 64%; text-align: left; padding-left: 2.65pt"><span style="font-size: 10pt">General and administrative expenses<sup>(1)</sup></span></td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,851</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">827</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,678</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Loss from operations</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,975</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(827</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(2,802</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-left: 2.65pt">Provision for credit losses</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,310</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">840</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(470</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-left: 2.65pt">Total other expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(16,035</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">840</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(15,195</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 2.65pt">Loss before income taxes</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(18,010</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,996</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 12pt">Net loss</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(18,010</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">13</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(17,996</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr>
</table>
0001866226
false
Q1
--12-31