0001708341 us-gaap:CommonStockMember 2023-12-31 0001708341 us-gaap:TreasuryStockCommonMember 2023-12-31 0001708341 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001708341 agae:SubscriptionReceivableMember 2023-12-31 0001708341 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001708341 us-gaap:RetainedEarningsMember 2023-12-31 0001708341 us-gaap:ParentMember 2023-12-31 0001708341 us-gaap:NoncontrollingInterestMember 2023-12-31 0001708341 2023-12-31 0001708341 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001708341 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-12-31 0001708341 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0001708341 agae:SubscriptionReceivableMember 2024-01-01 2024-12-31 0001708341 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0001708341 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0001708341 us-gaap:ParentMember 2024-01-01 2024-12-31 0001708341 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-12-31 0001708341 2024-01-01 2024-12-31 0001708341 us-gaap:CommonStockMember 2024-12-31 0001708341 us-gaap:TreasuryStockCommonMember 2024-12-31 0001708341 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001708341 agae:SubscriptionReceivableMember 2024-12-31 0001708341 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001708341 us-gaap:RetainedEarningsMember 2024-12-31 0001708341 us-gaap:ParentMember 2024-12-31 0001708341 us-gaap:NoncontrollingInterestMember 2024-12-31 0001708341 2024-12-31 0001708341 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001708341 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-12-31 0001708341 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-12-31 0001708341 agae:SubscriptionReceivableMember 2025-01-01 2025-12-31 0001708341 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-12-31 0001708341 us-gaap:RetainedEarningsMember 2025-01-01 2025-12-31 0001708341 us-gaap:ParentMember 2025-01-01 2025-12-31 0001708341 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-12-31 0001708341 2025-01-01 2025-12-31 0001708341 us-gaap:CommonStockMember 2025-12-31 0001708341 us-gaap:TreasuryStockCommonMember 2025-12-31 0001708341 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001708341 agae:SubscriptionReceivableMember 2025-12-31 0001708341 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001708341 us-gaap:RetainedEarningsMember 2025-12-31 0001708341 us-gaap:ParentMember 2025-12-31 0001708341 us-gaap:NoncontrollingInterestMember 2025-12-31 0001708341 2025-12-31 0001708341 2026-05-06 0001708341 2025-06-30 0001708341 2024-10-01 2024-10-15 0001708341 agae:MarketableSecuritiesMember 2024-12-31 0001708341 agae:MarketableSecuritiesMember 2025-01-01 2025-12-31 0001708341 agae:MarketableSecuritiesMember 2025-12-31 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember 2024-07-02 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember 2024-08-14 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember us-gaap:LineOfCreditMember 2024-10-10 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember us-gaap:LineOfCreditMember 2025-12-31 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember us-gaap:LineOfCreditMember 2025-02-24 2025-02-24 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember us-gaap:LineOfCreditMember 2025-03-27 2025-03-27 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember us-gaap:LineOfCreditMember 2025-03-28 2025-03-28 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember us-gaap:LineOfCreditMember 2025-03-27 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember us-gaap:LineOfCreditMember 2025-03-28 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember 2025-04-15 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember srt:MaximumMember 2025-04-15 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember 2025-04-15 2025-04-15 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember us-gaap:LineOfCreditMember 2025-04-15 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember us-gaap:LineOfCreditMember 2025-03-04 2025-03-04 0001708341 agae:AlliedMobileEntertainmentHongKongLimitedMember us-gaap:LineOfCreditMember 2025-03-10 2025-03-10 0001708341 us-gaap:OfficeEquipmentMember 2025-12-31 0001708341 us-gaap:OfficeEquipmentMember 2024-12-31 0001708341 us-gaap:ComputerEquipmentMember 2025-12-31 0001708341 us-gaap:ComputerEquipmentMember 2024-12-31 0001708341 agae:EsportsGamingTruckMember 2025-12-31 0001708341 agae:EsportsGamingTruckMember 2024-12-31 0001708341 us-gaap:FurnitureAndFixturesMember 2025-12-31 0001708341 us-gaap:FurnitureAndFixturesMember 2024-12-31 0001708341 us-gaap:ExplorationAndProductionEquipmentMember 2025-12-31 0001708341 us-gaap:ExplorationAndProductionEquipmentMember 2024-12-31 0001708341 us-gaap:LeaseholdImprovementsMember 2025-12-31 0001708341 us-gaap:LeaseholdImprovementsMember 2024-12-31 0001708341 2024-12-23 0001708341 agae:CertificateOfDepositsMember 2024-12-31 0001708341 agae:FixedRateDepositsMember 2024-12-31 0001708341 agae:EquitylinkedNotesMember 2024-12-31 0001708341 agae:FxLinkedNotesMember 2024-12-31 0001708341 agae:CertificateOfDepositsMember 2025-01-01 2025-12-31 0001708341 agae:FixedRateDepositsMember 2025-01-01 2025-12-31 0001708341 agae:EquitylinkedNotesMember 2025-01-01 2025-12-31 0001708341 agae:FxLinkedNotesMember 2025-01-01 2025-12-31 0001708341 agae:CertificateOfDepositsMember 2025-12-31 0001708341 agae:FixedRateDepositsMember 2025-12-31 0001708341 agae:EquitylinkedNotesMember 2025-12-31 0001708341 agae:FxLinkedNotesMember 2025-12-31 0001708341 agae:FixedRateDepositsMember 2024-01-01 2024-12-31 0001708341 agae:FxLinkedNotesMember 2025-12-31 0001708341 agae:FxLinkedNotesMember 2025-01-01 2025-12-31 0001708341 srt:MinimumMember agae:BondLinkedNotesMember 2025-12-31 0001708341 srt:MaximumMember agae:BondLinkedNotesMember 2025-12-31 0001708341 agae:BondLinkedNotesMember 2025-01-01 2025-12-31 0001708341 agae:FixedRateDepositsMember 2025-01-01 2025-12-31 0001708341 agae:UnitedStatesTreasuryNoteMember 2025-05-20 0001708341 srt:MinimumMember agae:EquitylinkedNotesMember 2025-12-31 0001708341 agae:ExchangeTradedFundLinkedNotesMember 2025-03-11 0001708341 agae:ExchangeTradedFundLinkedNotesMember 2025-01-01 2025-12-31 0001708341 agae:EquitylinkedNotesMember 2025-01-01 2025-12-31 0001708341 agae:UnitedStatesTreasuryNoteMember 2025-05-20 2025-05-20 0001708341 agae:UnitedStatesTreasuryNoteMember 2024-12-31 0001708341 agae:BondLinkedNotesMember 2024-12-31 0001708341 agae:ExchangeTradedFundLinkedNotesMember 2024-12-31 0001708341 agae:UnitedStatesTreasuryNoteMember 2025-01-01 2025-12-31 0001708341 agae:ExchangeTradedFundLinkedNotesMember 2025-01-01 2025-12-31 0001708341 agae:BondLinkedNotesMember 2025-01-01 2025-12-31 0001708341 agae:UnitedStatesTreasuryNoteMember 2025-12-31 0001708341 agae:ExchangeTradedFundLinkedNotesMember 2025-12-31 0001708341 agae:BondLinkedNotesMember 2025-12-31 0001708341 agae:UnitedStatesTreasuryNoteMember 2025-05-30 2025-05-30 0001708341 agae:UnitedStatesTreasuryBondMember 2025-12-30 2025-12-30 0001708341 agae:UnitedStatesTreasuryBondMember 2025-12-30 0001708341 srt:MaximumMember agae:EquitylinkedNotesMember 2025-12-31 0001708341 agae:UnitedStatesTreasuryBondMember 2024-12-31 0001708341 agae:UnitedStatesTreasuryBondMember 2025-01-01 2025-12-31 0001708341 agae:UnitedStatesTreasuryBondMember 2025-12-31 0001708341 agae:KnightedPasturesLlcMember 2024-08-28 2024-08-28 0001708341 agae:KnightedPasturesLlcMember 2024-10-04 2024-10-04 0001708341 agae:KnightedPasturesLlcMember 2024-10-30 2024-10-30 0001708341 agae:TenantObligationsMember 2023-08-01 2023-08-01 0001708341 agae:BuildingSpaceMember 2023-07-17 0001708341 srt:MinimumMember agae:BuildingSpaceMember 2023-07-17 2023-07-17 0001708341 srt:MaximumMember agae:BuildingSpaceMember 2023-07-17 2023-07-17 0001708341 agae:BeijingMember 2023-04-01 2023-04-01 0001708341 agae:InpersonMember 2025-01-01 2025-12-31 0001708341 agae:InpersonMember 2024-01-01 2024-12-31 0001708341 agae:BPRCumulusLLCMember 2020-01-14 2020-01-14 0001708341 agae:BrookfieldMember 2024-09-16 2024-09-16 0001708341 2024-09-16 2024-09-16 0001708341 agae:AlliedCommercialDevelopmentHainanCoLtdMember 2025-12-02 0001708341 agae:AlliedCommercialDevelopmentHainanCoLtdMember 2025-12-01 2025-12-02 0001708341 agae:BeijingMember 2024-04-01 2024-04-01 0001708341 2025-09-01 2025-09-08 0001708341 agae:BeijingMember 2025-07-01 2025-12-31 0001708341 agae:BeijingMember 2025-01-01 2025-06-30 0001708341 srt:ChiefExecutiveOfficerMember 2023-10-01 2023-10-04 0001708341 agae:KnightedPasturesLlcMember 2025-10-24 2025-10-24 0001708341 us-gaap:PropertyPlantAndEquipmentMember 2025-01-01 2025-12-31 0001708341 agae:OperatingLeaseRightOfUseAssetMember 2025-01-01 2025-12-31 0001708341 us-gaap:FiniteLivedIntangibleAssetsMember 2025-01-01 2025-12-31 0001708341 agae:ZTechMember 2025-01-01 2025-12-31 0001708341 agae:AeiiAssetGroupMember 2025-01-01 2025-12-31 0001708341 us-gaap:MoneyMarketFundsMember 2025-12-31 0001708341 us-gaap:MoneyMarketFundsMember 2024-12-31 0001708341 us-gaap:ShortTermInvestmentsMember 2025-12-31 0001708341 us-gaap:ShortTermInvestmentsMember 2024-12-31 0001708341 srt:MinimumMember us-gaap:OfficeEquipmentMember 2025-12-31 0001708341 srt:MaximumMember us-gaap:OfficeEquipmentMember 2025-12-31 0001708341 srt:MinimumMember us-gaap:ComputerEquipmentMember 2025-12-31 0001708341 srt:MaximumMember us-gaap:ComputerEquipmentMember 2025-12-31 0001708341 srt:MinimumMember agae:ProductionEquipmentMember 2025-12-31 0001708341 srt:MaximumMember agae:ProductionEquipmentMember 2025-12-31 0001708341 srt:MinimumMember us-gaap:FurnitureAndFixturesMember 2025-12-31 0001708341 srt:MaximumMember us-gaap:FurnitureAndFixturesMember 2025-12-31 0001708341 us-gaap:TrademarksMember 2025-12-31 0001708341 srt:MinimumMember 2025-12-31 0001708341 srt:MaximumMember 2025-12-31 0001708341 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001708341 us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001708341 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001708341 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001708341 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001708341 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001708341 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001708341 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001708341 us-gaap:RestrictedStockMember 2025-01-01 2025-12-31 0001708341 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-12-31 0001708341 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-12-31 0001708341 us-gaap:WarrantMember 2025-01-01 2025-12-31 0001708341 us-gaap:WarrantMember 2024-01-01 2024-12-31 0001708341 agae:EventRevenueMember agae:InpersonRevenueMember 2025-01-01 2025-12-31 0001708341 agae:EventRevenueMember agae:InpersonRevenueMember 2024-01-01 2024-12-31 0001708341 agae:SponsorshipRevenueMember agae:InpersonRevenueMember 2025-01-01 2025-12-31 0001708341 agae:SponsorshipRevenueMember agae:InpersonRevenueMember 2024-01-01 2024-12-31 0001708341 agae:FoodAndBeverageRevenueMember agae:InpersonRevenueMember 2025-01-01 2025-12-31 0001708341 agae:FoodAndBeverageRevenueMember agae:InpersonRevenueMember 2024-01-01 2024-12-31 0001708341 agae:TicketAndGamingMember agae:InpersonRevenueMember 2025-01-01 2025-12-31 0001708341 agae:TicketAndGamingMember agae:InpersonRevenueMember 2024-01-01 2024-12-31 0001708341 agae:MerchandisingMember agae:InpersonRevenueMember 2025-01-01 2025-12-31 0001708341 agae:MerchandisingMember agae:InpersonRevenueMember 2024-01-01 2024-12-31 0001708341 agae:InpersonRevenueMember 2025-01-01 2025-12-31 0001708341 agae:InpersonRevenueMember 2024-01-01 2024-12-31 0001708341 agae:SponsorshipRevenueMember agae:MultiplatformRevenueMember 2025-01-01 2025-12-31 0001708341 agae:SponsorshipRevenueMember agae:MultiplatformRevenueMember 2024-01-01 2024-12-31 0001708341 agae:DistributionRevenueMember agae:MultiplatformRevenueMember 2025-01-01 2025-12-31 0001708341 agae:DistributionRevenueMember agae:MultiplatformRevenueMember 2024-01-01 2024-12-31 0001708341 agae:MultiplatformRevenueMember 2025-01-01 2025-12-31 0001708341 agae:MultiplatformRevenueMember 2024-01-01 2024-12-31 0001708341 agae:TicketAndGamingMember us-gaap:TransferredAtPointInTimeMember 2025-01-01 2025-12-31 0001708341 agae:TicketAndGamingMember us-gaap:TransferredAtPointInTimeMember 2024-01-01 2024-12-31 0001708341 agae:FoodAndBeverageRevenueMember us-gaap:TransferredAtPointInTimeMember 2025-01-01 2025-12-31 0001708341 agae:FoodAndBeverageRevenueMember us-gaap:TransferredAtPointInTimeMember 2024-01-01 2024-12-31 0001708341 agae:MerchandisingMember us-gaap:TransferredAtPointInTimeMember 2025-01-01 2025-12-31 0001708341 agae:MerchandisingMember us-gaap:TransferredAtPointInTimeMember 2024-01-01 2024-12-31 0001708341 agae:CasualMobileGamesMember us-gaap:TransferredAtPointInTimeMember 2025-01-01 2025-12-31 0001708341 agae:CasualMobileGamesMember us-gaap:TransferredAtPointInTimeMember 2024-01-01 2024-12-31 0001708341 agae:DistributionRevenueMember us-gaap:TransferredAtPointInTimeMember 2025-01-01 2025-12-31 0001708341 agae:DistributionRevenueMember us-gaap:TransferredAtPointInTimeMember 2024-01-01 2024-12-31 0001708341 us-gaap:TransferredAtPointInTimeMember 2025-01-01 2025-12-31 0001708341 us-gaap:TransferredAtPointInTimeMember 2024-01-01 2024-12-31 0001708341 agae:EventRevenueMember us-gaap:TransferredOverTimeMember 2025-01-01 2025-12-31 0001708341 agae:EventRevenueMember us-gaap:TransferredOverTimeMember 2024-01-01 2024-12-31 0001708341 agae:SponsorshipRevenueMember us-gaap:TransferredOverTimeMember 2025-01-01 2025-12-31 0001708341 agae:SponsorshipRevenueMember us-gaap:TransferredOverTimeMember 2024-01-01 2024-12-31 0001708341 us-gaap:TransferredOverTimeMember 2025-01-01 2025-12-31 0001708341 us-gaap:TransferredOverTimeMember 2024-01-01 2024-12-31 0001708341 agae:ContractLiabilitiesMember 2025-12-31 0001708341 agae:LoanReceivableMember us-gaap:CreditConcentrationRiskMember agae:LoanOneMember 2025-01-01 2025-12-31 0001708341 agae:LoanReceivableMember us-gaap:CreditConcentrationRiskMember agae:LoanTwoMember 2025-01-01 2025-12-31 0001708341 agae:LoanReceivableMember us-gaap:CreditConcentrationRiskMember agae:LoanThreeMember 2025-01-01 2025-12-31 0001708341 us-gaap:OtherCustomerMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001708341 us-gaap:OtherCustomerMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0001708341 agae:CustomerOneMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001708341 agae:CustomerTwoMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001708341 agae:CustomerOneMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0001708341 agae:CustomerTwoMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0001708341 agae:CustomerOneMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001708341 agae:CustomerTwoMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2025-01-01 2025-12-31 0001708341 agae:CustomerOneMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0001708341 agae:CustomerTwoMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-12-31 0001708341 currency:CNY 2025-12-31 0001708341 currency:CNY 2024-12-31 0001708341 currency:CNY 2025-01-01 2025-12-31 0001708341 currency:CNY 2024-01-01 2024-12-31 0001708341 us-gaap:RestrictedStockMember 2024-01-01 2024-12-31 0001708341 agae:LoanReceivableMember us-gaap:CreditConcentrationRiskMember agae:LoanOneMember 2024-01-01 2024-12-31 0001708341 agae:LoanReceivableMember us-gaap:CreditConcentrationRiskMember agae:LoanTwoMember 2024-01-01 2024-12-31 0001708341 agae:LoanReceivableMember us-gaap:CreditConcentrationRiskMember agae:LoanThreeMember 2024-01-01 2024-12-31 0001708341 agae:BeijingLianzhongZhiheTechnologyCoZTechMember 2025-12-31 0001708341 agae:SkylineMusicEntertainmentLimitedMember 2025-01-01 2025-12-31 0001708341 srt:MinimumMember agae:TwoThousandNinteenEquityIncentivePlanMember 2021-12-29 0001708341 srt:MaximumMember agae:TwoThousandNinteenEquityIncentivePlanMember 2021-12-30 0001708341 agae:TwoThousandNinteenEquityIncentivePlanMember 2025-12-31 0001708341 2024-02-09 0001708341 agae:SharePurchaseAgreementMember 2023-12-28 0001708341 agae:SharePurchaseAgreementMember 2023-12-28 2023-12-28 0001708341 2024-03-07 0001708341 2024-03-07 2024-03-07 0001708341 2024-06-15 2024-06-15 0001708341 agae:SharePurchaseAgreementMember 2024-10-18 0001708341 agae:SharePurchaseAgreementMember 2024-10-18 2024-10-18 0001708341 2025-04-25 0001708341 us-gaap:PreferredStockMember 2024-02-09 0001708341 srt:BoardOfDirectorsChairmanMember 2022-11-21 0001708341 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceOneMember 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceOneMember 2025-01-01 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceTwoMember 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceTwoMember 2025-01-01 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceThreeMember 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceThreeMember 2025-01-01 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceFourMember 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceFourMember 2025-01-01 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceFiveMember 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceFiveMember 2025-01-01 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceSixMember 2025-12-31 0001708341 agae:OptionsOutstandingExercisePriceSixMember 2025-01-01 2025-12-31 0001708341 us-gaap:StockOptionMember 2025-01-01 2025-12-31 0001708341 us-gaap:StockOptionMember 2024-01-01 2024-12-31 0001708341 us-gaap:StockOptionMember 2025-12-31 0001708341 us-gaap:RestrictedStockMember 2024-02-22 0001708341 agae:FourEqualInstallmentMember 2024-02-22 2024-02-22 0001708341 us-gaap:StockOptionMember agae:FourEqualInstallmentMember 2024-02-22 2024-02-22 0001708341 us-gaap:RestrictedStockMember 2025-01-01 2025-12-31 0001708341 us-gaap:RestrictedStockMember 2024-01-01 2024-12-31 0001708341 us-gaap:RestrictedStockMember 2025-12-31 0001708341 2024-10-18 0001708341 2024-10-18 2024-10-18 0001708341 agae:MultiplatformContentMember 2025-01-01 2025-12-31 0001708341 agae:MultiplatformContentMember 2024-01-01 2024-12-31 0001708341 agae:CasualMobileGamingMember 2025-01-01 2025-12-31 0001708341 agae:CasualMobileGamingMember 2024-01-01 2024-12-31 0001708341 agae:AlliedEsportsInternationalIncMember agae:BethuneCapitalLimitedMember agae:ProjectAndVenueOperationAndManagementAgreementMember 2025-12-26 0001708341 agae:AlliedEsportsInternationalIncMember agae:ProjectAndVenueOperationAndManagementAgreementMember 2025-08-25 0001708341 agae:AlliedEsportsInternationalIncMember agae:BethuneCapitalLimitedMember agae:ProjectAndVenueOperationAndManagementAgreementMember 2026-05-12 0001708341 agae:AlliedMobileEntertainmentMember us-gaap:RevolvingCreditFacilityMember agae:MorganStanleyBankAsiaLimitedMember 2025-12-31 0001708341 agae:AlliedMobileEntertainmentMember agae:TermLoanMember agae:LoanCMember agae:MorganStanleyBankAsiaLimitedMember 2025-01-31 0001708341 agae:AlliedMobileEntertainmentMember agae:TermLoanMember agae:LoanDMember agae:MorganStanleyBankAsiaLimitedMember 2025-01-31 2025-01-31 0001708341 agae:AlliedMobileEntertainmentMember agae:TermLoanMember agae:LoanEMember agae:MorganStanleyBankAsiaLimitedMember 2025-03-11 0001708341 agae:AlliedMobileEntertainmentMember agae:TermLoanMember agae:LoanFMember agae:MorganStanleyBankAsiaLimitedMember 2025-03-28 0001708341 agae:AlliedMobileEntertainmentMember agae:TermLoanMember agae:LoanGMember agae:MorganStanleyBankAsiaLimitedMember 2025-03-28 2025-03-28 0001708341 agae:AlliedMobileEntertainmentMember agae:TermLoanMember agae:LoanHMember agae:MorganStanleyBankAsiaLimitedMember 2025-06-30 0001708341 agae:AlliedMobileEntertainmentMember agae:TermLoanMember agae:LoanIMember agae:MorganStanleyBankAsiaLimitedMember 2025-07-23 0001708341 agae:AlliedMobileEntertainmentMember agae:TermLoanMember agae:LoanJMember agae:MorganStanleyBankAsiaLimitedMember 2025-09-30 0001708341 agae:AlliedMobileEntertainmentMember agae:TermLoanMember agae:LoanKMember agae:MorganStanleyBankAsiaLimitedMember 2025-09-23 0001708341 srt:CryptoAssetOtherMember 2025-01-01 0001708341 agae:CryptoAssetAccumulatedDeficitMember 2025-01-01 0001708341 agae:DigitalAssetsMember 2024-12-31 0001708341 agae:DigitalAssetsMember 2025-12-31 0001708341 agae:DigitalAssetsMember 2025-01-01 2025-12-31 0001708341 agae:BeijingLianzhongCoLtdMember 2025-01-01 2025-12-31 0001708341 agae:BeijingLianzhongCoLtdMember 2024-01-01 2024-12-31 0001708341 agae:OurgameMember 2025-12-31 0001708341 agae:OurgameMember 2024-12-31 0001708341 agae:SkylineMusicEntertainmentLimitedMember agae:AllInAsiaMember 2023-12-31 0001708341 agae:OurgameMember agae:AllInAsiaMember 2023-12-31 0001708341 2025-04-30 0001708341 agae:InpersonMember agae:EsportsMember 2025-01-01 2025-12-31 0001708341 agae:InpersonMember agae:EsportsMember 2024-01-01 2024-12-31 0001708341 agae:MultiplatformContentMember agae:EsportsMember 2025-01-01 2025-12-31 0001708341 agae:MultiplatformContentMember agae:EsportsMember 2024-01-01 2024-12-31 0001708341 agae:CasualMobileGamingMember agae:CausalMobileGamingMember 2025-01-01 2025-12-31 0001708341 agae:CasualMobileGamingMember agae:CausalMobileGamingMember 2024-01-01 2024-12-31 0001708341 agae:EsportsMember 2025-01-01 2025-12-31 0001708341 agae:CausalMobileGamingMember 2025-01-01 2025-12-31 0001708341 agae:EsportsMember 2024-01-01 2024-12-31 0001708341 agae:CausalMobileGamingMember 2024-01-01 2024-12-31 0001708341 agae:ConcertsMember 2025-01-01 2025-12-31 0001708341 us-gaap:CorporateMember 2025-01-01 2025-12-31 0001708341 us-gaap:CorporateMember 2024-01-01 2024-12-31 0001708341 agae:ConcertsMember 2024-01-01 2024-12-31 0001708341 agae:EsportsMember agae:DomesticOperationsMember 2025-12-31 0001708341 agae:CausalMobileGamingMember agae:DomesticOperationsMember 2025-12-31 0001708341 us-gaap:CorporateMember agae:DomesticOperationsMember 2025-12-31 0001708341 agae:DomesticOperationsMember 2025-12-31 0001708341 agae:EsportsMember agae:DomesticOperationsMember 2024-12-31 0001708341 agae:CausalMobileGamingMember agae:DomesticOperationsMember 2024-12-31 0001708341 us-gaap:CorporateMember agae:DomesticOperationsMember 2024-12-31 0001708341 agae:DomesticOperationsMember 2024-12-31 0001708341 agae:ConcertsMember agae:DomesticOperationsMember 2025-12-31 0001708341 agae:ConcertsMember agae:DomesticOperationsMember 2024-12-31 0001708341 agae:EsportsMember 2025-12-31 0001708341 agae:CausalMobileGamingMember 2025-12-31 0001708341 agae:ConcertsMember 2025-12-31 0001708341 us-gaap:CorporateMember 2025-12-31 0001708341 agae:EsportsMember 2024-12-31 0001708341 agae:CausalMobileGamingMember 2024-12-31 0001708341 agae:ConcertsMember 2024-12-31 0001708341 us-gaap:CorporateMember 2024-12-31 0001708341 country:US 2025-12-31 0001708341 country:US 2024-12-31 0001708341 country:CN 2025-12-31 0001708341 country:CN 2024-12-31 0001708341 country:US 2025-01-01 2025-12-31 0001708341 country:US 2024-01-01 2024-12-31 0001708341 country:CN 2025-01-01 2025-12-31 0001708341 country:CN 2024-01-01 2024-12-31 0001708341 agae:InpersonMember agae:ConcertsMember 2025-01-01 2025-12-31 0001708341 agae:InpersonMember us-gaap:CorporateMember 2025-01-01 2025-12-31 0001708341 agae:InpersonMember agae:CausalMobileGamingMember 2024-01-01 2024-12-31 0001708341 agae:InpersonMember agae:ConcertsMember 2024-01-01 2024-12-31 0001708341 agae:InpersonMember us-gaap:CorporateMember 2024-01-01 2024-12-31 0001708341 agae:InpersonMember agae:CausalMobileGamingMember 2025-01-01 2025-12-31 0001708341 agae:MultiplatformContentMember agae:CausalMobileGamingMember 2025-01-01 2025-12-31 0001708341 agae:MultiplatformContentMember agae:ConcertsMember 2025-01-01 2025-12-31 0001708341 agae:MultiplatformContentMember us-gaap:CorporateMember 2025-01-01 2025-12-31 0001708341 agae:MultiplatformContentMember agae:CausalMobileGamingMember 2024-01-01 2024-12-31 0001708341 agae:MultiplatformContentMember agae:ConcertsMember 2024-01-01 2024-12-31 0001708341 agae:MultiplatformContentMember us-gaap:CorporateMember 2024-01-01 2024-12-31 0001708341 agae:CasualMobileGamingMember agae:EsportsMember 2025-01-01 2025-12-31 0001708341 agae:CasualMobileGamingMember agae:ConcertsMember 2025-01-01 2025-12-31 0001708341 agae:CasualMobileGamingMember us-gaap:CorporateMember 2025-01-01 2025-12-31 0001708341 agae:CasualMobileGamingMember agae:ConcertsMember 2024-01-01 2024-12-31 0001708341 agae:CasualMobileGamingMember us-gaap:CorporateMember 2024-01-01 2024-12-31 0001708341 agae:CasualMobileGamingMember agae:EsportsMember 2024-01-01 2024-12-31 0001708341 agae:ForeignOperationsMember 2024-12-31 0001708341 us-gaap:CorporateMember agae:ForeignOperationsMember 2024-12-31 0001708341 agae:ConcertsMember agae:ForeignOperationsMember 2024-12-31 0001708341 agae:CausalMobileGamingMember agae:ForeignOperationsMember 2024-12-31 0001708341 agae:EsportsMember agae:ForeignOperationsMember 2024-12-31 0001708341 agae:ForeignOperationsMember 2025-12-31 0001708341 us-gaap:CorporateMember agae:ForeignOperationsMember 2025-12-31 0001708341 agae:ConcertsMember agae:ForeignOperationsMember 2025-12-31 0001708341 agae:CausalMobileGamingMember agae:ForeignOperationsMember 2025-12-31 0001708341 agae:EsportsMember agae:ForeignOperationsMember 2025-12-31 0001708341 agae:DelawareLitigationMember srt:ChiefExecutiveOfficerMember us-gaap:SubsequentEventMember 2026-01-01 2026-04-10 0001708341 agae:DelawareLitigationMember srt:ChiefExecutiveOfficerMember us-gaap:SubsequentEventMember agae:FirstSettlementInstallmentMember 2026-04-10 0001708341 agae:DelawareLitigationMember srt:ChiefExecutiveOfficerMember us-gaap:SubsequentEventMember agae:SecondSettlementInstallmentMember 2026-04-10 0001708341 agae:DelawareLitigationMember srt:ChiefExecutiveOfficerMember us-gaap:SubsequentEventMember agae:ThirdSettlementInstallmentMember 2026-04-10 0001708341 agae:DelawareLitigationMember srt:ChiefExecutiveOfficerMember us-gaap:SubsequentEventMember 2026-04-10 0001708341 us-gaap:TrademarksMember 2025-01-01 2025-12-31 0001708341 us-gaap:ComputerSoftwareIntangibleAssetMember 2025-12-31 0001708341 us-gaap:ComputerSoftwareIntangibleAssetMember 2025-01-01 2025-12-31 0001708341 us-gaap:SoftwareDevelopmentMember 2025-12-31 0001708341 us-gaap:SoftwareDevelopmentMember 2025-01-01 2025-12-31 0001708341 agae:MobileGamesLicensesMember 2025-12-31 0001708341 agae:MobileGamesLicensesMember 2025-01-01 2025-12-31 0001708341 us-gaap:CustomerRelationshipsMember 2025-12-31 0001708341 us-gaap:CustomerRelationshipsMember 2025-01-01 2025-12-31 0001708341 us-gaap:TrademarksMember 2024-12-31 0001708341 us-gaap:TrademarksMember 2024-01-01 2024-12-31 0001708341 us-gaap:ComputerSoftwareIntangibleAssetMember 2024-12-31 0001708341 us-gaap:ComputerSoftwareIntangibleAssetMember 2024-01-01 2024-12-31 0001708341 us-gaap:SoftwareDevelopmentMember 2024-12-31 0001708341 us-gaap:SoftwareDevelopmentMember 2024-01-01 2024-12-31 0001708341 agae:MobileGamesLicensesMember 2024-12-31 0001708341 agae:MobileGamesLicensesMember 2024-01-01 2024-12-31 0001708341 us-gaap:CustomerRelationshipsMember 2024-12-31 0001708341 us-gaap:CustomerRelationshipsMember 2024-01-01 2024-12-31 0001708341 srt:MinimumMember agae:MobileGamesLicensesMember 2025-12-31 0001708341 srt:MinimumMember us-gaap:CustomerRelationshipsMember 2025-12-31 0001708341 srt:MaximumMember agae:MobileGamesLicensesMember 2025-12-31 0001708341 srt:MaximumMember us-gaap:CustomerRelationshipsMember 2025-12-31 0001708341 us-gaap:SeriesAPreferredStockMember 2025-12-31 0001708341 us-gaap:SeriesAPreferredStockMember 2024-12-31 iso4217:USD shares utr:acre iso4217:CNY iso4217:JPY pure shares utr:sqm iso4217:USD

http://fasb.org/us-gaap/2025#UsefulLifeTermOfLeaseMember

0001708341 false FY

http://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpense

10-K true 2025-12-31 --12-31 2025 false 001-38226 ALL IN FUTURETECH ALLIANCE, INC. DE 82-1659427 745 Fifth Ave Suite 500 New York NY 10151 646 768-4240 Common Stock AGAE NASDAQ No No Yes Yes Non-accelerated Filer true false false false false 38282007 38265046 None <div> We address cybersecurity risk with input from our employees and Audit Committee. The Audit Committee, and senior management devote significant resources to cybersecurity and risk management processes to adapt to the changing cybersecurity landscape and respond to emerging threats in a timely and effective manner. We regularly assess the threat landscape and take a universal view of cybersecurity risks, with a layered cybersecurity strategy based on prevention, detection, and mitigation. Our information technology (IT) security team reviews enterprise risk, including management-level cybersecurity risks annually. In addition, we have a set of Company-wide policies and procedures concerning cybersecurity matters, which include an IT security manual as well as other policies that directly or indirectly relate to cybersecurity, such as policies related to encryption standards, antivirus protection, remote access, multifactor authentication, confidential information and the use of the internet, social media, email and wireless devices. These policies go through an internal review process and are approved by appropriate members of management. <div></div> All employees are required to complete cybersecurity training and have access to more frequent cybersecurity training through online trainings. We also require employees in certain roles to complete additional role-based, specialized cybersecurity training. <div> <div style="font-size:10pt;font-family:Times New Roman"> We have continued to expand investments in IT security, including additional end-user training, using layered defenses, identifying, and protecting critical assets, strengthening monitoring and alerting, and engaging experts. We regularly test defenses by performing simulations and drills at both a technical level (including through penetration tests) and by reviewing our operational policies and procedures with third-party experts. At the management level, our IT security team regularly monitors alerts and meets to discuss threat levels, trends, and remediation. The team also reviews a monthly cyber scorecard, regularly collects data on cybersecurity threats and risk areas and conducts an annual risk assessment. Further, we conduct periodic external penetration tests, red team testing and maturity testing to assess our processes and procedures and the threat landscape. These tests and assessments are useful tools for maintaining a robust cybersecurity program to protect our investors, customers, employees, vendors, and intellectual property. In addition to assessing our own cybersecurity preparedness, we also consider and evaluate cybersecurity risks associated with use of third-party service providers. Our Internal Audit team conducts an annual review of third-party hosted applications with a specific focus on any sensitive data shared with third parties. The internal business owners of the hosted applications are required to document user access reviews at least annually and provide from the vendor a System and Organization Controls (SOC) 1 or SOC 2 report. If a third-party vendor is not able to provide a SOC 1 or SOC 2 report, we take additional steps to assess their cybersecurity preparedness and assess our relationship on that basis. Our assessment of risks associated with use of third-party providers is part of our overall cybersecurity risk management framework. </div> </div> The Audit Committee has periodic discussions with management regarding cybersecurity risks. The Audit Committee performs an annual review of the Company’s cybersecurity program, which includes a discussion of management’s actions to identify and detect threats, as well as planned actions in the event of a response or recovery situation. We face a number of cybersecurity risks in connection with our business. Although such risks have not materially affected us, including our business strategy, results of operations or financial condition, to date, we have, from time to time, experienced threats to and breaches of our data and systems, including malware and computer virus attacks. As of the date of this Annual Report on Form 10-K, we are not aware of any previous cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company. </div> The Audit Committee, and senior management devote significant resources to cybersecurity and risk management processes to adapt to the changing cybersecurity landscape and respond to emerging threats in a timely and effective manner. true <div style="font-size:10pt;font-family:Times New Roman"> We have continued to expand investments in IT security, including additional end-user training, using layered defenses, identifying, and protecting critical assets, strengthening monitoring and alerting, and engaging experts. We regularly test defenses by performing simulations and drills at both a technical level (including through penetration tests) and by reviewing our operational policies and procedures with third-party experts. At the management level, our IT security team regularly monitors alerts and meets to discuss threat levels, trends, and remediation. The team also reviews a monthly cyber scorecard, regularly collects data on cybersecurity threats and risk areas and conducts an annual risk assessment. Further, we conduct periodic external penetration tests, red team testing and maturity testing to assess our processes and procedures and the threat landscape. These tests and assessments are useful tools for maintaining a robust cybersecurity program to protect our investors, customers, employees, vendors, and intellectual property. In addition to assessing our own cybersecurity preparedness, we also consider and evaluate cybersecurity risks associated with use of third-party service providers. Our Internal Audit team conducts an annual review of third-party hosted applications with a specific focus on any sensitive data shared with third parties. The internal business owners of the hosted applications are required to document user access reviews at least annually and provide from the vendor a System and Organization Controls (SOC) 1 or SOC 2 report. If a third-party vendor is not able to provide a SOC 1 or SOC 2 report, we take additional steps to assess their cybersecurity preparedness and assess our relationship on that basis. Our assessment of risks associated with use of third-party providers is part of our overall cybersecurity risk management framework. </div> true At the management level, our IT security team regularly monitors alerts and meets to discuss threat levels, trends, and remediation. The team also reviews a monthly cyber scorecard, regularly collects data on cybersecurity threats and risk areas and conducts an annual risk assessment. true The internal business owners of the hosted applications are required to document user access reviews at least annually and provide from the vendor a System and Organization Controls (SOC) 1 or SOC 2 report. If a third-party vendor is not able to provide a SOC 1 or SOC 2 report, we take additional steps to assess their cybersecurity preparedness and assess our relationship on that basis. true Our assessment of risks associated with use of third-party providers is part of our overall cybersecurity risk management framework. The Audit Committee has periodic discussions with management regarding cybersecurity risks. The Audit Committee performs an annual review of the Company’s cybersecurity program, which includes a discussion of management’s actions to identify and detect threats, as well as planned actions in the event of a response or recovery situation. The Audit Committee has periodic discussions with management regarding cybersecurity risks. The Audit Committee performs an annual review of the Company’s cybersecurity program, which includes a discussion of management’s actions to identify and detect threats, as well as planned actions in the event of a response or recovery situation. The Audit Committee has periodic discussions with management regarding cybersecurity risks. true Although such risks have not materially affected us, including our business strategy, results of operations or financial condition, to date, we have, from time to time, experienced threats to and breaches of our data and systems, including malware and computer virus attacks. As of the date of this Annual Report on Form 10-K, we are not aware of any previous cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company. false <div style="font-size:10pt;font-family:Times New Roman"> The Company does not currently grant new awards of stock options, stock appreciation rights, or similar option-like instruments. Accordingly, the Company has no specific policy or practice on the timing of awards of such options in relation to the disclosure of material nonpublic information by the Company. In the event the Company determines to grant new awards of such options, the Board and the Committee will evaluate the appropriate steps to take in relation to the foregoing. </div> true <div> Summary Compensation Table <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr style="vertical-align:bottom"> <td style="border-bottom:Black 1pt solid">Name and principal position</td> <td> </td> <td style="border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Year (b) </td> <td style="border-bottom:Black 1pt solid"> </td> <td> </td> <td colspan="2" style="border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Salary ($) </td> <td style="border-bottom:Black 1pt solid;white-space:nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Bonus ($) </td> <td style="border-bottom:Black 1pt solid;white-space:nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom:1pt solid black;margin-top:0pt;margin-bottom:0pt"> Stock Awards ($)(1) </td> <td style="border-bottom:Black 1pt solid;white-space:nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Option Awards ($) </td> <td style="border-bottom:Black 1pt solid"> </td> <td> </td> <td colspan="2" style="border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Nonequity incentive plan compensation ($) </td> <td style="border-bottom:Black 1pt solid"> </td> <td> </td> <td colspan="2" style="border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Nonqualified deferred compensation earnings ($) (h) </td> <td style="border-bottom:Black 1pt solid"> </td> <td> </td> <td colspan="2" style="border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> All other compensation ($) </td> <td style="border-bottom:Black 1pt solid;white-space:nowrap"> </td> <td> </td> <td colspan="2" style="border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Total ($) </td> <td style="border-bottom:Black 1pt solid"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:20%">Yangyang Li(3)</td> <td style="width:1%"> </td> <td style="width:6%;text-align:center">2025</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right">400,000</td> <td style="white-space:nowrap;width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right">—</td> <td style="white-space:nowrap;width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right">—</td> <td style="white-space:nowrap;width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right"> —</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right">—</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right">—</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right">—</td> <td style="white-space:nowrap;width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right">400,000</td> <td style="width:1%"> </td> </tr> <tr style="background-color:rgb(204,238,255)"> <td style="text-indent:-10pt;padding-left:20pt;vertical-align:top">CEO, President, Chairman of the Board</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:center">2024</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">266,667</td> <td style="white-space:nowrap;vertical-align:bottom"> (4)</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">31,200</td> <td style="white-space:nowrap;vertical-align:bottom"> (2)</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">10,000</td> <td style="white-space:nowrap;vertical-align:bottom"> (4)</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">307,867</td> <td style="vertical-align:bottom"> </td> </tr> <tr style="background-color:White"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right"> </td> <td style="vertical-align:bottom"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Yinghua Chen</td> <td> </td> <td style="text-align:center">2025</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">255,000</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">255,000</td> <td> </td> </tr> <tr style="background-color:rgb(204,238,255)"> <td style="text-indent:-10pt;padding-left:20pt;vertical-align:top">Former CEO</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:center">2024</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">300,000</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,279,200</td> <td style="white-space:nowrap;vertical-align:bottom"> (2)</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">—</td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom;text-align:right">1,579,200</td> <td style="vertical-align:bottom"> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td> </td> <td> </td> <td style="text-align:center"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td>Roy Anderson</td> <td> </td> <td style="text-align:center">2025</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">285,000</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">285,000</td> <td> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="text-indent:-10pt;padding-left:20pt;vertical-align:top">Chief Financial Officer, Secretary</td> <td> </td> <td style="text-align:center">2024</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">285,000</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">31,200</td> <td style="white-space:nowrap">(2)</td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">316,200</td> <td> </td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">(1)</td> <td style="text-align:justify">Amounts in this column reflect the aggregate grant date fair value of restricted stock unit awards granted on February 22, 2024, computed in accordance with FASB ASC Topic 718, as discussed in Note 15 – Stockholders’ Equity of our notes to the consolidated financial statements contained in this Annual Report. The grant date fair value of each restricted stock unit award is measured based on the closing price of the Company’s common stock on the date of grant, which was $1.04.</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">(2)</td> <td style="text-align:justify">Consist of RSUs granted on February 22, 2024, which vested (i) twenty-five percent immediately upon grant and (ii) the remaining shares vesting in three equal successive installments every six months over an eighteen month period measured from the date of grant.</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">(3)</td> <td style="text-align:justify">Mr. Li was appointed President of the Company on April 30, 2024.</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">(4)</td> <td style="text-align:justify">Represents compensation received as a director of the Company in fiscal year 2024.</td> </tr> </table> </div> <div> Outstanding Equity Awards at Fiscal Year-End As of December 31, 2025, the Company’s named executive officers had the following outstanding equity awards: <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;border-bottom:Black 1pt solid">Name (a)</td> <td style="white-space:nowrap;text-align:center"> </td> <td colspan="2" style="white-space:nowrap;border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Number of securities underlying unexercised options exercisable (#)(b) </td> <td style="border-bottom:Black 1pt solid;white-space:nowrap;text-align:center"> </td> <td style="white-space:nowrap;text-align:center"> </td> <td colspan="2" style="white-space:nowrap;border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Number of Securities underlying unexercised options unexercisable (#)(c) </td> <td style="border-bottom:Black 1pt solid;white-space:nowrap;text-align:center"> </td> <td style="white-space:nowrap;text-align:center"> </td> <td colspan="2" style="white-space:nowrap;border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Equity Incentive plan awards: Number of Securities underlying unexercised unearned options unexercisable (#)(c) </td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;text-align:center"> </td> <td style="white-space:nowrap;text-align:center"> </td> <td colspan="2" style="white-space:nowrap;border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Option exercise price ($)(e) </td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;text-align:center"> </td> <td style="white-space:nowrap;text-align:center"> </td> <td style="white-space:nowrap;border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Option expiration date (f) </td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;text-align:center"> </td> <td style="white-space:nowrap;text-align:center"> </td> <td colspan="2" style="white-space:nowrap;border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Number of shares of units of stock that have not vested (#)(g) </td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;text-align:center"> </td> <td style="white-space:nowrap;text-align:center"> </td> <td colspan="2" style="white-space:nowrap;border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Market value of shares or units of stock that have not vested ($)(h) </td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;text-align:center"> </td> <td style="white-space:nowrap;text-align:center"> </td> <td colspan="2" style="white-space:nowrap;border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Equity Incentive plan awards: Number of unearned shares, units or other rights that have not vested (#)(i) </td> <td style="border-bottom:Black 1pt solid;white-space:nowrap;text-align:center"> </td> <td style="white-space:nowrap;text-align:center"> </td> <td colspan="2" style="white-space:nowrap;border-bottom:1pt solid black;text-align:center;margin-top:0pt;margin-bottom:0pt"> Equity Incentive plan awards: Market or payout value of unearned shares, units or other rights that have not vested ($)(j) </td> <td style="border-bottom:Black 1pt solid;white-space:nowrap;text-align:center"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="width:20%">Yinghua Chen</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right">40,000</td> <td style="white-space:nowrap;width:1%"> (1)</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right">—</td> <td style="white-space:nowrap;width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right">2.11</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:center">7/01/2030</td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%;text-align:right"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%"> </td> <td style="white-space:nowrap;width:1%"> </td> <td style="width:1%"> </td> <td style="width:1%"> </td> <td style="width:6%"> </td> <td style="white-space:nowrap;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align:right">75,000</td> <td style="white-space:nowrap"> (2)</td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">2.21</td> <td> </td> <td> </td> <td style="text-align:center">11/11/2031</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> </tr> <tr style="vertical-align:bottom"> <td>Roy Anderson</td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td>Yangyang Li</td> <td> </td> <td> </td> <td style="text-align:right">40,000</td> <td style="white-space:nowrap"> (3)</td> <td> </td> <td> </td> <td style="text-align:right">—</td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td style="text-align:right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align:right">2.48</td> <td> </td> <td> </td> <td style="text-align:center">5/6/2031</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td style="white-space:nowrap"> </td> <td> </td> <td> </td> <td> </td> <td style="white-space:nowrap"> </td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">(1)</td> <td style="text-align:justify">Represents a stock option granted to Ms. Chen on July 1, 2020 in connection with service as a member of the Board of Directors. The option vested in 4 equal annual installments on each of July 1, 2021, 2022, 2023, and 2024.</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">(2)</td> <td style="text-align:justify">Represents a stock option granted on November 11, 2021 in connection with Ms. Chen’s employment as the Company’s Chief Investment Officer. The option vested in four equal annual installments on each of November 11, 2022, 2023, 2024, and 2025.</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">(3)</td> <td style="text-align:justify">Represents a stock option granted on May 6, 2021 in connection with service as a member of the Board of Directors. The option vested in four equal annual installments on each of May 6, 2022, 2023, 2024, and 2025.</td> </tr> </table> </div> 6413 <div style="font-size:10pt;font-family:Times New Roman"> <div> Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of All In FutureTech Alliance, Inc..and its subsidiaries (“the Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, comprehensive loss, changes in stockholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. </div> </div> ZH CPA, LLC Denver, Colorado

11844107

59242802

0 8800000

37664254

8800000

1334719

3483211

1407660

709539

491640

708804

2400000

21127870

17629915

3700000

505550

471361

76775800

94745632

373949

3000082

260652

49300

1909535

5115686

4001016 0

493728

2614462

666523

4365718

3051300 0

2248074

2796379

89780577

112687259

7019840

1322140

7515672

1151407

218275

656382

1694951

1591475

33140009

25756757

49588747

30478161

2408227

4008473

134080

670743

52131054

35157377

0.0001

1000000

0.0001

50000 50000

0.0001

100000000

39987228

46385798

37706930

44105500

3998

4639

199998302

205948565

-163125676

-130428314

573024

180002

2280298

2694075

34755573

73010817

2893950

4519065

37649523

77529882

89780577

112687259

4941734

4669644

204

336

3033281

4409192

7975219

9079172

2766944 2496618 2845673 3875992

673080

865585

222444

287239

31051123

13349023

1556129

1585535

668818

9567000

7247733

357826

47031944

32384818

-39056725

-23305646

15870

6356

457536

207711

0 3000000 -1132460 -536116

388677

-28725

78076 0

4245011

3654986

3896558

304212

-35160167

-23001434

-536663

-425417

-34623504

-22576017

-1836714

-5818732

-32786790

-16757285

-0.83

-0.42

39565171

40374340

-34623504

-22576017

604621

-573883

-34018883

-23149900

-1836714

-5818732

211599

-320320

-32393768

-17010848

39085470

3909

2279784

-2693653

198677132

433565

-113671029

82749924

10658117

93408041

1460000

146

1044638

1044784

54493

159672

179326

179342

6000000

600

6351628

6352228

7330000

733

6596267

-4597000

2000000

7330000 -733 0 0 -6596267 4597000 0 0 -2000000 0 -2000000 0

514

422 0 0 0 0 422 0 422

-16757285

-5818732

-22576017

-253563

-320320

-573883

46385798

4639

2280298

-2694075

205948565

180002

-130428314

73010817

4519065

77529882

473216

23506

91070

94503

94513

89428 89428 0 89428 6000000 600 0 0 6351628 0 0 0 6352228 0 6352228

307500

-31

0 0 -885 0 0 -885 0 -885

-32786790

-1836714

-34623504

393022

211599

604621

39987228

3998

2280298

-2694075

199998302

573024

-163125676

34755573

2893950

37649523

-34623504

-22576017

496722

1099277

1240290 1128953

247772

-100

170061

-536116

249908 1168493 -1302521 0 78076 0

1556129

1585535

668818

9567000

7247732

357826

-2601155 0

-536663

-425417

-222549

180489

698121

-82693

2400000

35555

-27228

3700000

5748496

737594

5726349

429272

-1470538

-1522993

-438107

552634

24837656

12806636

-9785848

-9769381

3051300 0 200000 0

1861337

2223810

134281789

127733566

68066429 0 4500000 1340000

232514993

79612566

5011365

3056668

781025

10552822

19062401

53020

118482

82951

-38394048

23808478

422

8599962

885

247734

94513

-6600000 -2000000

50034319

26038919

42538257

8461338

800664

23929387

-19463

-46265

-47398695

37922219

59242802

21320583

11844107

59242802

7046410

19235190

4797697

40007612

11844107

59242802

301031

68341

-89428 0 0 179342

85095

<div> Note 1 – Background and Basis of Presentation All In FutureTech Alliance, Inc.(“AIFA” and together with its subsidiaries, the “Company”) operates a public esports and entertainment company through its wholly owned subsidiaries Allied Esports Media Inc., (“AEM”), Allied Esports International, Inc., (“AEII”), Esports Arena Las Vegas, LLC (“ESALV”), Allied Mobile Entertainment Inc. (“AME”), Allied Mobile Entertainment (Hong Kong) Limited (“AME-HK”), Allied Experiential Entertainment Inc. (“AEE”), AIFA Investment Limited, formerly known as Skyline Music Entertainment (Hong Kong) Limited (“Skyline HK”), Beijing Lianhuan Technology Co., Ltd (“BLT”), and Allied Commercial Development (Hainan) Co., Ltd (“ACD”). AEII produces a variety of esports and gaming-related content, including world class tournaments, live and virtual events, and original programming to continuously foster an engaged gaming community. ESALV operates HyperX Arena Las Vegas, the world’s most recognized esports facility. AME-HK is a wholly owned subsidiary of AME and owns a 40% interest in Beijing Lianzhong Zhihe Technology Co. (“Z-Tech”). Z-Tech and BLT are engaged in the development and distribution of mobile casual games in China. AEE owns a 51% interest in Skyline Music Entertainment Limited (“Skyline”), which is principally engaged in the organization of events, shows and concerts by top entertainment artists. ACD is in the early stages of the development of esports and other entertainment venues in Hainan, an island province in southern China. </div>

0.40

0.51

<div> Note 2 – Significant Accounting Policies <div> Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been derived from the accounting records of AGAE and its consolidated subsidiaries. All significant intercompany balances have been eliminated in the consolidated financial statements. The consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant to the accounting rules and regulations of the United States Securities and Exchange Commission (“SEC”) and includes the operations of AGAE and its wholly owned subsidiaries, and Skyline and Z-Tech. Skyline is a majority owned subsidiary of AEE. The accounts of Z-Tech were consolidated in these financial statements based on the analysis performed under the voting interest model (“VOE”). The Company has a controlling financial interest in Z-Tech and Skyline. As a result, the Company consolidates Z-Tech and Skyline. </div> <div> <div> Business Combinations </div> In applying the acquisition method of accounting for business combinations, amounts assigned to identifiable assets and liabilities acquired were based on estimated fair values as of the date of acquisition, with the remainder recorded as goodwill. Intangible assets are initially valued at fair value using generally accepted valuation methods appropriate for the type of intangible asset. Transaction costs associated with these acquisitions are expensed as incurred and are included in the accompanying consolidated statements of operations. </div> <div> <div> Use of Estimates </div> Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the financial statements. The Company’s significant estimates used in these financial statements include, but are not limited to, the valuation and carrying amount of deferred tax assets and liabilities, stock-based compensation, the fair value of marketable securities, accounts receivable and loans receivable reserves, the valuation of acquired assets and liabilities, loss contingencies, the impairment of goodwill, as well as the recoverability and useful lives of long-lived assets, including right-of-use assets, intangible assets and property and equipment. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates. </div> <div></div> <div> <div> Cash and Cash Equivalents </div> All highly liquid short-term investments of the Company that have a maturity of three months or less when purchased are considered to be cash equivalents. As of December 31, 2025 and 2024, the Company’s cash equivalents consist of money market funds of $4.8 million and $40 million, respectively. Money market funds are reported at their current carrying value, which approximates fair value due to the short-term nature of these instruments and are categorized as Level 1 within the fair value table. </div> <div> Short-term Investments Short-term investments include certificates of deposit, fixed rate deposits, equity linked notes, bond linked notes, FX linked notes and a US Treasury Note with original maturities of greater than three months but less than or equal to twelve months when purchased. The carrying amounts of the certificates of deposit and fixed rate deposits are stated at amortized cost, which approximates fair value due to the short-term nature of these instruments. The Company has elected the fair value option for recording its equity, bond and FX linked notes and its US Treasury Note, pursuant to ASC 825-10, Financial Instruments (“ASC 825”), whereby the hybrid instrument is initially recorded in its entirety at fair value and changes in fair value are recorded in other income (expense) on the consolidated statements of operations. The Company determines the appropriate classification of these investments at the time of purchase and reevaluates such designation at each balance sheet date Accrued interest receivable on short-term investments totaled $169,404 and $284,355 on December 31, 2025 and 2024, respectively, and is included in current assets in the accompanying consolidated balance sheets. </div> <div> <div> Marketable Securities </div> Marketable securities are carried at fair value with changes in fair value recorded in the consolidated statements of operations, according to ASC 321 “Investments - Equity Securities”. During the years ended December 31, 2025 and 2024, the Company purchased certain publicly listed marketable securities through an open market transaction and accounted for such investments as “investment in marketable securities” and subsequently measures the investments at fair value at the balance sheet date. These securities are categorized as Level 1 assets within the fair value hierarchy table. The Company recognized a gain of $462,396 and $5,952 from the sale of investments in marketable securities for the years ended December 31, 2025 and 2024, respectively. </div> <div> <div> Derivative Instruments The Company has entered into an equity-linked decumulator contract with a financial institution to manage exposure to certain market positions and investment strategies. The contract is accounted for as derivative instruments under ASC 815 and are recorded at fair value within other assets or accrued liabilities on the consolidated balance sheets. Changes in fair value are recognized currently in earnings within other income (expense). The fair value of the decumulator contracts is estimated using valuation models that incorporate significant assumptions, including expected volatility, market price movements, contractual settlement features, and discount rates. Due to the use of significant unobservable inputs, the fair value measurements are classified within Level 3 of the fair value hierarchy under ASC 820. As of December 31, 2025, the Company recorded a derivative liability of $657,136 associated with this contract. </div> </div> <div> Accounts Receivable and Loan Receivable Accounts receivable and loans receivable are carried at their contractual amounts, less an estimate for credit losses. The Company estimates an allowance for credit losses based on the current expected credit losses (“CECL”) methodology. The CECL methodology requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures) and replaces the incurred loss methodology’s threshold that delayed the recognition of a credit loss until it was probable a loss event was incurred. The amount of the allowance for credit losses is based on ongoing, quarterly assessments by management. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for bad debts only after all collection attempts have been exhausted. As of December 31, 2025, the Company recognized a CECL allowance of $2.6 million on the loans receivable discussed in Note 12. As of December 31, 2024, no allowance for credit losses was determined to be necessary. </div> <div></div> <div> Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and impairment using the straight-line method over their estimated useful lives once the asset is placed in service. Leasehold improvements are amortized over the lesser of (a) the useful life of the asset; or (b) the remaining lease term (including renewal periods that are reasonably assured). Expenditures for maintenance and repairs which do not extend the economic useful life of the related assets are charged to operations as incurred, and expenditures which extend the economic life are capitalized. When assets are retired or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized in the statement of operations for the respective period. The estimated useful lives of property and equipment are as follows: <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;width:82%">Office equipment</td> <td style="width:1%"> </td> <td style="white-space:nowrap;width:17%;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap">Computer equipment</td> <td> </td> <td style="white-space:nowrap;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap">Production equipment</td> <td> </td> <td style="white-space:nowrap;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap">Furniture and fixtures</td> <td> </td> <td style="white-space:nowrap;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap">Esports gaming truck</td> <td> </td> <td style="white-space:nowrap;text-align:center">5 years</td> </tr> <tr> <td style="white-space:nowrap">Leasehold improvements</td> <td> </td> <td style="vertical-align:bottom;text-align:center"> Lesser of 10 years or remaining lease term </td> </tr> </table> </div> </div> <div> Internal Use Software Development Costs The costs incurred in the preliminary stages of software development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental, are capitalized and included within intangible assets on the accompanying balance sheet. Once they are ready for intended use they are amortized on a straight-line basis over their estimated useful lives. On November 1, 2024 the internal use software was placed into service (see Note 11 – Intangible Assets – System Development Agreement for additional details). </div> <div> Long-Lived Assets and Goodwill The Company accounts for long-lived assets in accordance with the provisions of ASC 360-10-35, Property, Plant and Equipment, Impairment or Disposal of Long-lived Assets. This accounting standard requires that long-lived assets, including intangible assets with finite lives, be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. See Note 3, Impairment of Long-Lived Assets. The Company accounts for goodwill and intangible assets in accordance with ASC 350, Intangibles – Goodwill and Other. Goodwill represents the excess of the purchase price of an entity over the estimated fair value of the assets acquired and liabilities assumed. ASC 350 requires that goodwill and other intangibles with indefinite lives be tested for impairment annually or on an interim basis if events or circumstances indicate that the fair value of an asset has more likely than not decreased below its carrying value. The Company intends to perform its annual impairment testing at year end of each year. In determining whether a quantitative assessment is required on an interim basis, the Company will evaluate relevant events or circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after performing the qualitative assessment, an entity concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the entity would perform the quantitative impairment test described in ASC 350. However, if, after applying the qualitative assessment, the entity concludes that it is not more than likely that the fair value is less than the carrying amount, the quantitative impairment test is not required. The Company bases these assumptions on its historical data and experience, industry projections, micro and macro general economic condition projections, and its expectations. <div></div> In connection with the Company’s annual goodwill impairment tests as of December 31, 2025 and 2024, the fair value of one of its reporting units was determined to be less than its carrying amount, resulting in the recognition of goodwill impairment charges of $0.67 million and $9.57 million, respectively. The reduction in fair value was primarily attributable to a decline in revenues from the prior year. The fair value of the reporting unit was estimated using a combination of the income approach (discounted cash flow method) and the market approach (guideline public company method). Key assumptions included projected revenue, gross profit and EBITDA margins, discount rates, and terminal growth rates, which were based on historical performance, industry trends, and market conditions. After the impairments, the remaining balance of goodwill associated with the reporting unit is approximately $2.25 million. The Company’s intangible assets consist of the ESALV trademarks, which are being amortized over a useful life of 10 years, and software licenses, software development costs, mobile games licenses, and customer relationships, which are being amortized over a useful life of 5-10 years. During the year ended December 31, 2025, the Company recorded an impairment loss of $2.82 million on its intangible assets, see Note 3. </div> Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:48px"> </td> <td style="width:58px;text-align:justify">Level 1</td> <td style="width:14px;text-align:justify">- </td> <td style="text-align:justify">quoted prices in active markets for identical assets or liabilities.</td> </tr> <tr style="vertical-align:top"> <td> </td> <td colspan="3" style="text-align:justify"> </td> </tr> <tr style="vertical-align:top"> <td> </td> <td style="text-align:justify">Level 2 </td> <td style="text-align:justify">-</td> <td style="text-align:justify">quoted prices for similar assets and liabilities in active markets or inputs that are observable.</td> </tr> <tr style="vertical-align:top"> <td> </td> <td colspan="3" style="text-align:justify"> </td> </tr> <tr style="vertical-align:top"> <td> </td> <td>Level 3</td> <td>- </td> <td>inputs that are unobservable (for example, cash flow modeling inputs based on assumptions).</td> </tr> </table> The following table provides information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;border-bottom:Black 1pt solid">As of December 31, 2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 1</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 2</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 3</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:48%;font-size:10pt;text-align:left">Digital assets</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">260,652</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">260,652</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Cash equivalent - Money market funds</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,797,697</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,797,697</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Marketable securities</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,334,719</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,334,719</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Derivative instruments</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(657,136</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(657,136</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Short-term investment - Bond linked notes</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">14,766,470</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">14,766,470</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Short-term investment - Equity linked notes</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">11,310,650</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">11,310,650</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Short-term investment - US Treasury Bond</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">11,587,134</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">11,587,134</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.25pt">Total</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">6,393,068</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">37,664,254</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(657,136</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">43,400,186</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> <div></div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;border-bottom:Black 1pt solid">As of December 31, 2024</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 1</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 2</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 3</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="width:48%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Digital assets</td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">49,300</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">49,300</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Cash equivalent - Money market funds</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">40,007,612</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">40,007,612</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Marketable securities</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">3,483,211</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">3,483,211</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">43,540,123</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">43,540,123</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> </tr> </table> </div> The carrying amounts of the Company’s financial instruments, such as cash and cash equivalents (excluding money market funds), accounts receivable, short-term investments (excluding US Treasury Note and bond, equity, and FX linked notes), interest receivable, loans receivable, accounts payable, operating lease liabilities, accrued liabilities, and loans payable approximate fair value due to the short-term nature of these instruments. See Marketable Securities above for further details on marketable securities. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. The Company recognizes the tax benefit from an uncertain income tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement by examining taxing authorities. The Company’s policy is to recognize interest and penalties accrued on uncertain income tax positions in interest expense in the Company’s statements of operations. As of December 31, 2025 and 2024, the Company had no liability for unrecognized tax benefits. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. Commitments and Contingencies 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 of the assessment can be reasonably estimated. <div> Net Loss per Common Share Basic loss per common share is computed by dividing net loss attributable to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus the impact of common shares, if dilutive, resulting from the potential exercise of outstanding stock options and warrants and the vesting of restricted stock awards. <div></div> The following table presents the computation of basic and diluted net loss per common share: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt">Numerator:</td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;width:70%;font-size:10pt;text-align:left;padding-bottom:2.25pt">Net loss attributable to common stockholders</td> <td style="width:1%;font-size:10pt;padding-bottom:2.25pt"> </td> <td style="width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="width:12%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(32,786,790</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="width:1%;font-size:10pt;padding-bottom:2.25pt"> </td> <td style="width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="width:12%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(16,757,285</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt">Denominator (weighted average quantities):</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt">Common shares outstanding</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">39,844,308</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">41,172,974</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Less: Unvested restricted shares</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(279,137</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(798,634</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Denominator for basic and diluted net loss per share</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">39,565,171</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">40,374,340</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Basic and Diluted Net Loss per Common Share</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(0.83</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">$(0. 42</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> ) </td> </tr> </table> </div> The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:70%;font-size:10pt;text-align:left">Unvested restricted common shares</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">710,000</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt">Options</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,270,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,270,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:1pt">Warrants</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">7,454,546</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,270,000</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">9,434,546</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> </div> <div> Revenue Recognition To determine the proper revenue recognition method, the Company evaluates each of its contractual arrangements to identify its performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The majority of the Company’s contracts have a single performance obligation because the promise to transfer the individual good or service is not separately identifiable from other promises within the contract and is therefore not distinct. Some of the Company’s contracts have multiple performance obligations, primarily related to the provision of multiple goods or services. For contracts with more than one performance obligation, the Company allocates the total transaction price in an amount based on the estimated relative standalone selling prices underlying each performance obligation. There were no contracts with more than one performance obligation for the year ended December 31, 2025 and 2024. The Company recognizes revenue primarily from the following sources: In-person revenue In-person revenue was comprised of the following for the years ended December 31, 2025 and 2024: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="width:70%;font-size:10pt;text-align:left">Event revenue</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">2,507,611</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">2,082,269</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Sponsorship revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,865,087</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,838,447</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left">Food and beverage revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">222,274</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">271,184</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Ticket and gaming revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">305,690</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">414,881</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Merchandising revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">41,072</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">62,863</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Total in-person revenue</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">4,941,734</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">4,669,644</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> <div></div> Event revenues from the rental of the ESALV arena and gaming trucks are recognized over the term of the event based on the number of days completed relative to the total days of the event, as this method best depicts the transfer of control to the customer. In-person revenue also includes revenue from ticket sales, admission fees and food and beverage sales for events held at the Company’s esports properties. Ticket revenue is recognized at the completion of the applicable event. Point of sale revenues, such as food and beverage, gaming and merchandising revenues, are recognized when control of the related goods are transferred to the customer. The Company generates sponsorship revenue from the naming rights of its esports arena which is recognized on a straight-line basis over the contractual term of the agreement. The Company records deferred revenue to the extent that payment has been received for services that have yet to be performed. Multiplatform revenue Multiplatform revenue was comprised of the following for the years ended December 31, 2025 and 2024: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Sponsorship revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:70%;font-size:10pt;text-align:left;padding-bottom:1pt">Distribution revenue</td> <td style="width:1%;font-size:10pt;padding-bottom:1pt"> </td> <td style="width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="width:12%;border-bottom:Black 1pt solid;font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt;padding-bottom:1pt"> </td> <td style="width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="width:12%;border-bottom:Black 1pt solid;font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Total multiplatform revenue</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> The Company generates sponsorship revenue from the production and distribution of original content programming over live-streaming services. The Company recognizes sponsorship revenue pursuant to the terms of each individual contract when the Company satisfies the respective performance obligations, which could be recognized at a point in time or over the term of the contract. The Company’s distribution revenue is generated primarily through the distribution of content to online channels. Any advertising revenue earned by online channels is shared with the Company. The Company recognizes online advertising revenue at the point in time when the advertisements are placed in the video content. The Company records deferred revenue to the extent that payment has been received for services that have yet to be performed. Casual mobile gaming revenue The Company’s casual mobile gaming revenue is generated through Z-Tech which was acquired on October 31, 2023. Casual mobile gaming revenue is generated through contractual relationships with various advertising service providers for advertisements within the Company’s casual mobile games. Advertisements can be in the form of an impression, click-throughs, videos, or banners. The Company has determined the advertising service provider to be its customer and displaying the advertisements within its games is identified as the single performance obligation. Revenue from advertisements is recognized when the ad is displayed or clicked and the advertising service provider receives the benefits provided from this service. The price can be determined by the applicable evidence of the arrangement, which may include a master contract or a third-party statement of activity. The transaction price is generally the product of the advertising units delivered (e.g. impressions, click-throughs) and the contractually agreed upon price per advertising unit. The price per advertising unit can also be based on revenue share percentages stated in the contract. The number of advertising units delivered is determined at the end of each month so there is no uncertainty about the transaction price. The Company’s casual games are played on various mobile third-party platforms for which such third parties collect monies from advertisers and remit the net proceeds after deducting payment processing fees and player incentive payments. The Company is primarily responsible for providing access to the games, has control over the content and functionality of games before they are accessed by players, and has the discretion to establish the pricing for the advertisements. Therefore, the Company concluded that it is the principal in the transaction, and as a result, revenues are reported gross of payment processing fees and player incentive fees. Payment processing fees and player incentive fees are recorded as components of cost of revenue in the accompanying consolidated statements of operations. <div></div> Revenue recognition The following table summarizes our revenue recognized under ASC 606 in our consolidated statements of operations: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;text-align:left">Revenues Recognized at a Point in Time:</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:70%;font-size:10pt;text-align:left">Ticket and gaming revenue</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">305,690</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">414,881</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Food and beverage revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">222,274</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">271,184</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Merchandising revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">41,072</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">62,863</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Casual mobile games</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Distribution revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">Total Revenues Recognized at a Point in Time</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,602,521</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">5,158,456</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;text-align:left">Revenues Recognized Over a Period of Time:</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Event revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,507,611</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,082,269</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Sponsorship revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">1,865,087</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">1,838,447</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">Total Revenues Recognized Over a Period of Time</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,372,698</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,920,716</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Total Revenues</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">7,975,219</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">9,079,172</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. A receivable is recorded when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. As of December 31, 2025 and 2024, the Company had contract liabilities of $218,275 and $656,382, respectively, which are included in deferred revenue on the accompanying consolidated balance sheet. Through December 31, 2025, $641,602 of performance obligations in connection with contract liabilities included within deferred revenue on the prior year consolidated balance sheet have been satisfied. The Company expects to satisfy its deferred revenue balance of $218,275 within the next twelve months. During the years ended December 31, 2025 and 2024, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. Effective February 22, 2023, the Company entered into a sponsorship agreement which expires on April 2, 2026. The total contract price for this sponsorship agreement is $5.8 million. As of December 31, 2025, the aggregate transaction price allocated to the unsatisfied performance obligations under this agreement is approximately $0.46 million. The Company expects to recognize this revenue as the performance obligations are satisfied over the remaining term of the contract. </div> <div> <div> Digital Assets </div> The Company has ownership of and control over the digital assets and the Company may use third-party custodial services to secure them. The Company accounted for digital assets held as the result of the receipt of Ethereum and Bitcoin, as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other through December 31, 2024. Following the adoption of ASU 2023-08 effective January 1, 2025, the Company measures digital assets at fair value with changes recognized in other (expense) income in the condensed consolidated statement of operations. Refer to Note 9 – Digital Assets for further information regarding the impact of the Company’s adoption of ASU 2023-08. </div> <div></div> <div> <div> Stock-Based Compensation </div> The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award on the date of grant. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period that the estimates are revised. The Company accounts for forfeitures as they occur. </div> <div> Segment Information Reportable segments are components of an enterprise about which separate financial information is available for evaluation by the chief operating decision maker in making decisions about how to allocate resources and assess performance. The chief operating decision maker of Allied Esports is Allied Esports’s chief executive officer and the chief operating decision makers of Z-Tech and Skyline are senior executives of these subsidiaries. Separate discrete financial information for each of Allied Esports, Z-Tech, ACD, BLT and Skyline are reviewed separately by chief operating decision makers and the operations of Allied Esports, Z-Tech, and Skyline are managed separately. As such, the operations of Allied Esports (video game events and tournaments), Z-Tech and BLT (casual mobile games) and Skyline (live concert promotion) are reported as separate operating segments. See Note 19 – Segment Data. </div> <div> <div> Advertising Costs </div> Advertising costs are charged to operations in the year incurred and totaled $34,778 and $60,237 for the years ended December 31, 2025 and 2024, respectively, and are included in selling and marketing expenses on the accompanying statements of operations. </div> Concentration Risks Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments, loans receivable, interest receivable, accounts receivable and other receivables. The Company maintains cash deposits and short-term investments with major U.S. financial institutions that at various times may exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Cash equivalents of approximately $4.8 million held in money market funds are maintained in a foreign bank account and not covered by FDIC insurance limits. The Company’s US Treasury Note, bond linked note and equity linked note with an aggregate value of approximately $37.6 million are also maintained in a foreign bank and not covered by FDIC insurance limits. As of December 31, 2025, the Company’s loans receivable consisted of three loans which were 44%, 36%, and 20%, respectively, of the Company’s total loan receivable balance. As of December 31, 2024, the Company’s loans receivable consisted of three loans which were 46%, 29%, and 25%, respectively, of the Company’s total loan receivable balance. During the years ended December 31, 2025 and 2024, 38% and 49%, respectively, of the Company’s revenues were from customers in foreign countries. During the year ended December 31, 2025, the Company’s two largest customers accounted for 38% and 23% of the Company’s consolidated revenues. During the year ended December 31, 2024, the Company’s two largest customers accounted for 48% and 20% of the Company’s consolidated revenues. As of December 31, 2025, the Company’s two largest customers represented 80% and 19%, respectively, of the Company’s accounts receivable balance. As of December 31, 2024, the Company’s two largest customers represented 88% and 9%, respectively, of the Company’s accounts receivable balance. Historically, the Company has not experienced any losses due to such concentration of credit risk. <div></div> <div> Foreign Currency Translation The Company’s reporting currency is the United States Dollar. The functional currencies of the Company’s operating subsidiaries are their local currencies (United States Dollar (“USD”), and Chinese Yuan (“RMB”)). Yuan-denominated assets and liabilities are translated into the United States Dollar using the exchange rate at the balance sheet date (0.1429 and 0.1370 at December 31, 2025 and 2024, respectively) and revenue and expense accounts are translated using the weighted average exchange rate in effect for the period (0.1389 and 0.1391 for the years ended December 31, 2025 and 2024, respectively). The Company engages in foreign currency denominated transactions with customers and suppliers, as well as between subsidiaries with different functional currencies. Realized gains (losses) of $388,677 and ($28,725) arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency for the years ended December 31, 2025 and 2024, respectively, are recognized in other income, net in the consolidated statements of operations. </div> <div> <div> Subsequent Events </div> The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the consolidated financial statements, except as disclosed. </div> <div> Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segments Disclosures (Topic 280), which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on both an annual and interim basis. The guidance becomes effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Since this new ASU addresses only disclosures, this ASU did not have any material effects on the Company’s financial condition, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350 – 60). This update requires an entity to subsequently measure certain assets at fair value with changes recognized in net income each reporting period. This update also requires that an entity present crypto assets measured at fair value separately from other intangible assets in the condensed consolidated balance sheet and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets in the condensed consolidated statement of operations. The Company adopted ASU 2023-08 on January 1, 2025 and recorded a cumulative-effect adjustment to the opening balance of retained earnings in the amount of $ 89,428. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which enhances annual income tax disclosure requirements intended to improve the transparency and usefulness of income tax information provided to investors and other financial statement users. The amendments require: <table cellpadding="0" cellspacing="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0.5in"></td> <td style="width:0.5in"> · </td> <td>Enhanced disclosure of the effective tax rate reconciliation, including disaggregation of certain reconciling items by nature and jurisdiction; and</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0.5in"></td> <td style="width:0.5in"> · </td> <td>Annual disclosure of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes, as well as by individual jurisdictions that are significant relative to total income taxes paid.</td> </tr> </table> The Company adopted ASU 2023-09 on January 1, 2025 on a prospective basis. The adoption did not impact the Company’s financial position, results of operations, or cash flows, as the guidance relates only to disclosure requirements. The Company has included the additional required disclosures in Note 15 — Income Taxes. </div> <div></div> <div> Recently Issued Accounting Pronouncements In November 2024, The FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220 – 04). This update requires an entity to disclose more detailed information regarding expenses for the entity. The amendments require that at each interim and the annual reporting period, the entity must disclose amounts related to purchases of inventory, employee compensation, depreciation, intangible asset amortization and depreciation, depletion, and amortization recognized as part of oil and gas- producing activities. Including the amounts, the entity is required to disclose and qualitative description of the amounts remaining in relevant expense captions, and to disclose the total amount of selling expenses and the definition of selling expenses. The amendments in this update should be applied prospectively to financial statements issued for reporting periods, and retrospectively to any prior periods presented in the financials. Although early adoption is permitted, the new guidance becomes effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Since this new ASU addresses only disclosures, the Company does not expect the adoption of this ASU to have any material effects on its financial condition, results of operations or cash flows. </div> </div>

<div> <div> Business Combinations </div> In applying the acquisition method of accounting for business combinations, amounts assigned to identifiable assets and liabilities acquired were based on estimated fair values as of the date of acquisition, with the remainder recorded as goodwill. Intangible assets are initially valued at fair value using generally accepted valuation methods appropriate for the type of intangible asset. Transaction costs associated with these acquisitions are expensed as incurred and are included in the accompanying consolidated statements of operations. </div>

<div> <div> Use of Estimates </div> Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the financial statements. The Company’s significant estimates used in these financial statements include, but are not limited to, the valuation and carrying amount of deferred tax assets and liabilities, stock-based compensation, the fair value of marketable securities, accounts receivable and loans receivable reserves, the valuation of acquired assets and liabilities, loss contingencies, the impairment of goodwill, as well as the recoverability and useful lives of long-lived assets, including right-of-use assets, intangible assets and property and equipment. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates. </div>

<div> <div> Cash and Cash Equivalents </div> All highly liquid short-term investments of the Company that have a maturity of three months or less when purchased are considered to be cash equivalents. As of December 31, 2025 and 2024, the Company’s cash equivalents consist of money market funds of $4.8 million and $40 million, respectively. Money market funds are reported at their current carrying value, which approximates fair value due to the short-term nature of these instruments and are categorized as Level 1 within the fair value table. </div>

4800000

40000000

169404

284355

<div> <div> Marketable Securities </div> Marketable securities are carried at fair value with changes in fair value recorded in the consolidated statements of operations, according to ASC 321 “Investments - Equity Securities”. During the years ended December 31, 2025 and 2024, the Company purchased certain publicly listed marketable securities through an open market transaction and accounted for such investments as “investment in marketable securities” and subsequently measures the investments at fair value at the balance sheet date. These securities are categorized as Level 1 assets within the fair value hierarchy table. The Company recognized a gain of $462,396 and $5,952 from the sale of investments in marketable securities for the years ended December 31, 2025 and 2024, respectively. </div>

462396

5952

<div> Derivative Instruments The Company has entered into an equity-linked decumulator contract with a financial institution to manage exposure to certain market positions and investment strategies. The contract is accounted for as derivative instruments under ASC 815 and are recorded at fair value within other assets or accrued liabilities on the consolidated balance sheets. Changes in fair value are recognized currently in earnings within other income (expense). The fair value of the decumulator contracts is estimated using valuation models that incorporate significant assumptions, including expected volatility, market price movements, contractual settlement features, and discount rates. Due to the use of significant unobservable inputs, the fair value measurements are classified within Level 3 of the fair value hierarchy under ASC 820. As of December 31, 2025, the Company recorded a derivative liability of $657,136 associated with this contract. </div>

657136

2600000

<div> Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and impairment using the straight-line method over their estimated useful lives once the asset is placed in service. Leasehold improvements are amortized over the lesser of (a) the useful life of the asset; or (b) the remaining lease term (including renewal periods that are reasonably assured). Expenditures for maintenance and repairs which do not extend the economic useful life of the related assets are charged to operations as incurred, and expenditures which extend the economic life are capitalized. When assets are retired or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized in the statement of operations for the respective period. The estimated useful lives of property and equipment are as follows: <div> <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;width:82%">Office equipment</td> <td style="width:1%"> </td> <td style="white-space:nowrap;width:17%;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap">Computer equipment</td> <td> </td> <td style="white-space:nowrap;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap">Production equipment</td> <td> </td> <td style="white-space:nowrap;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap">Furniture and fixtures</td> <td> </td> <td style="white-space:nowrap;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap">Esports gaming truck</td> <td> </td> <td style="white-space:nowrap;text-align:center">5 years</td> </tr> <tr> <td style="white-space:nowrap">Leasehold improvements</td> <td> </td> <td style="vertical-align:bottom;text-align:center"> Lesser of 10 years or remaining lease term </td> </tr> </table> </div> </div>

<table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;width:82%">Office equipment</td> <td style="width:1%"> </td> <td style="white-space:nowrap;width:17%;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap">Computer equipment</td> <td> </td> <td style="white-space:nowrap;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap">Production equipment</td> <td> </td> <td style="white-space:nowrap;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap">Furniture and fixtures</td> <td> </td> <td style="white-space:nowrap;text-align:center">3 - 5 years</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap">Esports gaming truck</td> <td> </td> <td style="white-space:nowrap;text-align:center">5 years</td> </tr> <tr> <td style="white-space:nowrap">Leasehold improvements</td> <td> </td> <td style="vertical-align:bottom;text-align:center"> Lesser of 10 years or remaining lease term </td> </tr> </table>

P3Y

P5Y

P3Y

P5Y

P3Y

P5Y

P3Y

P5Y

<div> Internal Use Software Development Costs The costs incurred in the preliminary stages of software development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental, are capitalized and included within intangible assets on the accompanying balance sheet. Once they are ready for intended use they are amortized on a straight-line basis over their estimated useful lives. On November 1, 2024 the internal use software was placed into service (see Note 11 – Intangible Assets – System Development Agreement for additional details). </div>

670000

9570000

2250000

P10Y

P5Y

P10Y

2820000

Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: <table cellpadding="0" cellspacing="0" style="width:100%;border-collapse:collapse;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:48px"> </td> <td style="width:58px;text-align:justify">Level 1</td> <td style="width:14px;text-align:justify">- </td> <td style="text-align:justify">quoted prices in active markets for identical assets or liabilities.</td> </tr> <tr style="vertical-align:top"> <td> </td> <td colspan="3" style="text-align:justify"> </td> </tr> <tr style="vertical-align:top"> <td> </td> <td style="text-align:justify">Level 2 </td> <td style="text-align:justify">-</td> <td style="text-align:justify">quoted prices for similar assets and liabilities in active markets or inputs that are observable.</td> </tr> <tr style="vertical-align:top"> <td> </td> <td colspan="3" style="text-align:justify"> </td> </tr> <tr style="vertical-align:top"> <td> </td> <td>Level 3</td> <td>- </td> <td>inputs that are unobservable (for example, cash flow modeling inputs based on assumptions).</td> </tr> </table> The following table provides information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;border-bottom:Black 1pt solid">As of December 31, 2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 1</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 2</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 3</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:48%;font-size:10pt;text-align:left">Digital assets</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">260,652</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">260,652</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Cash equivalent - Money market funds</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,797,697</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,797,697</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Marketable securities</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,334,719</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,334,719</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Derivative instruments</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(657,136</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(657,136</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Short-term investment - Bond linked notes</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">14,766,470</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">14,766,470</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Short-term investment - Equity linked notes</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">11,310,650</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">11,310,650</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Short-term investment - US Treasury Bond</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">11,587,134</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">11,587,134</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.25pt">Total</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">6,393,068</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">37,664,254</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(657,136</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">43,400,186</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> <div></div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;border-bottom:Black 1pt solid">As of December 31, 2024</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 1</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 2</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 3</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="width:48%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Digital assets</td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">49,300</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">49,300</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Cash equivalent - Money market funds</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">40,007,612</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">40,007,612</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Marketable securities</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">3,483,211</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">3,483,211</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">43,540,123</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">43,540,123</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> </tr> </table> </div> The carrying amounts of the Company’s financial instruments, such as cash and cash equivalents (excluding money market funds), accounts receivable, short-term investments (excluding US Treasury Note and bond, equity, and FX linked notes), interest receivable, loans receivable, accounts payable, operating lease liabilities, accrued liabilities, and loans payable approximate fair value due to the short-term nature of these instruments. See Marketable Securities above for further details on marketable securities.

<div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;border-bottom:Black 1pt solid">As of December 31, 2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 1</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 2</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 3</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:48%;font-size:10pt;text-align:left">Digital assets</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">260,652</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:10%;font-size:10pt;text-align:right">260,652</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Cash equivalent - Money market funds</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,797,697</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,797,697</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Marketable securities</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,334,719</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,334,719</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Derivative instruments</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(657,136</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(657,136</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Short-term investment - Bond linked notes</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">14,766,470</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">14,766,470</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Short-term investment - Equity linked notes</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">11,310,650</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">11,310,650</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Short-term investment - US Treasury Bond</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">11,587,134</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">11,587,134</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.25pt">Total</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">6,393,068</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">37,664,254</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(657,136</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">43,400,186</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> <div></div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;border-bottom:Black 1pt solid">As of December 31, 2024</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 1</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 2</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Level 3</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="width:48%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Digital assets</td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">49,300</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="width:10%;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">49,300</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Cash equivalent - Money market funds</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">40,007,612</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">40,007,612</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Marketable securities</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">3,483,211</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">3,483,211</td> <td style="white-space:nowrap;border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">43,540,123</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">43,540,123</td> <td style="white-space:nowrap;border-bottom:2.25pt double black;font-size:10pt;text-align:left"> </td> </tr> </table> </div>

260652 0 0 260652

4797697

1334719

-657136

0 14766470 0 14766470 0 11310650 0 11310650 0 11587134 0 11587134

6393068

37664254

-657136

43400186

49300 0 0 49300

40007612

3483211

43540123

Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. The Company recognizes the tax benefit from an uncertain income tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement by examining taxing authorities. The Company’s policy is to recognize interest and penalties accrued on uncertain income tax positions in interest expense in the Company’s statements of operations. As of December 31, 2025 and 2024, the Company had no liability for unrecognized tax benefits. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months.

0.50

<div> Net Loss per Common Share Basic loss per common share is computed by dividing net loss attributable to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding, plus the impact of common shares, if dilutive, resulting from the potential exercise of outstanding stock options and warrants and the vesting of restricted stock awards. <div></div> The following table presents the computation of basic and diluted net loss per common share: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt">Numerator:</td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;width:70%;font-size:10pt;text-align:left;padding-bottom:2.25pt">Net loss attributable to common stockholders</td> <td style="width:1%;font-size:10pt;padding-bottom:2.25pt"> </td> <td style="width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="width:12%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(32,786,790</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="width:1%;font-size:10pt;padding-bottom:2.25pt"> </td> <td style="width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="width:12%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(16,757,285</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt">Denominator (weighted average quantities):</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt">Common shares outstanding</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">39,844,308</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">41,172,974</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Less: Unvested restricted shares</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(279,137</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(798,634</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Denominator for basic and diluted net loss per share</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">39,565,171</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">40,374,340</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Basic and Diluted Net Loss per Common Share</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(0.83</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">$(0. 42</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> ) </td> </tr> </table> </div> The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:70%;font-size:10pt;text-align:left">Unvested restricted common shares</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">710,000</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt">Options</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,270,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,270,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:1pt">Warrants</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">7,454,546</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,270,000</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">9,434,546</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> </div>

<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt">Numerator:</td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;width:70%;font-size:10pt;text-align:left;padding-bottom:2.25pt">Net loss attributable to common stockholders</td> <td style="width:1%;font-size:10pt;padding-bottom:2.25pt"> </td> <td style="width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="width:12%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(32,786,790</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="width:1%;font-size:10pt;padding-bottom:2.25pt"> </td> <td style="width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="width:12%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(16,757,285</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt">Denominator (weighted average quantities):</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt">Common shares outstanding</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">39,844,308</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">41,172,974</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Less: Unvested restricted shares</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(279,137</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(798,634</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Denominator for basic and diluted net loss per share</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">39,565,171</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">40,374,340</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Basic and Diluted Net Loss per Common Share</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(0.83</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">$(0. 42</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> ) </td> </tr> </table>

-32786790

-16757285

39844308

41172974

279137

798634

39565171

40374340

-0.83

-0.42

710000

1270000

7454546

1270000

9434546

<div> Revenue Recognition To determine the proper revenue recognition method, the Company evaluates each of its contractual arrangements to identify its performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The majority of the Company’s contracts have a single performance obligation because the promise to transfer the individual good or service is not separately identifiable from other promises within the contract and is therefore not distinct. Some of the Company’s contracts have multiple performance obligations, primarily related to the provision of multiple goods or services. For contracts with more than one performance obligation, the Company allocates the total transaction price in an amount based on the estimated relative standalone selling prices underlying each performance obligation. There were no contracts with more than one performance obligation for the year ended December 31, 2025 and 2024. The Company recognizes revenue primarily from the following sources: In-person revenue In-person revenue was comprised of the following for the years ended December 31, 2025 and 2024: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="width:70%;font-size:10pt;text-align:left">Event revenue</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">2,507,611</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">2,082,269</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Sponsorship revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,865,087</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,838,447</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left">Food and beverage revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">222,274</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">271,184</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Ticket and gaming revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">305,690</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">414,881</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Merchandising revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">41,072</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">62,863</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Total in-person revenue</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">4,941,734</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">4,669,644</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> <div></div> Event revenues from the rental of the ESALV arena and gaming trucks are recognized over the term of the event based on the number of days completed relative to the total days of the event, as this method best depicts the transfer of control to the customer. In-person revenue also includes revenue from ticket sales, admission fees and food and beverage sales for events held at the Company’s esports properties. Ticket revenue is recognized at the completion of the applicable event. Point of sale revenues, such as food and beverage, gaming and merchandising revenues, are recognized when control of the related goods are transferred to the customer. The Company generates sponsorship revenue from the naming rights of its esports arena which is recognized on a straight-line basis over the contractual term of the agreement. The Company records deferred revenue to the extent that payment has been received for services that have yet to be performed. Multiplatform revenue Multiplatform revenue was comprised of the following for the years ended December 31, 2025 and 2024: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Sponsorship revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:70%;font-size:10pt;text-align:left;padding-bottom:1pt">Distribution revenue</td> <td style="width:1%;font-size:10pt;padding-bottom:1pt"> </td> <td style="width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="width:12%;border-bottom:Black 1pt solid;font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt;padding-bottom:1pt"> </td> <td style="width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="width:12%;border-bottom:Black 1pt solid;font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Total multiplatform revenue</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> The Company generates sponsorship revenue from the production and distribution of original content programming over live-streaming services. The Company recognizes sponsorship revenue pursuant to the terms of each individual contract when the Company satisfies the respective performance obligations, which could be recognized at a point in time or over the term of the contract. The Company’s distribution revenue is generated primarily through the distribution of content to online channels. Any advertising revenue earned by online channels is shared with the Company. The Company recognizes online advertising revenue at the point in time when the advertisements are placed in the video content. The Company records deferred revenue to the extent that payment has been received for services that have yet to be performed. Casual mobile gaming revenue The Company’s casual mobile gaming revenue is generated through Z-Tech which was acquired on October 31, 2023. Casual mobile gaming revenue is generated through contractual relationships with various advertising service providers for advertisements within the Company’s casual mobile games. Advertisements can be in the form of an impression, click-throughs, videos, or banners. The Company has determined the advertising service provider to be its customer and displaying the advertisements within its games is identified as the single performance obligation. Revenue from advertisements is recognized when the ad is displayed or clicked and the advertising service provider receives the benefits provided from this service. The price can be determined by the applicable evidence of the arrangement, which may include a master contract or a third-party statement of activity. The transaction price is generally the product of the advertising units delivered (e.g. impressions, click-throughs) and the contractually agreed upon price per advertising unit. The price per advertising unit can also be based on revenue share percentages stated in the contract. The number of advertising units delivered is determined at the end of each month so there is no uncertainty about the transaction price. The Company’s casual games are played on various mobile third-party platforms for which such third parties collect monies from advertisers and remit the net proceeds after deducting payment processing fees and player incentive payments. The Company is primarily responsible for providing access to the games, has control over the content and functionality of games before they are accessed by players, and has the discretion to establish the pricing for the advertisements. Therefore, the Company concluded that it is the principal in the transaction, and as a result, revenues are reported gross of payment processing fees and player incentive fees. Payment processing fees and player incentive fees are recorded as components of cost of revenue in the accompanying consolidated statements of operations. <div></div> Revenue recognition The following table summarizes our revenue recognized under ASC 606 in our consolidated statements of operations: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;text-align:left">Revenues Recognized at a Point in Time:</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:70%;font-size:10pt;text-align:left">Ticket and gaming revenue</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">305,690</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">414,881</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Food and beverage revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">222,274</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">271,184</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Merchandising revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">41,072</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">62,863</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Casual mobile games</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Distribution revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">Total Revenues Recognized at a Point in Time</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,602,521</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">5,158,456</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;text-align:left">Revenues Recognized Over a Period of Time:</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Event revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,507,611</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,082,269</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Sponsorship revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">1,865,087</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">1,838,447</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">Total Revenues Recognized Over a Period of Time</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,372,698</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,920,716</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Total Revenues</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">7,975,219</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">9,079,172</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. A receivable is recorded when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. As of December 31, 2025 and 2024, the Company had contract liabilities of $218,275 and $656,382, respectively, which are included in deferred revenue on the accompanying consolidated balance sheet. Through December 31, 2025, $641,602 of performance obligations in connection with contract liabilities included within deferred revenue on the prior year consolidated balance sheet have been satisfied. The Company expects to satisfy its deferred revenue balance of $218,275 within the next twelve months. During the years ended December 31, 2025 and 2024, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. Effective February 22, 2023, the Company entered into a sponsorship agreement which expires on April 2, 2026. The total contract price for this sponsorship agreement is $5.8 million. As of December 31, 2025, the aggregate transaction price allocated to the unsatisfied performance obligations under this agreement is approximately $0.46 million. The Company expects to recognize this revenue as the performance obligations are satisfied over the remaining term of the contract. </div>

<div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="width:70%;font-size:10pt;text-align:left">Event revenue</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">2,507,611</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">2,082,269</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Sponsorship revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,865,087</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,838,447</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left">Food and beverage revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">222,274</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">271,184</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Ticket and gaming revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">305,690</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">414,881</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Merchandising revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">41,072</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">62,863</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Total in-person revenue</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">4,941,734</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">4,669,644</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Sponsorship revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="width:70%;font-size:10pt;text-align:left;padding-bottom:1pt">Distribution revenue</td> <td style="width:1%;font-size:10pt;padding-bottom:1pt"> </td> <td style="width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="width:12%;border-bottom:Black 1pt solid;font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt;padding-bottom:1pt"> </td> <td style="width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="width:12%;border-bottom:Black 1pt solid;font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;width:1%;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.25pt">Total multiplatform revenue</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table>

2507611

2082269

1865087

1838447

222274

271184

305690

414881

41072

62863

4941734

4669644

204

336

204

336

<div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;text-align:left">Revenues Recognized at a Point in Time:</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:70%;font-size:10pt;text-align:left">Ticket and gaming revenue</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">305,690</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">414,881</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Food and beverage revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">222,274</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">271,184</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Merchandising revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">41,072</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">62,863</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Casual mobile games</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Distribution revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">Total Revenues Recognized at a Point in Time</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,602,521</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">5,158,456</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;text-align:left">Revenues Recognized Over a Period of Time:</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Event revenue</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,507,611</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,082,269</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Sponsorship revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">1,865,087</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">1,838,447</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">Total Revenues Recognized Over a Period of Time</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,372,698</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,920,716</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Total Revenues</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">7,975,219</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">9,079,172</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div>

305690

414881

222274

271184

41072

62863

3033281

4409192

204

336

3602521

5158456

2507611

2082269

1865087

1838447

4372698

3920716

7975219

9079172

218275

656382

641602

218275

5800000 460000 <div> <div> Digital Assets </div> The Company has ownership of and control over the digital assets and the Company may use third-party custodial services to secure them. The Company accounted for digital assets held as the result of the receipt of Ethereum and Bitcoin, as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other through December 31, 2024. Following the adoption of ASU 2023-08 effective January 1, 2025, the Company measures digital assets at fair value with changes recognized in other (expense) income in the condensed consolidated statement of operations. Refer to Note 9 – Digital Assets for further information regarding the impact of the Company’s adoption of ASU 2023-08. </div>

<div> <div> Stock-Based Compensation </div> The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award on the date of grant. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period that the estimates are revised. The Company accounts for forfeitures as they occur. </div>

34778

60237

Concentration Risks Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term investments, loans receivable, interest receivable, accounts receivable and other receivables. The Company maintains cash deposits and short-term investments with major U.S. financial institutions that at various times may exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. Cash equivalents of approximately $4.8 million held in money market funds are maintained in a foreign bank account and not covered by FDIC insurance limits. The Company’s US Treasury Note, bond linked note and equity linked note with an aggregate value of approximately $37.6 million are also maintained in a foreign bank and not covered by FDIC insurance limits. As of December 31, 2025, the Company’s loans receivable consisted of three loans which were 44%, 36%, and 20%, respectively, of the Company’s total loan receivable balance. As of December 31, 2024, the Company’s loans receivable consisted of three loans which were 46%, 29%, and 25%, respectively, of the Company’s total loan receivable balance. During the years ended December 31, 2025 and 2024, 38% and 49%, respectively, of the Company’s revenues were from customers in foreign countries. During the year ended December 31, 2025, the Company’s two largest customers accounted for 38% and 23% of the Company’s consolidated revenues. During the year ended December 31, 2024, the Company’s two largest customers accounted for 48% and 20% of the Company’s consolidated revenues. As of December 31, 2025, the Company’s two largest customers represented 80% and 19%, respectively, of the Company’s accounts receivable balance. As of December 31, 2024, the Company’s two largest customers represented 88% and 9%, respectively, of the Company’s accounts receivable balance. Historically, the Company has not experienced any losses due to such concentration of credit risk.

4800000

37600000

0.44

0.36

0.20

0.46

0.29

0.25

0.38

0.49

0.38

0.23

0.48

0.20

0.80

0.19

0.88

0.09

0.1429

0.137

0.1389 0.1391 -388677 -28725

<div> Note 3 - Impairment of Long-Lived Assets The Company evaluates the recoverability of its long-lived assets, including property and equipment, definite-lived intangible assets, and right-of-use (“ROU”) assets, in accordance with ASC 360 whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Such indicators include, but are not limited to, significant underperformance relative to historical or projected future operating results, significant changes in the manner of use of the assets, adverse changes in the business climate, or a decision to dispose of or abandon an asset group. For purposes of evaluating recoverability, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent (the “asset group”). The Company tests the recoverability of an asset group by comparing its carrying amount to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If the carrying amount exceeds the undiscounted cash flows, an impairment loss is recognized for the amount by which the carrying amount exceeds the asset group’s fair value. Fair value is determined using valuation techniques consistent with the market and income approaches, as appropriate, and is based on significant unobservable inputs (Level 3), including projected future cash flows, discount rates, and assumptions regarding future market conditions. The Company’s estimates of future cash flows are based on assumptions that are consistent with its internal forecasts and strategic plans. During the year ended December 31, 2025, the Company identified impairment indicators related to certain business units asset groups due to declines in revenues and/or changes in market conditions. As a result, the Company performed recoverability tests for these asset groups and determined that their carrying amounts were not recoverable. Accordingly, the Company recorded an impairment charge of approximately $7.2 million (consisting of $2.7 million for the Z-Tech asset group and $4.5 million for the AEII asset group) during the year ended December 31, 2025, which is included in “Impairment of long-lived assets” in the accompanying consolidated statements of operations. The impairment charge reduced the carrying value of the related asset groups to their estimated fair values. The impairment primarily related to: <table cellpadding="0" cellspacing="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0.5in"></td> <td style="width:0.5in">·</td> <td>Property and equipment of $1.86 million</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0.5in"></td> <td style="width:0.5in">·</td> <td>Operating lease ROU assets of $2.57 million</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0.5in"></td> <td style="width:0.5in">·</td> <td>Definite-lived intangible assets of $2.82 million</td> </tr> </table> The fair value of the impaired asset groups was determined primarily using a discounted cash flow model, which incorporated assumptions including projected revenue growth rates, operating margins, and discount rates. As of December 31, 2025, the carrying amount of the Company’s long-lived assets was $6.95 million. Future changes in the Company’s estimates of cash flows, discount rates, or other assumptions may result in additional impairment charges in future periods. </div>

7200000

2700000

4500000

1860000

2570000

2820000

6950000

<div> Note 4 – Short-Term Investments Short-term investments consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="padding-bottom:1pt;text-align:center;white-space:nowrap;font-size:10pt;font-weight:bold"> </td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">Certificates of Deposit</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">Fixed Rate Deposits</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">US Treasury Note</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">Equity Linked Notes</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">ETF Linked Notes</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">FX Linked Notes</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">Bond Linked Notes</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">US Treasury Bond</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">Total Short-Term Investments</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:19%;font-size:10pt;font-weight:bold">Balance, January 1, 2025</td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">3,800,000</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">5,000,000</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">8,800,000</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-left:10pt;font-size:10pt">Purchases</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,010,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">15,433,500</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">29,954,520</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">51,000,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">10,000,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">12,620,645</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">97,500,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">11,996,328</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">232,514,993</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt">Maturing</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(4,198,091</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(20,433,500</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(5,000,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(10,000,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(12,150,198</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(82,500,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(134,281,789</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-left:10pt;font-size:10pt">Fair value adjustment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(189,350</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(470,447</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(233,530</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(409,194</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(1,302,521</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Early withdrawal</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(3,600,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(29,954,520</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(34,500,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(68,054,520</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Withdrawal penalty</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(11,909</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(11,909</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt">Balance, December 31, 2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">11,310,650</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">14,766,470</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">11,587,134</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">37,664,254</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> </table> Short-term investments include certificates of deposit and fixed rate deposits with original maturities of greater than three months but less than or equal to twelve months when purchased. Interest income on certificates of deposit and fixed rate deposits amounted to $296,514 and $2,642,760 for the years ended December 31, 2025 and 2024, respectively. On May 20, 2025, the Company purchased 10-year U.S. Treasury Notes bearing a fixed interest rate of 4.25%. These notes were sold on May 30, 2025 at a loss of $22,640. Interest income on these notes amounted to $29,675. On December 30, 2025, the Company purchased a U.S. Treasury Bond (4.875% DTD 08/15/2025, due 08/15/2045) for $11,996,328. As of December 31, 2025, this investment had a fair value of $11,587,134, reflecting an unrealized loss of $409,194. During the year ended December 31, 2025, the Company entered into eight three-month equity linked notes which are investment products that provide for a coupon amount between 6.28% and 8.00% per annum and an ultimate return (or loss) tied to the performance of the underlying equities. The notes are callable by the issuer at the end of each month at which time no further coupon amounts shall be payable. Interest income on these notes for the year ended December 31, 2025 amounted to $519,857. On March 11, 2025, the Company entered into a three-month exchange-traded fund (“ETF”) linked note which is an investment product that provides for a coupon amount of 0.75% per month (9% on an annualized basis) and an ultimate return (or loss) tied to the performance of the underlying ETF. The note is callable at the end of each month at which time no further coupon amounts shall be payable. Interest income on this note for the year ended December 31, 2025 amounted to $225,000. During the year ended December 31, 2025, the Company entered into two three-month FX linked notes, an investment product which provides for a fixed interest payment of 6% per annum on the notional amount with the ultimate return or loss linked to the change in the Japanese Yen/United States Dollar exchange rate. Interest income on these notes for the year ended December 31, 2025 amounted to $184,278. During the year ended December 31, 2025, the Company entered into nine three-month bond linked notes which are investment products that provide for a coupon amount between 6.11% and 9.18% per annum and an ultimate return (or loss) tied to the performance of the underlying bond. Interest income on these notes for the year ended December 31, 2025 amounted to $1,491,340. </div>

<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="padding-bottom:1pt;text-align:center;white-space:nowrap;font-size:10pt;font-weight:bold"> </td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">Certificates of Deposit</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">Fixed Rate Deposits</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">US Treasury Note</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">Equity Linked Notes</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">ETF Linked Notes</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">FX Linked Notes</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">Bond Linked Notes</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">US Treasury Bond</td> <td style="padding-bottom:1pt;text-align:center;font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="border-bottom:Black 1pt solid;white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">Total Short-Term Investments</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:19%;font-size:10pt;font-weight:bold">Balance, January 1, 2025</td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">3,800,000</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">5,000,000</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="width:1%;font-size:10pt;font-weight:bold"> </td> <td style="width:1%;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="width:6%;font-size:10pt;font-weight:bold;text-align:right">8,800,000</td> <td style="white-space:nowrap;width:1%;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-left:10pt;font-size:10pt">Purchases</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,010,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">15,433,500</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">29,954,520</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">51,000,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">10,000,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">12,620,645</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">97,500,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">11,996,328</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">232,514,993</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt">Maturing</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(4,198,091</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(20,433,500</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(5,000,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(10,000,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(12,150,198</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(82,500,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(134,281,789</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-left:10pt;font-size:10pt">Fair value adjustment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(189,350</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(470,447</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(233,530</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(409,194</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(1,302,521</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Early withdrawal</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(3,600,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(29,954,520</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(34,500,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(68,054,520</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Withdrawal penalty</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(11,909</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(11,909</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt">Balance, December 31, 2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">11,310,650</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">14,766,470</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">11,587,134</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">37,664,254</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> </table>

3800000

5000000

8800000

4010000

15433500

29954520

51000000

10000000

12620645

97500000

11996328

232514993

-4198091

-20433500

-5000000

-10000000

-12150198

-82500000

-134281789

0 0 0 189350 0 470447 233530 409194 -1302521 3600000 0 29954520 34500000 0 0 0 0 68054520 11909 0 0 0 0 0 0 0 11909

11310650

14766470

11587134

37664254

296514

2642760

0.0425

22640

29675

0.04875

11996328

11587134

-409194

0.0628 0.08

519857

0.0075 0.09

225000

0.06

184278

0.0611 0.0918

1491340

<div> Note 5 – Marketable Securities On October 15, 2024, the Company purchased $5,011,913 in certain publicly listed marketable securities through an open market transaction. The investment was initially recorded at cost and subsequently measured at fair value with the changes in fair value recorded in other income (expenses), net in the consolidated statements of operations. For the years ended December 31, 2025 and 2024, the Company recorded an increase (decrease) in fair value of $841,392 and ($536,116), respectively. The following is a roll forward of the Company’s marketable securities balance during the year ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt">Balance as of January 1, 2025</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">3,483,211</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Proceeds from sale of marketable securities</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(3,056,668</td> <td style="font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Net realized/unrealized gain on marketable securities</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">841,392</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Foreign currency transaction adjustment</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">66,784</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:2.5pt">Balance as of December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,334,719</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div>

5011913 841392 -536116

<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt">Balance as of January 1, 2025</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">3,483,211</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Proceeds from sale of marketable securities</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(3,056,668</td> <td style="font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Net realized/unrealized gain on marketable securities</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">841,392</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:White"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Foreign currency transaction adjustment</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">66,784</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:2.5pt">Balance as of December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,334,719</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table>

3483211

3056668

841392

66784

1334719

<div> Note 6 – Other Receivables On August 25, 2025, AEII agreed in principle to negotiate and enter into a Project and Venue Operation & Management Agreement (the “COFCO Agreement”) with Hainan Tourism Investment Duty Free Co., Ltd. (“HTIDF”) and Bethune Capital Limited (collectively, the “Parties”) under which the Parties agreed to collaborate on the transformation of the COFCO Yalong Bay International Conference Center located in Sanya, Hainan, China into a comprehensive entertainment complex known as the Allied Esports Arena Asia (the “Project”). AEII made a $2.4 million deposit to participate in the COFCO Agreement, which was expected to grant the Company the right to use the facility and participate in the cash flows generated from the Project. On December 26, 2025, AEII and Bethune Capital Limited entered into a Termination and Refund Agreement under which the COFCO Agreement, which had not yet been signed by HTIDF, was terminated in its entirety and Bethune Capital Limited, the manager of the Project, agreed to refund the $2.4 million contribution made by AEII on or before June 30, 2026. As of May 12, 2026, $1.9 million of the refund has been received by the Company. </div> 2400000

2400000

1900000

<div> Note 7 – Deposits Security deposits for operating leases in the aggregate amount of $389,706 are included in deposits, non-current portion, on the accompanying consolidated balance sheet. See Note 17 – Commitments and Contingencies – Operating Leases for additional details related to the Company’s leases. </div>

389706

<div> Note 8 – Land Use Rights, Net On December 23, 2024, the Company entered into a contract with the Natural Resources and Planning Bureau of Lingshui Li Autonomous County (“Assignor”) for the assignment of approximately 3.2 acres of land owned by The People’s Republic of China (“PRC”). Under the terms of the contract, the Company paid a deposit of 16,230,000 RMB, or approximately $2.2 million (USD) on that date, with the remaining balance of 11,270,000 RMB, or approximately $1.7 million (USD) paid on April 22, 2025, when the land was delivered with all necessary pipelines laid in place. The Company is in the early stages of the design and construction of an esports and other entertainment venue on this land, which is located in Hainan, an island province in southern China. Land use rights are recognized at cost less accumulated amortization. According to the Chinese laws and regulations regarding land use rights, land is owned by the state. However, in accordance with the legal principle that land ownership is separate from the right to the use of the land, the government grants the user a “land use right” to use the land. The Company has the right to use the land for 40 years and amortizes the rights on a straight-line basis over that period. <div></div> The land use rights, net consisted of the following at: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31, 2025</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt;text-align:left">Land use rights</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">3,955,176</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Foreign currency translation adjustment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">111,683</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Less: accumulated amortization</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(65,843</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt">Total land use rights, net</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">4,001,016</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> </div>

16230000

2200000

11270000 1700000 <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31, 2025</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt;text-align:left">Land use rights</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">3,955,176</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Foreign currency translation adjustment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">111,683</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Less: accumulated amortization</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(65,843</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt">Total land use rights, net</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">4,001,016</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> 3955176 111683 65843 4001016

<div> Note 9 – Digital Assets Effective January 1, 2025, the Company adopted ASU 2023-08, which requires entities to measure crypto assets at fair value with changes recognized in the condensed consolidated statement of operations each reporting period. The Company’s digital assets are within the scope of ASU 2023-08 and the transition guidance required a cumulative-effect adjustment as of the beginning of the fiscal year of adoption for any difference between the carrying amount of the Company’s digital assets and fair value. As a result of the Company’s adoption of ASU 2023-08, the Company recorded a $89,428 increase to digital assets and a $89,428 corresponding decrease to accumulated deficit on the condensed consolidated balance sheet as of the beginning of the fiscal year ended December 31, 2025. <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt">Balance, January 1, 2025</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">49,300</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Cumulative effect adjustment upon adoption of ASU 2023-08</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">89,428</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Purchases of Bitcoin and Ethereum</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">200,000</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Change in fair value of digital assets</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(78,076</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:2.5pt">Balance, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">260,652</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div>

89428

<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt">Balance, January 1, 2025</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">49,300</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Cumulative effect adjustment upon adoption of ASU 2023-08</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">89,428</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Purchases of Bitcoin and Ethereum</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">200,000</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Change in fair value of digital assets</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(78,076</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:2.5pt">Balance, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">260,652</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table>

49300

89428

200000

-78076

260652

<div> Note 10 – Property and Equipment, net Property and equipment consist of the following: <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:90%;margin-left:0.5in"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:70%;font-size:10pt;text-align:left">Office equipment</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">52,368</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">48,260</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Computer equipment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,421,017</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,352,638</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Esports gaming truck</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,240,605</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,240,605</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Furniture and fixtures</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">689,238</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">684,584</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Production equipment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">8,188,129</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">8,146,506</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Leasehold improvements</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,634,368</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,677,734</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">16,225,725</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">16,150,327</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Less: accumulated depreciation and impairment</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(15,851,776</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(13,150,245</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt">Property and equipment, net</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">373,949</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">3,000,082</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> </div> During the years ended December 31, 2025 and 2024, depreciation and amortization expense amounted to $1,556,129, and $916,001, respectively. During the year ended December 31, 2025, the Company recorded an impairment expense related to its property and equipment of $1,859,423. See Note 3, Impairment of Long-Lived Assets. </div>

<div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:90%;margin-left:0.5in"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:70%;font-size:10pt;text-align:left">Office equipment</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">52,368</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">48,260</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Computer equipment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,421,017</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,352,638</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Esports gaming truck</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,240,605</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,240,605</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Furniture and fixtures</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">689,238</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">684,584</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Production equipment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">8,188,129</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">8,146,506</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Leasehold improvements</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,634,368</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,677,734</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">16,225,725</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">16,150,327</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Less: accumulated depreciation and impairment</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(15,851,776</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(13,150,245</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt">Property and equipment, net</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">373,949</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">3,000,082</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> </div>

52368

48260

1421017

1352638

1240605

689238

684584

8188129

8146506

4634368

4677734

16225725

16150327

15851776

13150245

373949

3000082

1556129

916001

1859423

<div style="font-size:10pt;font-family:Times New Roman"> <div> Note 11 – Goodwill and Intangible Assets <div> Goodwill The following table sets forth changes in our goodwill for the years ended December 31, 2025 and 2024: <div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0.5in;width:90%"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;width:85%">Balance, January 1, 2024</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:12%">12,729,056</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;width:85%">Impairment expense</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:12%">(9,567,000</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;width:85%">Foreign currency translation adjustment</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:12%">(365,677</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;width:85%">Balance, January 1, 2025</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:12%">2,796,379</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:85%">Impairment expense</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:12%">(668,818</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;width:85%">Foreign currency translation adjustment</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:12%">120,513</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:2.25pt;width:85%">Balance, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:12%">2,248,074</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> </table> </div> </div> Management reviewed goodwill for impairment in accordance with its accounting policies. As a result of this analysis, during the years ended December 31, 2025 and 2024, the Company determined that the fair value of a reporting unit was less than its carrying amount, resulting in the recognition of goodwill impairment charges of $0.67 million and $9.57 million, respectively. The reductions in fair value were primarily attributable to a decline in revenues from the prior year. It is reasonably possible that a decline in market or economic conditions, or changes in the estimates or underlying assumptions used in the determination of the reporting unit's fair value as of December 31, 2025, could lead to an additional impairment of goodwill in the near term. Intangible Assets Intangible assets consist of the following: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31, 2025</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Original Cost</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Accumulated Amortization</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Accumulated Impairment Losses</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Foreign Currency Translation Adjustment</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Carrying Value</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;width:45%">Trademarks</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">41,145</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">(27,197</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">(13,948</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;width:45%">Software licenses</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">565,000</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(207,174</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(357,826</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;width:45%">Software development costs</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">202,870</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(47,346</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(155,524</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;width:45%">Mobile games licenses</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">158,768</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(68,895</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">2,229</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">92,102</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:1pt;width:45%">Customer relationships</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">5,584,127</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">(1,193,626</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">(2,646,389</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">73,321</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">1,817,433</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;padding-bottom:2.25pt;width:45%">Total intangible assets</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">6,551,910</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">(1,544,238</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">(3,173,687</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">75,550</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">1,909,535</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31, 2024</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Original Cost</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Accumulated Amortization</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Accumulated Impairment Losses</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Foreign Currency Translation Adjustment</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Carrying Value</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;width:45%">Trademarks</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">41,145</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">(22,809</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">18,336</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;width:45%">Software licenses</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">565,000</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(207,174</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(357,826</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;width:45%">Software development costs</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">202,870</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(6,770</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">196,100</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;width:45%">Mobile games licenses</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">158,768</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(36,417</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(4,561</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">117,790</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:1pt;width:45%">Customer relationships</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">5,584,127</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">(640,267</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">-</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">(160,400</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">4,783,460</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;padding-bottom:2.25pt;width:45%">Total intangible assets</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">6,551,910</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">(913,437</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">(357,826</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">(164,961</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">5,115,686</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> </table> </div> <div></div> Intangible assets consist of the Allied Esports trademarks, which are being amortized over a useful life of 10 years, AGAE software licenses and software development costs, which are being amortized over a useful life of 5 years, and AME mobile games licenses and customer relationships, which are being amortized over a useful life of 5-10 years. The initial term of the software license agreement expires on February 27, 2028, but can be renewed by the Company for an additional 5-year term under identical terms and conditions. At December 31, 2024, the carrying value of the software license was fully impaired based on a reduction of management’s estimate of the undiscounted future cash flows to be generated by this asset, resulting from a delay in the implementation of a marketing plan to promote the games associated with this license. The mobile game license agreement, as amended on April 7, 2025 expires on July 31, 2028. During the years ended December 31, 2025 and 2024, amortization expense amounted to $630,800 and $669,280, respectively. During the year ended December 31, 2025, the Company recorded an impairment expense on its definite lived intangible assets of $2,815,859, see Note 3, Impairment of Long-Lived Assets. The weighted average remaining amortization period at December 31, 2025 was 7.6 years. <div> Estimated future amortization is as follows: <div style="font-size:10pt;font-family:Times New Roman"> <table cellpadding="0" cellspacing="0" style="font-size:10pt;width:100%"> <tr style="vertical-align:bottom"> <td style="border-bottom:1pt solid black;font-size:10pt;font-weight:bold">Years Ended December 31,</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Amount</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt">2026</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt">$</td> <td style="width:12%;font-size:10pt;text-align:right">269,712</td> <td style="width:1%;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt">2027</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:right">269,712</td> <td style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt">2028</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:right">263,772</td> <td style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt">2029</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:right">234,072</td> <td style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt">2030</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:right">234,470</td> <td style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt">Thereafter</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">637,797</td> <td style="border-bottom:1pt solid black;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,909,535</td> <td style="border-bottom:2.25pt double black;font-size:10pt"> </td> </tr> </table> </div> </div> </div> </div> </div>

<div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0.5in;width:90%"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;width:85%">Balance, January 1, 2024</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:12%">12,729,056</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;width:85%">Impairment expense</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:12%">(9,567,000</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;width:85%">Foreign currency translation adjustment</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:12%">(365,677</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;width:85%">Balance, January 1, 2025</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:12%">2,796,379</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:85%">Impairment expense</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:12%">(668,818</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;width:85%">Foreign currency translation adjustment</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:12%">120,513</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:2.25pt;width:85%">Balance, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:12%">2,248,074</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> </table> </div> </div>

12729056

9567000

-365677

2796379

668818

120513

2248074

670000

9570000

<div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31, 2025</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Original Cost</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Accumulated Amortization</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Accumulated Impairment Losses</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Foreign Currency Translation Adjustment</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Carrying Value</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;width:45%">Trademarks</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">41,145</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">(27,197</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">(13,948</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;width:45%">Software licenses</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">565,000</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(207,174</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(357,826</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;width:45%">Software development costs</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">202,870</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(47,346</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(155,524</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;width:45%">Mobile games licenses</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">158,768</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(68,895</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">2,229</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">92,102</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:1pt;width:45%">Customer relationships</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">5,584,127</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">(1,193,626</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">(2,646,389</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">73,321</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">1,817,433</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;padding-bottom:2.25pt;width:45%">Total intangible assets</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">6,551,910</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">(1,544,238</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">(3,173,687</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">75,550</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">1,909,535</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31, 2024</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Original Cost</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Accumulated Amortization</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Accumulated Impairment Losses</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Foreign Currency Translation Adjustment</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Carrying Value</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;width:45%">Trademarks</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">41,145</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">(22,809</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:8%">18,336</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;width:45%">Software licenses</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">565,000</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(207,174</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(357,826</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;width:45%">Software development costs</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">202,870</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(6,770</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">196,100</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;width:45%">Mobile games licenses</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">158,768</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(36,417</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">(4,561</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:8%">117,790</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:1pt;width:45%">Customer relationships</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">5,584,127</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">(640,267</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">-</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">(160,400</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:8%">4,783,460</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;padding-bottom:2.25pt;width:45%">Total intangible assets</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">6,551,910</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">(913,437</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">(357,826</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">(164,961</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:2.25pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:8%">5,115,686</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> </table> </div>

41145

-27197

-13948

565000

-207174

-357826

202870

-47346

-155524

158768

-68895

2229

92102

5584127

-1193626

-2646389

73321

1817433

6551910

-1544238

-3173687

75550

1909535

41145

-22809

18336

565000

-207174

-357826

202870

-6770

196100

158768

-36417

-4561

117790

5584127

-640267

-160400

4783460

6551910

-913437

-357826

-164961

5115686

P10Y

P5Y

P10Y

The initial term of the software license agreement expires on February 27, 2028, but can be renewed by the Company for an additional 5-year term under identical terms and conditions.

630800

669280

2815859

P7Y7M6D

<div style="font-size:10pt;font-family:Times New Roman"> <table cellpadding="0" cellspacing="0" style="font-size:10pt;width:100%"> <tr style="vertical-align:bottom"> <td style="border-bottom:1pt solid black;font-size:10pt;font-weight:bold">Years Ended December 31,</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Amount</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt">2026</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt">$</td> <td style="width:12%;font-size:10pt;text-align:right">269,712</td> <td style="width:1%;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt">2027</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:right">269,712</td> <td style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt">2028</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:right">263,772</td> <td style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt">2029</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:right">234,072</td> <td style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt">2030</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:right">234,470</td> <td style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt">Thereafter</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">637,797</td> <td style="border-bottom:1pt solid black;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,909,535</td> <td style="border-bottom:2.25pt double black;font-size:10pt"> </td> </tr> </table> </div>

269712

263772

234072

234470

637797

1909535

Note 12 – Loans Receivable <div> On July 2, 2024, AME-HK loaned an unrelated third party 1.324 billion JPY, or approximately $8.8 million (USD) under a six-month loan contract (“Loan 1”). The loan is fully guaranteed by certain assets of an individual (“the Guarantor”) and bears interest at 5% per annum, payable at maturity. On February 25, 2025, the loan was amended to extend the maturity date to June 30, 2025. In connection with the amendment, all accrued interest through March 31, 2025 was paid by the borrower. In addition, the collateral for this loan was increased to include a guarantee by a company (“Additional Guarantor”) wholly owned by the Guarantor. The repayment of this loan was not received on June 30, 2025. On July 4, 2025, the borrower paid all accrued interest on the amended loan through June 30, 2025. On August 14, 2024, AME-HK loaned an unrelated third party 736.9 million JPY, or $4.9 million (USD) under a six-month loan contract (“Loan 2”). The loan is fully guaranteed by the Guarantor’s assets and bears interest at 7.5% per annum, payable at maturity. On February 25, 2025, the loan was amended to extend the maturity date to December 31, 2025. In connection with the amendment, all accrued interest through the original maturity date was paid by the borrower. On October 10, 2024, AME-HK entered into a $5.1 million (USD) facility loan agreement with an unrelated third party. The loan bears interest at 8% per annum, payable at maturity. Each drawdown under the facility is repayable 180 days from the date of disbursement, and interest is calculated separately for each drawdown. As of December 31, 2024, a total of $4.5 million (USD) (“Loan 3a”) had been disbursed under the facility. On April 15, 2025, the unrelated third party fully repaid principal and accrued interest of approximately $4.7 million (USD) on Loan 3a further described below. On February 24, 2025, March 4, 2025, and March 10, 2025, additional loans of $150K (USD), $350K (USD), and $100K (USD) were made under the facility loan agreement (collectively, “Loan 3b”). On April 15, 2025, the maturity date of the loan was extended to September 30, 2025, as further described below. <div></div> On March 27 and March 28, 2025, two additional loans of 38 million JPY or $250K (USD) and 30.5 million JPY or $200K (USD), respectively (together “Loan 4”), were issued to the borrower of Loan 3a and 3b (the Facility Borrower). Both loans mature on September 30, 2025. The loans are fully guaranteed by the Guarantor’s assets and bear interest at 8% per annum, payable at maturity. On April 15, 2025, AME-HK and the Facility Borrower entered into a supplementary agreement to the loan contract under which (a) AME-HK issued a new loan of $9.5 million (USD) (“Loan 5”) of which approximately $4.7 million was used by the borrower to repay the $4.5 million loan (“Loan 3a”) dated October 10 and 14, 2024 and to pay all accrued interest through April 15, 2025, totaling approximately $184,000. The remaining $4.8 million was fully disbursed to the Facility Borrower on April 30, 2025, and (b) the maturity date of all loans were extended to September 30, 2025. The repayment of this loan and interest thereon was not received on September 30, 2025. On April 15, 2025, AME-HK and the Additional Guarantor entered into a mortgage agreement, pursuant to which the Additional Guarantor pledged an equity interest it holds as collateral for Loan 1, Loan 2, Loan 3b, Loan 4 and Loan 5. The Company, based on ongoing conversations with the borrowers of the loans that are currently past due, has begun to prepare for the legal and other actions necessary to exercise its rights over the collateral provided by the Guarantor and the Additional Guarantor. The following is a roll forward of the Company’s loans receivable balance during the year ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt">Balance as of January 1, 2025</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">17,629,915</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;text-align:left">Loans issued</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">10,552,822</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left">Loan repayments</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(4,500,000</td> <td style="font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;text-align:left">CECL allowance</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(2,601,155</td> <td style="font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">Foreign currency transaction adjustment</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">46,288</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;padding-bottom:2.5pt">Balance as of December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">21,127,870</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> For the years ended December 31, 2025 and 2024, the Company recorded interest income of $1,627,612 and $448,094 on these loans, respectively. During the year ended December 31, 2025, the Company recorded a CECL allowance on these loans of $2,601,155 based on the fair value of the collateral as of the balance sheet date. </div>

1324000000

8800000

0.05

736900000

4900000

0.075

5100000

0.08

4500000

4700000

150000

350000

100000

38000000

250000

30500000

200000

0.08

9500000

4700000

4500000

184000

4800000

<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt">Balance as of January 1, 2025</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">17,629,915</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;text-align:left">Loans issued</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">10,552,822</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left">Loan repayments</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(4,500,000</td> <td style="font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;text-align:left">CECL allowance</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(2,601,155</td> <td style="font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">Foreign currency transaction adjustment</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">46,288</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;font-size:10pt;padding-bottom:2.5pt">Balance as of December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">21,127,870</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table>

17629915

10552822

4500000

2601155

46288

21127870

1627612

448094

2601155

<div> Note 13 – Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:70%;font-size:10pt;text-align:left">Compensation expense</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">217,668</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">269,064</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Event costs</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">14,704</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">34,722</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Legal and professional fees</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">6,422,762</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">641,336</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Derivative instruments</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">657,136</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Other accrued expenses</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">203,402</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">206,285</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt">Accrued expenses and other current liabilities</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">7,515,672</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,151,407</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div>

<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:70%;font-size:10pt;text-align:left">Compensation expense</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">217,668</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">269,064</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Event costs</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">14,704</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">34,722</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Legal and professional fees</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">6,422,762</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">641,336</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Derivative instruments</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">657,136</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Other accrued expenses</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">203,402</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">206,285</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt">Accrued expenses and other current liabilities</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">7,515,672</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,151,407</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table>

217668

269064

14704 34722

6422762

641336

657136

203402

206285

7515672

1151407

<div> Note 14 – Loans Payable AME-HK is party to a $35 million credit facility (the “Credit Facility”) provided by Morgan Stanley Bank Asia Limited in connection with the Company’s $40 million investment in 12-month certificates of deposit with the Bank. The credit facility includes term loans, bank overdrafts, margin loans and certain other borrowings. <div></div> On January 31, 2025, AME-HK borrowed 948.2 million JPY or approximately $6.2 million (USD) (“Loan C”) under the Credit Facility. This 12-month term loan bears interest at a fixed rate of 0.92% per annum, which was paid along with the principal at maturity on January 30, 2026. The proceeds from this loan were used on the same day to refinance an existing loan of 948.2 million JPY or approximately $6.2 million (USD) (“Loan D”) under the Credit Facility that was originally due to mature on March 17, 2025. On March 11, 2025, AME-HK borrowed an additional 334.9 million JPY or approximately $2.3 million (USD) (“Loan E”) under the Credit Facility. This 12-month term loan bears interest at a fixed rate of 0.91% per annum, which was paid along with the principal at maturity on March 11, 2026. On March 28, 2025, AME-HK borrowed an additional 1.63 billion JPY or approximately $10.9 million (USD) (“Loan F”) under the Credit Facility. This 12-month term loan bears interest at a fixed rate of 0.93% per annum, which was paid along with the principal at maturity on March 30, 2026. A portion of proceeds from Loan F was used on the same day to refinance an existing loan of 837.5 million JPY or approximately $5.5 million (USD) (“Loan G”) under the Credit Facility that was originally due to mature on May 14, 2025. On June 30, 2025, AME-HK borrowed an additional 1.60 billion JPY or approximately $11.1 million (USD) (“Loan H”) under the Credit Facility. This 3-month term loan bears interest at a fixed rate of 1.36% per annum, payable at maturity on September 30, 2025. The loan was repaid on September 30, 2025. On July 23, 2025, AME-HK borrowed an additional 680.8 million JPY or approximately $4.6 million (USD) (“Loan I”) under the Credit Facility. This 3-month term loan bears interest at a fixed rate of 1.38% per annum, payable at maturity on October 23, 2025. On September 30, 2025, AME-HK borrowed an additional 1.60 billion JPY or approximately $10.8 million (USD) (“Loan J”) under the Credit Facility. This 12-month term loan bears interest at a fixed rate of 1.15% per annum, payable at maturity on September 30, 2026. On October 23, 2025, AME-HK borrowed an additional 681 million JPY or approximately $4.5 million (USD) (“Loan K”) under the Credit Facility. This 12-month term loan bears interest at a fixed rate of 1.15% per annum, payable at maturity on October 23, 2026. The proceeds from Loan K were used on the same day to repay Loan I. <div> The following is a roll forward of the Company’s loans payable balance during the twelve months ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt">Balance as of January 1, 2025</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">25,756,757</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Additional borrowings under credit facility</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">50,044,151</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt">Repayment of borrowings</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(42,538,256</td> <td style="font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Foreign currency transaction adjustment</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(122,643</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:2.5pt">Balance as of December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">33,140,009</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> For the years ended December 31, 2025 and 2024, the Company recorded interest expense of $287,271 and $68,341, respectively, on these loans. </div>

35000000

40000000

948200000

6200000

0.0092

948200000 6200000

334900000

2300000

0.0091

1630000000

10900000

0.0093

837500000 5500000

1600000000

11100000

0.0136

680800000

4600000

0.0138

1600000000

10800000

0.0115

681000000

4500000

0.0115

<div> The following is a roll forward of the Company’s loans payable balance during the twelve months ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:85%;font-size:10pt">Balance as of January 1, 2025</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">25,756,757</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Additional borrowings under credit facility</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">50,044,151</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt">Repayment of borrowings</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(42,538,256</td> <td style="font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt">Foreign currency transaction adjustment</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(122,643</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:2.5pt">Balance as of December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">33,140,009</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div>

25756757

50044151

42538256

122643

33140009

287271

68341

<div> Note 15 – Income Taxes <div> The Company and its subsidiaries file income tax returns in the United States (federal, California, New Jersey and New York) and China. The U.S. and foreign components of loss before income taxes were as follows: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:70%;font-size:10pt;text-align:left">United States</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">(30,185,412</td> <td style="width:1%;font-size:10pt;text-align:left">)</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">(14,233,270</td> <td style="width:1%;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:1pt">Foreign</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(4,974,755</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(8,768,164</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt;margin-top:0pt;margin-bottom:0pt">Loss before income taxes</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(35,160,167</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(23,001,434</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> </tr> </table> </div> The income tax provision (benefit) for the years ended December 31, 2025 and 2024 consists of the following: <div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;background-color:rgb(204, 238, 255)">Federal</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td colspan="3" style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td colspan="3" style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:70%;font-size:10pt">Current</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">-</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">-</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;background-color:rgb(204, 238, 255)">Deferred</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(3,321,211</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(2,232,964</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">State and local:</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;background-color:rgb(204, 238, 255)">Current</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt">Deferred</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;background-color:rgb(204, 238, 255)">Foreign</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt">Current</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Deferred</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(1,002,566</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(592,060</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(4,323,777</td> <td style="font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(2,825,024</td> <td style="font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Change in valuation allowance</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">3,787,114</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">2,399,607</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt">Income tax provision (benefit)</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">(536,663</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">(425,417</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">)</td> </tr> </table> </div> <div> The reconciliation, in percentage terms, of the expected tax expense (benefit) based on the U.S. federal statutory rates for 2025 and 2024, respectively, with the actual expense is as follows: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:70%;font-size:10pt;text-align:left">U.S. Federal statutory rate</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">21.0</td> <td style="width:1%;font-size:10pt;text-align:left">%</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">21.0</td> <td style="width:1%;font-size:10pt;text-align:left">%</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">State taxes, net of federal benefit</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Permanent differences</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(1.52</td> <td style="font-size:10pt;text-align:left">)%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(6.47</td> <td style="font-size:10pt;text-align:left">)%</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Untaxed foreign jurisdictions</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Foreign rate differential</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(0.22</td> <td style="font-size:10pt;text-align:left">)%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(1.40</td> <td style="font-size:10pt;text-align:left">)%</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Change in deferred taxes</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(6.84</td> <td style="font-size:10pt;text-align:left">)%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(0.85</td> <td style="font-size:10pt;text-align:left">)%</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Rate change impact</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Change in valuation allowance</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(10.82</td> <td style="font-size:10pt;text-align:left">)%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(10.43</td> <td style="font-size:10pt;text-align:left">)%</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:1pt">Other</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(0.06</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)%</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">0.0</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">%</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.5pt">Total</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1.54</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">%</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1.85</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">%</td> </tr> </table> </div> <div></div> <div> The reconciliation, in dollars, of the expected tax expense (benefit) based on the U.S. federal statutory rates for 2025 and 2024, respectively, with the actual expense is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;border:0px"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="width:70%;font-size:10pt;text-align:left">U.S. Federal statutory rate</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">(7,347,053</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left">)</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">(4,830,301</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">State taxes, net of federal benefit</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left">Permanent differences</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">531,767</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,487,055</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Untaxed foreign jurisdictions</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left">Foreign rate differential</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">78,170</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">322,769</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Change in deferred taxes</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,391,482</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">195,069</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left">Rate change impact</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Change in valuation allowance</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,787,114</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,399,607</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;padding-bottom:1pt">Other</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">21,857</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">384</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.25pt">Total</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(536,663</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(425,417</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> </tr> </table> </div> </div> The tax effects of temporary differences that give rise to deferred tax assets are presented below: <div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center">As of</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Deferred Tax Assets:</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:70%;font-size:10pt;text-align:left">Net operating loss carryforwards</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">22,497,962</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">18,595,928</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Capital loss carryforward</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">1,050,000</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">2,933,681</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt">Investment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">679,707</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Stock-based compensation</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">731,305</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">714,899</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Property and equipment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,123,535</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,704,122</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Accruals and other</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">829,049</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">401,816</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Gross deferred tax assets</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">27,911,558</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">24,350,446</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Valuation Allowance</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(27,583,153</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(23,796,039</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Deferred tax assets, net of valuation allowance</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">328,405</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">554,407</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Deferred Tax Liabilities:</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Property and equipment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Other DTL</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(462,485</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(1,225,150</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Deferred Tax Liabilities</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right">(462,485</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right">(1,225,150</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt;background-color:rgb(204, 238, 255)">Deferred tax assets (liabilities), net</td> <td style="font-size:10pt;padding-bottom:2.5pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(134,080</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> <td style="font-size:10pt;padding-bottom:2.5pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(670,743</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> </tr> </table> </div> As of December 31, 2025, the Company had $103,138,529, $29,088,261 and $4,112,898 of federal, state and foreign net operating loss (“NOL”) carryforwards available to offset against future taxable income. The federal NOL may be carried forward indefinitely. For state tax purposes, these NOLs will begin to expire in 2038. The foreign NOLs related to Z-Tech will begin to expire in 2028. The federal and state NOL carryovers are subject to annual limitations under Section 382 of the U.S. Internal Revenue Code when there is a greater than 50% ownership change, as determined under the regulations. The Company is not aware that any annual limitations have been triggered. The Company remains subject to the possibility that a future greater than 50% ownership change could trigger annual limitations on the usage of NOLs. For federal income tax purposes, the Company’s future utilization of its NOLs may be limited to 80% of taxable income as provided under Tax Cuts and Jobs Act of 2017. The Company assesses the likelihood that deferred tax assets will be realized. ASC 740, “Income Taxes” requires that a valuation allowance be established when it is “more likely than not” that all, or a portion of, deferred tax assets will not be realized. A review of all available positive and negative evidence needs to be considered, including the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. After consideration of all the information available, management believes that uncertainty exists with respect to future realization of its federal and state deferred tax assets and has, therefore, established a full valuation allowance as of December 31, 2025 and 2024. For the foreign deferred tax assets, management believes the scheduled reversal of deferred tax liabilities will allow them to be a source of taxable income to realize the foreign deferred tax assets, as such no valuation allowance is established against the foreign deferred tax assets for Z-Tech. For AME-HK, the Company is in 3 year cumulative income, as such no valuation allowance is established against the foreign deferred tax assets for AME-HK. <div></div> The Company is subject to taxation in the U.S. and various state jurisdictions. In general, the Company’s tax returns remain subject to examination by various taxing authorities beginning with the tax year ended December 31, 2020. However, to the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service or state tax authorities. No tax audits were commenced or were in process during the years ended December 31, 2025 and 2024. The Company reviews its filing positions for all open tax years in all U.S. federal and state jurisdictions where the Company is required to file. The Company recognizes liabilities for uncertain tax positions based on a two-step process. To the extent a tax position does not meet a more-likely-than-not level of certainty, no benefit is recognized in the financial statements. If a position meets the more-likely-than-not level of certainty, it is recognized in the consolidated financial statements at the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company has not recognized any liability related to uncertain tax provisions as of December 31, 2025 and 2024. The Company’s practice is to recognize interest and/or penalties related to income tax matters in interest expense. The Company had no accrual for interest or penalties at December 31, 2025 and December 31, 2024, respectively, and has not recognized interest and/or penalties during the years then ended as there are no material unrecognized tax benefits. Management does not anticipate any material changes to the amount of unrecognized tax benefits within the next 12 months. </div> </div>

<div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:70%;font-size:10pt;text-align:left">United States</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">(30,185,412</td> <td style="width:1%;font-size:10pt;text-align:left">)</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">(14,233,270</td> <td style="width:1%;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:1pt">Foreign</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(4,974,755</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(8,768,164</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt;margin-top:0pt;margin-bottom:0pt">Loss before income taxes</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(35,160,167</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(23,001,434</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> </tr> </table> </div>

-30185412

-14233270

-4974755

-8768164

-35160167

-23001434

<div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;background-color:rgb(204, 238, 255)">Federal</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td colspan="3" style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td colspan="3" style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:70%;font-size:10pt">Current</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">-</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">-</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;background-color:rgb(204, 238, 255)">Deferred</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(3,321,211</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(2,232,964</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">State and local:</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;background-color:rgb(204, 238, 255)">Current</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">-</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt">Deferred</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;background-color:rgb(204, 238, 255)">Foreign</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt">Current</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Deferred</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(1,002,566</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(592,060</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(4,323,777</td> <td style="font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(2,825,024</td> <td style="font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Change in valuation allowance</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">3,787,114</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">2,399,607</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt">Income tax provision (benefit)</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">(536,663</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right">(425,417</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left">)</td> </tr> </table> </div>

-3321211

-2232964

-1002566

-592060

-4323777 -2825024

-3787114

-2399607

-536663

-425417

<div> The reconciliation, in percentage terms, of the expected tax expense (benefit) based on the U.S. federal statutory rates for 2025 and 2024, respectively, with the actual expense is as follows: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:70%;font-size:10pt;text-align:left">U.S. Federal statutory rate</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">21.0</td> <td style="width:1%;font-size:10pt;text-align:left">%</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:12%;font-size:10pt;text-align:right">21.0</td> <td style="width:1%;font-size:10pt;text-align:left">%</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">State taxes, net of federal benefit</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Permanent differences</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(1.52</td> <td style="font-size:10pt;text-align:left">)%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(6.47</td> <td style="font-size:10pt;text-align:left">)%</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Untaxed foreign jurisdictions</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Foreign rate differential</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(0.22</td> <td style="font-size:10pt;text-align:left">)%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(1.40</td> <td style="font-size:10pt;text-align:left">)%</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Change in deferred taxes</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(6.84</td> <td style="font-size:10pt;text-align:left">)%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(0.85</td> <td style="font-size:10pt;text-align:left">)%</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Rate change impact</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">0.0</td> <td style="font-size:10pt;text-align:left">%</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Change in valuation allowance</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(10.82</td> <td style="font-size:10pt;text-align:left">)%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(10.43</td> <td style="font-size:10pt;text-align:left">)%</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;padding-bottom:1pt">Other</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(0.06</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)%</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">0.0</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">%</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.5pt">Total</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1.54</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">%</td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1.85</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">%</td> </tr> </table> </div> <div></div> <div> The reconciliation, in dollars, of the expected tax expense (benefit) based on the U.S. federal statutory rates for 2025 and 2024, respectively, with the actual expense is as follows: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;border:0px"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center">For the Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="width:70%;font-size:10pt;text-align:left">U.S. Federal statutory rate</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">(7,347,053</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left">)</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">(4,830,301</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">State taxes, net of federal benefit</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left">Permanent differences</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">531,767</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,487,055</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Untaxed foreign jurisdictions</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left">Foreign rate differential</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">78,170</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">322,769</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Change in deferred taxes</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,391,482</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">195,069</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;text-align:left">Rate change impact</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Change in valuation allowance</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,787,114</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,399,607</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:#CCEEFF"> <td style="font-size:10pt;padding-bottom:1pt">Other</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">21,857</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">384</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;padding-bottom:2.25pt">Total</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(536,663</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">(425,417</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;text-align:left">)</td> </tr> </table> </div> </div>

0.21

-0.0152

-0.0647

-0.0022

-0.014

0.0684 0.0085

-0.1082

-0.1043

-0.0006

0.0154

0.0185

-7347053

-4830301

531767

1487055

78170

322769

2391482 195069

3787114

2399607

21857

384

-536663

-425417

<div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center">As of</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Deferred Tax Assets:</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:70%;font-size:10pt;text-align:left">Net operating loss carryforwards</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">22,497,962</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">18,595,928</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Capital loss carryforward</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">1,050,000</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">2,933,681</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt">Investment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">679,707</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Stock-based compensation</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">731,305</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">714,899</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Property and equipment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,123,535</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,704,122</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Accruals and other</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">829,049</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">401,816</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Gross deferred tax assets</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">27,911,558</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">24,350,446</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Valuation Allowance</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(27,583,153</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(23,796,039</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Deferred tax assets, net of valuation allowance</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">328,405</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">554,407</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Deferred Tax Liabilities:</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Property and equipment</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt;background-color:rgb(204, 238, 255)">Other DTL</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(462,485</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> <td style="font-size:10pt;padding-bottom:1pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(1,225,150</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">Deferred Tax Liabilities</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right">(462,485</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right">(1,225,150</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt;background-color:rgb(204, 238, 255)">Deferred tax assets (liabilities), net</td> <td style="font-size:10pt;padding-bottom:2.5pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(134,080</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> <td style="font-size:10pt;padding-bottom:2.5pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">(670,743</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">)</td> </tr> </table> </div>

22497962

18595928

1050000

2933681

679707

731305

714899

2123535

1704122

829049

401816

27911558

24350446

27583153

23796039

328405

554407

-462485

-1225150

462485

1225150

134080

670743

103138529

29088261

4112898

The federal and state NOL carryovers are subject to annual limitations under Section 382 of the U.S. Internal Revenue Code when there is a greater than 50% ownership change, as determined under the regulations. The Company is not aware that any annual limitations have been triggered. The Company remains subject to the possibility that a future greater than 50% ownership change could trigger annual limitations on the usage of NOLs. For federal income tax purposes, the Company’s future utilization of its NOLs may be limited to 80% of taxable income as provided under Tax Cuts and Jobs Act of 2017.

If a position meets the more-likely-than-not level of certainty, it is recognized in the consolidated financial statements at the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement.

<div> <div> Note 16 – Related Party Transactions During the years ended December 31, 2025 and 2024, Z-Tech incurred royalty fees of $23,686 and $41,963, respectively, from Beijing Lianzhong Interactive Network Co., Ltd., an affiliate of Ourgame, under an intellectual property license agreement. In December 2023, Skyline entered into a Project Cooperation Agreement with All in Asia, a 19% owner of Skyline, to secure venues, negotiate sponsorships, and to determine and prepay the performers for future concerts. Ourgame holds a 20% equity interest in All in Asia. The advanced payment of $3.7 million has been refunded back in April 2025. As of December 31, 2025 and 2024, the Company recorded $322,344 accounts payable due to Ourgame. </div> </div>

23686

41963

0.19 0.20 3700000

322344

<div> Note 17 – Commitments and Contingencies <div> Litigations, Claims, and Assessments The Company is periodically involved in various disputes, claims, liens and litigation matters arising out of the normal course of business. Such litigation may have an adverse impact on the Company’s business and results of operations, may be costly to defend, or may cause disruptions to the Company’s operations. Knighted Pastures, LLC On March 7, 2024, Knighted Pastures, LLC (“Knighted”), an AGAE stockholder, filed a complaint in the Court of Chancery of the State of Delaware (the “Court”) against the Company (as a nominal defendant), the members of its Board of Directors, and certain additional defendants (the “Knighted Action”). The complaint alleged, among other things, that the members of the Company’s Board of Directors breached their fiduciary duty in connection with (1) the approval of a Share Purchase Agreement that AGAE entered into on or around December 28, 2023, (2) the approval and adoption of certain amendments to AGAE’s Bylaws on or around January 5, 2024, and (3) the approval and adoption of a rights agreement on or around February 9, 2024. The Knighted Action sought both injunctive reliefs and money damages. On June 20, 2024, following expedited discovery and entry of resolutions by the Board of Directors addressing issues raised by the Knighted Action, the Court entered an Order granting in part the Company and Board of Directors’ motion to dismiss the Knighted Action as moot. The Court therefore cancelled the trial in the Knighted Action. The Court ordered the parties to submit further filings on Knighted’s claim for attorneys’ fees and costs and any other issues required to bring the Knighted Action to a final conclusion. On August 2, 2024, Knighted filed a motion for an attorney’s fee award based on the purported corporate benefit its case provided to the Company and its other shareholders. </div> <div style="margin-top:0pt;margin-bottom:0pt"></div> On August 28, 2024, the Court granted Knighted an attorney’s fee award of $3.0 million which was paid on September 11, 2024. On October 4, 2024 and October 30, 2024, the Company received reimbursements of $0.6 million and $3.1 million, respectively, from its directors’ and officers’ insurance carrier representing the attorney fee award and its defense costs in excess of the policy’s retention amount. On October 10, 2024, the Court issued an order closing the case. On November 12, 2024, Knighted filed a complaint in the Court against the Company, the members of the Board of Directors, and certain additional defendants (the “Second Knighted Action”). Knighted filed the Second Knighted Action alleging breach of fiduciary duty in connection with approving the recent strategic investment with Yellow River Capital group (“Yellow River”) and the Securities Purchase Agreement with Blue Planet New Energy Technology Ltd, an affiliate of Yellow River. The Second Knighted Action seeks both injunctive relief and money damages. The Company believes the claims in the Second Knighted Action lack merit and intends to defend against them vigorously. <div> On April 25, 2025, the Board of Directors approved resolutions addressing issues raised by the Second Knighted Action. On that date, the Company and the director defendants filed a motion to dismiss the complaint as moot, or in the alternative stay the action pending the outcome of the Company’s combined 2024/2025 annual meeting of stockholders. On April 29, 2025, the Court granted the motion with modifications, continued the trial without rescheduling any date, and staying the case pending the outcome of the combined 2024/2025 annual meeting of stockholders. On May 22, 2025, the Court entered an order staying the case and preserving the status quo pending the outcome of the combined 2024/2025 annual meeting of stockholders. On October 24, 2025, Knighted filed a motion seeking its fees and costs in the amount of approximately $5.9 million. On March 10, 2026, the Court issued an order granting Knighted’s motion for an award of such fees and expenses, which has been accrued for on the accompanying consolidated balance sheet as of December 31, 2025. See Note 20, Subsequent events. <div> Frank Ng On October 4, 2023, Frank Ng, the former Chief Executive Officer of the Company, filed an arbitration demand with the American Arbitration Association alleging that the Company failed to make approximately $1.0 million in payments allegedly due under certain Restricted Stock Unit and separation agreements. Due to nonpayment of arbitration fees, the arbitration was held in abeyance in December 2025. Thereafter, Frank Ng filed a complaint in the Superior Court of California, County of Orange, asserting arbitration-related and breach of contract claims arising from the same underlying dispute. The Company filed a motion to compel arbitration, which is scheduled to be heard on June 12, 2026. The matter remains pending. Since the Company is unable to reasonably estimate the amount of the loss, or range of loss, related to the Frank Ng matter, no accrual for this contingency has been included in the accompanying consolidated financial statements. Timothy G. Schuebel On September 25, 2024, Timothy G. Schuebel, an AIFA stockholder, filed a complaint captioned Timothy G. Schubel v. Allied Gaming & Entertainment, Inc. et al., C.A. No. 2024-0996-JTL, seeking to represent a class of AIFA stockholders and alleging that the Shareholder Rights Plan of the Company, dated February 9, 2024 (the “Rights Plan”), contained provision(s) that were contrary to Delaware law. The Company’s board of directors evaluated the claims related to the Rights Plan, and the Company and its board of directors’ legal rights. On May 30, 2025, the Board approved an amendment to certain provisions in the Rights Plan governing liabilities and fiduciary duties of directors under applicable Delaware law. </div> On September 8, 2025, the Court entered into an order closing the Action. The Company agreed to pay $85,000 in attorneys’ fees and reimbursement of expenses to resolve the matter which was paid by the Company on September 16, 2025. </div> Operating Leases Allied Esports leases an arena in Las Vegas, Nevada, for the purpose of hosting Esports activities (the “Las Vegas Lease”). The arena opened to the public on March 23, 2018 (the “Commencement Date”). Initial lease terms were for minimum monthly payments of $125,000 for 60 months from the Commencement Date with an option to extend for an additional 60 months at $137,500 per month. Additional annual tenant obligations were estimated at $2 per square foot for Allied’s portion of real estate taxes and $5 per square foot for common area maintenance costs. The original right-of-use asset and operating lease liability balance included the impact of the five -year renewal option that the Company was reasonably certain to exercise. The Las Vegas Lease expired on May 31, 2023 but was extended until July 31, 2023. Effective August 1, 2023, the Las Vegas Lease was extended until May 31, 2028 for minimum monthly payments of $137,500 for 58 months in addition to fixed monthly tenant obligations for real estate tax of $5,000. <div></div> On July 17, 2023, the Company leased 5,067 square feet of building space in Las Vegas, Nevada, through an operating lease for the purpose of storage of the mobile esports truck. The lease term is for 36 months and ends on July 31, 2026. The monthly base rent ranges from $4,560 to $5,028. <div> The Company leases office space in Beijing, China under a non-cancelable operating lease dated April 1, 2023 that expires on June 30, 2027. The lease provides for a monthly base rent of 50,000 RMB or approximately $6,900, payable quarterly. Effective April 1, 2024, the Beijing lease was amended to provide for a monthly base rent of 63,000 RMB or approximately $8,800 payable quarterly. During 2025, the lease was twice amended to reduce the monthly base rent to 25,000 RMB or approximately $3,700 for the six -month period ended June 30, 2025, and 20,000 RMB or approximately $2,900 for the six -month period ended December 31, 2025. On December 2, 2025, ACD entered into a three -year non-cancelable operating lease for approximately 32 acres of land in Hainan, China. The lease provides for fixed annual rental payments of 233,376 RMB, or approximately $32,600 USD, over the three -year term of the lease, payable monthly. The Company’s aggregate rent expense incurred during the years ended December 31, 2025 and 2024 amounted to $1,734,337 and $1,813,603 , respectively, of which $1,398,420 and $1,398,420, respectively, is included within in-person costs and $335,917 and $415,183, respectively, is included in general and administrative expenses on the accompanying consolidated statements of operations. </div> A summary of the Company’s right-of-use assets and liabilities is as follows: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center">For Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt">Cash paid for amounts included in the measurement of lease liabilities:</td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;width:70%;font-size:10pt;text-align:left">Operating cash flows used in operating activities</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">1,470,538</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">1,522,993</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Right-of-use assets obtained in exchange for lease obligations</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Operating leases</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">85,095</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Weighted Average Remaining Lease Term (Years)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Operating leases</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2.38</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3.35</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt">Weighted Average Discount Rate</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Operating leases</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5.71</td> <td style="font-size:10pt;text-align:left">%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5.04</td> <td style="font-size:10pt;text-align:left">%</td> </tr> </table> </div> A summary of the Company’s remaining operating lease liabilities is as follows: <div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;border-bottom:Black 1pt solid">For the Years Ending December 31,</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Amount</td> </tr> <tr style="vertical-align:bottom"> <td style="width:85%;font-size:10pt;text-align:left">2026</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">1,886,578</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">2027</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">1,770,358</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">2028</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right">743,070</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Total lease payments</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">4,400,006</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt;vertical-align:bottom">Less: amount representing imputed interest</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right">(296,828</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(255, 255, 255)">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;background-color:rgb(204, 238, 255)">Present value of lease liability</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">4,103,178</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt;vertical-align:bottom">Less: current portion</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right">(1,694,951</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt;background-color:rgb(204, 238, 255)">Lease liability, non-current portion</td> <td style="font-size:10pt;padding-bottom:2.5pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">2,408,227</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> </table> </div> <div></div> Investment Agreement On January 14, 2020, the Company sold 758,725 shares of its common stock to BPR Cumulus LLC, an affiliate of Brookfield Property Partners (“Brookfield”) for $5,000,000 (the “Purchase Price”) pursuant to a Share Purchase Agreement (the “Brookfield Agreement”). Under the terms of the Brookfield Agreement, the Purchase Price was placed into escrow to be used by the Company or its subsidiaries to develop integrated esports experience venues at mutually agreed upon shopping malls owned and/or operated by Brookfield or any of its affiliates that will include a dedicated gaming space and production capabilities to attract esports and other emerging live events (each, an “Esports Venue”). To that end, half of the Purchase Price would be released from escrow to the Company upon the execution of a written lease agreement between Brookfield and the Company for the first Esports Venue, and the other half would be released to the Company upon the execution of a written lease agreement between Brookfield and the Company for the second Esports Venue. On September 16, 2024, the Company and Brookfield entered into a Settlement Agreement and Release (the “Settlement Agreement”) to resolve and terminate all obligations under the Brookfield Agreement. Pursuant to the Settlement Agreement, the entire Purchase Price was released from escrow of which $3,000,000 was paid to Brookfield and $2,000,000 was paid to the Company. The parties further agreed to release and discharge each other from any and all present and future obligations under the Brookfield Agreement. The $3,000,000 payment to Brookfield is included in other income (expense) on the 2024 consolidated statement of operations. Land Use Rights In connection with a contract entered into with the Assignor on December 23, 2024, the Company is required to invest no less than RMB 58,890,000, approximately $8.1 million (USD) in the development of the land. See Note 8 – Land Use Rights, net for further discussion. </div>

3000000

600000

3100000

5900000

1000000

85000

125000 137500 2 5

137,500

5000

5067

P36M

4560

5028

50000

6900

63000

8800

25000

3700

20000

2900

233376

32600

1734337

1813603

1398420

335917

415183

<div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center">For Years Ended</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt">Cash paid for amounts included in the measurement of lease liabilities:</td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;width:70%;font-size:10pt;text-align:left">Operating cash flows used in operating activities</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">1,470,538</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">1,522,993</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Right-of-use assets obtained in exchange for lease obligations</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Operating leases</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">-</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">85,095</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">Weighted Average Remaining Lease Term (Years)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Operating leases</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2.38</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3.35</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt">Weighted Average Discount Rate</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Operating leases</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5.71</td> <td style="font-size:10pt;text-align:left">%</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5.04</td> <td style="font-size:10pt;text-align:left">%</td> </tr> </table> </div>

1470538

1522993

85095

P2Y4M17D

P3Y4M6D

0.0571

0.0504

<div> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;border-bottom:Black 1pt solid">For the Years Ending December 31,</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Amount</td> </tr> <tr style="vertical-align:bottom"> <td style="width:85%;font-size:10pt;text-align:left">2026</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">1,886,578</td> <td style="width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">2027</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">1,770,358</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;padding-bottom:1pt">2028</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right">743,070</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">Total lease payments</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">4,400,006</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt;vertical-align:bottom">Less: amount representing imputed interest</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right">(296,828</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;background-color:rgb(255, 255, 255)">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;background-color:rgb(204, 238, 255)">Present value of lease liability</td> <td style="font-size:10pt;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> <td style="font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">4,103,178</td> <td style="font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;padding-bottom:1pt;vertical-align:bottom">Less: current portion</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right">(1,694,951</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204, 238, 255)"> <td style="font-size:10pt;text-align:left;padding-bottom:2.5pt;background-color:rgb(204, 238, 255)">Lease liability, non-current portion</td> <td style="font-size:10pt;padding-bottom:2.5pt;background-color:rgb(204, 238, 255)"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;background-color:rgb(204, 238, 255)">2,408,227</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;background-color:rgb(204, 238, 255)"> </td> </tr> </table> </div>

1886578

1770358

743070

4400006

296828

4103178

1694951

2408227

758725

5000000 3000000 2000000

3000000

58890000

8100000

<div> Note 18 – Stockholders’ Equity Authorized Shares The Company is authorized to issue up to 100,000,000 and 1,000,000 shares of common stock and preferred stock, respectively. Equity Incentive Plan On December 30, 2021, the stockholders approved an amendment to the 2019 Equity Incentive Plan (the “Plan”) to increase the number of shares of common stock authorized under the Plan from 3,463,305 shares to 3,763,305 shares. As of December 31, 2025, there were 558,616 shares available under the plan. Rights Agreement On February 9, 2024, the Company entered into a rights agreement with Continental Stock Transfer & Trust, as rights agent (the “Rights Agreement”) pursuant to which the Board declared a dividend of one preferred share purchase right (the “Right” or collectively the “Rights”) for each outstanding share of the Company’s common stock (each, a “Common Share” and, collectively, the “Common Shares”). The Rights were distributed to the stockholders of record at the start of business on that date (the “Record Date”). Each Right provides the registered holder, under certain circumstances and if the Rights become exercisable, the right to purchase from the Company one one-thousandth of a share of a newly designated Series A Junior Participating Preferred Stock (the “Series A Preferred Shares”) at an exercise price of $7.00 per one one-thousandth of a Series A Preferred Share. The Common Shares become exercisable following the earlier of (i) the tenth business day after public notice of a person who is or becomes the beneficial owner of ten percent or more of the common stock outstanding (“Acquiring Person”) that an Acquiring Person has become such or (ii) the tenth business day after the date that a tender or exchange offer by any person is first published or sent within the meaning of Rule 14d-2(a) of the applicable rules and regulations promulgated under the Exchange Act, the consummation of which would result in any person becoming an Acquiring Persson (the earlier of these dates is called the “Distribution Date”). <div></div> On that date, the Board also authorized the issuance of one Right with respect to each additional Common Share that becomes outstanding after the Record Date, but before the Distribution Date and, in certain limited circumstances, after the Distribution Date. The Rights are not exercisable until the Distribution Date. Until a Right is exercised, the holder thereof will have no rights as a stockholder of the Company, including dividend, voting or liquidation rights. At any time until the earlier of (a) a person becomes an Acquiring Person (as defined in the Rights Agreement) and (b) the final expiration date (as defined in the Rights Agreement), the Board may, at its option and in its sole discretion, direct the Company to redeem the Rights in whole but not in part, at a price of $0.0001 per Right (the “Redemption Price”). Share Purchase Agreement On December 28, 2023, the Company entered into a Share Purchase Agreement (the “Purchase Agreement”) with Elite Fun Entertainment Co., Ltd. (the “Purchaser”), pursuant to which the Purchaser agreed to purchase 7,330,000 shares of the Company’s common stock, par value $0.0001 per share, at a purchase price of $0.90 per share (the “Purchased Shares”) for a total purchase price of $6,597,000. The Purchase Agreement is subject to customary representations, warranties, covenants and conditions, including an agreement that the Company and Purchaser will each use its best efforts to negotiate and finalize a collaboration or partnership agreement under which the Purchaser will assist the Company with organizing live shows and events in Asia. On March 7, 2024, the Company closed on the share purchase agreement and received $2 million of the total purchase price for the Purchased Shares and the Purchaser agreed to pay the remaining consideration of $4.597 million within 2 months of the closing along with interest thereon at a simple interest rate of 5% per annum. The remaining consideration is collateralized by a pledge and first priority lien and security interest in 5,107,778 shares issued by the Company to the Purchaser. On June 15, 2024, the Company and the Purchaser entered into a termination agreement pursuant to which each party agreed to terminate the Purchase Agreement. Pursuant to the termination agreement, the Company agreed to pay the Purchaser $2,000,000 in cash and to forgive the Purchaser’s obligation to pay the remaining purchase price for the shares of $4,597,000, in exchange for the Purchaser transferring back to the Company all of the shares of common stock previously issued. All obligations under the termination agreement were satisfied as of July 3, 2024. Securities Purchase Agreement On October 18, 2024, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Blue Planet New Energy Technology Limited (“Blue Planet”), pursuant to which the Company agreed to sell and issue, and Blue Planet agreed to purchase, (i) 6,000,000 shares of common stock of the Company at a purchase price of $1.10 per share for a total purchase price of $6,600,000 and (ii) a corresponding warrant (the “Warrant”) to purchase up to 6,000,000 shares of common stock, with an exercise price of $1.80 per share, which represents a 50% premium to the closing sales price of the common stock on October 17, 2024 (the “Warrant Shares” and together with the Purchased Shares and the Warrant, the “Registrable Securities”) (such transaction, the “Transaction”). The Warrant expires five years from the date of issuance. The Company determined that the warrant should be equity-classified, primarily because it is indexed to the Company’s own stock and it met the requirements for equity classification. Accordingly, because both the common stock and the warrant are equity-classified, it wasn’t necessary to allocate the proceeds or the issuance costs to the respective securities. The Securities Purchase Agreement is subject to customary representations, warranties, covenants and conditions. In addition, Blue Planet is subject to a 6-month lock-up period commencing from the date of closing. Total issuance costs were $247,732 including $198,000 in advisory fees and $49,732 in legal fees. <div></div> The Securities Purchase Agreement does not contain any voting commitment, and Blue Planet may vote its shares of common stock in its discretion for any matter requiring a vote of the Company’s stockholders. The Warrant may not be exercised if Blue Planet, together with its affiliates, would beneficially own more than 19.99% of the number of shares of the common stock outstanding immediately after giving effect to such exercise, unless the Company obtains shareholder approval pursuant to applicable NASDAQ rules. Finally, the Company agreed to register the resale of Registrable Securities pursuant to a registration statement to be filed under the Securities Act of 1933, as amended. On April 25, 2025, the Company and Blue Planet entered into a termination agreement pursuant to which each party agreed to terminate the Securities Purchase Agreement. Pursuant to the termination agreement, the Company agreed to refund the $6,600,000 and in exchange Blue Planet will transfer back to the Company all of the shares of common stock and warrants to purchase shares of common stock. Preferred Stock In connection with the Rights Agreement (see Rights Agreement above) on February 9, 2024, the Board of Directors designated 50,000 shares of Preferred Stock, par value $0.0001 per share (the “Preferred Stock”), as “Series A Junior Participating Preferred Stock” (the “Series A Preferred Stock”). The holders of shares of Series A Preferred Stock shall be entitled to receive, when and if, declared by the Board of Directors quarterly dividends payable on the last day of March, June, September, and December in each year (“Quarterly Dividend Payment Date”), in an amount per share equal to 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount of all non-cash dividends or other distributions, other than a dividend payable in shares of common stock. In the event the Company declares or pays any dividend in shares of common stock, or effect a subdivision or combination or consolidation of the outstanding shares of common stock into a greater or lesser number of shares of common stock, then in each such case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall be adjusted. Each share of Series A Preferred Stock shall entitle the holder to 1,000 votes on all matters submitted to a vote of the stockholders of the Corporation. The Series A Preferred Stock shall rank, with respect to dividends and upon liquidation, dissolution and winding up, junior to all other series of Preferred Stock. Treasury Stock On November 21, 2022, the Company’s Board of Directors authorized a stock repurchase program of up to $10 million of its outstanding shares of common stock. For the years ended December 31, 2025 and 2024, the Company repurchased 0 and 514 shares, respectively, at a cost of $0 and $422, respectively. As of December 31, 2025, approximately $7.3 million remains available to repurchase common stock under this program. Stock Options <div> A summary of the option activity during the year ended December 31, 2025 is presented below: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;width:100%"> <tr style="vertical-align:bottom"> <td colspan="1" rowspan="1" style="text-align:left;font-size:10pt"> </td> <td colspan="1" rowspan="1" style="font-size:10pt"> </td> <td colspan="3" rowspan="1" style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid black"> Number of Options </td> <td colspan="1" rowspan="1" style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" rowspan="1" style="font-size:10pt;font-weight:bold;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid black"> Weighted Average Exercise Price </td> <td colspan="1" rowspan="1" style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" rowspan="1" style="font-size:10pt;font-weight:bold;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid black"> Weighted Average Remaining Term (Yrs) </td> <td colspan="1" rowspan="1" style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid"> Intrinsic Value </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Outstanding, January 1, 2025</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">1,270,000</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:10%">3.53</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;width:48%;margin-top:0pt;margin-bottom:0pt">Granted</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Exercised</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;width:48%">Expired</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Outstanding, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">1,270,000</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">3.53</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">4.50</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;width:48%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Exercisable, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">1,270,000</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">3.53</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">4.50</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> </table> </div> <div></div> <div> Options outstanding and exercisable as of December 31, 2025 are as follows: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:left"> </td> <td colspan="5" style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">Options Outstanding</td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:left"> </td> <td colspan="5" style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">Options Exercisable</td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Weighted</td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:center"> </td> <td style="font-size:10pt;text-align:center"> </td> <td style="font-size:10pt;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Outstanding</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Average</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Exercisable</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:center"> </td> <td style="font-size:10pt;text-align:center"> </td> <td style="font-size:10pt;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Number of</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Remaining Life</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Number of</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> </tr> <tr style="vertical-align:bottom"> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">Exercise Price</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">Options</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">In Years</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">Options</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:23%;font-size:10pt;text-align:right">2.11</td> <td style="width:1%;font-size:10pt;text-align:center"> </td> <td style="text-align:center;width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:center"> </td> <td style="width:22%;font-size:10pt;text-align:right">40,000</td> <td style="width:1%;font-size:10pt;text-align:right"> </td> <td style="text-align:right;width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:right"> </td> <td style="width:22%;font-size:10pt;text-align:right">4.50</td> <td style="width:1%;font-size:10pt;text-align:right"> </td> <td style="text-align:right;width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:right"> </td> <td style="width:22%;font-size:10pt;text-align:right">40,000</td> <td style="width:1%;font-size:10pt;text-align:center"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">2.17</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">120,000</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4.60</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">120,000</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">2.21</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">300,000</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5.64</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">300,000</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">2.48</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">120,000</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5.35</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">120,000</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">4.09</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">460,000</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3.89</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">460,000</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">5.66</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">230,000</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3.72</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">230,000</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,270,000</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">4.50</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,270,000</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table> </div> </div> There were no new options granted during the years ended December 31, 2025 and 2024. The expected term used for options is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” option grants. The Company is utilizing an expected volatility figure based on a review of the historical volatilities, over a period of time, equivalent to the expected life of the instrument being valued, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. For the years ended December 31, 2025 and 2024, the Company recorded $23,506 and $54,493, respectively, of stock-based compensation expense related to stock options. As of December 31, 2025, there was $0 of unrecognized stock-based compensation expense related to the stock options. Restricted Common Stock On February 22, 2024, the Company awarded, in aggregate, 1,460,000 shares of common stock (the “Restricted Shares”), with an aggregate grant date value of $1,518,000, to its directors and certain executive officers which are subject to certain transfer and other restrictions set forth in the grant agreement signed by each recipient under the Equity Incentive Plan. The Restricted Shares vest in four equal installments as follows: twenty-five (25%) on the date of grant and 25% in three (3) successive installments upon the completion of each six (6) month period of service over an eighteen (18) month period measured from the date of grant. The transfer restrictions include a lock-up agreement under which, among other things, each recipient agreed not to sell, pledge, or otherwise dispose of the shares for a three-year period commencing on the date of the grant. For the years ended December 31, 2025 and 2024, the Company recorded $473,216 and $1,044,784, respectively, of stock-based compensation expense related to restricted stock. As of December 31, 2025, there was $0 of unrecognized stock-based compensation expense related to the restricted stock award. Warrants On October 18, 2024, in connection with the Purchase Agreement with Blue Planet, the Company issued warrants to purchase 6,000,000 shares of Common Stock, with an exercise price of $1.80 per share. The warrants expire five years from the date of issuance. See Securities Purchase Agreement above. <div></div> <div> A summary of the warrant activity for the year ended December 31, 2025 is presented below: <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;width:100%"> <tr style="vertical-align:bottom"> <td style="text-align:left;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:1pt solid black;margin-top:0pt;margin-bottom:0pt"> Number of Warrants </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:1pt solid black;margin-top:0pt;margin-bottom:0pt"> Weighted Average Exercise Price </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:1pt solid black;margin-top:0pt;margin-bottom:0pt"> Weighted Average Remaining Life in Years </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid"> Intrinsic Value </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Outstanding, January 1, 2025</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">7,454,546</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:10%">2.25</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;width:48%">Issued</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;width:48%">Forfeited</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">(1,454,546</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">4.13</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;width:48%">Cancelled</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%">(6,000,000</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%">1.80</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Outstanding, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;width:48%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Exercisable, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> </table> </div> See Securities Purchase Agreement above for 2025 cancellation of a substantial portion of the outstanding warrants. </div>

100000000

1000000

3463305

3763305

558616

0.0001

7330000

0.0001

0.9

6597000

2000000

4597000

0.05

5107778

2000000 4597000

6000000

1.1

6600000

6000000

1.8

P5Y

247732

198000

49732

0.1999 6600000 50000

0.0001

1,000 votes

10000000

514

422

7300000

<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;width:100%"> <tr style="vertical-align:bottom"> <td colspan="1" rowspan="1" style="text-align:left;font-size:10pt"> </td> <td colspan="1" rowspan="1" style="font-size:10pt"> </td> <td colspan="3" rowspan="1" style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid black"> Number of Options </td> <td colspan="1" rowspan="1" style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" rowspan="1" style="font-size:10pt;font-weight:bold;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid black"> Weighted Average Exercise Price </td> <td colspan="1" rowspan="1" style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" rowspan="1" style="font-size:10pt;font-weight:bold;text-align:center;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid black"> Weighted Average Remaining Term (Yrs) </td> <td colspan="1" rowspan="1" style="font-size:10pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid"> Intrinsic Value </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Outstanding, January 1, 2025</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">1,270,000</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:10%">3.53</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;width:48%;margin-top:0pt;margin-bottom:0pt">Granted</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Exercised</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;width:48%">Expired</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Outstanding, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">1,270,000</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">3.53</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">4.50</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;width:48%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Exercisable, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">1,270,000</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">3.53</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">4.50</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> </table>

1270000

3.53

1270000

3.53

P4Y6M

1270000

3.53

P4Y6M

<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:left"> </td> <td colspan="5" style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">Options Outstanding</td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:left"> </td> <td colspan="5" style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">Options Exercisable</td> <td style="border-bottom:Black 1pt solid;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Weighted</td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:center"> </td> <td style="font-size:10pt;text-align:center"> </td> <td style="font-size:10pt;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Outstanding</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Average</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Exercisable</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:center"> </td> <td style="font-size:10pt;text-align:center"> </td> <td style="font-size:10pt;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Number of</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Remaining Life</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold;text-align:center">Number of</td> <td style="font-size:10pt;font-weight:bold;text-align:center"> </td> </tr> <tr style="vertical-align:bottom"> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">Exercise Price</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">Options</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">In Years</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="text-align:center;font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center">Options</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;font-weight:bold;text-align:center"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:23%;font-size:10pt;text-align:right">2.11</td> <td style="width:1%;font-size:10pt;text-align:center"> </td> <td style="text-align:center;width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:center"> </td> <td style="width:22%;font-size:10pt;text-align:right">40,000</td> <td style="width:1%;font-size:10pt;text-align:right"> </td> <td style="text-align:right;width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:right"> </td> <td style="width:22%;font-size:10pt;text-align:right">4.50</td> <td style="width:1%;font-size:10pt;text-align:right"> </td> <td style="text-align:right;width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:right"> </td> <td style="width:22%;font-size:10pt;text-align:right">40,000</td> <td style="width:1%;font-size:10pt;text-align:center"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">2.17</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">120,000</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4.60</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">120,000</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">2.21</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">300,000</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5.64</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">300,000</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">2.48</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">120,000</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5.35</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">120,000</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">4.09</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">460,000</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3.89</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">460,000</td> <td style="font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left">$</td> <td style="font-size:10pt;text-align:right">5.66</td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">230,000</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3.72</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">230,000</td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,270,000</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">4.50</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:2.5pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:right">1,270,000</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;text-align:left"> </td> </tr> </table>

2.11

40000

P4Y6M

40000

2.17

120000

P4Y7M6D

120000

2.21

300000

P5Y7M20D

300000

2.48

120000

P5Y4M6D

120000

4.09

460000

P3Y10M20D

460000

5.66

230000

P3Y8M19D

230000

1270000

P4Y6M

1270000

23506

54493

1460000

1518000

0.25

473216

1044784

6000000

1.8

P5Y

<table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%;width:100%"> <tr style="vertical-align:bottom"> <td style="text-align:left;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:1pt solid black;margin-top:0pt;margin-bottom:0pt"> Number of Warrants </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:1pt solid black;margin-top:0pt;margin-bottom:0pt"> Weighted Average Exercise Price </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:1pt solid black;margin-top:0pt;margin-bottom:0pt"> Weighted Average Remaining Life in Years </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid"> Intrinsic Value </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Outstanding, January 1, 2025</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">7,454,546</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%">$</td> <td style="font-size:10pt;text-align:right;width:10%">2.25</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;width:48%">Issued</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">-</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:10pt;font-size:10pt;text-align:left;width:48%">Forfeited</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">(1,454,546</td> <td style="font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%">4.13</td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left;width:48%">Cancelled</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%">(6,000,000</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%">)</td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%">1.80</td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:1pt;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:right;width:10%"> </td> <td style="border-bottom:1pt solid black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Outstanding, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;text-align:left;width:48%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;width:1%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;text-align:right;width:10%"> </td> <td style="font-size:10pt;text-align:left;width:1%"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left;width:48%">Exercisable, December 31, 2025</td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> <td style="font-size:10pt;padding-bottom:2.5pt;width:1%"> </td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%">$</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:right;width:10%">-</td> <td style="border-bottom:2.25pt double black;font-size:10pt;text-align:left;width:1%"> </td> </tr> </table>

7454546

2.25

1454546

4.13 6000000 1.8

0 0 0 0

<div> Note 19 – Segment Data <div> Each of the Company’s business segments offer different, but synergistic products and services. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision makers (“CODM”) are our Chief Executive Officer and our President and Chairman of the Board. The CODMs assess performance for the segments and decide how to allocate resources based on segment profit or loss. The Company does not have any intra-entity sales or transfers. Further, unallocated corporate assets not directly attributable to any one of the business segments and unallocated corporate operating losses resulting from general corporate overhead expenses not directly attributable to any one of the business segments are reported separate from the Company’s identified segments and included under Corporate in the tables presented below. The Company’s business consists of three reportable business segments: <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0.5in"> </td> <td style="width:0.5in">■</td> <td style="text-align:justify">E-sports, provided through Allied Esports, including video game events and tournaments.</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0.5in"> </td> <td style="width:0.5in">■</td> <td style="text-align:justify">Casual mobile gaming, provided through Z-Tech.</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0.5in"> </td> <td style="width:0.5in">■</td> <td style="text-align:justify">Live concert promotion and events organizing, provided through Skyline.</td> </tr> </table> <div></div> The Company’s significant segment expenses for the years ended December 31, 2025 and 2024 are as follows: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">For the Year Ended December 31, 2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">For the Year Ended December 31, 2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">E-sports</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Casual Mobile Gaming</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Concerts</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Corporate</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">E-sports</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Casual Mobile Gaming</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Concerts</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Corporate</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold">Revenue</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:10%;font-size:10pt;text-align:left">In-person</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">4,941,734</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">4,941,734</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">4,669,644</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">4,669,644</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Multiplatform content</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Casual mobile gaming</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">Total Revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,941,938</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">7,975,219</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,669,980</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">9,079,172</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold">Less</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">In-person (excludes depreciation)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,766,944</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,766,944</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,496,618</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,496,618</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Casual mobile gaming (excludes depreciation)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,845,673</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,845,673</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,875,992</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,875,992</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Professional fees</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">235,758</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">142,165</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">506,077</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">20,224,962</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">21,108,962</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">312,673</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">175,184</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">202,427</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5,871,617</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">6,561,901</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Salaries and benefits</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,521,151</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">239,537</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">353,983</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">925,449</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,040,120</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,386,885</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">735,522</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">27,649</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,347,789</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,497,845</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Selling and marketing expense</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">31,064</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,715</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">187,665</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">222,444</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">22,959</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,500</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">259,780</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">287,239</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Other expenses [1]</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,056,352</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">21,458</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">9,432</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,132,058</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,219,300</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">986,999</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">50,059</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">74,475</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">752,742</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,864,275</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Depreciation and amortization</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">880,661</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">591,834</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">83,634</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,556,129</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">910,605</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">553,601</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">121,329</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,585,535</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Stock based compensation</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">496,722</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">496,722</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">21,063</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,078,214</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,099,277</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">CECL reserve</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,601,155</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,601,155</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Impairment of long-lived assets</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,419,227</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,672,237</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">156,269</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">7,247,733</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">357,826</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">357,826</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Impairment of goodwill</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">668,818</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">668,818</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">9,567,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">9,567,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Research and development expense</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">273,708</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">984,236</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">1,257,944</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">191,310</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">191,310</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:20pt;font-size:10pt;text-align:left">Total Expense</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">11,911,157</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">7,455,430</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">873,207</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">26,792,150</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">47,031,944</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">7,137,802</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">15,148,668</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">309,051</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">9,789,297</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">32,384,818</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left">Segment loss</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(6,969,219</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(4,422,149</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(873,207</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(26,792,150</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(39,056,725</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(2,467,822</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(10,739,476</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(309,051</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(9,789,297</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(23,305,646</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left">Reconciliation of profit or loss</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">All other items (2)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">1,243</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(565,237</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">121,691</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(3,454,255</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(3,896,558</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">67,185</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">747,047</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">11,587</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(1,130,031</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(304,212</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Consolidated pre-tax net loss</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(6,970,462</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(3,856,912</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(994,898</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(23,337,895</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(35,160,167</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(2,535,007</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(11,486,523</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(320,638</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(8,659,266</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(23,001,434</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">[1]</td> <td style="text-align:justify">Other expenses include insurance, utilities, repair and maintenance, office supplies, sales and marketing, travel and entertainment, rent, and property tax expenses.</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">[2]</td> <td style="text-align:justify">All other items include gains and losses in escrow settlement, investments in money market funds and marketable securities, foreign currency transactions, and other income and expenses including interest.</td> </tr> </table> </div> The Company’s significant segment assets as of December 31, 2025 and 2024 are as follows: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31, 2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31, 2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">E-sports</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Casual Mobile Gaming</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Concerts</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Corporate</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">E-sports</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Casual Mobile Gaming</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Concerts</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Corporate</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Total assets for reportable segments:</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:10%;font-size:10pt;text-align:left">Goodwill and intangible assets, net</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">17,807</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">196,625</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">214,432</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Goodwill and intangible assets, net - foreign operations</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,157,609</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,157,609</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">7,697,633</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">7,697,633</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Property and equipment, net</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">316,295</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">948</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">317,243</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,970,762</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,970,762</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Property and equipment, net - foreign operations</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,862</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">51,844</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">56,706</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">20,232</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">9,088</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">29,320</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Other segment assets (1)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,889,612</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,360,226</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5,249,838</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5,930,764</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">16,066,687</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">21,997,451</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Other segment assets - foreign operations</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">2,400,000</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">281,526</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">87,382</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">77,230,273</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">79,999,181</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">425,660</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">7,373,683</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">71,978,318</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">79,777,661</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Total consolidated assets</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">4,605,907</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">4,443,997</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">87,382</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">80,643,291</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">89,780,577</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">8,919,333</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">8,143,525</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">7,373,683</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">88,250,718</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">112,687,259</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">[1]</td> <td style="text-align:justify">Other segment assets include cash and cash equivalents, investments, receivables, prepaid expenses and other current assets, digital assets, right-of-use assets, and deposits.</td> </tr> </table> </div> <div style="margin-top:0pt;margin-bottom:0pt"></div> The Company’s disaggregated assets by geographic location are as follows: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:90%;margin-left:0.5in"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Total assets by geographic location:</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;width:70%;font-size:10pt;text-align:left">United States</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">5,567,081</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">25,182,645</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">China</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">84,213,496</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">87,504,614</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Total consolidated assets</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">89,780,577</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">112,687,259</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> </table> </div> The Company’s disaggregated revenues by geographic location are as follows: <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:90%;margin-left:0.5in"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Total revenues by geographic location:</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;width:70%;font-size:10pt;text-align:left">United States</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">4,941,938</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">4,669,980</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">China</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Total consolidated revenues</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">7,975,219</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">9,079,172</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> </table> </div> </div> </div>

<div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">For the Year Ended December 31, 2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">For the Year Ended December 31, 2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">E-sports</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Casual Mobile Gaming</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Concerts</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Corporate</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">E-sports</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Casual Mobile Gaming</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Concerts</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Corporate</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold">Revenue</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:10%;font-size:10pt;text-align:left">In-person</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">4,941,734</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">4,941,734</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">4,669,644</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">4,669,644</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Multiplatform content</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">204</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">336</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;font-size:10pt;text-align:left">Casual mobile gaming</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">Total Revenue</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,941,938</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">7,975,219</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,669,980</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">9,079,172</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;font-weight:bold">Less</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">In-person (excludes depreciation)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,766,944</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,766,944</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,496,618</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,496,618</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Casual mobile gaming (excludes depreciation)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,845,673</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,845,673</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,875,992</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,875,992</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Professional fees</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">235,758</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">142,165</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">506,077</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">20,224,962</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">21,108,962</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">312,673</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">175,184</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">202,427</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5,871,617</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">6,561,901</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Salaries and benefits</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,521,151</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">239,537</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">353,983</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">925,449</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,040,120</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,386,885</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">735,522</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">27,649</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,347,789</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,497,845</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Selling and marketing expense</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">31,064</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,715</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">187,665</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">222,444</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">22,959</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,500</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">259,780</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">287,239</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Other expenses [1]</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,056,352</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">21,458</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">9,432</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,132,058</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,219,300</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">986,999</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">50,059</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">74,475</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">752,742</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,864,275</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Depreciation and amortization</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">880,661</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">591,834</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">83,634</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,556,129</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">910,605</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">553,601</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">121,329</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,585,535</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Stock based compensation</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">496,722</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">496,722</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">21,063</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,078,214</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,099,277</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">CECL reserve</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,601,155</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,601,155</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Impairment of long-lived assets</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,419,227</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,672,237</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">156,269</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">7,247,733</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">357,826</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">357,826</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Impairment of goodwill</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">668,818</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">668,818</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">9,567,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">9,567,000</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Research and development expense</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">273,708</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">984,236</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">1,257,944</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">191,310</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">191,310</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:20pt;font-size:10pt;text-align:left">Total Expense</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">11,911,157</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">7,455,430</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">873,207</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">26,792,150</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">47,031,944</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">7,137,802</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">15,148,668</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">309,051</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">9,789,297</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">32,384,818</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left">Segment loss</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(6,969,219</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(4,422,149</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(873,207</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(26,792,150</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(39,056,725</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(2,467,822</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(10,739,476</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(309,051</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(9,789,297</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">(23,305,646</td> <td style="white-space:nowrap;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left">Reconciliation of profit or loss</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">All other items (2)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">1,243</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(565,237</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">121,691</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(3,454,255</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(3,896,558</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">67,185</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">747,047</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">11,587</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(1,130,031</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">(304,212</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left">)</td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Consolidated pre-tax net loss</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(6,970,462</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(3,856,912</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(994,898</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(23,337,895</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(35,160,167</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(2,535,007</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(11,486,523</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(320,638</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(8,659,266</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">(23,001,434</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">)</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">[1]</td> <td style="text-align:justify">Other expenses include insurance, utilities, repair and maintenance, office supplies, sales and marketing, travel and entertainment, rent, and property tax expenses.</td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">[2]</td> <td style="text-align:justify">All other items include gains and losses in escrow settlement, investments in money market funds and marketable securities, foreign currency transactions, and other income and expenses including interest.</td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:100%"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31, 2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="19" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31, 2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">E-sports</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Casual Mobile Gaming</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Concerts</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Corporate</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">E-sports</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Casual Mobile Gaming</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Concerts</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Corporate</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">Total</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Total assets for reportable segments:</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:10pt;width:10%;font-size:10pt;text-align:left">Goodwill and intangible assets, net</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">17,807</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">196,625</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:6%;font-size:10pt;text-align:right">214,432</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Goodwill and intangible assets, net - foreign operations</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,157,609</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,157,609</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">7,697,633</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">7,697,633</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Property and equipment, net</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">316,295</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">948</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">317,243</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,970,762</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">2,970,762</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Property and equipment, net - foreign operations</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">4,862</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">51,844</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">56,706</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">20,232</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">9,088</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">29,320</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Other segment assets (1)</td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">1,889,612</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">3,360,226</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5,249,838</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">5,930,764</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">16,066,687</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt"> </td> <td style="font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;text-align:right">21,997,451</td> <td style="white-space:nowrap;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="white-space:nowrap;padding-left:10pt;font-size:10pt;text-align:left">Other segment assets - foreign operations</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">2,400,000</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">281,526</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">87,382</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">77,230,273</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">79,999,181</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">-</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">425,660</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">7,373,683</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">71,978,318</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">79,777,661</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Total consolidated assets</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">4,605,907</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">4,443,997</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">87,382</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">80,643,291</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">89,780,577</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">8,919,333</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">8,143,525</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">7,373,683</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">88,250,718</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">112,687,259</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> </table> <table cellpadding="0" style="width:100%;font-size:10pt"> <tr style="vertical-align:top"> <td style="width:0px"></td> <td style="width:0.5in">[1]</td> <td style="text-align:justify">Other segment assets include cash and cash equivalents, investments, receivables, prepaid expenses and other current assets, digital assets, right-of-use assets, and deposits.</td> </tr> </table> </div>

4941734

4669644

204

336

3033281

4409192

4941938

3033281

7975219

4669980

4409192

9079172

2766944 0 0 0 2766944 2496618 0 0 0 2496618 0 2845673 0 0 2845673 0 3875992 0 0 3875992

235758

142165

506077

20224962

21108962

312673

175184

202427

5871617

6561901

2521151

239537

353983

925449

4040120

2386885

735522

27649

1347789

4497845

31064

3715

187665

222444

22959

4500

259780

287239

1056352

21458

9432

1132058

2219300

986999

50059

74475

752742

1864275

880661

591834

83634

1556129

910605

553601

121329

1585535

496722

21063

1078214

1099277

4419227

2672237

156269

7247733

357826

668818

9567000

273708

984236

1257944

191310

11911157

7455430

873207

26792150

47031944

7137802

15148668

309051

9789297

32384818

-6969219

-4422149

-873207

-26792150

-39056725

-2467822

-10739476

-309051

-9789297

-23305646

-1243

565237

-121691

3454255

3896558

-67185

-747047

-11587

1130031

304212

-6970462

-3856912

-994898

-23337895

-35160167

-2535007

-11486523

-320638

-8659266

-23001434

17807

196625

214432

4157609

7697633

316295

948

317243

2970762

4862

51844

56706

20232

9088

29320

1889612

3360226

5249838

5930764

16066687

21997451

2400000

281526

87382

77230273

79999181

425660

7373683

71978318

79777661

4605907

4443997

87382

80643291

89780577

8919333

8143525

7373683

88250718

112687259

<div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:90%;margin-left:0.5in"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Total assets by geographic location:</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;width:70%;font-size:10pt;text-align:left">United States</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">5,567,081</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">25,182,645</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">China</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">84,213,496</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">87,504,614</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Total consolidated assets</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">89,780,577</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">112,687,259</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> </table> </div>

5567081

25182645

84213496

87504614

89780577

112687259

<div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:90%;margin-left:0.5in"> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="7" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">As of December 31,</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2025</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:1pt"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center;border-bottom:Black 1pt solid">2024</td> </tr> <tr style="vertical-align:bottom"> <td style="white-space:nowrap;font-size:10pt"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td colspan="3" style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:center"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="font-size:10pt;text-align:left">Total revenues by geographic location:</td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold"> </td> <td style="font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;text-align:right"> </td> <td style="white-space:nowrap;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="padding-left:20pt;width:70%;font-size:10pt;text-align:left">United States</td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">4,941,938</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> <td style="width:1%;font-size:10pt"> </td> <td style="width:1%;font-size:10pt;text-align:left">$</td> <td style="width:12%;font-size:10pt;text-align:right">4,669,980</td> <td style="white-space:nowrap;width:1%;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom;background-color:rgb(204,238,255)"> <td style="padding-left:20pt;font-size:10pt;text-align:left;padding-bottom:1pt">China</td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">3,033,281</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="font-size:10pt;padding-bottom:1pt"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">4,409,192</td> <td style="white-space:nowrap;border-bottom:Black 1pt solid;font-size:10pt;text-align:left"> </td> </tr> <tr style="vertical-align:bottom"> <td style="font-size:10pt;font-weight:bold;text-align:left;padding-bottom:2.25pt">Total consolidated revenues</td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">7,975,219</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> <td style="font-size:10pt;font-weight:bold;padding-bottom:2.25pt"> </td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left">$</td> <td style="border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:right">9,079,172</td> <td style="white-space:nowrap;border-bottom:Black 2.25pt double;font-size:10pt;font-weight:bold;text-align:left"> </td> </tr> </table> </div>

4941938

4669980

3033281

4409192

7975219

9079172

<div> <div> Note 20 – Subsequent Events On April 10, 2026, the Company and Yangyang Li, its Chief Executive Officer and Chairman, in his personal capacity entered into a binding Term Sheet for Global Resolution (the “Term Sheet”) with Knighted and Roy Choi, the founder and managing partner of Knighted, in his personal capacity. The Term Sheet summarizes the principal terms of the global resolution between the parties regarding (i) the action initiated by Knighted against the Company and its directors in the Delaware Court of Chancery on November 12, 2024, Knighted Pastures, LLC v. Yangyang Li, et. al, C.A. No. 2024-1158-JTL (the “Delaware Litigation”), and (ii) the action initiated by the Company against Knighted and other defendants in the United States District Court for the Central District of California on June 11, 2025, Allied Gaming & Entertainment, Inc. v. Knighted Pastures, LLC, 2:25-CV-05312 (C.D. Cal.). Pursuant to the Term Sheet, the Company agreed to pay Knighted’s fees and expenses in the Delaware Litigation totaling $5,936,738 (the “Fee Award”) as previously ordered by the Delaware Court of Chancery on March 10, 2026, according to the following payment schedule: (i) $1,000,000 due on May 7, 2026, (ii) $2,000,000 due on June 30, 2026, and (iii) $2,936,738 due on July 31, 2026. Interest will accrue monthly on the outstanding balance of the Fee Award beginning on April 8, 2026 at a rate of 8.75% per annum. If any payment is not made in full by the applicable due date, additional interest will accrue on the full outstanding amount at a rate of 10% per annum, compounded daily until such payment is made. In connection with the execution of the Term Sheet, the Company and Mr. Li, as guarantors, entered into a Guaranty, dated as of April 10, 2026, pursuant to which the Company and Mr. Li jointly and severally guaranteed the payment of the Fee Award, together with all accrued interest thereon. The Term Sheet also provides that, within five business days of the effective date of the Term Sheet, the Company will file a Notice of Dismissal With Prejudice of the Federal Litigation. The parties further agreed that neither party will file any fee application in the Federal Litigation or pursue any appeal related to either the Federal Litigation or the Delaware Litigation. </div> </div>

5936738

1000000 2000000 2936738 0.0875 0.10 Other expenses include insurance, utilities, repair and maintenance, office supplies, sales and marketing, travel and entertainment, rent, and property tax expenses. All other items include gains and losses in escrow settlement, investments in money market funds and marketable securities, foreign currency transactions, and other income and expenses including interest. Other segment assets include cash and cash equivalents, investments, receivables, prepaid expenses and other current assets, digital assets, right-of-use assets, and deposits.